Osinbajo calls out previous governments asking them what they did with huge oil receipts

VICE president Professor Yemi Osinbajo has questioned how oil money was spent under previous administrations asking how the billions of dollars that were received in foreign exchange was spent.

Speaking at a town hall meeting in Minnesota, in the US on Sunday, Professor Osinbajo called out former presidents like Ibrahim Babangida, Olusegun Obasanjo and Goodluck Jonathan on the matter. According to statistics from the Organisation of Petroleum Exporting Countries (Opec), oil revenues accruable to Nigeria under successive administrations between 1990 and 2014 were huge and Professor Osinbajo lamented the fact that not much had been done in terms of infrastructure with this money.

Professor Osinbajo said: “Under the IBB/Abacha administrations (1990 -1998) Nigeria realised$199.8bn, under the Obasanjo/Yar’Adua governments (1999-2009) the country got $401.1bn and during the Jonathan administration (2010-2014), Nigeria got $381.9bn from oil revenues. The question that we must all ask is, what exactly happened to resources?

"The question that I asked is that where is the infrastructure? One of the critical things that we must bear in mind and see is that this government, despite earning $94bn, we are spending more on infrastructure and capital than any previous governments, as we are spending N1.5trn on capital, which is the highest we have spent since 1990.”