How Jonathan government drew Nigeria into dept

Vice President, Yemi Osinbajo, has once again accused the immediate
past government of President Goodluck Jonathan of throwing Nigeria
into untold hardship, recession and debt.
According to him, the corruption that took place under the previous
government was the reason Nigeria's economy was currently in crisis.
Osinbajo made this statement on Monday in Lagos in a lecture entitled,
"Restructuring and the Nigerian federation," which he delivered as
part activities marking the 40th anniversary of Association of
He said, "What do these figures show? They show that when oil prices
were at the highest between 2010 and 2014 the government was borrowing
"From 2010 to 2014, debts moved from $35bn to $63bn. When we assumed
office in 2015, the debt that the previous government left was $63bn.
"Today, three and half years later, the debt is $73bn.
"There are two reasons why despite high earnings we are poorer – the
first is grand corruption and mismanagement of resources. And there is
a difference between grand corruption and ordinary corruption.
"Grand corruption is directly stealing from the CBN, directly taking
money from the treasury without any contract, no pretences; there's no
caution, you just take money. That was going on and I will give you
several examples.
"When I got to the office as Vice-President, I couldn't believe it. In
one day, $292m was signed out and it disappeared. After that period,
for two weeks, the Central Bank of Nigeria did not have cash dollar –
$292m without any real explanation! We later discovered what became of
the money.
"On another occasion, N60bn was moved out ostensibly for security
purposes; but we know what happened.
"When you have a corrupt government, large sums of money which can be
used for development is simply taken. If you are the President of
Nigeria, you can literally say, 'Go and bring money'.
"Look at a sum of N60bn; when someone can take N60bn; and $292m,
that's almost N70bn. Today, our TraderMoni scheme is costing us N20bn,
where we're giving to petty traders a loan of N10,000 and when they
pay back, we give them N15,000 and when they pay back, we give them,
N20,000. But somebody will take $292m, almost N70bn. If you have
N70bn, you will solve the problem of seven million of those petty
traders. That's the kind of thing we are talking about and the kind of
contrast that we're trying to draw."

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