Erstwhile Minister of Finance, Dr. Ngozi Okonjo-Iweala, has blamed the country’s present economic situation on the zero political will of the immediate past government to save for the rainy day. Speaking, yesterday, at the George Washington University, Washington D.C. Okonjo-Iweala said the Goodluck Jonathan administration differed seriously from the Olusegun Obasanjo administration under whose administration the Nigeria government saved $22 billion, which she said, helped to cushion the dryness that came the way of the country at the end of the last decade. Okonjo-Iweala served as finance minister under President Obasanjo between 2003 and 2006 and again under President Jonathan between 2011 and 2015. The former finance minister and World Bank president, who spoke on “inequality, growth and resilience,” with Chile as an example of a country with a saving culture, was quoted by The Cable, an online news medium, to have said: *Ngozi-Okonjo-Iweala “We tried it in Nigeria, we put in an oil price based fiscal rule in 2004 and it worked very well. “We saved $22 billion because the political will to do it was there.
And when the 2008 /2009 crisis came, we were able to draw on those savings precisely to issue about a five per cent of GDP fiscal stimulus to the economy, and we never had to come to the Bank or the Fund. “This time around and this is the key now, you need not only to have the instrument, but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will. “So we were not able to save when we should have.
That is why you find that Nigeria is now in the situation it is in. Along with so many other countries. “That is the question that I ask, what do we need to do to these countries to save over a period of long accelerated growth. “We need to devise mechanisms not just that are good technically but find a way to either embed them in the constitution or find a way to separate them from the political manipulation so that these countries can survive over time. “To build resilience, African countries need tools, mechanisms and it is doable and we need to interrogate ourselves why we have not done it.
The Cable further quoted her as saying that manufacturing was also critical to growth in Nigeria and the rest of Africa as she was reported to have said that manufacturing represented just 11 per cent of GDP in Africa. “I do not believe that we can be resilient, except if we can encourage manufacturing even on the goods we consume, services, entertainment industry, agriculture.
I think these are the kinds of questions that policy makers struggle with on a daily basis and that is what we are going to answer to get resilience. “If we don’t get these mechanisms, we politicise them, find ways to transform the base of the economy and create jobs including in manufacturing, I believe we are going to go into this looming deceleration that is being talked about.”
Madam Ngozi
Abeg na solution we need.as the water don pass the garri
All the best four you ex world bank CD you are the best Ngozi
Madam please stop!! We all know that
When exactly did she say that? God dey watch o!
Lol, d truth comming out like seriously….so if d prevous didn’t save, what would GEJ led govt lean on?
Madam,where are you from?
LIES CONTINUED BY APC AND THEIR MEDIA OUTLETS…
Benjamin Oladele Rowland WROTE:
”This was what she said: “We then established a stabilisation mechanism and opened an account for the oil surplus, which posted up to $22
billion. In 2008, when prices fell from 148 to $38 a barrel,
no one had heard of Nigeria because the country was able
to tap into this fund. And that, I am very proud [of].
“When I returned to the department in 2011, there remained
only $4 billion on this account while the price of oil was
very high! I tried again to put money aside. The president
agreed, but the governors did not accept.
“I suffered a lot of attacks from them and now that the
country would really need this account, these same people
accuse me of not having saved. If Nigeria had been more
careful, we would not be here today. It hurts me. We have
the mechanism, we had the experience, but we were
prevented to act.”
Now my question is: Buhari met $30bn in foreign reserve and $5bn in LNG coffers, why didn’t that save us from the current hardship?”
Abeg didn’t she embezzle too?
I no get kola for my face
She should have advise him then…
U nail it
that’s the problem i have with Nigerian politics! you’re saying this because Buhari is the current President. if we have another president,you’ll then say that Buhari is the cause…Nigerians are not fools, it’s just that we are strong Enough to take care of you guys. instead of taking care of the Citizens. E dey pain me too much to see weting our Youth dey face for the so called Abroad.
Yeye woman,U0001f60fU0001f60fU0001f60fyou self join
Guy u still dey fumble
Even this useless woman nko ?
Why u no advice him
Madam,where are you from?
She did not say that forget it is a gossip u can see their name
trash, blame urself leave Goodluck alone
she never said such dont use Okonjo Iweala picture to achieve ur political propaganda u false news broadcaster’s
This apc people are dangerous. This is a lie now.
It’s on vanguard too just so you know,everyone looking for reasons to blame innocent Buhari who isn’t a magician
Now the truth is out in the open,people can allow my president some peace….Buhari is a man,not a magician,proper change is gradual
Stop pointing fingers and get on to that.. savage it we will cheer you…
this is super story…..
Why Okonjo Iweala dey tell Nigerians wetin dem don know now? “When an intelligent person worked under JonaDAFT,he/she becomes ‘belle-bon-dus’.
@Johnson, vanguard of which day pls?
happy say all igbos dey hear her now o
Liars she neva said dat oooo. Apc at it again
Another cheap propaganda from brown envelop journalist… We are wiser now. Okonjo Iwuala will never fabricate such lies like u.
Don’t quote her out of context. You most not lie to seek attention please.
Collective Responsibility, yes Jonathan failed but he did fail alone. He failed with his ministers including you. God bless Nigeria.
Tosin Beatrice Emese, read today vanguard and punch.
Story,Gossip mills why posting what the woman didn’t say?
The media of today esp internet comedians such as this gain cheap popularity by misquoting and quoting people out of context.
She said the governors worked against every move to save for the rainy day…
Most of those behind the change mantra were the same persons who fought the minister to a standstill, launched a campaign of calumny against her.
Please feed the masses with the right information…
Lie, go to her page you will understand what she said.
