Former deputy Vice-Chancellor, Delta State University Abraka, Prof. Peter Egbon, yesterday called on the Federal Government to scrap security vote from the constitution, saying that it is another form of embezzlement of public funds and that was one of the reasons Nigeria was experiencing economic crunch.
Egbon, a Professor of Economics, who disclosed this in an interview with our report in Asaba identified the country’s failure to save for the raining day when there was a boom in oil revenue as another reason why she is experiencing economic crunch.
He said when the price of oil averaged 100 dollar per barrel, an Excess Crude Oil Account and Sovereign Wealth Account was opened, but expressed regrets that state governors did not allow the money in both accounts to see the light of day because they insisted that it was unconstitutional to save money generated from crude oil.
He argued that state governors at that time maintained that money coming into the federations account should be shared, adding that there was no point saving money for the future based on the popular belief that oil revenue would continue to boom as the years progressed.
“The essence of the savings was to ensure that we prepare for the rainy day. Now after over 10 years that the average price of oil is over 100 dollars; and in less than three months, look at where we are now. There is no savings; rather, we are in huge debt.”
“What are we going to tell our future generation that we realized so much money from oil revenue and there is nothing to show for it. In addition to that, we even borrowed money and there is nothing to show for the borrowed money. That is the issue of sustainability. Our elites have become the problems of this country.”
When asked about his thoughts on the Nigerian Legal system, Egbon described the system as a cash and carry justice system, “otherwise, how do you explain it? People have been languishing in jail and they have not been brought to court once. Meanwhile, the elites will have their case and before you know it, they take the case from High Court to Supreme Court and back. And they have continued to go back and forth.”
He argued that justice has become for the elites especially now that lawyers have begun to harp on technicalities rather than the crime, stating that the only way the system could achieve its objectives was if a special court was established to try corruption cases.