The 3 Week Diet System

Monday, May 25, 2015

FG mismanaged $32bn crude oil funds –Saraki

May 25:


Chairman of the Senate Committee on Environment and Ecology, Senator Bukola Saraki, yesterday blamed the Federal Government for mismanaging $32 billion generated from crude oil sales.
Saraki said the $32 billion was from crude oil sold between five and six years.
Speaking at an interactive session with the Senate press corps, Saraki, who is also interested in succeeding David Mark as Senate president next month, said most oil-producing countries had managed their oil wealth better than Nigeria.
“Look at the area of the fuel issues today, you can see that the oil marketers have obligations they think the government will not meet and government cannot meet them. That is the reason we have the kind of crisis we have today. You have states and Federal Government agencies that cannot pay salaries not to talk about ongoing capital projects that cannot be completed.
“If you look at my comments, my views have been that one issue that has crippled us is the inability to manage our revenue effectively. Other countries that are producing oil are not going through what we are going through because when oil was $100 per barrel, they used the money effectively because it was clear a day like this would come.
“No matter what is happening now, if you go back to look at it, the major issue that dwindled us was the subsidy management.”
At the parley, Saraki also reiterated that he had the support of his colleagues for the Senate presidency


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