Okonjo-iweala’s Integrity And The Economy By Peter Akparanta - Politics - Nairaland
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| Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by mlane: 2:39pm On Jan 08, 2015 |
A country’s transformation and eventual greatness largely depends on having change agents at the critical points of the development process. The starting point to achieving this is to have at the strategic place of the governance structure certain personalities with strong character that are forward looking and innovative. I am talking about people who have demonstrated depth and capacity in their call of duty; people with vision and exposure, experience, skill and commitment to drive the process of change in their areas of operation and influence. We must support those persons with courage and scruples because they could be trusted to rise up to the occasion when the need arises. This is why I have admiration for Dr. (Mrs.) Ngozi Okonjo-Iweala, the nation’s Coordinating Minister for the Economy and Minister of Finance, for her strength of character and astuteness. It is an incontrovertible fact that Dr Okonjo-Iweala, has brought a great deal of credibility, goodwill and innovation to the administration of President Jonathan for which credit should be given to this exceptional woman of substance rather than the frequent bashing that comes from the press and mindless vilification from some members of the opposition. Some of the innovative changes are there for any discerning mind to see. They are the reasons why I strongly feel that those criticizing and castigating her on account of the current economic challenges the country is facing are doing more disservice to this nation in their attempt to tarnish her hard earned reputation. And they will fail because her reputation is anchored on a foundation of impeccable integrity and stellar performance. Her track record as Managing Director of the World Bank (October 2007 – July 2011) earned her nomination as one of the three candidates in the race to replace then World Bank President, Robert Zoellick, at the end of his term of office in June 2012. And during the hard fought campaign, she was acknowledged by the leading development experts, intellectuals and respected media as the best candidate. IN the end, geo-polotics won at the expense of quality and fair play and she did nor get the job. But the point was made that a Black person and a Black woman from Africa could put herself forward on the basis of a solid track record and emerge as best in the eyes of fair minded people. And the manner in which she has carried out her job as Coordinating Minister confirms that she is an asset not only to her race but also to her country. Dr. Okonjo-Iweala was the Chair of the 2011 – 2013 16th International Development Association (IDA) replenishment of a historic US$49.3 billion to provide grants and interest-free loans to the world’s poorest countries. At that level she was conducting high level dialogue with top level officials, Heads of States, Prime Ministers and Finance Ministers worldwide. She was participating in G-20 and other high-level International governance meetings. Little wonder then, that she under the leadership of former President Obasanjo and working with the Economic Team, she successfully led the negotiations that resulted in 60% or $18 billion debt cancellation for Nigeria from the Paris Club, the second largest in the club’s history. By so doing Nigeria’s external debt burden was brought down from $35 to $5 billion following a Paris Club deal which included an Innovative Discounted Buy Back Operation. She is still attracting for Nigeria huge international respect and high rating in managing the economy. It is clear that one of her greatest challenges is the endemic corruption in the system. She introduced the practice of publishing each state’s monthly financial allocation from the federal government in the newspapers. This is done with the aim to properly equip the Civil Society Groups in particular and the public in general with sufficient information to hold the various state governments accountable. She has managed to carry on with the activities of her ministry without blemish. Okonjo-Iweala is also not very desperate to stay in office at all cost. In response to a question posed to her by a reporter, while she was being nominated to vie for the office of World Bank President, she said: “Nobody is indispensable!”. “If the African leadership want me to [lead the World Bank] and they think this would be good for the continent and my country, and the President is willing, then I will look at it, because it’s an honour.” We must acknowledge that Nigeria continues to attract foreign direct investments on account of her goodwill and confidence which she engenders. Working under two presidents, Okonjo-Iweala has proved to be a major asset to the country. She is notable for being the first woman to hold the office of finance minister and foreign affairs minister in Nigeria’s history. She was instrumental in helping Nigeria obtain its first ever sovereign credit rating (of BB minus) from Fitch and Standard & Poor’s. This has helped the country to attract foreign direct investments and jobs. It has also empowered Nigerian businesses to take better advantage of international opportunities leading