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.
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!
KJE.
The fact of the matter is that Dr. Okonjo-Iweala did nothing wrong when she held sway as coordinating minister of the economy. So, anybody antagonising her for exonerating herself from whatever wrongdoing in last administration is just kidding.
ReplyDeleteThe writer of this article no doubt has a biased mind towards Dr. Okonjo-Iweala. He should tell Nigerians if he has the moral impudence to find her guilty of corruption, incompetent with regards to the management of Third World economies and insincerity in her dealings as head of our exchequer.
ReplyDeleteI support wholeheartedly the submission of Dr. Okonjo-Iweala that the bane of our present economic situation was the opposition of state governors to Excess Crude Account (ECA). It cannot be otherwise.
ReplyDeleteThis idiot should desist from wangling his mouth and describing Dr. Okonjo’s submissions as the most ridiculous and pedestrian rationalization. He has indeed shown that he is a green-horn in economic and financial matters.
ReplyDeleteThis animal is in the first instance has no competence to asking the question as to what Dr. Okonjo-Iweala’s job schedules are. He is biting more than he can chew.
ReplyDeleteIt is not true that the former finance minister opened up the Nigerian reserves for her international masters to pillage through unrestricted importation regime.
ReplyDeleteHow can this writer come up with this untrue claim that Dr. Okonjo-Iweala’s fiscal policy regime allowed the laundering of looted funds in the guise of importation? Her image cannot be killed by anybody.
ReplyDeleteDr. Okonjo-Iweala is an expert such that there was no disbursement of funds for special projects and procurements under her watch that did not go through due diligence before recommendation.
ReplyDeleteSometimes I am perplexed at this miscreat's reasoning- most especially the so-called uneducated literates. Was it Okonjo Iweala that down-turned the Naira and brought-down the Economy? This Kelechi guy must be a daft and dumb for publishing his ignorantium's postulation. Sorry, exclude Madam Okonjo from this your imbecile Article, go and get your facts right, you will realize that Madam Okonjo is a down-to-earth one in a Million Financial Manager that world governments need for financial stability and development. As Nigerians, we recommend Madam Iweala for more impact in Nigeria.
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