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Nigeria Squandered $201.2bn In 10 Years –NEITI
In 10 years, Nigeria accumulated a total of $201.2bn in Excess Crude Account, which it squandered within the same period.
The Nigeria Extractive Industries Transparency Initiative stated this in its Occasional Paper (Issue 2), which it just issued.
The publication, which focused on ‘The case for a robust oil savings fund for Nigeria’, said despite current efforts to pull Nigeria out of recession, the economy remained vulnerable to one of the conditions that created the problem in the first place – lack of adequate and prudently managed savings in a period of plenty.
According to the publication, between 2005 and 2015, $201.2bn accrued to the nation through the instrumentality of the ECA, and the entire amount was shared among the three tiers of government within the period.
The ECA was created by the Federal Government to save oil sales above the annual budget benchmark price. Within the period, most state governments argued that the funds were illegal and opted that the money should be shared to meet immediate challenges.
According to NEITI, to overcome commodity price volatility and depletion of non-renewable resources, countries dependent on revenues from natural resources are usually advised to save for the rainy day and for the future generation.
Although Nigeria has created instruments for such savings such as the ECA and the Sovereign Wealth Fund, it has hardly retained much as leaders especially at the sub-national level have always argued that the rainy day is already around.
One of the major highlights of the publication indicated “Nigeria has about three decades of experience in implementing different oil revenue funds. However, attempts at oil revenue savings have been plagued by contested legal frameworks, governance issues and inadequate political will.”
Other highlights showed “Nigeria has one of the lowest natural resources revenue savings in the world. The balance in the three funds (0.5 per cent stabilisation fund, ECA and NSIA) is less than $3.9bn, not enough to fund 20 per cent of 2017 federal budget.
“Nigeria’s $1.5bn Sovereign Wealth Fund is one of the lowest in the world; it has one of the worst ratio to annual budget (10 per cent), and one of the lowest SWF per capita ($8), better only than war-torn Iraq and crisis-hit Venezuela but not by much.
“In contrast, Norway, a country of 5.2 million people (2.8 per cent of Nigeria’s 186 million people) has a Sovereign Wealth Fund worth $922bn (which is 23,641 per cent of the $3.9bn balance in Nigeria’s three oil revenue funds).”
The conclusion is that Nigeria has no prudent and robust oil revenue savings scheme that can tie it over expected volatility of oil prices and eventual depletion of its reserves in 38 years; neither does it have a strong mechanism for promoting inter-generational equity.
The Olugbon of Orile-Igbon and Vice Chairman of the Oyo State Council of Obas and Chiefs, Oba Francis Olushola Alao, alongside his wife, Olori Olushola Adedoyin Alao, has expressed deep sorrow over the sudden passing of Mrs. Abisola Kola-Daisi, daughter of the late Governor Abiola Ajimobi and Chief (Mrs.) Florence Ajimobi.
In a jointly signed condolence message, the royal couple described the news as heartbreaking, especially coming just five years after the demise of the former Governor of Oyo State, Senator Abiola Ajimobi.
They extended their sympathies to Mr. Idris Kolapo Kola-Daisi, Abisola’s husband, their children, as well as Chief Kola Daisi and the entire Kola-Daisi family, urging them to find strength in this difficult time.
“This tragic loss has brought sorrow to the hearts of friends, relations, and well-wishers of the esteemed Ajimobi and Kola-Daisi families. Bisola’s warm smile brightened the lives of those around her, and she carried herself with grace, nobility, and kindness,” the statement read.
Praying for divine comfort and fortitude for the bereaved families, the Olugbon and Olori noted that though Abisola’s life was brief, it was impactful and meaningful.
“We urge the family to take solace in the remarkable life she lived. A short but impactful life is truly valuable. May Almighty Allah grant her Aljanna Firdaus,” they added.
The royal couple also prayed that God would grant Chief (Mrs.) Ajimobi, her children, and the entire Kola-Daisi family the strength to bear the irreparable loss.
The Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA), Engr. Aderemi Oseni has expressed deep sorrow over the passing of Mrs Bisola Kola-Daisi, daughter of the late former Governor of Oyo State, Senator Abiola Ajimobi.
Oseni, who represents Ibarapa East/Ido Federal Constituency, described Bisola’s death as a tragic loss not only to her family but also to the wider Oyo State community.
In a condolence message issued on Thursday by his media aide, Idowu Ayodele, and made available to journalists in Ibadan, the lawmaker sympathised with the Ajimobi and Kola-Daisi families, praying for divine strength and comfort in their time of grief.
“I am deeply saddened by the passing of Mrs Bisola Kola-Daisi. My heart goes out to the Ajimobi and Kola-Daisi families, especially, our late leader’s widow, Mrs. Florence Ajimobi during this painful period. May God grant them the fortitude to bear this irreplaceable loss,” he said.
The All Progressives Congress (APC) chieftain urged the late governor’s wife, Chief Florence Ajimobi and other members of the bereaved families to find solace in Bisola’s impactful life. He emphasised that, beyond being the daughter of a respected former governor, she distinguished herself as a businesswoman and philanthropist, leaving behind a remarkable legacy.
“Bisola was a woman of substance who made significant contributions to society. Her kindness, dedication, and commitment to excellence will always be remembered,” Oseni added.
The lawmaker also extended his condolences to Bisola’s husband, Mr Idris Kola-Daisi, acknowledging the immense pain he must be experiencing. He prayed for divine strength for him and the entire Kola-Daisi family as they navigate this difficult time.
Oseni further called on the public to keep the bereaved families in their thoughts and prayers. He prayed that Almighty God grants Bisola eternal rest and gives her loved ones the resilience to endure the painful loss.
. prays for progressives
The National Secretary of the South-West Agenda for Asiwaju (SWAGA’23), Barrister Bosun Oladele, has expressed deep sorrow over the passing of Bisola Kola-Daisi, daughter of the late former Governor of Oyo State, Senator Abiola Ajimobi.
Describing the news as shocking and heartbreaking, Oladele, a former House of Representatives member for Irepo/Oorelope/Olorunsogo Federal Constituency and a former Commissioner for Information, extended his sympathies to the bereaved family, particularly Mrs. Florence Ajimobi, widow of the late governor.
“God, the All-Knowing, is the only one who understands why this happened, and He alone can provide comfort to the family of our late leader and boss, His Excellency, Senator Abiola Ajimobi. I especially pray for strength and solace for Her Excellency, Chief (Mrs.) Florence Ajimobi, in this moment of grief,” he stated.
Oladele also commiserated with the Kola-Daisi family, particularly the deceased’s husband, Kolapo Kola-Daisi, while urging all Progressives in Oyo State to unite in prayers for the bereaved families and the wider political circle.
“I join all Progressives in Oyo State in expressing my heartfelt condolences to the Kola-Daisi and Ajimobi families. I pray for staying strength and divine comfort for all,” he said.
He further prayed against the recurrence of untimely deaths within the Progressives fold in the state, seeking divine intervention to stem the tide.
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