Soludo's self serving article on Economic management is deficit in facts, logic & honor - Okonjo-Iweala | Welcome to Linda Ikeji's Blog

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Wednesday, 28 January 2015

Soludo's self serving article on Economic management is deficit in facts, logic & honor - Okonjo-Iweala

Coordinating Minister for the Economy and Minister of Finance Ngozi Okonjo-Iweala has responded to former CBN governor Charles Soludo's article titled Buhari Vs Jonathan: Beyond the election, where he criticized the presidential economic team (read here). NOI's response below...
1. For anyone who has not read Professor Charles Soludo’s article on January 25 2015, I would encourage them to do so. It is littered with abusive and unbecoming language. It shows how an embittered loser in the Nigerian political space can get so derailed that they commit intellectual harakiri by deliberately misquoting economic facts and maliciously turning statistics on their head to justify a hatchet job. We hope all the intellectuals in the international circles in which Professor Soludo has told us he flies around in will read what a Professor of Economics has chosen to do with his intellect.

2. In this one article Soludo has shamelessly pandered to so many past leaders that Nigerians are asking one more time – what position is Soludo gunning for now? He claims in his article that he has had his own share of public service, yet he has failed twice in his attempts to be Governor of Anambra State and Vice Presidential candidate of various parties. There is definitely an issue of character with Prof. Charles Soludo and his desperate search for power and relevance in Nigeria. Nigerians should therefore beware of so-called intellectuals without character and wisdom because this combination is fatal.

3. But let us turn to the main subject of Soludo’s discourse. So much of what is written is outright nonsense and self-seeking aggrandizement that need not be dignified with a response. It is totally remarkable that Professor Charles Chukwuma Soludo, the man who presided over the worst mismanagement of Nigeria’s banking sector as Governor of the Central Bank of Nigeria between May 2004 and May 2009, can write about the mismanagement of the economy.

4.  Nigerians must be reminded of his antecedents as CBN Governor, and even prior to that, as the Chief Economic Adviser to the President. The consolidation of the banking sector was a good policy idea of the Obasanjo Administration but Soludo went on to thoroughly mismanage its implementation leading to the worst financial crisis in Nigeria’s history. So what did Soludo do?

5.  After consolidation, the regulatory functions of the Soludo-led CBN were very poorly exercised. As Governor, he failed to adequately supervise and regulate the now larger banks – an anomaly in Financial Sector Supervision. In fact as every Nigerian knows, in his time there was very little separation between the regulators and the regulated which is a violation of a key requirement of Central Banking success. This led to infractions in corporate governance in many banks as loans and other credit instruments running to hundreds of billions of naira were extended to clients without following due process, and several of these loans could not be paid back. This massive accumulation of bad debts or non-performing loans as they are called in the banking sector meant that our banks were ill-positioned to deal with the global financial crisis when it hit.


6.  In fact, the banking sector was brought to its knees and required a massive bailout by Nigerian tax payers. This bailout was done by his successor (now Emir of Kano) who cleaned up all the bad debts and transferred them to the newly-established AMCON, from where they are managed today. So let it be noted for the record books that Soludo’s single-handed mismanagement of the banking sector led to an incredible accumulation of liabilities that will cost tax payers about N5.67 trillion (being the total face value of AMCON-issued bonds) to clean up. Let it be noted also that this amount, which is more than the entire Federal Government 2015 Budget, constitutes the bulk of Nigeria’s “contingent liabilities” mentioned in Soludo’s article. It is only in Nigeria where someone who perpetrated such a colossal economic atrocity would have the temerity to make assertions on public debt and the management of the economy.

7.     Let us now look at some of the points he makes. Luckily, Soludo has told us that he has been busy travelling internationally, hobnobbing with his global partners. It is obvious from this article that from the rarefied heights at which he is flying he is completely out of touch with what is happening with the management of this economy. Take his comments on the mismanagement of the economy and the imposition of the austerity measures. The present fall in oil prices, a global phenomenon over which Nigeria has no control, has given every charlatan the opportunity to attack the economy, and by extension the managers of the economy

8. It is true that the economy grew well during the second-term of former President Obasanjo as a result of the reforms supported by the President and implemented by the Economic Management Team. Please note that the Finance Minister under whose leadership that good performance took place, including massive unprecedented debt relief, is still Finance Minister today. But thorough examination of the facts on performance under the Jonathan Administration will also reveal that at a time when global economic performance was mediocre, with GDP growth averaging about 3 percent per annum, Nigeria’s GDP growth – averaging about 6 percent per annum – is indeed remarkable. Even more interesting is the fact that the oil sector did not drive this economic performance but the non-oil sector (Agriculture, Manufacturing, Telecommunications, the Creative Economy, and so on), which shows that the current Administration’s diversification objective under the Transformation Agenda is working. Transformation equals diversification

9.  This current government managed to control inflation, which he Soludo, was not able to do during his time at the helm of monetary policy in Nigeria. When he left the Central Bank in 2009, inflation – which hurts the poor and vulnerable in the society the most – was above 13 percent per annum.  Now, inflation is at single-digit, at 8 percent per annum. What about exchange rates? Well this administration again managed to stabilize the naira exchange rates, such that between May 2011 and the end of 2014, official exchange rates against the dollar rarely moved out of the N153 to N156 band. It is only with the recent dramatic fall in oil prices and the consequent impact on our foreign reserves that the exchange rate has become quite volatile. The drop in oil price has been heavy and rapid impacting all oil producing nations significantly. Nigeria is no exception and appropriate fiscal and monetary policy measures are being put in place to manage this situation.

10.  In fact, history will recall that careless remarks by Prof. Soludo (then Chief Economic Adviser to the President) hypothesizing a possible naira devaluation, condemned the naira to a free fall towards the end of 2003. Ray Echebiri, in his 2004 article in the Financial Standard, wrote that not even the assurances given by the then CBN Governor, Mr. Joseph Sanusi or President Obasanjo that any plans to devalue the naira existed only in the head of Professor Soludo could halt the fall of the naira from N128 to the dollar in the official market to about N140 between September and December 2003.

11. It is true that our foreign reserve accumulation is less than what it should be but the reason for this has been fully given, not as excuses but simply as fact: lower oil production and crude oil theft along with the refusal to save in the Excess Crude Account (ECA) are the reasons. Contrary to what Soludo said, oil production under President Obasanjo was higher than current levels. Quantities produced averaged 2.4 million bdp, 2.22 million bpd, and 2.21 million bpd in 2005, 2006, and 2007 respectively but has declined now to between 1.95 and 2.21 million bdp due to vandalism of the pipelines and the resulting “shut-ins” to fix the problem. It is true that had production been at the previous levels and had there been willingness to save we would have had more money in the ECA and also in the reserves. But the overriding setback to savings is that the State Governors felt it was their constitutional right to share the money. Please recall that even as we speak the States have taken the Federal Government to the Supreme Court on this issue

12. Soludo’s claim that 71 percent of Nigerians live below the poverty line is misleading and disingenuous. He uses 2011 statistics on poverty by the NBS to support his argument while ignoring more recent figures. But as stated in the Nigeria Economic Report 2014 by the World Bank, poverty rate in Nigeria has dropped from 35.2 percent of population in 2010/2011 to 33.1 percent in 2012/2013. By the way, the reason why our poverty numbers have been so wrong is that the National Bureau of Statistics (NBS), under Soludo’s supervision as CEA and Vice-Chair of the National Planning Commission, departed from the international standard method of poverty measurement. Is he now ignoring the right economic statistics to wilfully manipulate information?

13.   No doubt we have a problem with unemployment in this country and we must deal with it. Indeed this Administration is dealing with it and stands proud of what it has accomplished so far and is pushing hard to accomplish much more. As a first step, the Administration, through the office of the Chief Economic Adviser to the President and the NBS, worked hard to determine how many jobs we need to create in a year. What you don’t measure you cannot make progress on. Why didn’t Soludo do this when he was CEA?

