Former Minister of Finance, Ngozi Okonjo-Iweala, yesterday said that there was no political will to save Nigeria's resources under the Goodluck Jonathan administration. Okonjo-Iweala who said this while speaking on “inequality, growth and resilience,” at George Washington University, said Nigeria was able to save $22 billion under former President Olusegun Obasanjo, which saved the country in 2008, from global economic meltdown.
“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 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.”he said
76 comments:
Hmmm... Stupid woman now revealing the fact now
Gbam! No liver, clueless. But then Buhari...smh
Hmmm
-D great anonymous now as Vivian Reginalds
Una headache
Hmmmm. Keep spilling it out.
#LIB ADDICT#
Seriously we nid dis madam bk
Mtew...!
We knew goodluck was a wimpy dimpy buffon,
It goes to show you how clueless GEJ was keeping her as Finance Minister & Head of Economic Team and yet she didn't resign.OBJ will forever be one of the greatest and courageous leader that has at all times tried so hard to the development of our great Nation.He remains the most detribalized leader.
Shut your smelling mouth Mrs, after stealing nigerians money, was it not in your govt too!
The truth must be told by everyone to Nigerians. Except more truths from many more political leaders from the last regime. Call it confession if you like..... LINDA:YAW.
and who is the he that said?
She has said it all. I love GEJ but political all office wasn't his calling, IBB said GEJ was inexperienced NOT incompetent and I agree. Of all the leaders we've had in this present republic, OBJ is the ideal man to lead Nigeria. Not the best but the lesser evil.
Hmmm this testimony coming from THE HEAD ECONOMIC TEAM in the last dispensation of Goodluck J.? Then I don't think Buhari running around trying to raise money is to be blamed...
When I tell people this woman is two faced, they don't agree coz they judge her based on past glory.This is the same woman that served under Jonathan's administration & practically defended anything finance in that regime, to the extent she called Soludo names coz he shot holes into her assertions.How ridiculous it is, she's here talking about political will.
I'm glad little by little, these mafia dons that have held this country by the jugular are talking this days & contradicting themselves.Can't wait to see when EFCC will unleash their bloodhounds on em
Na wa ooo
Finally, NOI has said the truth... The political will just wasn't there so nothing could have prevented this mess we're trying to get out of
Way forward???
...merited happiness
All blames to the thief governors especially the ex governor of abia
Please help me tell this idiots advocating for jonathan....backward airheads....they don't realize that it takes time build.
Really???? Madam, u should keep quiet if you don't have anything nice to say.......... so u just realized that the government in which you served in had no will to save Nigeria, hypocrites everywhere...
Both Jonathan and Buhari are idiots. Our country Don scatter...Wetin be the way forward ooo?
Na now her mouth open. Linda take note!
She is absolutely correct
I believe President buhari will pull through.
Let's pray for nija
And Linda and the rest of those calling for PMB's head. I hope you understand this simple English
Political will huh? Goodluck Jonathan had neither the will nor capacity for anything! While the house he was supposed to superintend over unravelled he was busy seeking political correctness and approval in strange places. From playing hide and seek with Boko Haram in order not to offend certain Northern interests to caving in when State Governors insisted he share every last penny in the national coffers, all that comes to mind of his tenure was a situation of utter directionlessness.
And to think he was mindlessly gunning for another four years!
Hmmm! Yet GEJ some people's HERO
It is quite interesting to have this sort of comment coming from Dr. Okonjo-Iweala. We all knew from time that GEJ's government was very reckless with spending considering how it handled our foreign reserves and excess crude account. Having said that, I do not think that Mrs. Iweala should be the one saying this. First off, she was the Minister for Finance at the time, and also the coordinating minster for the economy. What did she do while all of these were going on??? If she wasn't satisfied with the style of government spending, why did she not resign? That would have been an honourable thing to do. I thinl all of these ex-government officials coming to rubbish GEJ and his government today should bear in mind that they will not win public support or sympathy by doing so. The question will always come, "what did you do to stop it?" And if you cannot provide a credible response, then you are simply a hypocrite
Jonathan was a good hearted man but a weak leader.
GEJ linda brother if u no post am idiots doing is administration na sapele water dey control am mcteeeh
Why is she telling us this story now?
LIB ADDICT#just passing#
This is Bosssit mehn!!.. Weren't u part of the Govt?? Alabosi jati jati. Mstchew**
Y didnt u seek for solutions den bt nw u can speak against d past govt, madam Lili, d way u tk enjoy wizkid director eggplant alone gt as e be
She is looking for another opportunity to serve. Hypocrite. Ewu
So all you anti-buhari pipu have you heard STERN!!!
Hmmmmnnn madam, You will have resigned then...crying over spilt milk...then pple calling you names are not wrong.God we earnestly seek your intervention!
