WHY NIGERIA RESERVE FUNDS SUFFER SET-BACKS

Dear Editor:

WHY NIGERIA RESERVE FUNDS SUFFER SET-BACKS

If President Jonathan, as revealed by Save Nigeria Group (SNG), has been dishing out ‘transport money’ of US$50,000 and above to all that paid open or secret courtesy calls, you need not look too far to know why our Foreign Reserves deplete. It will be recalled that Pastor Bakare’s group (SNG) visited Jonathan and what transpired shows that Goodluck Jonathan’s presidency now gives out (in foreign currency) and not in our Naira. This alone is sacrilege. 

This situation is an eye opener and makes one think back to the era when Obasanjo sought a third term; then Jigawa Governor (now a Senator of the Federal Republic of Nigeria, making laws for us) changed into US Dollars his State’s N6billion and handed over to one of Obasanjo’s aides. This also reminds one of the US$3.4million changed by a south-south governor; the wife to the governor’s Special Assistant on Domestic Matters who works with Bank PHB was the woman caught at Ikeja airport as she was ferrying the cash in foreign currency to Abuja and much later EFCC allowed Bank PHB to claim ownership. The matter has since died. It also brings to mind that at one time the State governments were to get their share of the Excess Crude Oil booty in US Dollars. This generated some controversy before then Minister of State denied contemplating such.

If SNG that went with unpleasant letter to Aso Rock could be offered US$50,000 (N7.5million) as transport fare for the few persons that represented the group; then imagine how much the presidency has given out to those various past courtesy (praise-singer) callers to Aso Rock. 

This now explains why the current federal government has opened another floodgate for external borrowing; not minding that Obasanjo’s regime cleared almost all backlogs. Our Foreign Reserve is depleting rapidly; so is our Excess Crude Oil account going extinct because the President shares it out to gain favour from the State Governors towards his 2011 ambition. These attitudes show that the present government leadership looks directionless.

Kenneth Dagogo, Bukuru, Jos, Plateau State.