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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies

Nigeria: The $67 bln foreign reserve legacy

Posted on 07 February 2013

We should be celebrating economic development, not huge foreign reserves. Mrs. Obiageli Ezekwesili made the following allegations: “…the squandering of the significant sum of $45 billion in Foreign Reserve Account and another $22 billion in Excess Crude Account being direct savings from increased earnings from oil that the Obasanjo administration handed over to the successor government in 2007.
Six years after, the administration I served handed over such humongous national wealth to another one, most Nigerians, especially the poor have, continued to suffer the effects of failing public health and education systems as well as decrepit infrastructure and battered institutions………………………………………..Full Article: Source


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