The Federal Government has condemned last week's allegation by former Vice-President ( Africa ), World Bank, Dr. Oby Ezekwesili, that the Umaru Yar’Adua and President Goodluck Jonathan administrations squandered foreign reserves of about $67bn.
Spokesman for the government, Labaran maku, described the statement as factually incorrect and outlandish.
Maku, who was speaking at a media briefing in Abuja , displayed surprising lack of workings government.
Ezekwesili had at the convocation lecture of the University of Nigeria , Nsukka, said the two administrations needed to tell Nigerians how they spent the $45bn left in the foreign reserves account and $22bn in the Excess Crude Account by the former President Olusegun Obasanjo administration.
Maku explained that at the end of May 2007, Nigeria ’s gross reserves stood at forty three billion dollars comprising external reserves of thirty one million dollars, nine billion dollars in the Excess Crude Account and two billion dollars in the Federal Government’s savings.
The minister explained that the Excess crude savings were also used to stimulate the economy at the height of the global financial crisis to the tune of about one billion dollars, representing 0.5 per cent of the nation’s 2009 Gross Domestic Product.
On the rot in the Education sector, Maku asked Ezekwesili to account for the N352.3billion she collected while in office.