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Vice President Yemi Osinbajo on Monday listed what he called incredible things, which he said, happened in Nigeria a few weeks before the 2015 general elections.
The vice president spoke in Abuja at the legislative economic summit themed "Legislative Framework for Economic Recovery and Sustainable Development".
He listed the following:
1. Nigeria witnessed barefaced stealing and waste of resources unprecedented anywhere in the world; the situation, he alleged, caused the recent economic recession.
2. In 2013 and 2015 with oil prices averaging up to $110 per barrel, "sometimes going to as high as $150, the government of the day somehow contrived to increase national debt from N7.9 trillion to N12.1 trillion; while reducing external reserves from $45 billion to $28 billion as of May 2015."
3. Inflation of contracts and other procurements which, he noted, always made the cost of infrastructure necessary for development unaffordable.
4. In 2015, capital spend was less than 11%. So there was very little to show for where this money went.
5. Few weeks before the last elections; large sums of money, a 100billion in cash ostensibly for security. Another $289million in cash was paid out in the same period.
Osinbajo said: "No country can survive that kind of unbridled waste and corruption. We must never forget, that corruption is perhaps, the most outrageous cause of our economic decline.
"Aside from barefaced stealing or waste of resources, the inflation of contracts and other procurements ensures that the cost of infrastructure necessary for development will always be unaffordable.
"So if what we should spend on building a 200km road ends up being spent on a 20 km road, there is no way we are going to make any progress and there is no way we won’t end up in some kind of economic decline or the other," Osinbajo stated.
The vice president spoke in Abuja at the legislative economic summit themed "Legislative Framework for Economic Recovery and Sustainable Development".
He listed the following:
1. Nigeria witnessed barefaced stealing and waste of resources unprecedented anywhere in the world; the situation, he alleged, caused the recent economic recession.
2. In 2013 and 2015 with oil prices averaging up to $110 per barrel, "sometimes going to as high as $150, the government of the day somehow contrived to increase national debt from N7.9 trillion to N12.1 trillion; while reducing external reserves from $45 billion to $28 billion as of May 2015."
3. Inflation of contracts and other procurements which, he noted, always made the cost of infrastructure necessary for development unaffordable.
4. In 2015, capital spend was less than 11%. So there was very little to show for where this money went.
5. Few weeks before the last elections; large sums of money, a 100billion in cash ostensibly for security. Another $289million in cash was paid out in the same period.
Osinbajo said: "No country can survive that kind of unbridled waste and corruption. We must never forget, that corruption is perhaps, the most outrageous cause of our economic decline.
"Aside from barefaced stealing or waste of resources, the inflation of contracts and other procurements ensures that the cost of infrastructure necessary for development will always be unaffordable.
"So if what we should spend on building a 200km road ends up being spent on a 20 km road, there is no way we are going to make any progress and there is no way we won’t end up in some kind of economic decline or the other," Osinbajo stated.
