Jonathan Spent N3.5tn Pension Fund On Recurrent Expenditure – Adams Oshiomhole

8 years ago

Jonathan Spent N3.5tn Pension Fund On Recurrent Expenditure – Adams Oshiomhole

Edo State Governor, Mr. Adams Oshiomhole, on Tuesday said he was not surprised by the current travails of a former Minister of Petroleum Resources, Mrs. Diezani Alison-Maduekwe, in the United Kingdom because it was an open secret that the nation’s economy was badly managed over the years.

He said despite the media hype by the administration of former President Goodluck Jonathan that it rebased the economy, he did not see anybody that said average Nigerians did better under the administration.

Oshiomhole spoke with State House correspondents after meeting with President Muhammadu Buhari at the Presidential Villa, Abuja.

The governor said, “For me, I don’t think anybody should be surprised (about the former minister’s travails) because the most favourable commentator on the Nigerian condition, both the economy, the polity and society, everybody agrees that our economy was badly managed over the past several years. I have not seen one commentator that disagrees.

“Even when they talk about rebasing, and so what? Have you rebased the level of poverty?
Have you rebased prosperity? Have you rebased unemployment? Have you rebased
homelessness? Have you rebased hunger?

“So, I have not seen anyone that says Nigerian people are doing better. This was never my issue. I was only a spokesman of the National Economic Council.

“But in this country, when you speak out, all the arrows would be fashioned to attack. But one of the things I learnt in life at the age of 17 when I got into the leadership of labour, is that the truth does not require supporters club. It can stand on its feet any day. You can hit it. You can kick it. You can bomb it, but you can’t destroy it.”

Oshiomhole claimed that the truth is that a lot of money was stolen under Jonathan’s watch.

He said the ones currently being revealed as far as the ongoing travails of Alison-Maduekwe is concerned could only be described as a tip of the iceberg.

He said one would understand the unfortunate situation the country had found itself when one considers the money that accrued to Nigeria consistently over a period of time and yet the budget was being run in deficit and the treasury emptied.

The governor added, “The truth is that a lot of money was stolen and what you are seeing is just a tip of the iceberg because when you imagine what accrued to Nigeria consistently from $140 (per barrel) averaging $108 over a long period of time and yet your treasury is empty and you were running a budget deficit.

“You were devoting 85 percent of your budget for four consecutive years on recurrent; you were borrowing and you drew the entire pensions fund.

“Yesterday, I saw a lot of analysis of how pension funds should be invested on infrastructure.

“You challenge Pencom and Ministry of Finance, you will discover that over N3.5tn was drawn by the previous government from pension funds to support recurrent expenditure, not to support infrastructure
[ads4]