to more business, investments and jobs. She put in place the Sovereign Wealth Fund (SWF) and Excess Crude Account (ECA) for savings above the benchmark price in spite of strong resistance from the opposition governors and in proactive anticipation of the rainy day such as we are in today. This hard working Minister of Finance who has been a stabilising force in the management of our economy must not be hounded out of office. She must be encouraged by all well-meaning Nigerians to stay on and finish the good work she is doing in laying solid foundation for our economy. •Akparanta, a media practitioner and public affairs analyst, wrote from Abuja. http://www.tribune.com.ng/quicklinkss/opinion/item/26014-okonjo-iweala-s-integrity-and-the-economy |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by LRNZH(m): 2:40pm On Jan 08, 2015 |
[b]Foul.... Look at the following statistics and tell me if NOI is being sincere defending GEJ's non performance. OBJ (2007 Ave.) Reserves: $53 billion National Debt: $17Billion (12% of GDP) Oil Price: $64/barrel Yar'adua (2009 Ave.) Reserves: $42 billion National Debt: $21Billion (11.6% of GDP) Oil Price: $53/barrel GEJ (2014 Ave.) Reserves: $38 Billion National Debt: $49Billion (18.5% of GDP) Oil Price: $89/barrel Oil Price Chart: www.nairaland.com/attachments/2006543_2015010806_09_56_jpeg2ff3fed32640f68a143f27ad54c27917 With the best oil price regime sustained over a long period, GEJ's govt cannot claim to have performed better that Yar'adua or OBJ. Nigeria may never get the sustained high oil price oppprtunity we got under GEJ. But under GEJ, no improvement in Power, worsening Security, No Refineries, Oil bunkering of 400,000 barrels per day ($10 Billion per annum revenue loss). Again, who is fooling who? GEJ has the worst stewardship of the past 3 PDP Presidents. NOI is destroying her reputation by defending this. Two other pertinent questions are 1.Shybis she hiding the salaries of political office holders and being sued to court for this? 2. Why is she hiding the PwC forensic audit report on the missing $10 Billion or $20 Billion in NNPC? [/b] References- Reserves: http://www.thisdaylive.com/articles/2007-2012-movement-in-foreign-reserves-account/138991/ http://dailyindependentnig.com/2014/06/external-reserves-shed-11-45b-one-year/ World Debts: http://www.economist.com/content/global_debt_clock?page=8 Oil Price: http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp Chart- http://www.nasdaq.com/markets/crude-oil.aspx?timeframe=10y GMB 2015. Anticorruption is in our DNA 2 Likes |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by Curlieweed: 3:00pm On Jan 08, 2015 |
LRNZH: Do you Buhari supporters have a quarrel with mathematics and economics? Nigeria's GDP in 2014 was $510 Billion, so how can a National Debt of $49Billion be 18.5% of GDP? |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by LRNZH(m): 3:10pm On Jan 08, 2015 |
Curlieweed: You are referring to a rebased GDP under GEJ in 2014. If you want to compare them, you have to either use a non rebased or rebased GDP for all of them. For the purpose of comparative analysis, The Economist from which the debt data comes from used a non rebased GDP throughout, which is about $265 Billion in 2014. Is that the only apparent 'weakness' you could identify? You should still be worried about the increasing debt profile (Debt > Reserves for the first time since exiting the Paris club) under very high oil prices and insignificant capital expenditure under GEJ. Please grow up and argue issues without name calling. |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by Curlieweed: 3:26pm On Jan 08, 2015 |
LRNZH: First, I didn't do any name calling in my post. Buhari is just a pet name for the Animal in Human Skin. Secondly and unfortunately, you can't pick and choose imaginary GDP numbers to suit your mission. Thirdly, your Apeeshit Lagos state Government (as well as a number of other apeeshit states like Rivers State and my Imo State) contributed hugely to increasing the national debt in question. In fact your Rotimi led the charge to give his brother governors the right to waste the Excess Crude Account. Fourthly, we have had an unprecedented period of globally low interest rates and it's actually very prudent to take advantage of these low interest rates to secure funds for long overdue infrastructure projects. |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by LRNZH(m): 3:45pm On Jan 08, 2015 |
Curlieweed: [b]1. Buhari, Apsheet is name calling silly. 2. Nope. You stay consistent with your variables if you're running a comparative analysis. I don't know who you are but that The Economist is picking numbers out of their butts is highly impossible. They are using non rebased GDP and I confirmed it. However you look at it GEJ, rebased GDP or not, GEJ is worse off. 3. I blame a weak GEJ for playing politics and pandering to the governors request to spend if the story is even true. Another evidence that he lacks vision to instil fiscal discipline in his administration. Let's not even talk about the revenue losses from oil bunkering and missing funds from Gov't parastatals. 4. You make me guffaw here. At an average of $95 per barrel between 2011 and 2014, there should be enough saving for those long term projects. At least even if you're taking advantage of low interest rates to borrow, there should be a significant amount of savings and not debt surpassing depleted savings. Those rates are not even locked in. They fluctuate. GEJ and NOI have failed in this regards. Long term infrastucture projects. I bet you mean refurbishing trains, building 400mw substations and a phantom Niger bridge that will be on toll for 25 years. Please we are trying to secure Nigeria for ourselves and the unborn. No need to use the lens of politics to twist logic on its head. [/b] |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by jpphilips(m): 4:15pm On Jan 12, 2015 |
