should be investigated afresh in the light of the recent declaration by Dr Shamsidden Usman before the National Assembly that the so-called foreign reserve of $43. 3 billion is a piece of propaganda because what is actually available to the country is $8.8 billion

if what Shamsideen saying is true; why is the balance $34.5billion?

why is Iweala also saying we had $43billion?

why is Soludo saying we have $43billion?

How much is really in foreign reserve?

Good question babasin, something fishy must be in the coffin. Im sure Shamsudeen is talking based on facts as he is an insider. I just pray a probe will be conducted to let Nigerians know the truth. Yar'adua watch out !!!!!! they might set him up.
Do you know Soludo is not liked in CBN?

@Big Sipf,

This is the biggest breaking news but Nigerians are dead.

$34.5billion(N4trillion) could not be accounted for! This is 10 times what Abacha stole!



where is this money? where is EFCC? The arrests of ex-gov is a decoy.

Na wah O! If this man is right, then Soludo should go to jail or lose his job. You can't lie about a countries money to its citizens. This has to be a treasonable offence.

But I hardly believe this declaration by Usman. The foreign reserves are set aside for imports mainly. Nigeria imports about 80% of all goods consumed so if we had $8 billion foreign reserves, we couldn't import fuel, all the IPPs can't import parts, technology companies can't import equipment.

There are 2 different things. Federation account (which was $12 billion) and Foreign Reserves (which was about $45 billion). Maybe the Federation Account depleted from $12 billion to $8 billion. If Usman doesn't know the difference, then he should not be allowed to become a Minister.

If he is right however, then people have to go to jail. He should also explain why he waited till when a Ministerial job came before he decided to be a good citizens.

Go and read about what external reserve is before commenting on this, please
The external reserve is the foreign currency being held by CBN as a result of surplus foreign exhange and not the amount the  government owns (the amount in the federation account), and that is what amounts to $43 billion, out of which the government (federal, state etc) own  and can spend about $9 billion presently. CBN just acts as Bureaux de Change as they collect foreign currencies accruing from export and cash inflows, and gives out the naira equivalent while it holds the dollar in the external reserves as it will be needed for exchange for importing and cash outflows(from the country)

I'm saying that Shamsideen Usman should be sure that he's not mistaking the Federation account (about $8 billion) for the foreign reserves. If he is, he should not be allowed to become a minister and he should also not be allowed to continue in the CBN.

denex:

I'm saying that Shamsideen Usman should be sure that he's not mistaking the Federation account (about $8 billion) for the foreign reserves. If he is, he should not be allowed to become a minister and he should also not be allowed to continue in the CBN.

I am sure that is what shamshudeen is confusing - federation account and foreign reserves, I laf when I hear learned / educated people refer to foreign reserve as the federal govt money, and they wont even care to listen if I tell them that foreign reserve is not govt money but money to be used to run the economy's foreign trade

China, Japan, Russia, Taiwan, India, Brazil, South Korea, Singapore, Hong Kong and Germany all have higher foreign reserves than the US, yet that doesn't make them richer than the US.

Make that Usman guy clarify wetin him dey talk.

babasin:

@Big Sipf,

This is the biggest breaking news but Nigerians are dead.

$34.5billion(N4trillion) could not be accounted for! This is 10 times what Abacha stole!



where is this money? where is EFCC? The arrests of ex-gov is a decoy.

Thank you for your insight.

Most Nigerians are corrupt. And they prefer to wait for their turns to loot and rob than prosecute the corrupt rulers.

Most Nigerians are the beneficiaries of the corrupt rulers and their accomplices. So, they are equally guilty. And the worst criminals are the hypocrites flocking the churches on Sundays and mosques on Fridays.
I just feel like taking a machine gun and going into their churches and mosques and spray them with live ammunition.

The greatest achievement of former President Olusegun Obasanjo is the break down of law and order in the Niger Delta of Nigeria, because it was Obasanjo’s ruling People’s Democratic Party (PDP) that created the Frankenstein on rampage in the Niger Delta.

