On Monday, June 10, at the third round of the 2013 ministerial platform in Abuja, Coordinating Minister for the Economy and Minister of Finance, Ngozi Okonjo-Iweala, spoke glowingly about the Nigerian economy, saying the fundamentals were strong and that the economy was buoyant beyond danger.
But a few hours later, on Tuesday, when all the doors were closed, the minister sang a different tune. She told her colleagues in government point blank that the Nigerian economy is shaky despite the official fundamentals and that drastic steps are needed to save it from collapse.

Mrs Okonjo-Iweala spoke at the 50th meeting of the 15-member Federal Government Economic Implementation Team held behind closed-doors at the presidential villa.
The implementation team is headed by the minister, and meets every week. It was established by President Goodluck Jonathan to oversee the effective implementation of decisions of the Economic Management Team chaired by the president.
Other members of the committee are the Ministers of Petroleum Resources, Power, Agriculture, Trade & Investment, Works and Health as well as the Ministers of State for Finance and Health, the Chief Economic Adviser to the President, the Special Adviser to the President (Monitoring & Evaluation), the Director-General of the Budget Office, the Director General of the Bureau of Public Enterprise and a Deputy Governor of the Central Bank of Nigeria.

At Tuesday’s meeting, a presidency source said, the minister painted a gloomy picture of the economy and hinted that there was an urgent need for “stringent budgetary measures” to arrest the downward slide.
Although the meeting was convened to review the government’s plan to create 3.5 million jobs in the agriculture sector and consider the report of a subcommittee on the automotive industry, Mrs. Okonjo-Iweala could not hold back on the disturbing prospect of the economy.

The minister explained that crude oil production now hovers around a disturbing 1.3 million barrels per day, a figure far lower than that seen during the height of the protracted militancy in the Niger Delta.
The Nigeria National Petroleum Corporation, NNPC, had on April 18 reported a drop in crude oil production in the first quarter of 2013, January to March, which cost Nigeria a loss of crude oil revenue to the tune of $1.23 billion (N190 billion). That loss is now set to continue and the country might not be able to meet its obligation to its customers.

Mrs Okonjo-Iweala also informed the meeting that crude oil theft had continued unabated and was at its highest level ever despite the best effort by government to stem the tide.
Nigeria is estimated to lose about $6 billion annually to crude theft and the development, the minister lamented, is now severely hurting the economy.
The administration has paid several billions of naira to former Niger Delta militants to guard oil installations and block oil theft. But if anything, the situation has worsened.

At the meeting, the minister also predicted a further dip in national revenue following the increase in shale gas production around the world, a situation she said would definitely have serious adverse effect on oil prices and sales.
Shale gas, according to Wikipedia, is natural gas found trapped within shale formations and has become an increasingly important source of natural gas in the United States and the rest of the world.
Shale gas now provides over 20 percent of U.S. natural gas need and that figure is set to rise to 46 percent by 2035, according to the U.S. government’s Energy Information Administration.
Mrs Okonjo-Iweala hinted that as more and more countries depend on shale gas, the demand for Nigeria’s oil and gas would drop, with a corresponding dramatic drop in revenue.

The minister also lamented that the situation with the economy was not helped by the lack of accountability at the Nigerian National Petroleum Corporation, NNPC, saying the corporation had refused to render returns for its share of crude oil for local refining.
She thereafter informed her colleagues that beginning with the 2014 budget, there would be stringent budgetary measures and a lot of belt tightening within the government, our sources say.
She did not provide details of what the drastic measures would be, said one of our sources.

Mrs. Okonjo-Iweala has never been this frank in the open about the economy and its gloomy prospects.
She has said on several occasions that the economy was buoyant and strong, with its outlook remaining great, despite the current global economic uncertainty.
On Monday, she spoke along that line, asking Nigerians to ignore critics who have continued to insist that despite government claims, the economy was not in good shape.


http://www.premiumtimesng.com/news/138723-exclusive-okonjo-iweala-opens-up-says-nigeria-economy-in-danger.html

More reason we need GMB
















ℓ̊ smell FP

Yeee...why this kind of news on Christmas day na

this is one of the reasons we should kick out the five presidents......cant believe drunken master will b kicked out....*crying*

Madam, NOI. Amechi tried to warn you 2 yrs ago, but you called him all kinds of despicable names. Now we must bear the consequences of your lies and poor policies.

On a second note madam, how did you allow yourself to be used by this government? Did you come on your a revenge mission because of the unceremonious way you left the last time? Your actions in your first coming and this second coming do not add up.

Voodoo economy

Ok

Madam, we knew this already and that is the more reason your Headmaster is going back to otueke in 2015.
As for the oil theft, what do you expect when you use cat to monitor meat, no be to chop am

Anyways, "I no fit shout" all I know is that #GMB 2015.

