Obasanjo lambastes Jonathan over crude oil savings

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Former President Olusegun Obasanjo yesterday, once again lashes at President Goodluck Jonathan, accusing him among other things of spending recklessly $25 Billion (USD) crude oil savings left behind by his administration.

Obasanjo made the allegation while hosting the South-West women leaders at his residence in Abeokuta, describing the administration of President Jonathan as full of impunity. Obasanjo also said the failure of Jonathan’s administration to save for the rainy day led Nigeria into the current economic mess where a dollar exchanges N195.

Obasanjo also further discloses that more than $25billion inherited by his successor, Musa Yar’Adua, was raised to $35 billion but the Jonathan administration squandered all, including also the $40billion in Nigeria’s foreign reserve account after paying the outstanding debt at the time.

According to him, former President Yar’adua also raised the reserves to $60billion, but under President Jonathan, the reserves decreased rapidly.

 See excerpts detailed below:

“Our economy should not have been this bad. When I was leaving office about eight years ago, I left a very huge reserve after we had paid all our debts. Almost $25billion we kept in what they called excess crude. The excess from the budget we were saving as reserve for the rainy days. When we left in May 2007, the reserve was said to have been raised to $35billion. But today, that reserve has been depleted!

Today, that reserve has been depleted. The reserve we left when we finished paying all our debts, our debts that was about 40billion dollars, that is including debt forgiveness, the remaining debt was not more than $3billion. Our reserve after we had paid off this debt was about $45billion. As I said, they continued till the end of 2007, I heard that the reserve increased to almost $67billion before the end of the year. Our reserve now, learnt is left with around only $30billion. That is why the Naira has been falling against the dollar. What would now happen, I learnt if you want to buy a dollar now, it’s about N192 or N195. What it means is this, what you have been buying at N150 to a dollar, now you need N192 or N195 to buy it. That is the real situation. Is there any remedy? There is, but it does not come overnight because it means we have to give up all the bad things we have been doing. I know that God did not create Nigeria not to be rich or great. Is it that the people he created in Nigeria are not knowledgeable enough or not intelligent enough? Or is that they don’t know their rights? Our problems in Nigeria, let’s look at the foundation of our leadership. In the profession I know very well, the military, what we normally say is that there are no bad soldiers but bad officers. If you see a situation where the soldiers are not doing well, we need to examine the officers in charge. So it is in the family, the community, the town and the country,” he said.

President Obasanjo said his remarks about the state of the nation was not in any way an expression of a personal grudge with the President

“I have no grudges against Jonathan and I think Jonathan equally has no grudges against me. I’m not quarrelling with Jonathan but all I know is that whatever is good for Nigeria, that I’m ready to die for. I emphasize that whatever is good for Nigeria, is what I’m ready to defend with my life. Whoever, I emphasize, whoever says he would not do anything good to Nigeria, even if he says he’s ready to go ‘konko below’, I’m ready to square it up with such a person. I say again, whoever that person may be, I want you to get that correctly. If this country is going to change for the better, it would start from the top and if it’s going to be otherwise, it would start from the top, too,” the former president stressed.


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  1. IOBJ is crying wolf cause he no longer call the shots. He cannot manage REJECTION . He is indirectly campaigning against GEJ
    Knowing that the election is at hand. Who is he fooling. We have not forgotten how bad he ruled this country with impunity. OBJ has no moral high ground to criticise GEJ. Let him continue to lick his wounds and stop this campaign of calumny. What has he said about the allegation concerning his daughter and daughter- in -law?

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  3. What ever a man sow shall he reap.I remember quite vividly how obj raised gej’s hand in their campaign in lagos and said I present to you nigerian your next president meaning he endorses him.so what is he talking about now?

  4. Nigerians cannot be deceived by all these alterances coming from Obj against Jonathan. Whether or not Jonathan takes advice from obj should not be reason for all these attacks afterall, we all know how Jonathan became president. Yes, during obj’s rule, USD16billion was spent on NEPA without any tangible result. Also N300billion was spent on federal roads without any proof for it. Nigerians can differenciate between the tenure of Obj’s 8 years and jonathan’s 4 years rule so far. May God help us in this country and also arrest all these old woods who feels that Nigeria is their personal estate

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