14.   We need to create about 1.8 million jobs a year in this country to cater for the new entrants into the labour market, but we also need to deal with the backlog of the unemployed and the underemployed, e.g. those selling on the streets. Dealing with this global challenge of unemployment is not an easy task for any country, as can be seen from the experiences of developed countries particularly in the euro area. But the Jonathan Administration is making good progress, creating an average of about 1.4 million jobs per year by driving quality growth in key sectors like Agriculture, where the bulk of new jobs are being created, Housing, Manufacturing, Financial Services, and the Creative Industries like Nollywood.

15.  In addition we have special programs to promote job creation among the youth and these include:

16.                         On the issue of debt, Nigerians deserve to know the truth and we have said it before. The truth is that the government borrowed in 2010 to pay an unprecedented 53.7 percent wage increase to all categories of federal employees as demanded by labour unions.  The total wage bill rose from N857 billion in 2009 to about N1.4 trillion in 2010, and as a result, domestic borrowing increased from N200 billion in 2007 to about N1.1 trillion in 2010 to meet the wage payments. Where was Soludo at the time? Why did he not react to the borrowing then? Was it because he wanted to pander to labour in preparation for his political career?

17.   It is noteworthy that since 2011, the Administration of President Goodluck Ebele Jonathan has been prudent with the issue of debt and borrowing. The Economic Management Team not only looks at debt to GDP ratio, where Nigeria has one of the lowest numbers in the world at 12.51 percent but it looks at debt service to revenues. That is why in spite of the rebasing and a larger GDP, the administration has taken a prudent approach to borrowing. The prudent approach helped to drive down domestic borrowing from N1.1 trillion in 2010 to N642 billion in 2014. In fact for the first time in our nation’s borrowing history we even managed to retire N75 billion of domestic bonds outright in 2013.

18. Despite the present tough situation, we do not plan to go on a borrowing spree but to keep borrowing modest at a level sufficient to help us weather the present situation. We have already ramped up efforts to generate more non-oil revenues for the government while cutting costs of governance. Therefore, Soludo’s claim that this Administration is reckless with debt does not hold true.

19.  Since Soludo seems so ignorant to what has been achieved by the Jonathan Administration, let us present just a few examples of them here again. This information is easily verified.

·        We are improving infrastructure across the country. For example, 22 airport terminals are being refurbished, and five new international airport terminals under construction in Lagos, Port Harcourt, Kano, Abuja, and Enugu. Soludo’s kinsmen in the South East now have an international airport in Enugu, and for the first time in Nigeria’s history can fly direct from Enugu to anywhere in world for which they are very grateful to this Administration. But with Soludo being up in the air with his international travels, he has not touched ground in the Southeast to observe this development for himself.

·        Various road and bridge projects have either been completed or are under construction. Those completed include the Enugu – Abaliki road in Enugu/Ebonyi States, the Oturkpo – Oweto road in Benue State, the Benin – Ore – Shagamu highway, and the Abuja – Abaji – Lokoja dualization, and the Kano – Maiduguri dualization. The Lagos – Ibadan expressway and the Second Niger Bridge are under construction.

·         Rail from Lagos to Kano is now functional, as is parts of the rail link between Port Harcourt and Maiduguri. All these have brought transport costs down. We recognise that more needs to be done in the power sector, but bold steps (like the privatisation of the GENCOs and DISCOs) have been taken, and our gas infrastructure is being developed to power electricity generation

·        In Agriculture, over 6 million farmers now have access to inputs like fertilizers and seeds through an e-wallet system, which is more than the 403,222 that had access in 2011. Rice paddy production took off for the first time in our history, adding about 7 million MT to rice supply. An additional 1.3 million MT of Cassava has also been produced and as a result, the rate of food price increase has slowed considerably, according to the NBS.

·        In Housing, we have put in place a new wholesale mortgage provider – the Nigerian Mortgage Refinance Corporation (NMRC) – to provide affordable mortgages to ordinary Nigerians, starting with those in the low-middle income bracket. This sector will help the economy grow as we tap it as an economic driver for the first time. Mortgage applications from 66,000 people are currently being processed and 23,000 have already received mortgage offers

·        Our Manufacturing sector is reviving with new automobile plants by Nissan, Toyota, etc. This is in addition to the backward integration policy in key sectors like petrochemical, sugar, textiles, agro processing and cement, which Nigeria is now producing 39,000 MT and exporting to the region.

·        The Creative sector is now a factor in our GDP, with Nollywood alone accounting for 1.4 percent, creating over 200,000 direct jobs and nearly 1 million indirect jobs. This is the first Administration to recognise its importance and support its further development with a grant program.

·        A new bank – the Development Bank of Nigeria – will soon be operational and this bank will help bridge the access to finance gap, which is a major constraint for the private sector especially SMEs. The bank will provide long-term (5 – 10 years) financing at affordable rates for the first time in our nation’s history.
20.   This is the path that the government has been on before this fall in oil prices. The response to the economic shock has been spelled out to the Nigerian public over and over again, and the Administration intends to focus on managing this crisis appropriately. This year will be difficult. To say anything less to Nigerians will be untruthful. It would have been better if there had been a bigger cushion of the Excess Crude Account to manage this situation but despite this the nation can rise to the challenge. More importantly, President Goodluck Ebele Jonathan and the Economic Management Team are seeing this as an opportunity to diversify the revenue sources of an already diversifying economy. In fact let me at this juncture use this opportunity to comment on Soludo’s appalling statement that rebasing brings no policy value. Rebasing has enabled us to better grasp the new diversified nature of our economy. This provides the basis for our present drive to support different sectors with appropriate policy instruments to enhance their development. Rebasing has also enabled the Administration to create the platform from which to drive our work on increasing non-oil revenues. These are areas of critical policy value.

21.  Soludo mentioned the issue of the Economic Partnership Agreement with the EU, noting that this Administration has not been vocal or clear on its direction with this agreement. On the contrary, the Administration, particularly the Ministry of Industry, Trade, and Investment, has been clear on this issue but since Soludo has been in the air he probably has not been aware of this. Just recently, the Minister of Industry, Trade and Investment reiterated again to the corporate sector that Nigeria has not signed and does not propose to sign the EPA in its present form.

22. The point is that this government has been pursuing the right economic policies, and its efforts have been acknowledged nationally and internationally. Let me say that there are objective ways to measure performance. There are international institutions globally accepted to do this. They have acknowledged this Administration’s good economic management up to the recent crisis and even now.   

23.  We cannot go by someone’s subjective view, driven by bitterness and bile. We need to look to the truth and to professionalism. This is where Professor Soludo totally fails. For the other gratuitous, political, and personal attacks, we are sure that those mentioned will respond appropriately. It is a sad day for Nigeria and the economics profession that someone like Soludo, a former CBN governor should write such an article. If Soludo wants to regain respect, he should return to the path of professionalism. He certainly needs something to improve his image from that of someone whose sojourn into National Economic Management ended in disaster for the banking sector, his sojourn in politics, ended in overwhelming rejection by the electorate, and more recently, his sojourn abroad, has put him out of touch with the reality of the Nigerian economy.


Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for the Economy and Minister of Finance

191 comments:

Unknown said...

Simply Because He's Not a Sitting CBN governor Right??
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.Disclaimer:: Raise Your Words, Not Your Voice. It Is Rain That Grows Flowers, Not Thunder..

Black Anchor 2 said...

Choi, its too long now, will read later . ose

Unknown said...

Weldone ma! I understand your pains

Unknown said...

Come on nw am I reading 4 my finals ni haba plssssss Maxwell summarize 4 mi ll u dear.Tnxs.

Unknown said...

Soludo has looked for trouble...
Madam has finally reacted.

Wht a good "low blow" frm madam to him.
So Soludo is one point down.

Let hear his own response to madam statement b4 d end of dis week.

Anonymous said...