Whether she tries to paint a different story in order not to create chaos, we know that the Nigerian economy is not doing well. The indicators are out in the open. On the other hand, why is nnpc not rendering accounts on its returns. I shake my head in pains the way the government and we, the citizens run this country. It is a shame. What do we gain, if the country burns or made uncomfortable? We have no other home but nigeria. Why can't we make it good for us and our children?

the news is from june 2013


op did u notice?

mikeansy:
the news is from june 2013


op did u notice?

Yes I do notice but this issue of a Nigeria economy worse than NOI always claims, has been swept under the carpet all this while.

All the issues in this article are even more pertinent in this election period.

For example militants and ex-militants guarding our oil facilities but the bunkering rate is the highest ever.

Also that NNPC has not been forthcoming with it revenues.

The issues have not gone away my bro. The Gov't knew all these problems existed since 2013 but nothing has been done till date.

Results oil price crash, good thing sha it will help us to think twice

unfortunately, the FG have been warned several times by the opposition and well meaning nigerians but they kept reeling out false Economic data.

Is this not a 2013 News!!? Stale News

The agricultural sector is a buffer, deregulation of the downstream sector will follow suit next year. Time to request a cut in the entitlements of senators and house of assembly members.

Evil and terrorism minded APC goons gladiate towards any evil news about Nigeria. they have come up to score cheap political points from a stale news. God shall deal with Buhari and his brain child .. bokoharam

Rubbish 2013 news. Some people can be very silly.

Flets:
Is this not a 2013 News!!? Stale News

The agricultural sector is a buffer, deregulation of the downstream sector will follow suit next year. Time to request a cut in the entitlements of senators and house of assembly members.

Since 2013, your Gov't is still waiting until 2015/2016 before they cut Senators and House of Assembly members salary.

Meanwhile $20Billion is missing and no head has rolled in NNPC.

Tufia. Cluelessness.

No wonder Everywher looks dry.

atikubaba:
Voodoo economy

hm

LRNZH:


Since 2013, your Gov't is still waiting until 2015/2016 before they cut Senators and House of Assembly members salary.

Meanwhile $20Billion is missing and no head has rolled in NNPC.

Tufia. Cluelessness.

Stop being a dummy. How can the govt cut their salaries under democracy? Do you mind telling me the step by step process required to reduce those entitlements. FG will have to send such bill back to the upper and lower house for approval before it can take effect. How on earth do you expect the fence climbing law makers to approvae a bill seeking a cut to their entitlement? do you guys really understand democracy or you think we still in the military dispensation.

If not that Nigerians are illiterate, we should be the one agitating for that reduction while supporting the government to initiate the bill. But rather we pitch tents with the enemies of Nigeria in castigating the FG. How can govt initiate such bills when people like you will go back to blame the FG just because you belong to the opposition.

I repeat.... Nigerians are illiterates.... otherwise, we would have been long gone.

Flets:


Stop being a dummy. How can the govt cut their salaries under democracy? Do you mind telling me the step by step process required to reduce those entitlements. FG will have to send such bill back to the upper and lower house for approval before it can take effect. How on earth do you expect the fence climbing law makers to approvae a bill seeking a cut to their entitlement? do you guys really understand democracy or you think we still in the military dispensation.

If not that Nigerians are illiterate, we should be the one agitating for that reduction while supporting the government to initiate the bill. But rather we pitch tents with the enemies of Nigeria in castigating the FG. How can govt initiate such bills when people like you will go back to blame the FG just because you belong to the opposition.

I repeat.... Nigerians are illiterates.... otherwise, we would have been long gone.

Ok why doesn't the Gov't initiate the bill to reduce Legislators wages and it is rejected by the house. At least Nigerians will see that they have the good intention.

But they cannot try it because they're budgeting N4Billion for food at Aso Rock alone. They will be counter exposed by the Legislators.

Abeg leave story.

Flets:


Stop being a dummy. How can the govt cut their salaries under democracy? Do you mind telling me the step by step process required to reduce those entitlements. FG will have to send such bill back to the upper and lower house for approval before it can take effect. How on earth do you expect the fence climbing law makers to approvae a bill seeking a cut to their entitlement? do you guys really understand democracy or you think we still in the military dispensation.

If not that Nigerians are illiterate, we should be the one agitating for that reduction while supporting the government to initiate the bill. But rather we pitch tents with the enemies of Nigeria in castigating the FG. How can govt initiate such bills when people like you will go back to blame the FG just because you belong to the opposition.

I repeat.... Nigerians are illiterates.... otherwise, we would have been long gone.

