Onetime Minister of Finance and Coordinating Minister of the Economy, Ngozi Okonjo-Iweala, has said governors were the reason former President, Goodluck Jonathan could not save for the future. Okonjo-Iweala in an interview with an International Magazine, Le Monde said “some economists are very concerned for Nigeria, which could greatly suffer from the fall in oil prices. Others say the contrary, that its economy is strong enough to turn the corner. “Both are right. But one thing saddens me. When I was finance minister the first time, the volatility of oil prices, and therefore state resources, cost at least three points of growth in the country. “We then established a stabilisation mechanism and opened an account for the oil surplus, which posted up to $22 billion. In 2008, when prices fell from 148 to $38 a barrel, no one had heard of Nigeria because the country was able to tap into this fund. And that, I am very proud [of]. “When I returned to the department in 2011, there remained only $4 billion on this account while the price of oil was very high! I tried again to put money aside. The president agreed, but the governors did not accept. “I suffered a lot of attacks from them and now that the country would really need this account, these same people accuse me of not having saved. If Nigeria had been more careful, we would not be here today. It hurts me. We have the mechanism, we had the experience, but we were prevented to act.” http://dailypost.ng/2016/04/07/why-jonathan-did-not-save-okonjo-iweala/

Can't wait for Jonathan's probe by EFCC. He sure has some explanations to make

Story for the gods, What happened to the 51% the FG got from the sharing of the money and what prevented you from saving the money directly into the foreign currency reserve.

Habdulah010:
Onetime Minister of
Finance and Coordinating
Minister of the Economy,
Ngozi Okonjo-Iweala, has
said governors were the
reason former President,
Goodluck Jonathan could
not save for the future.
Okonjo-Iweala in an
interview with an
International Magazine,
Le Monde said “some
economists are very
concerned for Nigeria,
which could greatly suffer
from the fall in oil prices.
Others say the contrary,
that its economy is strong
enough to turn the
corner.
“Both are right. But one
thing saddens me. When
I was finance minister the
first time, the volatility of
oil prices, and therefore
state resources, cost at
least three points of
growth in the country.
“We then established a
stabilisation mechanism
and opened an account
for the oil surplus, which
posted up to $22 billion.
In 2008, when prices fell
from 148 to $38 a barrel,
no one had heard of
Nigeria because the
country was able to tap
into this fund. And that, I
am very proud [of].
“When I returned to the
department in 2011,
there remained only $4
billion on this account
while the price of oil was
very high! I tried again to
put money aside. The
president agreed, but the
governors did not accept.
“I suffered a lot of
attacks from them and
now that the country
would really need this
account, these same
people accuse me of not
having saved. If Nigeria
had been more careful,
we would not be here
today. It hurts me. We
have the mechanism, we
had the experience, but
we were prevented to
act.”
http://dailypost.ng/2016/04/07/why-jonathan-did-not-save-okonjo-iweala/

It's because GEJs govt had integrity issues, dat's why the govs objected...if they operated a more transparent govt..no 1 would question their motive...Simple! Are we not seeing it surfacing on the arms deal as well as Abacha's loot..how govt betrayed the trust of Nigerians. IMHO, both GEJ,you and the govs are to blame..

.

hear the zombies above me...

Especially that coffin-headed nama called Amaechi......Madam Okonjo is right on this one, though I am still of the opinion that this excuse is not enough.....Jonathan is the President for Christ Sake, he ought to have continue with the saving irrespective of the verbal jabs from those kleptomaniacs governors

If the governors prevented you from saving from the surplus, why do you had to dip hand into the existing reserves and depleted it.

Itan Ijapa ati Obo.

Realdeals:
If the governors prevented you from saving from the surplus, why do you had to dip hand into the existing reserves and depleted it.

APC followers are really illiterates so your brain did not tell you that the surplus she was talking about was the excess reserves

lemme help you

surplus is saved in the ECA

the ECA belongs to fg,states and ,lg

the eca is what the givernors insisted must be shared

now carry your illiteracy to another place

tomakint:
Especially that coffin-headed nama called Amaechi......Madam Okonjo is right on this one, though I am still of the opinion that this excuse is not enough.....Jonathan is the President for Christ Sake, he ought to have continue with the saving irrespective of the verbal jabs from those kleptomaniacs governors

He should have continued even when NGF dragged him to court?? That's not possible! He created sovereign wealth fund and contributed his own quota; at least Buhari met $30billion dollars there! How did Abdulsalmi leave for Obasanjo ?? $3billion and yet we were not buying fuel at #300 per litre at black petrol filling stations while the president blows $500,000 flying to US on a trip to a nuclear summit - that has no benefit for the Nigerian economy at this moment - just so he can take selfie while shaking Obama's hand!!

ehissi:


He should have continued even when NGF dragged him to court?? That's not possible! He created sovereign wealth fund and contributed his own quota; at least Buhari met $30billion dollars there! How did Abdulsalmi leave for Obasanjo ?? $3billion and yet we were not buying fuel at #300 per litre at black petrol filling stations while the president blows $500,000 flying to US on a trip to a nuclear summit - that has no benefit for the Nigerian economy at this moment - just so he can take selfie while shaking Obama's hand!!