ABEEEGGGGG MRS AGENT OF THE US!!!! DESTROYER OF THIS COUNTRY!!! KEEP QUIEEETTTT (in mama peace's voice)! its people like u that have been using grammar to confuse mr president! Mr Soludo is right! nonsence! kneel down and raise up our hands, mek i knock that head! Our eyes are shinning o! you cannot confuse or abuse us again. we don tire, carry ur oga commot for Nigeria before you kill us all.

LINDA POST MY COMMENT O

Unknown said...

Great long story

Unknown said...

Soludo has looked for trouble...
Madam has finally reacted.

Wht a good "low blow" frm madam to him.
So Soludo is one point down.

Let hear his own response to madam statement b4 d end of dis week.

Unknown said...

Soludo has looked for trouble...
Madam has finally reacted.

Wht a good "low blow" frm madam to him.
So Soludo is one point down.

Let hear his own response to madam statement b4 d end of dis week.

Unknown said...

ain't gonna say much but buhari is gonna win

Unknown said...

Soludo has looked for trouble...
Madam has finally reacted.

Wht a good "low blow" frm madam to him.
So Soludo is one point down.

Let hear his own response to madam statement b4 d end of dis week.

Ima said...

So who will read this long-ass-no-good-for-nothing reprisal attack by Madam economy? Pfffftt!

Please madam, concentrate on your work biko!

Unknown said...

plxxxxxxx.........haba







Moye says so via BB Passport...Courtesy LIB.....

Unknown said...

Soludo has looked for trouble...
Madam has finally reacted.

Wht a good "low blow" frm madam to him.
So Soludo is one point down.

Let hear his own response to madam statement b4 d end of dis week.

Anonymous said...

Nipost collects 500 for each percel coming from online shop abroad .linda abeg dis is robbery please help investigate use ur platform n let's stop dis.

Anonymous said...

Nipost collects 500 for each percel coming from online shop abroad .linda abeg dis is robbery please help investigate use ur platform n let's stop dis.

Bishop Dammy said...

That's her opinion.. everyone has got his or hers but most opinions would change after inec announces the result of the election.. it is well with this country. 2tim 2:2-4. @Bishop_Dammy

Anonymous said...

Nipost collects 500 for each percel coming from online shop abroad .linda abeg dis is robbery please help investigate use ur platform n let's stop dis.

Unknown said...

I don't expect any of you to accept what he wrote...


#GodblessNigeria

W├Âlfe Media said...

Nice reply. But with all the "supposed diversification" 90% of our economy is still dependent on oil and agriculture. So where are the diversification plans being implemented?? People need to see things happening not by these statistics that are being dished out of which the ordinary nigerian cannot see the effect of them.

@MEETD®EALEVANS™ said...

I pray mk I read o, tryna kill my time with all d exploitations u exploiting Nigerians...

Unknown said...

How will I blame this woman when her sons are enjoying a better luxury lifestyle abroad and the youths are here suffering.....


•••••••••QUEENMAYA••••••••••

Unknown said...

everything is politics

Unknown said...

This is long long essay for real...taking my time to read that lengthy article





#Commenting thru Glo 4G LTE

Unknown said...

Y are they writing long stories can't they make it short. Anyway I will read it latet

Unknown said...

Y are they writing long stories can't they make it short. Anyway I will read it latet

Anonymous said...

Everybody sha wants to talk!

Etsako Pearl said...

Gbam! madam economics yhaff vex....Lol
Only God go help us during ds election o #TeamNoVoting

Unknown said...

Linda are you serious with dis epistle, its too long. Who go siddon dey read dis their story 4 d gods??? Abeg park well joor. Linda take note!

Unknown said...

Linda are you serious with dis epistle, its too long. Who go siddon dey read dis their story 4 d gods??? Abeg park well joor. Linda take note!

Unknown said...

Linda are you serious with dis epistle, its too long. Who go siddon dey read dis their story 4 d gods??? Abeg park well joor. Linda take note!

Unknown said...

Prof prof u should ve written a whole book instead. All I can say is dat the economy of a nation can't be good as u said, when less than 40% if the population lives under 1$ per day. So tell me how good is the economy. Just because the likes of you and your oga at the top are busy eating our money. You guys must go come feb14

ary said...

Somebody will just go and write a full hardcover novel in the name of a reply! Haba, I don't even understand half of what she wrote, probably because I hate numbers and politics. Well I will just have to wait for the break down by somebody who understands what she is going on about.

BONARIO NNAGS said...

While reading this,I knew Okonjo oni wahala never sat down to write this and I wasn't disappointed.
Does this article change the obvious truth that oil sold for $100 dollars per barrel and yet Nigerians faced do much hardship,excluding those that bought private jets in this administration.
Does it also change the fact that our external reserve was depleted.
And does it also change the obvious truth that Naira experienced its lowest exchange rate in this administration.
The problem we've this time around is the level of partisanship both on the pulpit and the govt establishments.

~BONARIO~says so via NOKIA LUMIA

Unknown said...

cute...

Unknown said...

Chai, this Soludo don suffer o, he has gotten the attention he is seeking

Unknown said...

a.k.a EDWIN CHINEDU AZUBUKO said...
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Mama stop dey blow grammer here soludo talk true abeg....
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***CURRENTLY IN JUPITER***

Unknown said...

Intellectual 'harakiri lol'. He indeed committed intellectual suicide by writing such an unprofessional article, even if he had valid points, the phrasing makes it hard to take his seriously. Well, come February 23rd, the winner takes it all.

Uche said...

Facts can be addressed without resorting to name calling, rigmarole slandering and character assassination. Why do some Nigerian special advisers have to be seen as learning from the 'western world' before knowing how to be formal and appropriate . His rebuttal lacks professionalism and Mr Nwabuikwu should know his place as a Nigerian public servant and not as as a 'ruler with subjects'

Unknown said...

well said.

Anonymous said...

Soludo is just blabbing. Every1 knows dat 4 sure. #oneandonlynwa@gmail.com#

Unknown said...

so many contradicting atrticles & people we see today... We don't know wot or who to believe anymore...

Unknown said...

Seen.. will be right back

Unknown said...

Madam minister,are u here??honestly,am dissapointed in u.u agree dt our foreign reserve has hit d bottom,u quite agreed dt der is unemployement,so y are u sayin der are no facts in wat prof.soludo said?abi did he lie? Madam,how many gradutes av u employed in ur ministry since u became minister?u fly in private jet,u spend my money 2maintain ur life style and u are here accusing sum1...are ur kids in Nigeria??do they attend public schools?are they hungry?are they jobless??u saild railway line,,,lol! Is dt wt I wld eat?feed d nation,stable power supply,build hospitals,employ graduates,build schls,is dt to much?D fact is dt hungry people,jobless Nigerians dnt knw wat uve done all dis yrs

Kisses jawe linda

ebonyz... said...

Ok

Unknown said...

I managed to finish this nd I think I've been enlightened small in some areas.. Soludo over to u.

Unknown said...

Mmmm

Anonymous said...

Hmmm. I want to see GEJ and GMB respond personally to this Soludo's article

Anonymous said...

I hardly comment, but I just cldn't resist dis "NOI just kilt Soludo". Omo NOI too get brain,dat's wut I call a well articulated response,backed with facts.
No one can intimidate dat lady,dey have all tried n failed.
Kai! Love u NOI.

Unknown said...

Good

PRETTY GIRL said...

Yes we know all these ,But it won't stop y'all from stealing some more and ruining the economy anyways #SEAT DOWN MA'AM

Anonymous said...

Just to summarise what NOI has said: 1) Soludo failed as a politician 2) I am still Finance Minister. However Madam, you have not addressed what he said with facts. You've used propaganda (which will not suffice). Point of clarification: Inflation was kept low by Sanusi. The same Sanusi you helped GEJ throw under the bus for speaking up about the $20bn missing oil money. Ever since you guys changed Sanusi, the naira has been in free fall. You cannot argue with the facts. Obviously you do not like the messenger, Soludo. But clearly you cannot argue with the message. Really Madam NOI, I think you should not have responded. Silence would have been golden. PS. Interesting - Igbos attacking Igbos because of GEJ!