Ok why doesn't the Gov't initiate the bill to reduce Legislators wages and let the house send reject it. At least Nigerians will see that they have the good intention.

But they cannot try it because they're budgeting N4Billion for food at Aso Rock alone. They will be counter exposed by the Legislators.

Abeg leave story.

LRNZH:


Ok why doesn't the Gov't initiate the bill to reduce Legislators wages and let the house send reject it. At least Nigerians will see that they have the good intention.

But they cannot try it because they're budgeting N4Billion for food at Aso Rock alone. They will be counter exposed by the Legislators.

Abeg leave story.

That bill is coming immediately after elections when GEJ gets sworn in come 2015. Its stupidity for GEJ to initiate such bill before elections as it will political suicide. But make sure that when that bill comes up that you come back here and make a case for it rather than run tail-in-between behind your APC masters.

Flets:


That bill is coming immediately after elections when GEJ gets sworn in come 2015. Its stupidity for GEJ to initiate such bill before elections as it will political suicide. But make sure that when that bill comes up that you come back here and make a case for it rather than run tail-in-between behind your APC masters.

Sorry there will be no 2015 and beyond for GEJ in Aso Rock.

Anyway charity begins at home. GEJ should start by cutting his feeding budget, stop the purchase of the 11th presidential jet and stop sharing gold-plated iPhone at his children's weddings.

Otherwise na foul....

I remember when GEJ took over in Feb., 2010. Excess Crude account was at $33Billion. By Oct., 2010 it was down to $600Million. Within10 months GEJ squandered over 32 Billion USD.

The guy cannot send any reform bill even if he gets 4 terms.

FG pay thieves billions to protect oil installations complaining that more were stolen as a result can only come from a clueless coordinating minister of the economy

Flets:

That bill is coming immediately after elections when GEJ gets sworn in come 2015. Its stupidity for GEJ to initiate such bill before elections as it will political suicide. But make sure that when that bill comes up that you come back here and make a case for it rather than run tail-in-between behind your APC masters.

Guy, why are you doing this?? Let a man be brave and die for something than to have lived for nothing!! Political suicide?? Smh. He doesn't have a political career again. Do you honestly think he can win that election??
Did you listen to 'I don't give a damn'? Last 2 months, we had d best economy in Africa, this month, we need austerity to survive! Excess crude was 33 billion, now it's what?? And yet, he's thinking about political suicide?? The one that have over ba Smh

mikeansy:
the news is from june 2013


op did u notice?

I noticed that as well. This makes economic outlook under GEJ and his economic team quite bleak, given that conditions have worsen since 2013.

nduchucks:


I noticed that as well. This makes economic outlook under GEJ and his economic team quite bleak, given that conditions have worsen since 2013.

True my bro and they have been hiding it upon all the corruption scandals since then.
Meanwhile Tompolo has bought private jet and warships since then with NIMASA's money.

The thing is going to bite hard in January. NOI herself might resign. The oil price might hit another $55 a barrel and Naira will be further devalued. The stock market is already in catastrophic free fall and Dangote for instances $7bn poorer. This will peel off support for Jonathan further. Even if the next elections are rigged for Jonathan (we hope not), unbelievable trouble will be the consequence. The lesson; if you are in government, lead with the fear of God.

I am not surprised

Biggest economy in danger?.


Okonjo mumu never reach!


I went from respecting this minister's efforts under ObJ govt to near shock wen she agreed to work for GEJ's clueless and deceitful stealing govt.


It's a shame to all her past efforts and work only to make her self and reputation a laughing stock in the people's eyes.

She has bn transformed from a frugal economist think thank to a disillusioned and misguided minister.


#shame!.

Gme01:


Guy, why are you doing this?? Let a man be brave and die for something than to have lived for nothing!! Political suicide?? Smh. He doesn't have a political career again. Do you honestly think he can win that election??
Did you listen to 'I don't give a damn'? Last 2 months, we had d best economy in Africa, this month, we need austerity to survive! Excess crude was 33 billion, now it's what?? And yet, he's thinking about political suicide?? The one that have over ba Smh

Am sorry but you hardly make a point.

Let them keep lying to themselves thinking they are lying to us. I knew before long, their lies are gonna be drowned by the realities on ground and Nigerians would finally realise what an assemblage of 419ers we have currently prancing the corridors of power.

Madam President, your time is up! Tell your Prime Minister/Jesus of Utuoke, GEJ, to start unpacking. His people eagerly await his return!

And all those screaming 2013, I ask you guys, so what?? Buhari made was a military leader over 28years ago yet you people bombard us daily with the "coup plotter" trash on this forum, and you want us to ignore a 1year old news.

Yeye dey smell.