Somehow you are right, in actual fact I share your sentiments but Jonathan cannot be totally exonerated for not being bullish a little bit against the rebellious and recalcitrant governors. He is still my man anytime.

The hate for GEJ will not make people think clearly with their heads.

IF like they sud continue shout He Corrupt from now till tomorrow not will change. the only thing dat will change, is for Buhari to get access to our forex to travel around the universe for his pleasure.

fools. I now believe they are really zombies from north n west.

Thank you ma, all of us are not zoombies, we are aware of how the governors forum through their chairman, the disgraced lizard of Ubima insulted & harangued you when you opened the sovereign wealth fund (SWF), they kicked & cried like !diots until you had no option than to share it to the three tiers of government, now they have turned around to accuse you, its only fuuls that will eat their cake & still want to have it. They should keep blaming GEJ & his cabinet ministers instead of taking responsibility since a year now & find solution to the plethora of problems facing Nigerians.

I understand you mam,so didnt collect your own share from the money,is that what you are telling me?

ehissi:


He should have continued even when NGF dragged him to court?? That's not possible! He created sovereign wealth fund and contributed his own quota; at least Buhari met $30billion dollars there! How did Abdulsalmi leave for Obasanjo ?? $3billion and yet we were not buying fuel at #300 per litre at black petrol filling stations while the president blows $500,000 flying to US on a trip to a nuclear summit - that has no benefit for the Nigerian economy at this moment - just so he can take selfie while shaking Obama's hand!!

Did you just say the nuclear energy summit has nothing to do with the economy at the moment? How about using nuclear energy to improve our power supply ? How old are you ? Cos your reasoning ehn

Rolings:


Did you just say the nuclear energy summit has nothing to do with the economy at the moment? How about using nuclear energy to improve our power supply ? How old are you ? Cos your reasoning ehn

Nigeria cannot have any access to nuclear technology. Part of it being the insecurity, lack of technology or expertise. Also, An unwritten understanding amongst world power that prevents underdeveloped countries like Nigeria learning the technology and if im not mistaken, Nigeria signed a treaty that excludes it from anything nuclear. Not to talk of the environmental disaster when any part of the process go awry.

Buhari is just wasting taxpayers money with his travel. If infrastructures are in place and are working efficiently. Investors will always come. This begging approach will only enslave us and provide room for exploitation from the big economies like china

[size=50pt]You should av resigned when u were prevented from doing ur job[/size]. That is the real meaning of integrity and professionalism. So madam "Oju opolo", spare us the rhetorics..

truthbastille:


Nigeria cannot have any access to nuclear technology. Part of it being the insecurity, lack of technology or expertise. Also, An unwritten understanding amongst world power that prevents underdeveloped countries like Nigeria learning the technology and if im not mistaken, Nigeria signed a treaty that excludes it from anything nuclear. Not to talk of the environmental disaster when any part of the process go awry.

Buhari is just wasting taxpayers money with his travel. If infrastructures are in place and are working efficiently. Investors will always come. This begging approach will only enslave us and provide room for exploitation from the big economies like china

The past government has scared investors away with corruption and weak governance structure , PMB has to go to these people meet them one on one and reassure them to come back to Nigeria . It's not only infrastructures that is scaring them but massive corruption and weak institutions

ramdris:
[size=50pt]You should av resigned when u were prevented from doing ur job[/size]. That is the real meaning of integrity and professionalism. So madam "Oju opolo", spare us the rhetorics..

How can she resign when she was earning salaries in dollars . Shameless woman who looked away while subsidy jumped from 300billion to over 1.3trillion and instead of asking questions just paid them .

Rolings:


Did you just say the nuclear energy summit has nothing to do with the economy at the moment? How about using nuclear energy to improve our power supply ? How old are you ? Cos your reasoning ehn

Old enough to know that a man that is faithful in little is faithful in much!!

