By
Falana Lagos lawyer and human rights activist Mr. Femi Falana has said the country is not broke.
The lawyer, in a statement issued in Lagos yesterday, faulted the position of Minister for Finance, Mrs. Ngozi Okonjo-Iweala, that Nigeria is going broke.
Falana’s statement, entitled “ Nigeria is not broke but mismanaged”, reads: “While not holding brief for the Governors’ Forum which has challenged the legal validity of the Sovereign Wealth Act at the Supreme Court, it is germane to point out that the economy did not perform better when the Olusegun Obasanjo Administration illegally operated and maintained an Excess Crude Oil Account.
“Incidentally, the current Minister of Finance was in charge of the economy at the material time.
“So at the end of every month what is shared in the meeting of FAAC is the crumb from the Master’s table. To compound the fraud, the revenue earned in dollars from the sale of crude is illegally withdrawn from the Federation Account and substituted with naira funds.
“Thus the three tiers of government are then paid with Naira warrants instead of dollar certificates with dire consequences for the value of the Naira and inflation caused by artificial excess liquidity in the market.
“For reasons best known to the federal government, the grand fraud identified by KPMG in the running of the affairs of the corporation has not stopped.”
SOURCE: The Nation, 16 April 2012. http://www.thenationonlineng.net/2011/
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