PRETTY GIRL said...

Yes we know all these ,But it won't stop y'all from stealing some more and ruining the economy anyways #SEAT DOWN MA'AM

David Iyke said...

please you people should read and explain to me in comment section.Ndewo!

Anonymous said...

huh too long jor .
beehyp2013@gmail.com

bigdaveng said...

very well drafted

Unknown said...

I don't need to read all tru these long epistle to know dat Soludo is dumb...madam save yourself dis stress of replying a moron...

Ademola Owolabi said...

It is a sad day for Nigeria and the economics profession that someone like Soludo, a former CBN governor should write such an article. If Soludo wants to regain respect, he should return to the path of professionalism. He certainly needs something to improve his image from that of someone whose sojourn into National Economic Management ended in disaster for the banking sector, his sojourn in politics, ended in overwhelming rejection by the electorate, and more recently, his sojourn abroad, has put him out of touch with the reality of the Nigerian economy.

Unknown said...

Infact, Prof Solude has evoke the anger of a non-performing Finance Minister who was sent packing by the proclaimed OBJ regime as a the Finance Minister when infact, Baba rebased her to Tourism... I'm really amazed with the job Nollywood created like piracy which has deprived the Actors and Actresses the income from the production or the "i waka pass" on the set.
This woman should be ashamed and she should further elaborate how the poverty level has reduced.
Like her kids were part of the unemployed youths.. Idiot!

I can't wait to see Sanusi response to this article. SLS should please comment and let's see the touches of the genius like Prof has displayed.

Anonymous said...

This is unbecoming, why attack his personality rather than issues he raised? Common guys can't you see between the lines?

Anonymous said...

Intelligent write up... The funniest line will have to be this....South East now have an international airport in Enugu, and for the first time in Nigeria’s history can fly direct from Enugu to anywhere in world for which they are very grateful to this Administration. But with Soludo being up in the air with his international travels, he has not touched ground in the Southeast to observe this development for himself.

Anonymous said...

Well said Ma'am

yawanow said...

pinpointing out areas of concern without proffering solution is appalling and leaves a dead end.
Soludo's analysis to economic problems which has been in existence even before GEJ's regime, has left me pondering on how this crisis will be resolved or averted by GEJ if elected.

Anonymous said...

I stopped at point no 2 and I said to myself that this abusive language could not have come from Ngozi. I scrolled down and saw that it was written by a slave masquerading as a special assistant. Ngozi please disown this release. Don't let these animals drag you into their world.

Anonymous said...

This woman is now a pdp member. she did not address the issues. Only ranting and casting aspersions on the man.

Anonymous said...

Too long ........

Thomas Ajala said...

What do you expect from that hungry man Soludo? why didn't he say anything all this time if he felt something is wrong? this is my problem with this man. He is just a dubious man. He only speaks for his ego and pocket. Na wa oo! what a shame! this madam has shown Soludo that he may be intelligent but he doesn't have wisdom! Choi!!!! Soludo should just go and apologize to that Madam. he should stop chasing power!

Anonymous said...

This woman can lie. Job creation my foot. Why is naira 210 to a dollar? Your economic policies are silly, it is killing the masses. Soludo simply nailed you. Your time is up.

Damochedxb said...

Actually not gonna read all that shit... This woman's face has become synonymous with the failure that is known as Nigeria today. She is part and parcel of the corrupt people at the top willing high salaries to them selves with her fat pkomo lips.

Anonymous said...

Well said Ma'am

Anonymous said...

Well said Ma'am

Unknown said...

whew!!! omo see composition about Nigerian economy by Okonjo Iweala... oya soludo we await ur response ASAP

Unknown said...

To tell you the truth Mrs Iweala, proff Soludo defeated y'all. You guys have nothing to prove anymore. Instead of you to give reasonable answers to what he wrote, you started recollecting his flaws. There is no one without his or her own flaws cos we ain't perfect. Tackle the question not the questionnaire

Unknown said...

And with dis long clueless piece here every single respect I had for diz old lady just vanished..So anytime someone says the truth in Nigeria u people gather to crucify the person..its all good..u wont bite the finger feeding u now..But someday dis Gej u are fighting for now u will still slam him.......................................#KingOfKings #6God

Unknown said...

All of u re jst writing long articles...na u pple sabi oo...bt has 2 one dat concerns me economy has been mismanaged by so called wrong expert

Unknown said...

See notebook o

Anonymous said...

They r jus playing wit our brains, whicheva way, d devil we know is beta dan d angel we dnt kw. Blessdab@gmail.com

godson onyekuru said...

All this a BIG GRAMMATICAL LIE.how is the so called Iweala performing now.the woman is NOW a corrupt woman

Anonymous said...

story for the gods! Soludo gave facts and i believe him. economics is not just about statistics because that can easily be manipulated but about living conditions what we experience on a day-to-day basis. things have never been this worse!

MOTOLA said...

HMMMN!, NAWAOO, I REALLY PRAY FOR GOD'S INTERVENTION IN THIS COUNTRY,NOW THAT WE ARE ALL SHOUTING BUHARI, IS HE JUST TO GO FIGHT CORRUPTION? WILL HE DEVELOP OUR ECONOMY? WITH BUHARI'S HISTORY, HE IS A DESPERATE AND ADAMANT PERSON, WE HOPE HE WILL LISTEN TO HIS PROFFESSIONAL ECONOMIC ADVISERS? GOD NIGERIA IS IN UR HANDS AND U ARE IN CONTROL.

Anonymous said...

Oya Soludo reply! we are waiting! we are in the Era of writing of epistle.

Anonymous said...

Charles Soludo, the mediocre monetary policy formulator and implementer, waffler and erstwhile CBN governor and disgruntled RAT, annihilated by Ngozi Okonjo-Iweala.

Solubo, Okonjo-Iweala hit you real hard ooh: Who's your daddy? Who's your daddy? Who's your daddy? lol. Solubo, Ngozi Okonjo-Iweala finished you.

From reading Solubo's hysterics and meaningless and pointless waffle and Okonjo-Iweala's article, it seems that Okonjo-Iweala is better educated and telling the truth than Charles Solubo that's ill-educated, ill-intentioned and aiming a cutlass at President Goodluck Jonathan.

From reading Charles Soludo's article, it was crystal clear that he was sent on a mission by APC. The disgruntled Solubo was on a 'job' to tarnish GEJ's reputation.

Soludo is an APC rat. He is desperately seeking relevance and position in politics. He has axe to grind. He'd do anything to gain relevance and political appointment.

He was sent to pen trash about GEJ. It was a hatchet job. It failed spectacularly. He was incoherent, waffled and floated and dived into different areas and at the end of his silly article, pathetically failed to defend his own argument. It was terrible. I was laughing. lol.

In his deliberately and malicious and misleading article, he waffled about everything that is pointless, false and has no meaning, no relevance and which this generation cannot relate.

The Epistle of Brother Charles Soludo was a pack of lies and half truths and it was too long, even for the web. Not many people read it to the end. He didn't write for this generation, and at the end of the article, he didn't "bring it home."

He couldn't "nail it" within the summary. AMATEUR! AMATEUR! AMATEUR! What a pity. I was laughing. The 'assassin' got paid, set out to do a hatchet job, and he botched it. If I was APC, I'd demand immediate full refund.

olawole said...

She is part of 9ja problem. She will never agree dat she fail 9ja

Man Of God said...

it is obvious President Iweala is trying to defend her fellow President GEJ! i am sure we may hear from other Presidents like Dame, Diesani, Oduah as OBJ told us there are 5 Presidents! But before we forget; who was the Finance minister when Soludo was CBN governor? what became of economic policies such as NEEDS, SURE-P etc, if Sanusi was that good while in office; as stated by President Iweala; why was he bundled out of office? what is the update on the reconciliation of $20bn missing oil money? etc. President Iweala, i think you are the one committing PROFESSIONAL SEPPUKU by shooting yourself on the leg i this your article! Pele

GALORE said...