If a country cannot efficiently muster up enough resources to efficiently secure refineries, power plants and oil pipelines from sabotage, that country hasn't earned the right to be playing with around with nuclear energy. Or are you waiting to hear that a nuclear power plant was bombed by Boko Haram before you finally start learning to blame buhari for the state of the nation and not Jonathan.

Or better yet, shall we wait till you hear that Boko Haram raided a Nuclear power plant of it resources which they intend to make a particular flavour of suicide bomb or IED that nobody in the world likes before you finally develop some common sense.

Besides, the amount of resources require to build, operate and maintain a nuclear power plant is sufficient enough to give a hassle free regular power plant, devoid of nuclear waste - which I doubt we can effectively handle.

Besides, investing in a nuclear energy is a long term plan and has no impact on the economy now as far as the current Energy framework is concerned.

Go and do research on how whole cities where laid to waste in countries like Japan, ukraine, belarus and russia. From Fukushima to chernobyl, how people suddenly started exhibiting genetic mutations as a result of the effects of nuclear meltdowns in Japan and maybe the limitations of your actual age - not your football age - and reasoning may dawn on you.

ehissi:


Old enough to know that a man that is faithful in little is faithful in much!!

If a country cannot efficiently muster up enough resources to efficiently secure refineries, power plants and oil pipelines from sabotage, that country hasn't earned the right to be playing with around with nuclear energy. Or are you waiting to hear that a nuclear power plant was bombed by Boko Haram before you finally start learning to blame buhari for the state of the nation and not Jonathan.

Or better yet, shall we wait till you hear that Boko Haram raided a Nuclear power plant of it resources which they intend to make a particular flavour of suicide bomb or IED that nobody in the world likes before you finally develop some common sense.

Besides, the amount of resources require to build, operate and maintain a nuclear power plant is sufficient enough to give a hassle free regular power plant, devoid of nuclear waste - which I doubt we can effectively handle.

Besides, investing in a nuclear energy is a long term plan and has no impact on the economy now as far as the current Energy framework is concerned.

Go and do research on how whole cities where laid to waste in countries like Japan, ukraine, belarus and russia. From Fukushima to chernobyl, how people suddenly started exhibiting genetic mutations as a result of the effects of nuclear meltdowns in Japan and maybe the limitations of your actual age - not your football age - and reasoning may dawn on you.

It will shock you the amount of nuclear activities going on already in the country.Apart from power nuclear physics is aplicable to many fields some of which Nigeria is already benefiting from. So attending a nuclear summit by a Nigerian president is not out of place. This is an area even your hero was passionate about even as at 2014 but you won't know because it's obvious you don't know nothing about what you're arguing about.

Rolings:


It will shock you the amount of nuclear activities going on already in the country.Apart from power nuclear physics is aplicable to many fields some of which Nigeria is already benefiting from. So attending a nuclear summit by a Nigerian president is not out of place. This is an area even your hero was passionate about even as at 2014 but you won't know because it's obvious you don't know nothing about what you're arguing about.

Nuclear power isn't a concept alien to the Nigerian environment but harnessing Nuclear power to generate electricity, is; in any case President Buhari's presence in that summit was my grouse and not nuclear energy itself.

Any smart man watching President Buhari's travel log can easily observe that Buhari is doing what is typical of any military commander.

The man is simply undertaking a Global "familiarisation tour"; that's all. A fancy way students of International relations and diplomacy for "Yipeee!! Look at me!! I am the new guy in charge, abeg give me your BBM pin and whatsapp number so that we can chat on common interests later!!"

Unfortunately, that tour has no significant benefit for the Nigerian economy but is suited towards shoring up foreign support for the new political structure on ground. A support that Jonathan lost the day he sign a bill against gay rights, luckily for foreign powers, APC provided the right theme/points to withdraw that support - human rights abuse by the military and corruption - which is why Buhari has no issues calling Nigerians criminal abroad and insists that he will wipe out corruption and strengthen the military.

Is there anything wrong with President buhari travelling? No!! But at least, let us have trips that are strategically aimed at bettering the lot of Nigerians - short and medium term.

Considering our current economic position, new stance on corruption and security challenges, one would have expected that China would have been the first place he would have gone to, followed by south korea, india and russia then wait a while for US to come and greet him; they don't come, then look for an international forum to meet Obama and hold bilateral talks on the side there but not once has he even looked at these strategic countries. He is only just considering going to china now because he needs a loan to finance projects: see dull strategy.

He being in a nuclear summit in the US - with his government flashing pictures of him shaking Obama as progress report - at a time when Nigerians at home are buying fuel at #300 per litre is not leadership.

