Friday, March 31, 2023
HomeNgozi Okonjo Iweala and her Fruitless Defence by Kelechi jeff Emeh

Ngozi Okonjo Iweala and her Fruitless Defence by Kelechi jeff Emeh

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The Cable Online published an interview by the former Finance Minister and as usual, she spared no time in exonerating herself from the mess the Jonathan administration plunged us in. I have already judged her guilty of corruption, incompetent with regards to the management of Third World economies and insincerity in her dealings as head of our exchequer.

According to her, the bane of our present economic situation was the opposition of state governors to Excess Crude Account (ECA).  This is the most ridiculous and pedestrian rationalization I have heard from any individual that held the position she was assigned to in Nigeria. 

Firstly, the ECA was an illegality and it is surprising that those that are opposed to impunity and whimsical behaviours are clapping for her. Nigeria is a federal republic and there is a constitutionally approved revenue allocation formula in place. When revenues accrues to the consolidated account, the different strata of government are entitled to their share and can save or spend as it deems fit. Why did NOI not create an ECA using the federal government’s share (52% of entire revenue) of the consolidated account? 

Secondly, As Minister of Finance and Coordinating Minister of the Economy, what was her job schedule? Anybody can sign approvals, push memos to the President and disburse funds. Was part of her mandate not the diversification of the economy? What did she do in that regard? She simply opened up our reserves for her international masters to pillage through unrestricted importation regime. Her fiscal policy regime allowed the laundering of looted funds in guise of importation.

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Thirdly, as Minister of Finance and Coordinating Minister of the Economy, did she carryout any Due Diligence before recommending disbursement of funds for special projects and procurements? How did she recommend for the slush funding that took place in guise of arms procurement, agricultural projects, power projects and in the petroleum sector?

Finally, how did she manage the economy to bankruptcy? She declared that she borrowed over N450bn to pay federal civil servants a month before leaving office. What happened to the 52% of FGN share of the consolidated account under her care? 
Note: Oil averaged between US$90 – US$120 for almost three and half years of her second tenure as Minister. Enough said!


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