THE Former Minister of Petroleum Resources and Chairman of the NNRC Expert Advisory Panel, Odein Ajumogobia has said that Nigeria made no significant savings from the conservative estimate of over one trillion dollars in oil revenue. This was disclosed at a roundtable discussion on the savings and stabilization for Nigeria organized by the Shehu Musa Yar’Adua Foundation. Ajumogobia said that Nigeria has no savings nor have translated the earnings to productive capital through human development, physical infrastructure and institution building despite an estimated trillion plus dollars in oil revenue. He observed that the ECA lacks transparency and has an unclear methodology for withdrawals and distributions manifested in unilateral withdrawals by successive governments. He added that Civil Society Organisations should generate grassroots political pressure regarding the importance and benefits of the stabilisation fund to the nation.

Source: Nigerian Tribune May 26, 2018 12:56 UTC