LRNZH: I agreed with everything you wrote hitherto except your position on the Excess crude revenue account. People confuse that account with the Foreign reserve, they are two different accounts as confirmed by Sanusi. Before you blame the Governors for asking for the money to be shared, ask yourself, what was the money being used for? It is on record that OBJ on Soludo's advise who opened the account paid subsidy from it and got us debt relief from the same account. The Governors made their demands when it became clear that Yaradua's election was funded from that account. secondly, Jonathan has no plan what so ever for that account except looting, he seems not to even understand what OBJ had in mind saving up such money. Ask yourself, even after the sharing, part of the FG share of $1b was set aside as our SWF, tell me, where has Jonathan invested it? it has been 3yrs since the Lump sum ECR was shared. You are dealing with a totally clueless man here and no amount of re branding will change that. About the person Eulogizing Iweala, was Iweala not the one who guaranteed the external loans for most governors? why will she do that? every month she pays them their allocation, share ECR then guarantee loans for them, no attempt to coerce Mr clueless to wake EFCC from slumber to put the Govs on a tighter leash, it was a jamboree under Iweala's watch. Have you bothered to find out why OBJ fired her? Iweala is as dumb as Mr clueless. |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by jpphilips(m): 4:16pm On Jan 12, 2015 |
FELLOW NIGERIANS, IS THIS THE PRESIDENT YOU DESERVE? May the Judgment of God not befall us and our families if with our votes we deliberately return a Govt of Hunger, corruption and death to the Nigerian people. Kindly distribute through your BBM and Whatsapp contacts, enough is enough!! November 2014, Jonathan shocked Nigerians with the news that Boko haram has taken control of 6 towns in 4 LGA’s the height of incompetence in balkanizing the Nigerian state, a week later, Nigerians were blown away by series of austerity measures handed to them for their stupidity in 2011. The naira was devalued at the pretext of drop in oil prices but Nigerians never asked why the Naira never appreciated when the oil price was increasing? If the foreign reserve were not stolen, Nigeria would have weathered the storm for at least 6months like we did during the global melt down of 2004 and 2008, unfortunately, the incompetence of the Jonathan administration has brought grave consequence on the Nigerian people, Inflation and high cost of energy are likely consequences. According to Will Ross of the BBC “He said he hoped a parliamentary investigation would also find out why the country's Excess Crude Account had fallen from $11.5bn to under $2.5bn in a year - arguing that Nigeria's savings are a vital buffer against any drop in the global oil price and without this "rainy day" account, the economy is vulnerable and exposed. October 2014; Ladies and Gentlemen, the President of the Federal republic of Nigeria uses a militant Asari Dokubo for black market gun running, evident from the grounding and seizure of over $10m by the South African authorities. September, 2014, The Nigerian Government admitted ferrying over $10m in a private jet for arms procurement, where do we draw the line between money laundering and arms procurement? I asked myself about the recent helos that was delivered by Russia recently if it was purchased in the same manner, agree with me or not, Jonathan is neck deep not just in corruption but money laundering. August 2014: As a result of the unabated corruption in the Nigerian Military, Mutiny of July gave rise to Boko haram declaring a caliphate on Nigerian Soil, Gentlemen and Ladies, Jonathan Has once again made a history of Incompetence. Never in the history of Nigeria have we ceded territories to bandits. July 2014: saw a president who went to sleep while neighboring West African countries battled with the Ebola virus, his negligence paid off when Patrick Sawyer brought the deadly virus to Nigeria unabated. Since August 2012, when the Ebola outbreak began, The Nigerian govt had no single emergency response plan in place. $11m emergency fund and N480m budgeted for the control of infectious diseases in the 2013 budget never got to the Lagos state government, the Nigerian Ebola Epicenter. Still in June, we saw the worst abuse of his Royal majesties powers when he barred APC Governors from attending a rally in Ekiti state with soldiers, meanwhile Boko Haram is still having a field day in the North. The senate revealed to Nigerians how the president Mis appropriated over 685b kerosene subsidy fund May 2014: [/b]left us with this shocking statement “Jonathan, who was asked to