And since we are talking about heroes, 3 massacres undertaken by Fulani herdsmen over the last 2months have taken place. What did they profer as the solution to this problem?? Import grass from Brazil to create grazing areas so that fulani and their cows are not stressed from moving around nor fight indigent villagers anymore. No talks of identifying or bringing the perpertrators of these violent crimes to justice - why talk of that, when they don't want to make the new government look incompetent or bias to towards the presidents kinsmen!!

A government whose party never appreciated the efforts Jonathan made when the Nation came under the threat of Ebola - that had no clear cure at the time - but is struggling to contain common lassa fever that has clear testing and treatment regimen: with lives wasting away with the Health Minister's poor handling of the matter.

Well! Na God hand we dey, by His grace and mercy, we will get there!!

NOI should just shut up! She knew why they couldn't save under GEJ. It wasn't the Governors, as she would have us believe. She and GEJ were dipping their hands into the ECA: a situation which didn't only bewilder the Governors but also disgusted them. Simply put, the Governors from then on saw the FG as an institutional scammer. So why blame the governors for removing their yams from FG custody.

She should have told Le Monde the whole truth, that the Governors kicked against any more savings because they found out the FG was secretly withdrawing funds from the ECA!

Just imagine. They CAN NEVER blame the Ineffectual Baboon for just one thing, yet they want us to blame Baba when they fail to make their spouses come.

Una never see anything.

Rolings:


The past government has scared investors away with corruption and weak governance structure , PMB has to go to these people meet them one on one and reassure them to come back to Nigeria . It's not only infrastructures that is scaring them but massive corruption and weak institutions

If Jonathan's government is critiqued on different issues, it would be injustice for anyone to say they discouraged foreign direct investment.
Lots of economic growth was recorded under the last regime, such that investors was gladly pouring in their dollar into the economy. Even the stock market experienced exponential growth.
Immediately investors sensed a change of government was eminent, there was massive exodus which is still taking place because of incoherent government policies or lack of it.

truthbastille:


If Jonathan's government is critiqued on different issues, it would be injustice for anyone to say they discouraged foreign direct investment.
Lots of economic growth was recorded under the last regime, such that investors was gladly pouring in their dollar into the economy. Even the stock market experienced exponential growth.
Immediately investors sensed a change of government was eminent, there was massive exodus which is still taking place because of incoherent government policies or lack of it.

What do you expect them to do ? The stock exchange TRADES in stocks in other words it's like a gambling house

ehissi:


Nuclear power isn't a concept alien to the Nigerian environment but harnessing Nuclear power to generate electricity, is; in any case President Buhari's presence in that summit was my grouse and not nuclear energy itself.

Any smart man watching President Buhari's travel log can easily observe that Buhari is doing what is typical of any military commander.

The man is simply undertaking a Global "familiarisation tour"; that's all. A fancy way students of International relations and diplomacy for "Yipeee!! Look at me!! I am the new guy in charge, abeg give me your BBM pin and whatsapp number so that we can chat on common interests later!!"

Unfortunately, that tour has no significant benefit for the Nigerian economy but is suited towards shoring up foreign support for the new political structure on ground. A support that Jonathan lost the day he sign a bill against gay rights, luckily for foreign powers, APC provided the right theme/points to withdraw that support - human rights abuse by the military and corruption - which is why Buhari has no issues calling Nigerians criminal abroad and insists that he will wipe out corruption and strengthen the military.

Is there anything wrong with President buhari travelling? No!! But at least, let us have trips that are strategically aimed at bettering the lot of Nigerians - short and medium term.

Considering our current economic position, new stance on corruption and security challenges, one would have expected that China would have been the first place he would have gone to, followed by south korea, india and russia then wait a while for US to come and greet him; they don't come, then look for an international forum to meet Obama and hold bilateral talks on the side there but not once has he even looked at these strategic countries. He is only just considering going to china now because he needs a loan to finance projects: see dull strategy.

He being in a nuclear summit in the US - with his government flashing pictures of him shaking Obama as progress report - at a time when Nigerians at home are buying fuel at #300 per litre is not leadership.

And since we are talking about heroes, 3 massacres undertaken by Fulani herdsmen over the last 2months have taken place. What did they profer as the solution to this problem?? Import grass from Brazil to create grazing areas so that fulani and their cows are not stressed from moving around nor fight indigent villagers anymore. No talks of identifying or bringing the perpertrators of these violent crimes to justice - why talk of that, when they don't want to make the new government look incompetent or bias to towards the presidents kinsmen!!

