The controversy surrounding the position of Nigeria’s foreign reserves appears unnecessary, afterall. Central Bank of Nigeria (CBN) figures obtained yesterday by News Express painted a clear picture of things, allaying fears that the country’s foreign reserves may have been frittered away in the past five years.

Anxiety over the fate of the foreign reserves have heightened since last week Friday when former World Bank Deputy Managing Director, Dr. Oby Ezekwesili, accused the Goodluck Jonathan administration and the preceding regime of the late Umaru Musa Yar’Adua of squandering $67 billion foreign reserves left by the Olusegun Obasanjo government in May 2007.

Figures obtained from the CBN by News Express however painted a different picture. According to the figures, Nigeria’s foreign reserves as at May 2007 stood at $43,130,301,995.21. The breakdown put the Federal Government Reserves at $2,182,457,958.35, CBN Reserves at $31,517,490,922.57, and Federation Reserves at $9,430,353,114.29.

On the other hand, the CBN put the country’s foreign reserves as at the end of last year (December 2012) at $43,830,418,364.91 – representing over $700 million (specifically $700,116,369.7) growth from what obtained as at the time Obasanjo handed over to the late Yar’Adua on May 29, 2007.

According to the CBN figures in the possession of News Express, Nigeria as at the end of last month had Federal Government Reserves of $1,173,317,563.79, CBN Reserves of $31,194,850,492.35 and Federation Reserves of $11,462,250,308.77.

While the Nigerian Government had vehemently rejected Ezekwesili’s allegation, it did not, however, supply figures but challenged the former two-time minister to provide facts to back up her claim while also asking her to account for the a cumulative N458.1 billion she collected as Minister of Education between 2006 and 2007. Ezekwesili has, however, challenged the government to a formal debate – which the administration considers unnecessary.

•Attached is the Foreign Reserves summary for 2012 as obtained from the CBN.

Update news