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.
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.