Jonathan Depletes Nigeria's Foreign Reserve By $3.5 Billion In 2011 Alone

Goodluck Jonathan and Ngozi Okonjo Iweala
By SaharaReporters, New York

President Goodluck Jonathan's financial recklessness has further depleted the strategic foreign reserve of the Nigerian state by $3.5 billion in 2011 alone, according to  information obtained by SaharaReporters.

A  source at the ministry of finance told SaharaReporters at the weekend that when Mr. Jonathan came into office, he met a robust foreign reserve in place, but this year alone, he and his gluttonous inner circle have frittered away $3 billion of the reserves, which is now at $32 billion, down from $35 billion in January.

This situation is further compounded by criminal rent seeking and petroleum subsidy applied to petroleum products importers, notably Femi Otedola, who are also members of Jonathan's "Economic Team."  In 2011, rent seekers and economic leeches will get $6 billion in the name of petroleum subsidy.

A Central Bank of Nigeria document however states that so far petroleum product importers have only imported $7 billion worth of fuel imports, meaning that only $1 billion of their investment has been spent on import, with Nigeria being made to subsidize and reward their criminal activities with $6 billion.

SaharaReporters also learnt that foreign multinational oil companies are ripping Nigeria off through a maze of sharing and royalty agreements that were agreed upon in the 90s when oil prices were at $30 per barrel.  Last week, following an extraordinary meeting of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) on October 10, the CBN revealed in a communiqué that a substantial part of oil production (about 40%) is currently in deep offshore wells.
“Based on terms agreed in the 1990s when oil price was under $30, royalty from oil wells deeper than 1,000 metros is zero percent and the nation is maidenly 20 %of profit by oil companies after deducting their expenses, as a result the country (Nigeria) has had limited benefit from high polio prices and increasing output, with most of the gains going to multinational oil companies under and inequitable fiscal arrangement," the MPC said.

Whereas the MPC recommended the passing of the Petroleum Industry Bill (PIB) to stop the scams in that industry, it however recommended that Nigerians be saddled with the burden of paying for the crimes of the rent seekers involved in petroleum subsidy scams and blamed “discordant voices” for delaying “enabling legislation for correcting fiscal terms.”  The committee asked that Nigerians be made to pay higher prices for petroleum products that would put some $10 billion back into the economy.
“Whereas the labour unions have genuine concerns about the impact of subsidy removal on the poorer segments of society, the stark reality is that the country is living above its means,” the MPC said. 

The MPC estimates that “simply passing the PIB and removing subsidies on Premium Motor Spirit(PMS) will add at least $10 billion to national reserves annually,” with no consideration of how quickly irresponsible governing vultures will descend on it at the expense of the nation’s poor on whose back such numbers will be made up.

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This man GEJ should be impeached period!

The Jonathan kleptocracy

With each passing day, sordid revelations like the one above keep reminding this country that only the prompt and comprehensive destruction of the notorious and heartless crime syndicate called the PDP will go a long way in helping check the programmed descent into Stone Age anarchy and perdition that are so starkly confronting us. Since 1999, that evil outfit has attracted into its fold only the most bestial, depraved, sleazy, vulgar and anti-people characters whose idea of governance is unbridled looting of the nation's assets and an unabashed obsession with frivolities coupled with the criminal use of the corrupt police and the equally corrupt SSS, the army and other state resources in order to maintain their hold on power. Time to neutralize, by any legitimate means possible, Jonathan, his callous clique ( the crooked state governors, the likes of Obasanjo,Anenih, Babangida, Abdulsalami Abubakar and their fronts and collaborators like Odetola and Dangote.

Only $3billion? For a whole

Only $3billion? For a whole year? I am disppointed. This president is very lenient. How can the president leave all that money just lying their like that? I expect the president to divide the money into two and keep one half to himself. What is the point of just leaving good money to go waste like that? I would invade the central bank or wherever it is kept and simply share it among my friends instead of allowing the Boko Haram central bank leaning governor to save it to finance islamic banking. My advise, Mr. President, bring the money to the Niger Delta and share it among the people since if given to the governors, they will simply pocket it. That money belong to me. It was stolen from me.

Jonathan & Bandits

As reported several times in my articles, these band of 'gangsters' should be tied to the stake and shot - Rawlings style! You neeed to visit Ghana to see the development attained after Rawlings revolution. We are enjoying the benefits of that revolution to date. Myself and staff have benefitted from the progress made thus far in Ghana. Until we summon the courage for an all out revolution in Nigeria - Jonathan & co will continue to blunder the resources of this great nation.

2015, POOR will HAVE easy ACCESS to our FOREGN RESERVE !

Vote for PDP in 2015.
I am Okechukwu Bukola Danladi Goje of PDP.
I represent the rights of the common Nigerian.

We in PDP WILL not ENSURE the Status quo.

I will personally make sure that the rich keep their money in Nigeria to develop our land and the POOR will HAVE easy ACCESS to our FOREGN RESERVE as well.

Death shall be a thing of the past as Boko Haram will be made the chief Security apparatchik of our dear Federal Republic of National Corruption and Gold diggers.

Long live Nigeria,

for PDP reigns forever!

Una too lie.... It's only

Una too lie.... It's only late abacha that is on record of directly collecting money from the central bank without due process.... Oil price has gone down and matching our dollar earnings with our import bill is what is pushing our foreign reserves down... Grow up

mr. fresh air kip on til wen

mr. fresh air kip on til wen u face niaja awakenin

Fresh Air!

Fresh Air!

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