The truth hurts but it must be spoken.
Where is MR STERN was lukin out for his comment
Nd pple be blaming buhari,clueless pple. God give him the strength nd intellect to help this country .
Oops! Wailers won't like this!
Wahala dey oo. We hope PMB will try correct some things.
Truth is bitter, when many folished Nigerians are busy blaming Buhari for the mess he is tirelessly busy tring to rectify. May Allah bless Nigeria, grand Buhahi the wisdom to discover th right, the will to use it and the strenght to endure, Amin. Change.....
People should be more wiser not pertinent. When NOI said political it's simply key because one of the example was when NGF took FG to court of Excess crude account. So we need to comprehend statement very well.
most people commenting here are just ignorant fools..... read in between line..... she said 'no political will' and most people are calling her names..... was she the political office holders that never allowed nigeria to save for the future? was she a member of governors forum that never allowed savings??? most people commenting here should go back to school.she saved but the excutives never wanted savings but looting and spending. HATERS.. world bank cherish her.
How can you save when Amechi the chairman of governor's forum and Fashola and Adams took FG(Ngozi /Jonathan) to court for not sharing the excess crude account.
by the time BUHARI borrows nigeria future and sell it to chine .... then you all will understand what many economist who has seen the future are saying.
How can you save when Amechi the chairman of governor's forum and Fashola and Adams took FG ( Ngozi / Jonathan) to court for not sharing the excess crude account,and now they are the waillers.
How can you save when Amechi the chairman of governor's forum and Fashola and Adams took FG ( Ngozi / Jonathan) to court for not sharing the excess crude account, but now they are the waillers,
She's exposing herself and making people realise how irresponsible she is. As the Finance minister, what did she do about the lack of political will? She didn't make her position clear then and try to steer the economy in the right direction or quit if she felt she wouldn't be part of a wrong process /Ideology or structure. Instead, she chose the path of less resistance, played along and ended up destroying the economy. Coming out to say all this now is absolutely annoying and disgusting. Anyway, I'm not surprised. She's always been consistent in showing Nigerians the type of person she is.
Hmmm! Yet some people named their kids after him
You are irresponsible drunk idiot, why drag Buhari into the mess coursed by your drinking master brother. Certainly the truth most be told one day.May Allah grand Buhari the wisdom to discover the right, the will to use it and strenght to endure, Amin.
This is why I refuse to blame Buhari for the problem we are currently facing. Jonathan is the course of the problem we are facing today because oil price was at its highest during his regime so we had a lot of money but he neither saved for the raining day nor diversified our economy instead the govt officials were busy diversifying their private businesses and saving into their pockets. Now that the oil price has crashed there is nothing to fall back on.
Stern and slaveborn megabite don finish?
The truth shall prevail Nigeria will be great again let em confess and we will move on from there really by their what?! We shall knowthem
Ha ha now the wailing wailers and counter-wailers know that there ain't no need to cry. Just patience and perseverance until we get out of the woods.
Muslims will always support their co-muslims.
There is no admission of guilt in her statement. She merely stated what she has always said: That the governors and some members of political parties frustrated the efforts of her and the executive to save for the future. The only thing she did was to leave that part out. It is inconsequential to mention the names of Fashola and Amaechi in a lecture at an American College
Pray for Nigeria.
Okojo Iweala does not have the will power to save on her own without an agreement between the president and the governors.Besides , I remember how Oshiomole and Ameachi were on air insulting her and calling her all manner of names because oftheir personal interest and greed. She is not to blame my only regret was that GEJ and the supreme court lacked the strong will to silence Ameachi and co , knowing that Nigeria was Paramount.
This is for people who don't understand how government and economy works.....the likes of that ignoramus Stern....just like Obama in his first year in office, he had to raise a stimulus package, withdraw troops from Iraq(which vaccum eventually created ISIS) but he did save the US econonmy from great depression...Unemployment was at an all time high, things were tough but the difference was that Americans knew Bush was highly responsible especially with billions spent in the war in Iraq...Fast forward almost a similar situation , biased and ignorant ppl are blaming a 10 month old adminstration for the major problems created by GEJ's reckless 6 years....In order for things to get better, it must first get tough..The present adminstration met virtually an empty treasury, a lower global oil price(Nigerias main income earner) and a stronger $ (depreciated naira) so it must tighten all loopholes and leakages and that must result in economic hardship...Buhari is no saint but is sure not a miracle worker but GEJ I tell you remains a goat and the criminal whose gang of looting and recklessness put Nigeria in a mess...They never anticipated the prices of oil would fall..So Stern and his fellow goats..leave Buhari alone and go back first to the root cause of the present economic predicament before opening your mouth to speak from your shallow minds.