A government whose party never appreciated the efforts Jonathan made when the Nation came under the threat of Ebola - that had no clear cure at the time - but is struggling to contain common lassa fever that has clear testing and treatment regimen: with lives wasting away with the Health Minister's poor handling of the matter.

Well! Na God hand we dey, by His grace and mercy, we will get there!!

There were times Jonathan was in the country and hundreds of his citizens were slaughtered even right under his nose in Abuja what did his being in the country do to stop the killing? was he not in the country the times we had fuel crisis during his government? Was he going from filling station to filling station to alleviate the situation? He is back in the country now has the scarcity stoppwd?Now that you mentioned it I think Jonathan's inability to solve the persistent fuel shortage in the country was a failure him being from niger delta and all.

ehissi:


Nuclear power isn't a concept alien to the Nigerian environment but harnessing Nuclear power to generate electricity, is; in any case President Buhari's presence in that summit was my grouse and not nuclear energy itself.

Any smart man watching President Buhari's travel log can easily observe that Buhari is doing what is typical of any military commander.

The man is simply undertaking a Global "familiarisation tour"; that's all. A fancy way students of International relations and diplomacy for "Yipeee!! Look at me!! I am the new guy in charge, abeg give me your BBM pin and whatsapp number so that we can chat on common interests later!!"

Unfortunately, that tour has no significant benefit for the Nigerian economy but is suited towards shoring up foreign support for the new political structure on ground. A support that Jonathan lost the day he sign a bill against gay rights, luckily for foreign powers, APC provided the right theme/points to withdraw that support - human rights abuse by the military and corruption - which is why Buhari has no issues calling Nigerians criminal abroad and insists that he will wipe out corruption and strengthen the military.

Is there anything wrong with President buhari travelling? No!! But at least, let us have trips that are strategically aimed at bettering the lot of Nigerians - short and medium term.

Considering our current economic position, new stance on corruption and security challenges, one would have expected that China would have been the first place he would have gone to, followed by south korea, india and russia then wait a while for US to come and greet him; they don't come, then look for an international forum to meet Obama and hold bilateral talks on the side there but not once has he even looked at these strategic countries. He is only just considering going to china now because he needs a loan to finance projects: see dull strategy.

He being in a nuclear summit in the US - with his government flashing pictures of him shaking Obama as progress report - at a time when Nigerians at home are buying fuel at #300 per litre is not leadership.

And since we are talking about heroes, 3 massacres undertaken by Fulani herdsmen over the last 2months have taken place. What did they profer as the solution to this problem?? Import grass from Brazil to create grazing areas so that fulani and their cows are not stressed from moving around nor fight indigent villagers anymore. No talks of identifying or bringing the perpertrators of these violent crimes to justice - why talk of that, when they don't want to make the new government look incompetent or bias to towards the presidents kinsmen!!

A government whose party never appreciated the efforts Jonathan made when the Nation came under the threat of Ebola - that had no clear cure at the time - but is struggling to contain common lassa fever that has clear testing and treatment regimen: with lives wasting away with the Health Minister's poor handling of the matter.

Well! Na God hand we dey, by His grace and mercy, we will get there!!

There were times Jonathan was in the country and hundreds of his citizens were slaughtered even right under his nose in Abuja what did his being in the country do to stop the killing? was he not in the country the times we had fuel crisis during his government? Was he going from filling station to filling station to alleviate the situation? He is back in the country now has the scarcity stoppwd?Now that you mentioned it I think Jonathan's inability to solve the persistent fuel shortage in the country was a failure him being from niger delta and all.
To think you wrote this essay just to implicate your hero shows how pathetic you are

This woman should shut up! You disgraced yourself.

Rolings:


There were times Jonathan was in the country and hundreds of his citizens were slaughtered even right under his nose in Abuja what did his being in the country do to stop the killing? was he not in the country the times we had fuel crisis during his government? Was he going from filling station to filling station to alleviate the situation? He is back in the country now has the scarcity stoppwd?Now that you mentioned it I think Jonathan's inability to solve the persistent fuel shortage in the country was a failure him being from niger delta and all.
To think you wrote this essay just to implicate your hero shows how pathetic you are

pathetic/pəˈθɛtɪk/
adjective
1. arousing pity, especially through vulnerability or sadness.
2. miserably inadequate.
3. relating to the emotions.

Pathetic is choosing to attack/slander someone for his/her opinion - as opposed to offering a weighted opinion of your own or simply disagreeing - and hope to arouse a pitiful following!!

Small wonder why Nairaland actually have rules against such behaviour/atitude!!