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Nigeria Paying For “Zero Political Will” To Save Under Jonathan, Says Okonjo-Iweala

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okonjo-iweala-400x300The immediate past Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala, Thursday, said the current challenges bedeviling the country is as a result of the “zero political will” to save under former President Goodluck Jonathan.
Mrs. Okonjo-Iweala, who spoke on ‘inequality, growth and resilience’ at George Washington University, America, said the World Bank and the International Monetary Fund (IMF) must seek means to embed savings in national constitutions devoid of political manipulations.
The former World Bank Director added that Nigeria was able to save $22 billion under former President Olusegun Obasanjo because there was a political will to save for the rainy days and indeed, it came in 2008 during the global economic meltdown.
Speaking on the Chilean saving example, Okonjo-Iweala, who was the Finance Minister during Obasanjo’s second term, said: “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 5 percent 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 need 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”.
On solving the problem of political will and political manipulations, she said: “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”.
She added that manufacturing was also critical to growth in Nigeria and the rest of Africa, quoting manufacturing as just 11 percent of GDP in Africa, and nine percent in Nigeria.
“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”.

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1 Comment

1 Comment

  1. Phil

    April 15, 2016 at 8:15 pm

    What an absolute claptrap! She is merely being disingenuous with the truth. She wants us to believe that all her noble ideas to steer the country to an elderado were stifled by his master. Perhaps there is an element of truth in her assertion but the honourable thing she would have done was to resign if she felt she was being undermined. It makes one wonder what her terms of contract were before agreeing to serve under Jonathan. Yet another dagger being plunged into Jonathan’s sore back.

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Fayemi Presents Over N109 billion As Budget Estimate For 2021

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Ekiti Extends Curfew Indefinitely
Fayemi Presents Over N109 billion As Budget Estimate For 2021

Governor Fayemi

Governor of Ekiti State, Kayode Fayemi has presented the proposed budget for the 2021 fiscal year in the State.

The Governor on Monday presented a budget estimate of over N109 billion for the 2021 fiscal year.

Governor Fayemi, while presenting the budget at the State House of Assembly complex yesterday in Ado-Ekiti described the 2021 budget as “Budget of Recovery and Economic Restoration.”

Also Read: #EndSARS Protests Politically Motivated – Kogi Governor

The budget has a recurrent expenditure of N57, 997,898,982.62k while the capital expenditure has N51, 668,386,739.99k.

Fayemi, said the budget proposal presented contains the policy thrust, programmes, and vision of his administration for 2021, saying efforts shall be made to source the needed resources to fund the budget.

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National Broadcast: PDP Slams Buhari Over ‘Disappointing, Empty’ Speech – PDP

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National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP
National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP

Muhammadu Buhari

The Peoples Democratic Party (PDP) has blasted President Muhammadu Buhari over his nationwide broadcast over the ongoing #EndSARS protest rocking the country.

Recall that Buhari in his speech called for an end to the protest, adding that his government had already accepted and started implementing demands of the protesters.

He, however, failed to acknowledge the shooting of protesters by soldiers of the Nigerian Army at the Lekki Toll Gate on Tuesday night.

Also Read: President Muhammadu Buhari’s speech – Full text

Reacting in a statement on Thursday night by its spokesperson, Kola Ologbodinyan, the PDP said Buhari’s address was depressing and failed empathy test.

The party appealed to Nigerians, particularly the youth, to remain calm and allow a return to normal life in the collective quest for peaceful co-existence in the overall interest of the nation.

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

PDP

The Peoples Democratic Party (PDP) has condemned the killing of peaceful #EndSARS protesters at the Lekki Toll Gate, Lagos.

This was contained in a statement titled “EndSARS- Lekki Massacre,” signed by the PDP National Publicity Secretary, Kola Ologbondiyan, late on Tuesday.

Ologbodiyan said, “The Peoples Democratic Party, condemns in very strong terms, the killing of peaceful protesters at the Lekki Toll Gate in Lagos as well as other parts of our country.

Also Read: Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

“It is shocking that security agents and, in some cases, thugs, were reportedly deployed to end the lives of promising Nigerians. This, to say the least, is saddening.

“Those responsible for the heinous murder of the innocent and harmless Nigerians must account for their nefarious acts.

“The PDP calls on President Muhammadu Buhari to immediately direct an end to these wanton killings across our nation.

 

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