APC Chieftain Criticizes Jonathan’s Handling of Oil Revenue

All Progressives Congress (APC) chieftain and former Cross River State lawmaker, Hon. Cletus Ubun, has faulted the economic management of former President Goodluck Jonathan’s administration, citing a failure to save during the oil boom years.

Speaking during a live Independence Day broadcast on Trust Television, Ubun said Jonathan’s government benchmarked oil at $65 per barrel but sold at $155, yet failed to build reserves for future economic challenges.

“Jonathan benchmarked oil at $65 but sold at $155, yet we failed to save for the rainy day,” Ubun stated.

He explained that instead of channeling the surplus into Nigeria’s sovereign wealth fund, the funds were shared among states after a legal dispute initiated by governors. According to him, the lack of strategic savings has contributed to current economic problems including inflation, unemployment, and rising debt.

Ubun also criticized what he described as “accidental leadership” in Nigeria, arguing that many leaders assumed office through political patronage rather than competence. He urged citizens to hold state governors accountable for federal allocations, stressing the need for transparency in the use of public funds.