And lazy me...I did not read....but I know that @Mrs Ngozi is an intelligent woman.... She speaks with facts and confidence



@Galore

MY TURN said...

Can someone tell me why this government must respond to EVERY, SINGLE FORM OF CRITICISM? They have bull dogs everywhere waiting to attack, attack, attack.... Madam Oknojo-Iweala get busy

Unknown said...

Still fighting on media? U guys should go ahead and kill each other

Anonymous said...

whenever ngozi responds to allegations people just shut their mouth..

Unknown said...

Well, yes I agree wit dis article.Soludo has failed us before, he is just seeking for attention cos he wnts buhari to notice him if he becomes president.

Anonymous said...

Really Madam NOI should have let this one go... She responded to Professor Soludo’s facts with government propaganda
- We are improving infrastructure across the country citing airport refurbishment. We all know the state of our airports
- Road and bridge projects. Really?
- Rail from Lagos to Kano and between Port Harcourt and Maiduguri have brought transport costs down. Is this true?
- Privatisation of the GENCOs and DISCOs – those that know what is really going on there will not agree with you Madam
- Housing - can Nigerians really avoid taking a mortgage at the current rates?
- Manufacturing....I laugh. Factories are shutting down every day in Nigeria due to cost of running and lack of basic infrastructure. Several have been recording losses since 2013.
- Creative sector now part of our GDP. Did GEJ’s administration create Nollywood? Was it Government policy that created the jobs in Nollywood?
- This proposed New Bank - is it operational now, today at the time of Soludo’s piece?

Honestly, she shouldn’t have bothered to respond. The facts as we all know them do not support her position. No amount of insulting Soludo changes the facts. Whatever you may have against the messenger, the message is immutable. I also found it curious that she was part of those that threw Sansui under the bus over the missing $20 billion but is now claiming Sanusi's achievements to support her position. Yet everyone globally knows that Sansui was singlehandedly responsible for keeping inflation down through his tight fiscal regime. Of course once he was removed as CBN governor, naira went into free fall (a fact that was predicted by investment analysts across the globe the very week Sansui was removed).

I juxtapose former Governor Femi’s analytical and non-personal response to the professor’s article with this personal, petty attack by NOI and really, it is a big shame. Very uncalled for Madam and does not put you in a good light.
In election year, each side should expect articles like this. Don't take it personal. Be ready to respond with facts and superior argument – not with personal attacks and re-hashed history. Professor Soludo’s failed experiences in politics have nothing to do with what we are talking about here – which is the economy of Nigeria. We all have a right to ask. I expected a better response from our Chief
Economic Officer.

I think it is a big tragedy that someone who was once a candidate for the highest banking job in the world (World Bank President) has come to this ignoble end. It is indeed sad. I hope her reputation and character can be savaged after her ill-fated stint in the GEJ administration.

Anonymous said...

WHAT DO U EXPECT FROM ONE OF THE LADY PRESIDENTS WE HAVE, SHE GOT TO DEFEND HER OFFICE NOW. EVEN WHEN THE REALITY ON GROUND SAYS OPPOSITE, PEOPLE ARE SUFFERING AND CONDITION OF LIVING IS SYNONYMOUS TO HELL BY NORMAL STANDARD. DONT WORRY MRS PRESIDENT, NIGERIANS ARE WISER NOW AND WE KNOW OUR PROBLEM HAS NO OTHER NAME THAN CORRUPTION WHICH IS AN INDUSTRY UNDER PDP.

Anonymous said...

Thank you ma for your quick response to Soludo's article.
Soludo, you ask for this exposure.If there is any one that should talk about economic mis- management surely not you.Madam, iknew you are going to respond and i'm happy.
It is said that a prophate is not honoured in his own land;but well meaning Nigerians appreciate you.
Ride on sister.

Anonymous said...

WHAT DO U EXPECT FROM ONE OF THE LADY PRESIDENTS WE HAVE, SHE GOT TO DEFEND HER OFFICE NOW. EVEN WHEN THE REALITY ON GROUND SAYS OPPOSITE, PEOPLE ARE SUFFERING AND CONDITION OF LIVING IS SYNONYMOUS TO HELL BY NORMAL STANDARD. DONT WORRY MRS PRESIDENT, NIGERIANS ARE WISER NOW AND WE KNOW OUR PROBLEM HAS NO OTHER NAME THAN CORRUPTION WHICH IS AN INDUSTRY UNDER PDP AND JONA.

Mz Naija said...

Wetin she go talk befor...na she be the Madam @ d top na...Aneg joor..Its too long sef for me 2 start wasting my tym on it...next pls

Unknown said...

This are the facts on ground, anybody who is doubting should go n check.. GEJ till 2019.

Unknown said...

Soludo shuldnt have said something like these but then all in the name of politics so am not suprise

Paul Ofou said...

Phew !!!! ! what more can I say we all know soludo is a desperado shikena

Anonymous said...

TOO LONG .NOBODY IS INTERESTED .GEJ COME AND GO YOU HAVE FAILED

Anonymous said...

Why are people so mad at Jonathan? People like this woman and other mad people around him.

Anonymous said...

This ugly woman is a common thief, don't be deceived by her yeye glasses

Anonymous said...

Madam, you are as shameless as all the other members of this Jonathan kitchen cabinet. That's why we want you out not even Jonathan.

Unknown said...

Long bt worth the time

laurine said...

I said that the soludo of a man looks creepy on the face and looks like a fool in the eye

Anonymous said...

its well said. but you forget to tell us about the foreign reserve and the poverty index in the past 4 years. Its more like a personal attack on his personalty. What prof gave was more like an advise on the economy. please the FG should sit up and create more employment. No jobs out there. If GEJ want my vote he has to say something about how he will produce the millions jobs he promised.

Anonymous said...

Soludo is a monkey and a fraud

he cant stand next to Okonjo

She belittles him

Unknown said...

Jonathan don go call one of hin fellow thieves to concoct rubbish to counter facts

Anonymous said...

Only d intelligent ones will understand d meaning of dis long write_up

Unknown said...

Jonathan's administration has under performed. It is shameful that during a season of oil boom Nigeria was unable to save and also squandered the reserve.....Now you are blaming your inadequacies on the recent drop in oil price.

Poverty and unemployment is the order of the day.

Madam Finance Minister,you and your boss have failed us.

Unknown said...

I can't read all this with a full-about-to-burst-bladder.....pls lemme ease mysef, am coming

Timi Da Uyi said...

NA wa! even NOI polls is now a core politician? What a decline from her original position, see what the love of money can do to someone? Madam what is the need for the public slandering of the person of Mr. Soludo? Ok, you are trying to defend your regime as coordinating minister/Finanace minister? is ok!

Anonymous said...

Lol....Soludo oya , rejoinder! Shebi na u want talk...u for hide still dey enjoy ur former cbn glory...but u decided to spit bitterness...dem go open ur yansh o..

Unknown said...

soludo olodo, u dont need this now oga let nigeria decide what and who dey will vote u dont need to campaign for any party we already know who to vote for, madam well done u can still do more, and mr president and other can as well use the huge amount of our money they are looting to pay back our debt

Ichie Arigwogwo said...

Weldone. Your response was smart, sharp and straight to the point. Soludo's article is 'obviously' laced in bitterness and anger. Is indeed so sad. Sighs....

So-Nature Ifeanyi said...

The mistake Prof Soludo made was not mentioning Madam Okonjo-Iweala's name as one of the key reformers who's influence led to the cancellation of Nigerian debt in Obj's regime. Lol. All those "largest economy in Africa" and "3rd growing economy in the world" mantras are useless if I don't see youths getting jobs immediately they leave nysc, beggers off my streets, and Nigerians comfortably feeding 3 times a day.

Anonymous said...

No. 15??

Anonymous said...

Do you think Nigerians are fools? he is talking about the state of the country and you are attacking his personality,does that prove his facts wrong?

Linda's Elder Sister. said...

