In order not to become an obstacle to the smooth running of government, a member of the House of Representatives, Hon Bassey Dan Abia has advised his colleagues to exercise caution as they investigate allegation of squandering $67 billion
external reserve by the federal government as stated by former vice president of the World Bank, Mrs Obiageli Ezekwesili.
Ezekwesili had alleged that the Federal Government under the leadership of late President Umaru Musa Yar’Adua as well as the current government of President Goodluck Jonathan has “squandered” $67 billion external reserve left behind by the government of former president Olusegun Obasanjo.
Though the presidency has denied the allegation, it also rejected the call for public debate on the issue as requested by Ezekwesili. Dan Abia said in a statement released on Wednesday that if not carefully handled, the parliament may be misconstrued as being used to frustrate the efforts of government.
He disclosed that having gone through the figures as presented by the Central Bank of Nigeria (CBN) which are verifiable, his findings shows that “at the time of handover in 2007, the gross position of our reserve stood at about $43b, which later grew to $51b by the close of 2007.”
He noted, however, that the reserve position as at the end of January 2013 stood at about $45b, stressing that these are facts that could be verified from the CBN.
He argued further that the reserves are used to assist in a wide variety of issues, chiefly among which is the imbalance in the country’s payment, as well as the maintenance of confidence in the country’s exchange rate, and monetary policy framework.
He pointed out that during the global economic recession in 2008, the reserve was used as a buffer, but advised the Federal Government to strengthen its regulatory framework and control architecture around oil and gas revenue so that inflows into the reserve would be consistent with oil price.
Meanwhile, chairman of House Committee on Diaspora Affairs, Hon Abike Dabiri-Erewa, has called on the federal government to appoint a delegation to interface with countries where Nigerians are on death row.
The lawmaker was reacting to President Goodluck Jonathan’s call for stay of execution of Nigerians on death row in Indonesia.
