How $18bn of the excess crude oil savings disappeared – Jonathan explains

Former President Goodluck Jonathan has explained the whereabouts of the excess crude oil savings accrued during the oil boom under his administration.

Ex-president Goodluck Jonathan opened up on how $18 billion of the excess crude oil savings was spent during his administration while answering questions on an interview program with Bloomberg TV.

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Jonathan while addressing the depletion in national revenue blamed it on the state governors as he claimed he was pressurized into withdrawing from the national reserve to augment revenue allocations from the federation account.

He said: “At any time the earnings (from oil) drop, the governors would insist that there is no place in our laws that actually say that the federal government should keep the reserve,
“They always insisted that a part of it (excess crude revenue account) should be brought” he added.

While clearing misconceptions about the nation’s reserve, Jonathan explained: “Yes, it is also part of our own reserves. But, when I was there, I tried to make a special fund called a sovereign wealth fund, so that it would not be easy for one to take from there,”

Jonathan however falsified claims by the Buhari-led administration that it met an empty treasury.

He queried how the government was able to disburse bail-out funds to governors if it really met an empty treasury.



  1. Where were you people when the PDP deserter Gov. Amaechi led Governors forum went to court to ensure, the savings should be shared among the federating states?. Or did you not hear or read of the Sovereign Wealth Fund (from excess crude oil price above the budgeted price) which the Minister of Finance/CBN invested to yield interest and to be used rainy days like this? APC Governors like Oshiomole were in the forefront pushing to share the money. So, it was share as they wanted since, the Sovereign Wealth Account, was not constitutionally provided, but an economic initiative of the Government to save money for the rainy day.
    The same people who insisted, it must be shared, dragged the President to Court, are now saying he left nothing in the purse, when $30billion was left from same Sovereign Wealth account as he refused to use up all as they APC governors wanted?. This $30Biilion was acknowledged by the APC government when they took over power. It is from that money Buhari used as bailout fund to give governors to pay salaries. The same bailout funds some governors including APC alleged to have diverted to other uses instead of paying the workers’ salaries. Only truth can save a people, lies easily spread can turn round to hunt the liars. This is what is happening to Lai Mohammed who today continue to brazenly lie and misinform Nigerians to the discredit of the APC. That Tomatoes is scare because of Boko Haram; what a shame!.

    • Dickson, you are only holding brief for this clueless man. He can only sweet-talk & earn sympathy of a few die-hard supporter of his who still see nothing wrong in all atrocities this incompetent man commited. Now the point is, from any sharing made, the centre takes lion share of about 53%. Mathematically, everybody knows that 53% is above half but let’s agree it is shared 50/50 to simplify my anology. The money in question is $18b in which half of it is whooping $9b, so while the whole 36 states share amongst themselves $9b, the centre alone equally takes $9b. We all can not be fooled as we know that the whole $18b was not given to the state gov’nors to share. The question now is what visible projects had GEJ done with the centre’s share of $9b than to just share it among his croonies. Today we all know the beneficiaries of this sheer embezzlements. That man did not mean well for this Country & happened to be the worst leader Nigeria ever had, worse than Abacha IBB put together.

  2. If the fund was used as distribution to State Governments, the record should show it. Dickson should know that it was not only the non-PDP governors that pressurised Jonathan administration, but the PDP governors formed the majority. There is no need blaming any party or state governor. What matter most is that what was earned must be accounted for and decided if it was well used.

  3. Mr Dickson, you must be an insider in last administration at the federal level to be able to make the statements herein credited to you? Nigerians need to learn more about GEJ’s administration from you.

  4. I love that Dickson I never knew this, many Nigerians never knew this let the truth be told let those who want take it and those who want to believe otherwise do so.

  5. @David,what truth? Obasanjo was in power for eight years,he did not only boost our foreign reserves,he also built up our excess crude account to about $38B,and the state governors could not compel him to share any of these savings but,of course,they could compel Jonathan because,they knew his weakness. And for Dickson who claimed to know so much,only about &2.1B was left in the sovereign wealth fund,the foreign reserves has nose dived from about $63B to just about $30B,go and check your records very well. I would expect that Jonathan will rather keep quiet rather than opening his mouth and be saying jagons,may God help him and all of you his apologists who see nothing wrong in a former president who became so reckless to the point of dipping his dirty hands into our forex reserves,just for election purposes.

  6. Well, this country Nigeria is full of people who want to eat their cake and still have it. When we collude and partake of a fraudulent system, we still turn around to blame whoever in what we were active participants. Truth is what saveth a Nation. Until truth is established in the leadership and in the homes of millions of Family that makes up this Nation called Nigeria, genuine and sustainable development will continue to elude this Nation. Propaganda will not help this government. It has to stop so we can move forward.

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