The elites in this country behave like kids,one person says one thing another must reply him or her, I have always known that silince is golden,but in Nigeria today its no longer so. I wonder what u ppl are teaching the younger generation.

AOI said...

Go - come! The question still remains: where is the wisdom in not knowing that oil boom doesn't last forever?

You squandered proceeds from over 5 years oil boom and now, only 3 months oil price drop, you're shouting austerity.

The excess account was created for a purpose madam! You've exhausted it without appropriation and even borrowed more. Now you want to blame the governors because they took you to court. Why did not you not wait until they win the case against you before dipping your hands into the excess/reserve accounts. When they see you taking and borrowing at the same time, won't they ask for their own share? The governors that demanded their share may not have the general interest of the country at heart but they are obviously not fools.

AOI said...

Other than sentiments, there's no other reason to vote for Jonathan.

Anonymous said...

Soludo said it all.This govt failed to save and dat is d real problem.He should have left Peter Obi out of it cause we Anambrarians are very proud of his achievements.

douchebags said...

A well informed rebuttal to Soludo's self-gratifying academic wankery.
Sad that no-one seems interested in commenting or recognizing the truth.

Anonymous said...

OK, we don hear, macro or micro economics, fact on the ground is that the people are hungry.......
And by the way, the Minister has a special adviser abi?, I'm guessing the special adviser also has a special adviser and so on until the lowest rank in that power corridor? OK o...

king Jaja said...

Why leave the issue and attack personality? he presented fact which you agree as being true though you are calling black grey. we know the fact are very true cause this events are still very recent.

Subomi said...

I like Okonjo-Iweala, I think she is brilliant, I think she is humble and I could not finish Soludo's article, it was too long but we should not be quick to forget the man's achievements while in CBN plus he is a citizen of this country, he can have an opinion on any topic, why are government officials pained.

Unknown said...

Infact, Prof Soludo has evoke the anger of a non-performing Finance Minister who was sent packing by the proclaimed OBJ regime as a the Finance Minister when infact, Baba rebased her to Tourism... I'm really amazed with the job Nollywood created like piracy which has deprived the Actors and Actresses the income from the production or the "i waka pass" on the set.
This woman should be ashamed and she should further elaborate how the poverty level has reduced.
Like her kids were part of the unemployed youths.. Idiot!
I can't wait to see Sanusi response to this article. SLS should please comment and let's see the touches of the genius like Prof has displayed.

Anonymous said...

Ngozi Okonjo's response to Soludo's shouldn't be a surprise to anyone because she has really blended well with the system. A system that abhors truth. Let Ngozi tell us any of those grandiose programmes they advertise only on pages of newspapers that has actually improved the quality of life of an average Nigeria. What is expected of her is an apology to Nigerians acknowledging that she and her so-called economic team have finally managed the economy to a halt.

Emeka said...

Ngozi Okonjo's response to Soludo's shouldn't be a surprise to anyone because she has really blended well with the system. A system that abhors truth. Let Ngozi tell us any of those grandiose programmes they advertise only on pages of newspapers that has actually improved the quality of life of an average Nigeria. What is expected of her is an apology to Nigerians acknowledging that she and her so-called economic team have finally managed the economy to a halt.

Anonymous said...

Okonjo -Iweala and Charles Soludo are both corrupt and misleading Nigerians. Unfortunately, they are both brothers and Sisters from the same geopolitical zone. STOP DECEIVING NIGERIANS.

MEREZE said...

When people present facts especially in developed countries, it affects the common man indirectly or directly. All these balderdash you are talking is just on paper, besides don't trust figures gotten from IMF. There is so much poverty in the land, was it not your clueless crew that said they have reduced poverty by 50%? Attack Soludo all you like but the common man will tell you the truth.

Naija Optimist said...

his being in the air often seem to be what got her upset... lol. we need facts madam.

Anonymous said...

Hospitals are still on strike but pdp hav bribed courts so they can manipulate elections. And madam is abusin soludo abt economy wey no fit take care of hospitals

Nanu said...

Well elucidated. i knew from the onset when i read his article that it was subjective, biased and self serving. it only speaks to common sense that the economic policies of the obasanjo administration which he extolled was spearheaded by the same Ngozi Okonjo Iweala. His article deserved a response and rightly so. I may not be an economist but i found his assertions to be contradictory and ludicrous!Long Live the Federal Republic of Nigeria.

Anonymous said...

Aunty Ngo. Pls listen to what Soludo said and accept that you didnt do well. Paltry savings, inflation rising, naira devaluation.....and now you want to pass budget that includes a new presidential jet. If they tell you to go and diet, will you tell them they are lying. Feb 14 is coming.

Anonymous said...

I expected a better reply from NOI, but right now I'm even more disappointed and now belief Soludo's assertions.
So a renowned prof like madam is now sounding like FFK, Reno and Abati, she use to be the only one I respected in GEJ government but she has now lost it..too bad. Vote for anti corruption vote GMB

Juleslouis said...

Hmmm. Soludo's article depicts a bitter man. This woman really shaded him sha.

Anonymous said...

You are quite an intelligent young man Bonario. Kudos!!

Unknown said...

Lmaoooooo..natty gal

Unknown said...

Lmaoooooo..natty gal

TIANA said...

And some people are criticising this woman. Wasn't it during Soludo ' s tenure tht there was massive laying off of bank workers. The next administration actually inherited the assize unemployment. People r so pathetic, they call themselves unemployed graduates but they can't even understand that economic reforms doesn't work like the switch of a light. Unemployment won't all go in a day, just like the privatised power sector. Power won't come immediately, whether the power sector is owned by politicians themselves or not, it has become a profit making organization to the owners and that means it would surely get to improve. I am surprised that people saw Soludo ' s article and just swallowed it as fact. The problem we have in this country is that people wait for others to fail before they speak up. Nigeria is our country, we must build it together, input your own observations and solutions, let's work together as one. It's rather unfortunate that selfish interests is just the order of the day. People that claim to have solutions wants to be at the corridor of power first; at the end, all naa wash........

FAMOCHI said...

FIRSTLY, I THINK SHE SHOULD HAVE PLACED A CALL 2 FFK 2 SHUT HIS MOUTH UP RATHER THAN RESPOND TO WHAT HE KNEW NOTHING ABOUT! PERSONALLY I DONT THINK GEJ IS D WORST PRESIDENT WE HAVE EVER HAD.
OBVIOUSLY THIS WOMAN HAS A GOOD UNDERSTANDING OF THIS ECONOMY, BUT SOLUDO RIGHTLY POINTED OUT THAT SOME OF THESE ACHIEVEMENTS ARE LIKE GRASSES, NO BIG IROKO. THAT IROKO IS VERY VERY IMPORTANT TO TURN THE TIDES. AN INTERNATIONAL AIRPORT IN ENUGU AINT THAT IROKO! WHILE THE STATS USED BY SOLUDO MIGHT BE QUESTIONABLE, HE SURE RAISED SOME VALID POINTS. TACKLING UNEMPLOYMENT MUST TRULY START FROM PRODUCING EMPLOYABLE INDIVIDUALS, REDUCING UNDEREMPLOYMENT (OVEREMPLOYMENTS IN MANY CASES) WOULD ALSO GO A LONG WAY. MADAM FINANCE MINISTER MAY ALSO BE WRONG IN JUSTIFYING DEIR INABILITY TO SAVE AT THE HEIGHTS OF OIL BOOM TO OIL THEFT(THOUGH IT ALSO HAD ITS IMPACT). HAHA, LEST I FORGET THAT YOUR ADMINISTRATION APPROACHED THE ISSUE OF OIL THEFT WITH THE WRONGEST MEASURE(TOMPOLO SOLUTION). I HOPE U HAD NO HAND.
FINALLY, THOUGH THIS DISCUSS IS PURELY ECONOMICS, MY JUDGEMENT ON GEJ AS A BELOW AVERAGE PRESIDENT IS ON HIS HANDLING OF THE INSURGENCY, A WAR HE NEVER RILI FOUGHT....

