The office of the coordinating minister of the Nigerian economy, Ngozi Okonjo-Iweala has described reports credited to SaharaReporters, an online news medium, indicating that the country is broke as not only a “fabrication” but also “alarmist.”

In a statement issued by Paul Nwabuikwu, the Special Adviser to the Coordinating Minister, Okonjo-Iweala said, “Contrary to the claim in the story that the country has borrowed from local and international banks to finance recurrent spending, the Jonathan administration has in fact reversed the tendency of borrowing to finance recurrent as was the practice in the past.

“The multi-dimensional strategy adopted by the Jonathan administration is leading to positive outcomes,” she added.

Read the full release below:

We have received several enquiries about a story titled “Nigerian Government broke; targets pension savings” posted on the website of Saharareporters.

The story, like many other recent articles by Saharareporters purporting to be exclusive stories on various aspects of the Nigerian economy, is a complete fabrication.

As Nigerians know, the administration of President Goodluck Jonathan recently presented its mid-term report which is a forthright account of the achievements as well as challenges facing the economy.

The country has $48 billion in reserves, including N5 billion in the Excess Crude Account to help shore up the economy. So the idea that the country is broke is alarmist.

It is true that the country is experiencing some revenue shortfalls that everyone knows about due to oil theft for which the President is taking some serious measures.

Also, contrary to the claim in the story that the country has borrowed from local and international banks to finance recurrent spending, the Jonathan administration has in fact reversed the tendency of borrowing to finance recurrent as was the practice in the past.

Also untrue is the claim that the country has been downgraded by international ratings agencies. In fact the truth is the exact opposite; ratings agencies and international investors have consistently stated, through various platforms, that the Nigerian economy is a well-managed one with good prospects in the medium and long term.

Regarding the country’s debt situation, the overall picture is positive as the Coordinating Minister showed clearly in her recent well publicized statement. The multi-dimensional strategy adopted by the Jonathan administration is leading to positive outcomes.

The level of borrowing has been brought down, bonds are being paid off through a sinking fund and the country is not taking the kind of high interest loans that led to the debt burden which existed before the historic Paris Club debt deal. The Borrowing Plan which was approved by State Governors and the National Assembly is focused on financing power transmission projects, inter and intra city rail projects, dams and other key infrastructure.

The notion that the Jonathan government is “eyeing” the N3.4 trillion pension funds to finance deficits underscores the desperation of this “activist” medium and its sponsors. It is a total invention. In fact, the government is currently engaged in strengthening institutions and critical processes in the sector to enhance security and stability of the funds.

With this latest outing, Sahara reporters has reinforced its well-earned reputation as a discredited purveyor of falsehood.

http://www.ynaija.com/saharareporters-is-a-discredited-purveyor-of-falsehood-minister-okonjo-iweala-fires-back-read/

Sometimes i wonder if they(Sahara reporters) are being sponsored by the opposition to distract the government of the day(Team fresh air).
Sahara reporters news reporting my foot!

stories that touch

When Sahara reporters was accurately reporting how Turai Y'ardua and the discredited cabals were maltreating GEJ..Sahara reporters was not a 'discredited purveyor of falsehood'?

Did Okonjo-Iweala raised her voice or even lift her finger then in support of GEJ? No! She is a fair weather friend and she will always be a fair weather friend...if anything goes wrong now...she will never say a thing for GEJ...but pack her bag and return to the World Bank.


The only woman I truly respect among these women is Dora Akinyuli...she will forever have a place in my hall of fame....no one else..nothing even an Okonjo....a fair weather friend.

ilugunboy: When Sahara reporters was accurately reporting how Turai Y'ardua and the discredited cabals were maltreating GEJ..Sahara reporters was not a 'discredited purveyor of falsehood'?

Did Okonjo-Iweala raised her voice or even lift her finger then in support of GEJ? No! She is a fair weather friend and she will always be a fair weather friend...if anything goes wrong now...she will never say a thing for GEJ...but pack her bag and return to the World Bank.


The only woman I truly respect among these women is Dora Akinyuli...she will forever have a place in my hall of fame....no one else..nothing even an Okonjo....a fair weather friend.

Word

ilugunboy: When Sahara reporters was accurately reporting how Turai Y'ardua and the discredited cabals were maltreating GEJ..Sahara reporters was not a 'discredited purveyor of falsehood'?

Did Okonjo-Iweala raised her voice or even lift her finger then in support of GEJ? No! She is a fair weather friend and she will always be a fair weather friend...if anything goes wrong now...she will never say a thing for GEJ...but pack her bag and return to the World Bank.


The only woman I truly respect among these women is Dora Akinyuli...she will forever have a place in my hall of fame....no one else..nothing even an Okonjo....a fair weather friend.

Okonjo Iweala is more harmful than saharareporters. Dora is a woman of substance so please never compare her with Iweala who is conduit pipe for looting, she managed the same economy during the time of OBASANJO with nothing to show for it except looting and corruption.

ilugunboy: When Sahara reporters was accurately reporting how Turai Y'ardua and the discredited cabals were maltreating GEJ..Sahara reporters was not a 'discredited purveyor of falsehood'?

Did Okonjo-Iweala raised her voice or even lift her finger then in support of GEJ? No! She is a fair weather friend and she will always be a fair weather friend...if anything goes wrong now...she will never say a thing for GEJ...but pack her bag and return to the World Bank.


The only woman I truly respect among these women is Dora Akinyuli...she will forever have a place in my hall of fame....no one else..nothing even an Okonjo....a fair weather friend.

Saharareporters have been proven times without number to be two things:
1)A good source for breaking news.
2) A good source for falsehood.

They are excellent in both, but better in the latter in recent times. Premium Times is now ahead of them when it comes to breaking news. But they hold by far the record for propagating falsehood. The sad part is that after they've been proven to be false, they still act in a manner so arrogant.


Saharareporters is declining! Loook at the graph!
[img]http://traffic.alexa.com/graph?w=400&h=220&o=f&c=1&y=r&b=ffffff&n=666666&r=2y&u=saharareporters.com&[/img]

is GEJ not going to china next week? what is he going there for again

DivideUs: is GEJ not going to china next week? what is he going there for again

To exchange Okonjo Iweala for $3Billion Dollars...

Hahahahahahahaahaa...dis country so many things dey happen sha!