comment on the allegations of corrupt practices leveled against some of his ministers, had said that nobody was above mistakes and that if he were to be acting based on reports on each of them, “no one will stay for more than six months in office.” [b]Mere stealing we call corruption" Still in the same month after the corrupt tales of embezzlement and diversion of military budget, the clueless one finally offered Amnesty to a terrorist group, the first of its kind, in the world. An Indication that the Jonathan’s administration is run by a den of thieves. April 2014: reminded us the climax of Jonathan’s administration where he went on a jamboree while book haram held over 200 young girls, hostage, April never ended before the Dizeani madueke’s 10billion naira scam reached a climax. March 2014: just before the centenary celebration where Abacha of all people was a beneficiary, scores of Innocent school children were murdered in Adamawa sate. Feb 2014: saw the illegal suspension of the CBN Gov.at a time the nation was in dire need of foreign direct investment, the Kidnap of the president’s foster father is a realistic score card on his strides on security. January 2014, a presidential committee was set up to investigate the October scandal of stella odua who came with a guilty verdict, yet she kept her job. December 2013: ushered the yuletide of Obasanjo’s “before it is too late”, several corruption allegations and the extremism of the Jonathan’s administration, the impunity of plundering the people’ s common wealth and the tenacity of talking drums like Abati who have earned a reputation in insulting the sensibilities of Nigerians.10 bullet proof vehicles purchased by DICON for its top brass November 2013: the CBN Governor raised an alarm that under Jonathan’s watch, the NNPC diverted $49billion dollars, fellow Nigerians, are we not tired of condoning corruption? October 2013: ushered a month of corruption coronation in Jonathan’s camp, where the Aviation minister coerced the NCAA to purchase 2 fairly used armored 2008 BMW to the tune of $800,000 each. September 2013: President Jonathan took a record breaking 600 men entourage for the UN General assembly in New york August 2013: After the billions of dollars spent in revamping the nation’s airports, skytrax world airport ranking for Africa showed Nigeria didn’t make it to top 10 in Africa neither did it make it top 100th place in the world. Whereas Ethiopia and Mauritania made it to position 9th and 8th respectively, what a shame. July 2013: transparency international rated Nigeria as the 8th most corrupt country in the world. June 2013: World Bank appraised him thus; “Nevertheless, improvements in social welfare indicators have been much slower than would be expected in the context of this growth. Poverty reduction and job creation have not kept pace with population growth, implying social distress for an increasing number of Nigerians. Progress toward the fulfillment of many of the Millennium Development Goals has been slow, and the country ranked 153 out of 186 countries in the 2013 United Nations Human Development Index” the World Bank said. May 2013: The president after wasting tax payer’s money on an entourage as long as the third mainland bridge went sleeping while his foreign affairs minister represented him in his presence during the AU summit in Addis ababa. Just outside President Goodluck Jonathan's office sat 17 ambulances, just in case he or one of his aides fell ill. They were seldom if ever used. No actual health-care facility nationwide had as many, and in fact a few still have none at all. But as soon as a Nigerian newspaper took a photo of the ambulances and published a story about them, they suddenly disappeared -- probably to an underground garage. March, 2013: we witnessed the height of moral bankruptcy when Mr President granted presidential pardon to the biggest criminal in the history of our democracy, Alamesigha to prepare him for a senatorial seat. February 2013: amidst the short fall in crude prices, the president smuggled into the 2013 budget a 2bn appropriation fund for the office of the first lady February 2013: the office of the presidency denied vehemently that the first lady was on vacation in Germany only for them to organize a survival party with tax payer’s money. Is this the kind of leader you want to hold to his words? In January 2013: the erst while madam due process and former minister for education challenged the charlatans of jonathans’ administration to a debate on accountability of $67b as expected, honorable cowards and pen thieves, absconded as usual November 2012: President Jonathan approved 2.2bn naira for the construction of a banquet hall in the villa. At a time our debt profile was all time high As commander in chief, he stood dumb while a military helicopter was used for "kabu-kabu" at oronto douglas father’s burial that error in judgment alone claimed the life of a sitting Governor. and the most brilliant NSA Nigeria has ever produced. October 2012: blatantly refusing to appeal the ICJ’s decision on ceding bakassi, thereby throwing Millions of Bakkasi indigenes into pandemonium refusing to cut down on foreign trips and cost of Governance, contrary to his Nationwide address of 7th Jan 2012. October 2012: Mr president’s administration spent 1.5 billion to patch the 3rd mainland