I have the honor to present the ensuing Statement of Accounts, covering the period I was President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, 1985-1993, represents a comprehensive numerical report card of or management of the economy regime for those years. I was indeed fortunate to lead a government that was strong on record-keeping, albeit at the time it was a matter of policy and practice to keep up to date comprehensive records of our financial inflows and outflows. With hindsight, it has turned out to be for reviewers with an impartial mind, an honest response to speculations and misrepresentations. I present this numerical data as an annexure to this document, both because they are public documents available all along and with the hope that against the background of today’s facts and figures, you would as true owners of this data, find time to analyze them.
As you review the data, it is important to highlight three obvious points worthy of note, namely that:
- NO EXTERNAL LOANS were obtained by our administration – the increase in the external debt profile was simply due to accumulated interest and default penalties arising from debt taken by prior governments. The other obvious fact is that the average annual TOTAL FEDERAL GOVERNMENT REVENUE for the period of the eight years of administrations was N33.4 BILLION, which is about the quarterly revenue of some oil producing states in the country today.
- Aggregately, for the period 1985 – 1993, total Federal Collected Revenues stood at N696.96 billon of which the Federal Government Revenue was N267.53 billion. When set against a total Federal Government Expenditure of N517.2 billion, comprising Recurrent and Capital Expenditure of N339.64 billion and N177.56 billion, respectively, a cumulative deficit of N249.67 billion emerged. The financing of this excess of expenditure over recurrent revenue was by recourse to internal loans mainly. The total earning from oil in 1990 (including the Gulf War windfall) was $15.887 billion. Some indicative comparison is provided by the fact that in the six and half years from June 1999 to December, 2005, Federal Collected Revenue totaled N11,185.30 billion, with the Federal Government Revenue being N5,137.52 billion – representing more than nineteen times the revenues accruing to the FGN for the eight years, 1985 – 1993 out of Federal Collections sixteen times those for 1985 – 1993.
- Given the state of our resources today, taking into consideration our debt profile and current oil prices, our records demonstrate that we could be trusted to be creative in reversing our decaying infrastructure and building on the current administration’s reform platform to empower a wider majority of our people.