1990 —2014 : NIGERIA RECEIVED USD1TRILLION FROM OIL ……Prof Osinbajo

1990 —2014 :  NIGERIA  RECEIVED USD1TRILLION FROM OIL ……Prof Osinbajo
….says  Nigeria needs  fiscal  Federalism, good governance, not
geographical Restructuring.
The  Vice President  Professor Yemi Osinbajo said oil revenue
accruable  to  Nigeria under successive  administrations between 1990
and 2014 is about one trillion  dollars.
Relying on the statistics of the  Organisation of Petroleum Exporting
Countries (OPEC)  THE Vice President said despite the huge earnings
not much was done  in infrastructural  development inspite of the
huge oil revenue earned.
The  Vice President made this disclosure  while fielding questions
from a cross section of Nigerians at a town hall meeting in Minnesota,
USA recently.
A  statement signed by the Senior Special Assistant  to the Vice
President on Media and Publicity  Mr Laolu  Akande made available to
NEWSPLATFORM MEDIA,  Professor Osinbajo said  under the Babangida/
Abacha  administration (1990 – 1998  Nigeria realized  USD199.8
billion.
Under the  Obasanjo/ YarAdua  government  (1999–  2009)  the
country got  USD 401.1 billion,  and during the Jonathan’s
administration (2000—2014)  Nigeria got  USD 381.9 billion  from oil
alone.
He said ‘the question  that we must ask all is that  what exactly
happened to the resources , the question is where  are the
infrastructures ?
HE  said “ one of the critical things  that we must bear in mind  and
see is that this  (Buhari )  government despite  earning  USD94billion
up to 2017, we are spending more on infrastructure  and capital than
any  previous governments, so we are spending  N1.5 trillion  on
capital, that is the highest we have spent since  1990”
According  to the Vice President  ‘the problem with Nigeria  is not a
matter of restructuring.’
He  said Nigeria must not allow themselves  to be drawn into the
argument  that  Nigeria’s problem  stemmed from some  geographical
restructuring  pointing out that the issue is about managing the
resources properly.
He said he has always believed in fiscal federalism, state Police
and stronger states,  ‘ I serve for eight years as Attorney General of
Lagos  state and one of the chief issues  that we fought for  in Lagos
state was you will call fiscal federalism, we felt that there was need
for the states to be stronger , for states to  more or less
dewtermine their  fortunes, for example we went to court to  to
contest the idea that  that every state  should control, to a certain
extent  its own resources, we went to court at that time, up to the
supreme court  and the court ruled that  oil producing states  should
continue to get  13 percent derivation, while we were at the supreme
court  only the oil producing states  and Lagos were interested  in
resource control  for obvious reasons
‘Now,  that is the way the argument has always gone, those who have
the resources  want to take all of it , while those who do not  have
want to share  from others.’
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