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Published On: Fri, Oct 7th, 2016

Onuesoke Supports Akinyemi’s Claim on Economic Recession, Absolves Past Regimes of Blame

Chief Sunny Onuesoke

Chief Sunny Onuesoke


LAGOS OCTOBER 7TH (URHOBOTODAY)-Peoples Democratic Party (PDP) Chieftain and Delta State PDP Governorship aspirant in 2007 general election, Chief Sunny Onuesoke has added his voice to that of Professor Bolaji Akinyemi in appealing to Nigerians from blaming the past regimes of Chief Olusegun Obasanjo and Dr Goodluck Jonathan for the present economic recession affecting the country.
Supporting Professor Akinyemi’s claim that 1999 constitution should be blame for the recession, Onuesoke who spoke to journalists in Uyo,Akwa-Ibom state reiterated that Goodluck Jonathan saw the problem ahead and try to save for the rainy day but some of the governors and APC leaders who have never wanted anything good from Jonathan’s administrating insisted against it and took advantage of the loopholes in the constitution to protest against savings.
Onuesoke advised the present government to stop the blame game and think of the way forward as the professor has suggested, adding that the government should adjust the constitution so as to pave a way for the revival of the economy.
He recalled when the constitutionality of the Excess Crude Oil Account was set up in 2004 as stabilization fund to meet the country’s budget deficit was questioned, Jonathan established the Nigeria Sovereign Investment Authority to manages the Nigeria sovereign wealth fund,[4] into which the surplus income produced from Nigeria’s excess oil reserves is deposited.
He said the wealth fund which was signed into law in May 2011 commenced operation in October 2012 and was intended to invest the savings gained on the difference between the budgeted and actual market prices for oil to earn returns that would benefit future generations of Nigerians.
According to Onuesoke the saving plan did not see the light of the day saying, “Ninety percent of APC members including Buhari were at the forefront of anti national savings campaign against Dr. Okonjo Iweala and Goodluck Jonathan. Many of the governors went to court and that sections of the constitution were interpreted to give them their want. Now we are blaming Jonathan who foresee the future and wanted to save for it. We are products of our decision.”
The PDP Chieftain observed that it is a known fact that it was the reckless spending and lack of savings of past government from the military era to president Jonathan without savings that push Nigeria into recession today, just as he advised that if the present government can adopt Norwegian method as advice by Professor Akinyemi and embeded it into our constitution for subsequent government to obey and follow through, Nigeria future will be better for generation to come.
“The Norwegian experience involves setting up a Government Pension Fund Global into which 100 per cent of the government’s revenue from royalties and dividends are paid. In any one year, no more than four per cent is allowed to be drawn from the account,” he disclosed.

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