Illegal oil rogues and their accomplices in the Nigerian Navy recently clashed over oil bunkering on Bonny Island and over 20 so called militants and naval officers were killed in the battle. So, the Nigerian Navy deployed two warships to secure their business.

If EFCC fails to arrest all the corrupt officials from IBB to OBJ, then Nuhu Ribadu is a coward and the police dog of OBJ and his mafia.

you should post a link to the newspaper they(reporter) made the mistake not usman(abi its even babasin that made it up . _{watching the ministerial screening you see that majority of those senators are illeterate!!!}

He said total foreign reserves now stood at $43.6 billion, of which $9.9 billion were in the "excess crude account", in which Nigeria accumulates oil revenues in excess of the budget price of $40 per barrel.

Usman said these funds should be disbursed sparingly.
"We need to learn how to save money. Oil has been a curse and a blessing to Nigeria. In terms of economic management it has been more of a curse," he said.
"If it were left to me the (excess crude) money should have been left for capital expenditure only. The tiers of government should be left to generate revenue, at least for their recurrent expenditure," he said.
Reuters

@DisGuy,

President Olusegun Obasanjo as well as former Vice President Atiku Abubakar? Certainly, the last two should be investigated afresh in the light of the recent declaration by Dr Shamsidden Usman before the National Assembly that the so-called foreign reserve of $43. 3 billion is a piece of propaganda because what is actually available to the country is $8.8 billion

is Abati's: How far can the EFCC Go?

http://www.guardiannewsngr.com/editorial_opinion/article02

so where is the balance $34.5billion?

O My God! Why is Reuben Abati writing like this? He misconsconstrued Usman's statement. This is what happens when you're too eager for breaking news.

Even the CIA confirms that Nigeria's foreign reserve is about $45 billion. And they don't get their information from the CBN, they contact the organizations where these reserves are held.

And they don't get their information from the CBN, they contact the organizations where these reserves are held.

and which orgnisation is this keeping the $45billion or $8.8billion?

who have seen this money?

where is the hard evidence of this money? Picture, video etc?

in which country is it kept?

Untill then; OBJ should be asked; where is $34.5billion

Nigerians am afraid dont ask the right questions and get valid answers to those questions.

Na wah O! Nigeria will be the first to open a video account.

I don't know the answers to those questions you're asking. That's why they call them the CIA.

@ babasin

conspiracy theorist

Guys,

From all above; the money may not even exist?

as nobody can physically confirm it or where its located or who is holding the vault key!

I'm searching google for the banks where the reserves are held. But as for who holds the vault key, it is Zebrudaya.

The foreign reserve is not held in safety deposit boxes. Na wah for Nigeria O! What is the use of e-money in this modern world?

And even if the CBN shows you videos where Soludo is sleeping on trailer loads of money tagged Nigerian Foreign Reserves, it don't mean a thing. There's nothing that cannot be arranged.

Even if they take you to the World Bank Headquarters and give you a key to open a vault containing $43.3 billion dollars, it doesn't prove anything. So you may as well take their word for it.

Even if they take you to the World Bank Headquarters and give you a key to open a vault containing $43.3 billion dollars, it doesn't prove anything. So you may as well take their word for it

umm, very true

But how sad it is for hapless nigerians

Babasin you are a big joker!

i wonder if bill gate ever saw all the billions he has or do you go to the bank to physical touch your own money when you have your bank card?

one mallam senator during the screening " They said they are saving this money for a raining day, it has been raining for the past one week now; we still cant spend our money"

@Dis Guy

that is the thing we Nigerians they want to see CASH! Raw Cash! They want to see Tony Montana carrying transporting Nigerian foreign reserves in sacks and trucks.

No be only rainy day. Na DESERT STORM that Senator go see. So in his own proverbial raining day, CBN will just go and unleash $45 billion. The US government will not even allow any such thing because it with make the value of the Dollar collapse and also, Nigeria will grind to a halt because we will not be able to make any more imports.