Unknown said...

At least she accepted some of the facts soludo raised earlier.
$.
$.
@Carlos via Nokia Lumia

Unknown said...

At least she accepted some of the facts soludo raised earlier.
$.
$.
@Carlos via Nokia Lumia

WOG said...

Yeye woman just chopping and ballooning up

Unknown said...

Transformation equals diversification.....i beg to differ.....achievement of an administration is not in what has not been completed by the administration but what has been finished, fine and dusted.....It is well with Nigeria and all our so called politicians...

Anonymous said...

How can you agree with virtually every single points that Soludo pointed out yet you failed to accept the fact that he (hit the nail on the head) was saying the truth? just busy defending her follow president at the end, she contradicted herself by accepting on each point that Soludo was right at the same time trying to defend why it was so. Now what is the need calling him names when you have accepted his points?.... Wish you luck in the defence.

Mr. Mike Ofodile said...

I'm from Anambra state, I know, just as every Anambra citizen what Peter Obi did in our state. To put it mildly, it's marvelous. So for Prof. Soludo to criticize him shows that he is nursing king-size grudge against Peter Obi for denying him the nomination of APGA ticket for Governor.

Peter Obi, being a man of abundant wisdom recognizes people like Seludo, who are dangerous to be trusted with state resources. And that was the hatred Solude had for Obi.

For Soludo to criticize Obi, he is indulging in intellectual rascalism. And should apologize to Indi-Anambra immediately. Because Obi is a man of honour

Anonymous said...

I can't read all these .
But one thing I know is that this woman isvtoo wise than Jonah .
We know she and the other women are the one diverting and stealing Nigeria money
They know that Jonah is a mumu and semi illiterate he read how to care for animals
He new nothing about economic
He has not counted up to hundred thousands naira before he came into power
He rely on this armed robber woman 100%
And is using the opportunity to steal to rubbish Jonah government.
I pity jonah

Anonymous said...

Will you stop this rubbish. Who know no say na this woman they control Jonah
Oleeeee madam
She has finally killed Nigeria economic
Shameless woman why can't you re sign

Unknown said...

U guys are just a gullible mofos. This article is nothing but rubbish. How much income or revenue do the FG have now compared to the previous administrations an how much have they achieved? What have they done with it? He's settling the militants with billions of dollars every year from the oil revenu and yet they are claiming they're having low turn out per barrel. That's a very big lie. Nigerians are not full. Madam Ngozi know it all should ask the nnpc to realease the production schedule of the nnpc make we see

Anonymous said...

Madam Okonjo, i did not completely agree with you on Prof Soludo, you are not different from him. did you know you are part of the reason why Jonathan will fail in this 2015 election? leaving us with no choice but to vote him out come February 14th 2015. you and Jonathan made Gen Buhari that we have rejected severally to be the only hope we have. You should quietly resign because you and Jonathan will faill in this election.

Anonymous said...

God ,Nigeria has never witness this kind if Jonah government
Everything is falling apart yet these thieves stick to their guns
Oko njo prick that is dancing or whatever you call your name .are you not ashamed of yourself. Are you sure your certificate is not fake.kai Nigeria don't suffer .everything going on with Nigeria economic has proved that you are a failure and OLODO.
Your Juju could not catch Baba that was why you were not relevant with him
You know nothing .you are just speaking big big grammar. Dollars is now 210 .
You have failed woefully.
Instead of you to resign with shame and tender public apology to Nigeria you boasting .they are paying you with dollars you are flying private jet .you are looting Nigeria with two hands .
We know you have padlock Jonah's head but freedom is coming .
Buhari will ask you where you hide Nigeria money.
Shameless woman .no woman with integrity will sit down put in this useless, most currupt Jonathan administration

Anonymous said...

Shut the fuck up ! Is it bcos Linda has been dashing you money? Didn't you read what she said about the governors crying for excess crude money? Didn't u read about the case they instituted an currently at d supreme court? This is a democracy and the fgn cannot unilaterally chop crude oil funds. Didn't u read about d funds used to pay salaries after NLC revolted? When we go on strike to demand certain things we should also understand the implications on our bottomline. Just don't be commenting bcos u must sustain d tempo for lindodo to be dashing u ego.

Louis B. said...

So we agree Soludo has bad character, is dat y deres no money in d foreign reserve? Oil production fell by less Dan 2% n prices went up by over 80% n ur still talking? Madam shut up abeg. U talk of infrastructure as if obasanjo dint work while he saved. N wat was dat nonsense about governors not wanting to save? Not surprising though, anybody dat talks ill of Jonathan immediately is a hater, dats all dey campaign about anyways.

Eze911 said...

Where is our $20 billion?
Where did Patience Jonathan get the billions for her new Otuoke estate?

Anonymous said...

@NOIweala this response can't be from NOI with her background.it must have been hacked by @renoomokri or worse still @doyinokupe #Thuggish
-dele

Unknown said...

reading the comments, i gotta say, Linda, your following is of people who just wanna hear music industry gossip: who wizkid slept with last night, and who tubaba fingered in the car on his way to the airport in january 2005...

see em calling this rebuttal too long to read... plus talking plenty nonsense.

u see them?! so give em what they need, n leave intellectual blogging for another blogger and another audience biko.

Anonymous said...

To everyone saying "its too long". How will you guys ever know anything? Smh. To those who read but feel the reality on ground is different, "please tell us where you get you own facts from if the people who have the facts and figures are wrong in your own eyes" smh. To those causing and insulting "no matter what you all think you know and the bitterness n your hearts to the person of Ngozi Iweala and the Jonathan administration and you refusal to accept the work and achievement of these people, you cannot erase the truth that are on ground out of existence". My advice to you all is to stop being gullible. Even the holy book ask us not to believe every words that comes out of the Priest. It encourages us to embark or research and study to know the truth and that the truth that we shall know shall set us free. If you have read anything or heard anything that you find amusing or untrue why dnt you do your own independent research and feel free to publish it or send it to Linda for us all to read. Until then, you cursing and abuses are that of no one but a fool who knows nothing and will Never know cos u disregard than of a person who known.

Anonymous said...

Why are the Igbos always cut out for the hatched jobs. It was an Igbo man that first went to court on GMB's certificate now it is Soludo and Ngozi why is are my kinsmen like this? Where are the voice of other Nigerians on this matter?

Anonymous said...

My dear, Soludo has no point at all. The woman simply said the truth. Soludo feels that he's too much. He supervised the worst banks on earth!

Caused the greatest redundancy in the banking industry!

Anonymous said...

Just spot on! Don't no why you wrote under anonymous, I would have traced you and have few drinks with you.

Did you notice his style of paragraphing? The guy writes so badly! I'm glad I read his malicious propaganda and the honest response from Ngozi, I'm simply ashamed of Soludo. He has no iota of respect for himself.

Unknown said...

Sincerely all na story ooooh we just dont want you guys again..dollar is 209 now why naa..kila se fun eyi people yii...there is no nigeria airways again yet you putting another private jet in the budget. .is that not insane? God will purnish all of you that is distroying naija..your children children will not know peace..linda abeg post this oh..

Anonymous said...

IGBOS FIGHTING IGBOS AGAIN WHEN WILL IT END

Anonymous said...

I am surprised that any Nigerian would even belief anything this woman writes and calls fact, Have we all forgotten how she has been lying for this government? right from the time of #occupy Nigeria to early this month when she claim that our reserve is still intact only for her to come up later to say the reserves was depleted on the request of the governors.
It is unfortunate that she would kill her career for this administration, each time she comes on to defend this government her body language screams lies, all of the time its always as if she's being blackmailed to tell the lies.
If she and the present administration would not accept constructive criticisms and accept that they have not done well and perhaps go back to their drawing board rather than engaging in personality attacks, then I am afraid they are doing more harm than good to themselves.Nigerians are wiser, she should stop confusing us with statistics!
statistics does not equal reality especially in a country like ours without accurate data, we don't even know our exact population...

seunranti said...

