FORMER interim chairman, All Progressives Congress (APC), in Bayelsa State, Chief Richard Kpodo, has said the country could not afford to return to the era of impunity within the corridors of power.
Kpodo, who also absolved President Muhamadu Buhari of any blame in the current economic recession, insisted that the ongoing fight against corruption and economic policies of the present administration would take Nigeria back to the path of prosperity.
In a statement in Yenagoa, Kpodoh, who was former Security Adviser in the state, argued that despite a drastic fall in oil prices, the Buhari administration had forged ahead and recovered stolen funds belonging to states to assist in paying as salaries of workers.
Kpodo said: “The Obasanjo’s administration earned N17trn from crude oil sales within eight years and left behind $45bn external reserves and $3.348bn external debt.
“Late President Umaru Y’Adua grew the reserves to $64bn within just one year and the administration was able to finance 15 months of imports, despite the 2008/2009 world economic meltdown.
“Hence, Nigeria survived the meltdown because of the political will of Yar’Adua’s administration to save. Despite the tough economic reality at that time, Yar’Adua left $47.7bn in foreign reserves and an external debt of $3.94bn. Meanwhile, the administration earned only N9 trillion from crude oil sales within that short period.
“The Goodluck Jonathan administration witnessed an oil boom, when Brent crude sold for over $100 per barrel, with the regime earning N51trn within five years.
“The same Brent crude sold for as low as $35 per barrel at a point shortly after Buhari took over power and had only managed to climb to about $48 just recently,” Kpodo said.
On crude oil allocations to past and present Niger Delta governors from the 13 per cent derivation fund and the poor infrastructural development, said there were still some contentious issues to be settled between the Federal Government and Niger Delta people.
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