News Update
News Update
Date: 22, Sep, 2023

Jonathan presided over the most monumental mismanagement in Nigeria - Presidency

Jonathan presided over the most monumental mismanagement in Nigeria - Presidency

The Presidency said the President Muhammadu Buhari administration was handed an economy ravaged by years of mismanagement and corruption.

Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, stated this in a statement in Abuja.

The Presidential aide was reacting to statements credited to former President Goodluck Jonathan and Ahmed Makarfi, the Caretaker Chairman of the Peoples Democratic Party, PDP, to the effect that “under the previous administration, there was money but now things are very hard’’.

“It is understandable that Jonathan kept his comments short, because a cursory look at any sector clearly indicated that he and his government presided over the most monumental and tragic economic mismanagement recorded in our national history.

“The oil sector boomed under his tenure, with oil prices as high as 120 dollars and peace in the Niger Delta. Nigeria earned unprecedented dollar revenues. Sadly, that is where the story turns sour.

“There is nothing to show for the revenues earned, no major capital project was completed, neither power generation, road development, rail nor agriculture benefited from the windfall earnings.

“Rather, the administration presided over the diversion of oil revenues on such a massive scale that even without the protection now accorded to Whistle blowers, the then Central Bank Governor blew not only a whistle but a trumpet.

“He was hurriedly shown the door.’’

Shehu added that the acquisition by public officers and their cohorts, of private jets, luxury yachts and the accumulation of expensive property portfolios world-wide continued unabated.

“Indeed the President once celebrated having the largest number of private jets, whilst our youths languished without jobs, our fields stood idle and our factories began the layoff of workers.

“Government simply reticulated oil revenue through personal spending by corrupt leaders, wasteful expenses and salaries.

“This was done rather than investing in what would grow the economy. Economies grow due to capital investment in assets like seaports, airports, power plants, railways, roads and housing.”

The presidential aide further lamented that Nigeria could not record a single major infrastructural project in the last 10 years, saying that “in short the money was mismanaged.



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