I read and enjoyed both articles. If you all can look beyond the politics involved, you will realize that it's in the midst of intellectual discourse like this that we can progress.
They were both clear on one thing though... Winter is coming!

Anonymous said...

At first I was angry that Obama didn't make you president of world bank, but as I can now see that this woman is corrupt and is ready to sing for whoever pays her, I can see why, so sad

Anonymous said...

I thought u were enlightened until this election saga. You now comment like an educated illiterate. Bias mind for Buhari has taken sense of reason off your head.

Unknown said...

Primary needs of our Economy from this denial post by mrs noi are all under construction with no visible difference. For 6yrs Secondary needs such as rail network, forever ungoing airport constructions and invisible agricultural growth with little or no addition to the nations revenue is bn celebrated.if our economy is truly diversified as she claims why is the drop of just the oil sector crippling our economy? Why is the power sector, security, unemployement rate ungoing yet the common man feels no difference! Simple arithmetic tells you 1+1=2 which signifies change and hope for 2+1 or 3+2! We feel no change in these critical sectors for 6years yet its ongoing. plzzzzzzzz! Is't the last day of GEJ in office that automtically these crucial sectors will work? Abrakadabra govt

Anonymous said...

From Soludo to this woman all na thief abeg

edyth said...

We don't need SOLUDO or NOI to tell us what we all know..Ngozi abi her good for nothing special adviser shouldn't have bothered replying..

GEJ and his team of misfits have badly managed Nigeria...Nothing has improved, everything is bad bad baddddd...NO LIGHT,NO WATER,NO SECURITY,NO JOBS,BAD AIRPORTS,100% CORRUPTION!! HABA we are not blind oooo

PDP thinks Nigerians are foolish and stupid. this Feb 14 needs to come ASAP!!!

Anonymous said...

Truth they say is bitter. All this cry of corruption in Nigeria madam finance could not write long article. I use to respect her a lot since she's joined the train that respect has vanished. When anyone make comments concerning the situation in Nigeria she automatically become defence minister. Nigeria will not collapse. Is just a turbulent Nigeria will survive In Jesus Name Amen.

Anonymous said...

I like Oby Ezekwesili's response which is golden Ngozi where is the Forensic Audit Report for the $20bn missing funds....that makes a mess of her whole response to Soludo!

Anonymous said...

Thank you! I have come to the conclusion that too many people who visit this site are ignorant people! I am not Nigeria and we have had one president in my country for 30 years! However I admire Jonathan! He is the president cameroon seeks for. He is the president that would remove this country from the stump which we have found ourselves. They should vote GMB and see if unemployment would change over night or if fuel prices would drop over night! Massa I tire wonna

Anonymous said...

@1.02 pm , it is for the welfare of Nigeria. When you rise for the truth, ethnicity becomes irrelevant. Unfortunately , you are small minded

Anonymous said...

Lol...noi is finished

Anonymous said...

Thank you

Unknown said...

Linda, i quite agree with Okonjo-Iweala. Charity begins at home. Soludo can fly around the world and even to the moon, but at home in Anambra state he is a nonentity. Which is why he lost woefully in his political adventures there and his father was kidnapped in his home town. For such a highly visible man that is a clear proof that his people have no regards for him. He is a pretender to greatness and preminence.

Anonymous said...

Pakzi, spot on!

Anonymous said...

@Pakzi, Guy please cross check your facts before posting na....don'tjust post randomly. Goodluck has ruled for 4years 8months na. Haba he started ruling in may 2010. If you are educated you would know what she said made sense read before you comment. Thanks

Anonymous said...

@Christie Benjamin are you kidding me? The lady you are talking About finished in Harvard university in 1977 had her PhD in 1981. She worked in world bank and was nominated to succeed the former president of world bank. Her eldest daughter has a phd with Harvard university... And you are her Talking about her son's do you think even if she wasn't the finance ministerher golden would be here? Or you are looking for a way to meet her son ni....lol

Anonymous said...

I have found out that the best thing to when you can't comprehend a topic under discussion is to listen and refrain from making comments that are likely to sound stupid like the one you did. my two pennies tot.

Unknown said...

So long a letter by NOI...I will only acknowledge development when the government is able to provide all basic amenities and when the common man feels the good doings of the governement.

Jonathan Adeolu said...

madam is both oblvious or political. Afterall, no one would throw stone to the glass house.
(1)It was during Soludo's time that the Banking sector was Consolidated which saved the Industry from riun during recession. He foresaw the impending loom in International economy and braced the nation. Madam, before oil prices resulted into hardship for this nation, what did u do? And when the resulting effect is shrinking our economy, what have U done?
(2) At least, soludo came up with an economic plan that would aid the nation's growth (NEEDS,SEEDS and LEEDS)...when he left office these huge plan became another white paper. What have U done in your 4 years as Economy Coordinating Minister?
You have not lived up to your bid as recommemded....Alas,is it true that U are IMFs Tool to weaken? Nigeria.

Jonathan Adeolu said...

madam is both oblvious or political. Afterall, no one would throw stone to the glass house.
(1)It was during Soludo's time that the Banking sector was Consolidated which saved the Industry from riun during recession. He foresaw the impending loom in International economy and braced the nation. Madam, before oil prices resulted into hardship for this nation, what did u do? And when the resulting effect is shrinking our economy, what have U done?
(2) At least, soludo came up with an economic plan that would aid the nation's growth (NEEDS,SEEDS and LEEDS)...when he left office these huge plan became another white paper. What have U done in your 4 years as Economy Coordinating Minister?
You have not lived up to your bid as recommemded....Alas,is it true that U are IMFs Tool to weaken? Nigeria.

Anonymous said...

Madam Okonjo, please keep quite. Your are the worst finance minister recorded in the history of Nigeria. To even think you worked in the world bank-which dept you work sef, dept of lies or zoo like your oga above. madam just please shut up. I was watching your interview on AIT and when asked of the over 1million jobs by ur boss-Jonathan, you said they work in rice farm, assembly plant. liar. i have not seen an administration like yours that can lie the way you lie. To even think you are a woman and a mother. gush!

Anonymous said...

You are even far more stupid and dumb than the Jonah generation, you didn't read a thing an you are taking side, people like you don't ever grow, its not a curse but the truth. Your dumb comment can only come from all likes of people supporting a dumb president like Jonah, stupid ass-holes.

Anonymous said...

i have just one comment. the international airport in enugu offers just about one flight per week to dubai through addis ababa. i have an issue with someone saying people in the southeast can now fly to any part of the world from enugu. how does that work?

Anonymous said...

All these back and forth between these two parties is absolutely futile bcos the larger percentage of the population will never understand a word of what has been written! What bother me is how sad it is that of all the brilliant and probably stately minds the country can produce, we are dealt with these two candidates! Na wa o.....!

EMEKA said...

LADIES AND GENTLEMEN, PERSONALLY I AM MORE DISAPPOINTED BY OKONJO BECAUSE SHE HAS LET US DOWN, I EXPECTED HER TO HAVE HAND IN HER RESIGNATION A LONG TIME A GO, TO SHOW HER PROTEST TO THE NATIONS BACKWARDNESS, INSTEAD SHE HAS FALSIFIED FIGURES ABOUT ECONOMIC GROWTH, WERE NOT FOOLS OKONJO'S IS JUST RANTING NONSENSE FOR THE FINANCE MINISTER OF THE MOST CORRRUPT FGN SINCE 1960 TO TALK LIKE THIS, HABA WE ARE IN TROUBLE, DO WE NOT KNOW THE DIFFERENCE BETWEEN OBASANJO'S TIME AND JONATHAN , THE NOSE IS FAR FROM THE EYES.

Biola said...

This is such a glaring evidence of accountability and transparency. Please keep it up.

Kolade said...

By taking it upon herself to publish this report, madam Okonjo-Iweala has again demonstrated her commitment to the proper management of the economy and accountability to Nigerians

Anonymous said...

Great job madam minister! Such a detailed and transparent report! Please keep up the good work ma.

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