Reps probe alleged misuse of $67 billion by two governments

AN investigation that may reveal if the administration of the late President Musa Yar’Adua and that of his successor, Dr. Goodluck Jonathan, actually splurged $67 billion is set to be carried out by the House of Representatives. The probe is coming on the heels of an allegation by former Vice President of the World Bank, Dr. Oby Ezekwesili, that the two administrations mismanaged $45 billion in Nigeria’s foreign reserve as well as another $22 billion excess crude fund left by the government of former President Olusegun Obasanjo.
Also, apparently reacting to public criticisms of the judgment by the Federal Capital Territory (FCT) High Court, Abuja, in the case of Mr. John Yakubu Yusufu and others undergoing trial for over N38 billion Police Pension Fund fraud, the House of Representatives has urged the Economic and Financial Crimes Commission (EFCC) and the Attorney-General of the Federation (AGF) to immediately appeal the decision. Besides, the Conference of Nigerian Political Parties (CNPP) Wednesday handed the Federal Government a seven-day ultimatum to either organise a public debate between the Minister of Information, Mr. Labaran Maku or any other official and Ezekwesili as demanded by her or issue a public apology to her in acceptance of her allegation.

Ezekwesili made the allegation during her convocation lecture of the University of Nigeria, Nsukka. The former Minister of Solid Minerals and later Education lamented the “squandering of the significant sum of $45 billion in foreign reserve account and another $22 billion in Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007 .”


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