Former lawmaker representing Kaduna Central Senatorial district, Shehu Sani, has reacted to JP Morgan Chase’s shocking revelation that puts Nigeria’s foreign reserves at $3 billion.
The American multinational financial services firm, in a report, revealed that a combination of foreign exchange forwards, securities lending, currency swaps, and outstanding contracts had weakened Nigeria’s net external reserves to an all-time low of $3.7 billion as of the end of last year.
On the contrary, data from the Central Bank of Nigeria (CBN) states that external reserves stood at $33.88 billion as of August 10, down from $37.08 billion at the end of last year.
Reacting to the reports, Shehu Sani, in a post via Twitter, claimed that the administration of former president Muhammadu Buhari witnessed the most form of corruption.
According to him, JP Morgan reports show that the nation’s treasury was most looted under Buhari’s watch since Nigeria gained independence.
He tweeted, “Going by the JP Morgan reports on Nigeria’s foreign reserves, Since our 63 years of political independence, the nation’s treasury has never been looted like it was done on Buhari’s watch.”