They wont believe for either ethnic or political partisan reasons….dont mind dem jare. GEJ was never an option for this country. Lets see what PMB can offer us. #ForwardThinking.
Yes Macaulay,it’s definitely ethnic or blind hatred….I hold him responsible for all the woes today,people stole with impunity and disregard,no fear of repercussions…they emptied our treasury
That lovely moment when u decided to start reading this comment up to the level you forgot you came here for the video and you decided to stroll down to read comment, then you find these comment so appealing and so interesting that you still insist on reading it continuously and been the fact that this comment has kept you reading it for a few seconds now and you are still looking at where it will end… Well this is actually where it will end because you’ve realized you just wasted few moments of your life reading this comment and still the typist is not stopping to type and the readers are not stopping the reading, this is logical isn’t it? Since you still insist on reading this comment I will like to let you know my motives… If you see this comment elsewhere without my signature Bliss… Then know it is copyrighted or stolen… But wait don’t tell me you’re still reading this comment when you know I have nothing to say? Well since you decided not to go let me quickly go for swimming with the crocodiles and have selfies with them… Wouldn’t you mind to join me? U0001f61c
I strongly doubt that this statement came from Ngozi Okonjo-Iweala…maybe somebody some where is misrepresenting what she actually said.
This is a lie, Prof. Okonjo never said Jonathan, she said that there was no will to save during the last administration. she didn’t mention names puleezz.
Liars… Very soon they will sack lie Mohammed and employ the one Who posted this rubbish…. Go read what she said
I never believe this fake dawn news.
But u follow chop d money nahh
This man called PDP is very strong ooo. The man is not in power but he’s controlling the entire economy. If that’s true, then the Buhari and apc should be ashamed of themselves…………..they are just busy playing blaming games, go and work lazy beggars, ………………………. borrow borrow buhari were all the recovered loots,were all the recovered abacha loots.were is the 30 billion dollars that uncle jonah left in the treasury,borrow go put for your pocket ole.
On the way to our promise land, yorubas and hausas says that we are bringing shame to the zoo right???, now we are going, so stop crying even when we go and your tribe’s needed help we can still help u guys because we are once brothers ( we can borrow your tribes money respectively because borrowing runs in your blood) .
No biafrans, no Nigeria , they said we are thief’s, baby factory, drugs dealers etc, but we wanted to go out from the zoo from biafran war till today but they wouldn’t allow such WHY?, BECAUSE THEY KNOW THAT WE BIAFRANS ARE BORN TO BE HERO’S, never give Up attitude, no biafrans yorubas and northern aboki’s will remain beggars till enternity, UP BIAFRANS, down zoo
Whether you guys like it or not the truth most be told, biafran most stand then we will know the people to offer visa’s to the LAND OF THE RISING SUN because is not all tribes that are worthy of entering into our blessed LAND, u know what I mean
Divide Nigeria into three and wait for the next ten year’s and see which TRIBE that will challenge American, China, Dubai, Europe in development, economic, infrastructure etc, I know even an unborn baby will tell you that the answer is:= THE LAND OF THE RISING RUN:::: THE GREAT BIAFRANS::::
On the way to our promise land, yorubas and hausas says that we are bringing shame to the zoo right???, now we are going, so stop crying even when we go and your tribe’s needed help we can still help u guys because we are once brothers ( we can borrow your tribes money respectively because borrowing runs in your blood) .
No biafrans, no Nigeria , they said we are thief’s, baby factory, drugs dealers etc, but we wanted to go out from the zoo from biafran war till today but they wouldn’t allow such WHY?, BECAUSE THEY KNOW THAT WE BIAFRANS ARE BORN TO BE HERO’S, never give Up attitude, no biafrans yorubas and northern aboki’s will remain beggars till enternity, UP BIAFRANS, down zoo
Whether you guys like it or not the truth most be told, biafran most stand then we will know which and which tribes to offer visa’s to the LAND OF THE RISING SUN because is not all tribes that are worthy of entering into our blessed LAND, u know what I mean
Divide Nigeria into three and wait for the next ten year’s and see which TRIBE that will challenge American, China, Dubai, Europe in development, economic, infrastructure etc, I know even an unborn baby will tell you that the answer is:= THE LAND OF THE RISING RUN:::: THE GREAT BIAFRANS::::
How many of Jonathan’s predecessors have this political will to save that you are talking about? Buhari messed up the country’s economy now and that is why all these bull cramps are coming up now. Are you afraid to tell Buhari that his government has failed Nigerians? Probably, that might be the case. You all will get tired of blaming without providing solutions. When GEJ was in office, this political will to save was not an issue. Ok, Dr. Okonji, now you can help your Buhari develop this political will to save and others will follow your example.
Gossip mail some people like you has been existing before you come out but what put then back is fake news bcs they didn’t defend what they posted, oder was given to them to close up. Intelligent people will all ways post such news with video. This is what I know best than your admins. I have see many thing you posted which you can’t defend. Mostly focus on video in this type of new. You still have the opportunity.
She never said anything . Gossip mill Nigeria always two sides and looking for publicity. All this useless bloggers
madam, i listened to prof. pat utomi’s lecture and he advised us to save a little and invest more. GEJ invested more
This is not what she said
That’s not what she meant blame the change mantra that stop him from saving
With all d oil that Nigeria have?
Ok no problem, but you and your change promise to make things right yet things are getting worse.
So you think buhari and his change mantra will do the magic if our youths can not see the future beyond sentiment I wonder when we are going to face realities and be focused they have gone to China to mortgage our entire further with so string attached to the loan and we are here celebrating our entire economy is been controlled by the chanist our local content have very little to do all the contracts to be executed by the loan are the chanist and the change mantra did not see beyond this when they are signing for the loan
I trust her, omo to gbon, she don commot herself
Ndi ara.. No mind them!