*Linda's Future Hubby*
There was no political will to do anything under Jonathan except steal and plunder.
Your stupidity is from Mali cos it's second to none..despite the fact, you still have the audacity of calling names when we all knew she was talking about GEJ...I swear, you deserve 2 medals also, one for being that stupid and the other in case you loses the first. Bad Blood!
Okonjo is now a Muslim abi? Get a used brain at Aba or Onitsha, you need one
Gbam!i said this several time.it only idiot dat ll not believe this. Jonathan is useless
The is testmony of sucess and failure of her adventure in Nigeria.She claimed that GEJ lack political will to save.....meaning GEJ lost control and power to govt.
What bring about religion? Is Ngo baby also a muslim? You need a doctor, pls...
Brilliant explanation, experience is the best teacher, buhari should go back to school, let him go learn for jonathan,
*********** MR STERN. ************************
Where art thou?
We all know the truth and she too contributed her own quota to the downfall of Nigeria economy, by also approving and releasing funds when she knows well that the country was broke and in debt.. She too is guilty
Stay Blessed! Cheers!!!
True about OBJ being the most detribalized leader so far. asin this buhar guy just has a nothern agenda
The non-political will is that GEJ decided to put the constitutional provision first before political correctness. It was the governors that wanted their share of the excess crude money that was meant to be save just as it was done during the OBJ era. GEJ allowed the governors(including Amaechi, Oshimole) to have the money share according to the law that guides the excess crude money. Goodluck Jonathan is a perfect gentleman, show him the law, he allows you have your way...that is what Ngozi Okonjo-Iweala meant by not having the political will...because he didn't bully the governors like OBJ did even to Tunubu on the Local Government allocation.
The non-political will is that GEJ decided to put the constitutional provision first before political correctness. It was the governors that wanted their share of the excess crude money that was meant to be save just as it was done during the OBJ era. GEJ allowed the governors(including Amaechi, Oshimole) to have the money share according to the law that guides the excess crude money. Goodluck Jonathan is a perfect gentleman, show him the law, he allows you have your way...that is what Ngozi Okonjo-Iweala meant by not having the political will...because he didn't bully the governors like OBJ did even to Tunubu on the Local Government allocation.
The non-political will is that GEJ decided to put the constitutional provision first before political correctness. It was the governors that wanted their share of the excess crude money that was meant to be save just as it was done during the OBJ era. GEJ allowed the governors(including Amaechi, Oshimole) to have the money share according to the law that guides the excess crude money. Goodluck Jonathan is a perfect gentleman, show him the law, he allows you have your way...that is what Ngozi Okonjo-Iweala meant by not having the political will...because he didn't bully the governors like OBJ did even to Tunubu on the Local Government allocation.
The same governors who went to court against the FG on Excess crude account are the people that moved from PDP to APC in d last elections and they ensured that all the savings was share to all tiers of the govt and looted all. Now they have the audercity to blame the presenteconomy woes on GEJ administration. God is watching y'all in 10D glasses. Nigerians are there looking lik 200m mumus that we are and screaming "change". No be only change, una go see magic! Wise up Pple!
Ngozi Okonjo-Iweala, former minister of finance, says her statement blaming the lack of political will to save funds under the administration of former President Goodluck Jonathan has been taken out of context.
Speaking on the Chilean saving example at the George Washington University on Thursday, the former minister had said “zero political will to save in the last administration” was responsible for some of the challenges facing the country.
But in a statement issued on Friday, Paul Nwabuikwu, media aide of the two-time minister, said Okonjo-Iweala was referring to the opposition of some governors to the efforts of the immediate past administration to save in the excess crude account (ECA) and in sovereign wealth fund (SWF).
“Some recent media reports have distorted comments made by former Finance Minister Dr Ngozi Okonjo-Iweala regarding how lack of political will negatively impacted national savings over the past few years,” the statement read.
“Contrary to the slant given by these loud headlines, Dr Okonjo-Iweala did not indict the Jonathan administration in which she served.
“Rather, she was referring to what many Nigerians already know: the strong opposition by some governors to the Jonathan government’s efforts to save in the excess crude account and the sovereign wealth fund sabotaged this important national priority.
“The governors’ criticism of Dr Okonjo-Iweala’s many calls for the country to save for the rainy day is still fresh in the minds of Nigerians.
“It will be recalled that this opposition culminated in the governors taking the Jonathan government to the supreme court in furtherance of their position that the federal government had no right to ‘compel’ them to save.
“Several knowledgeable persons including former Anambra State Governor, Mr Peter Obi have confirmed these facts. So the issue of Okonjo-Iweala indicting the Jonathan administration over this very public issue simply does not arise.”
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