Soludo challenges Okonjo-Iweala to debate

In a rejoinder to Okonjo-Iweala’s comments last week where she described him as the worst CBN governor  the country ever had, Soludo said Okonjo-Iweala’s reply had exposed the many misdeeds in her tenure. “I do not want to talk about other ‘black pots’ that impinge on national security.  My estimate, madam, is that probably more […]

In a rejoinder to Okonjo-Iweala’s comments last week where she described him as the worst CBN governor  the country ever had, Soludo said Okonjo-Iweala’s reply had exposed the many misdeeds in her tenure.
“I do not want to talk about other ‘black pots’ that impinge on national security.  My estimate, madam, is that probably more than N30 trillion has either been stolen or lost, unaccounted for, or simply mismanaged under your watchful eyes in the past four years,” he said.
Soludo said he was embarrassed that Okonjo Iweala mentioned “oil theft” as reason for the declining forex reserves. “Under you as Minister of Finance and coordinator of the economy, the basket of our national treasury is leaking profusely from all sides. Just a few illustrations! First, you admit that ‘oil theft’ has reduced oil output from the average 2.3 – 2.4 million barrels per day (mpd) to 1.95mpd (meaning that at least 350,000 to 450,000 barrels per day are being ‘stolen’). On the average of 400,000 per day and the oil prices over the past four years, it comes to about $60 billion ‘stolen’ in just four years. In today’s exchange rate, that is about N12.6 trillion. This is at a time of cessation of crisis in the Niger Delta and the amnesty programme. Can you tell Nigerians how much the amnesty programme costs, and also the annual cost for ‘protecting’ the pipelines and security of oil wells? And the ‘thieves’ are spirits? Come on, madam!” he said.
He added: “Secondly, my earlier article stated that the minimum forex reserves should have been at least $90 billion by now and you did not challenge it. Rather, it is about $30 billion, meaning that gross mismanagement has denied the country some $60 billion or another N12.6 trillion.
“Now, add the ‘missing’ $20 billion from the NNPC. You promised a forensic audit report ‘soon’, and more than a year later, the report itself is still ‘missing’. This is over N4 trillion, and we don’t know how much more has ‘missed’ since Sanusi cried out. How many trillions of naira was paid for oil subsidy (misappropriated?),” he asked.
Soludo said he would not discuss the issues of Asset Management of Nigeria (AMCON) where the minister accused him of being responsible for the loss of N5.7 trillion tax-payers’ money to save the weak banks due to his inability to manage the banking sector very well

See article at http://dailytrust.com.ng/daily/opinion/45891-1er