bridge, 4 months later, triple of that amount was expended again on maintenance alone, Talk about waste and incompetence August 2012 : He said our foreign reserve is 42billion usd , is that not only on iweala's notepad? How can you have external debt of 48bn usd and come home to deceive us that we have reserves? How much services that 48bn plus interest annually? Nearly 25% of 48bn. August 2012: Under his watch militants earn 10% of the Nation's revenue, $22.5m, $9m and $12.5m for tompolo, Ateke and Asari as national honors. He twisted facts during the Independence Day speech on his fight on corruption, in contrast to what the transparency international claimed. By august 2012, 2012 budget implementation was just 13% over 5, ooo Nigerian lives gone, Mr president is still trading words and negotiating with boko haram, we remain grateful that a quasi state of emergency came to be, at least I cant imagine an SOE where the State Govs sit tight to control state funds while the FG fight their battle. July 2012: its 3yrs gone and he is yet to commission from scratch a new power plant worst still fired the only human being in his cabinet who knows his onions in the power sector. July 2012: Mr President earned a congratulatory message for implementing local content policy by importing 200 luxury brands at the cost of over 13.5 million each for a 4 day first ladies summit. While our manufacturing industries beg for patronage. June 2012: Almost all teaching hospitals in Nigeria have no functional dialysis machine, the most sought of this equipment cost just 5m naira. Statistics has it that more than 60,000 Nigerians die yearly of a kidney related ailment, however, he jets out with his cohorts to seek medical help elsewhere. ferma is seriously patching federal highways with a budget of over 80 billion naira, there is no coordination between, the MND, NDDC and Federal ministry of works on road maintenance, same contract is awarded over and over before the job is done. JUNE 2012: Under his watch, the giant of oil and gas reserves is undergoing its worst energy crisis in the world. tanker drivers alone can cripple his supply network as they wish not to talk of ordinary Niger republic coming to our rescue via imports. In case you have not heard, Nigeria is very close to Afghanistan on security progress under Jonathan's watch. June 2012: Education is in crisis. With adult literacy at 57 per cent, overall illiteracy at 66 per cent and more than 10 million out of the 30 million children of primary school age not in school, no serious government should be comfortable. When 40 million adults in a population of 170 million are illiterate, the country is ranked 161 out of 180 countries in the United Nations Comparative Index of Literacy 2012, and has an unemployment rate of 23.7 per cent, it’s no longer news that only 26% of school leavers gain admission into the universities and only 5% are employed after school thanks to ASUU’s 6 months strike. June 2012: Mr president’s economic blind men have blessed us with all time high of 37.5% inflation though his mickey mouse cbn governor is still claiming 28%, wondering what he will be claiming now that all bankers are at home, naira devalued, unemployment on the rise etc He still maintains a single digit inflation on paper, I dey laugh. Mr president is the only Nigerian president that has not initiated a successful programme even Abacha did better with ptf while IBB with FSP and MAMSA, Mr president is still confused with ''YOU WIN''and SURE-P, with zero benefit to the Nigerian people. on that same vein, Nigeria has the second record high job cuts within the last 2yrs, if in doubt ask the bankers and manufacturing industries. before his ascension into power, the naira was in a sorry state of 150 to 1 dollar today, Jonathan has handed us an unstable 182 to 1 dollar June 2012: The dana crash is a testimony that Mr president’s aviation is comatose, not even the attorney general could challenge the allegations of the dana staff in court, in a national disaster of that magnitude? The girl could have served as a prime witness in a class action against dana Less than 6months of inconclusive investigations, DANA air hit the Tarmac again. Still on military, Nigeria has the most under educated junior military officers, before you ask how, Mr president is too lazy to ask him self why imo with highest national examination enrollments still have the least NDA and police academy enrollments, while borno and zamfara as educationally less privileged, have higher quota than Delta and Anambra put together in military enrollments. Nepotism and corruption at its best Mr President is the only head of state in the world whose wife is a ministry of its own. January 2012: Under Mr president’s watch, a 250bilion subsidy programme rose to 2 trillion naira yet no arrest, no conviction, no sack, the best miserable Nigerians could get was an AWOL attorney general after 7days of protests. Height of incompetence and corruption. Mr President is the only president in the world whose parliament gulps 75% of the national budget as alleged by the CBN Gov. yet they still soak themselves in $625m bribery scandal. Jonathan has not even initiated let alone fulfilling a single campaign promises except the one that he needs to surround himself with brain dead women in his cabinet. Nigerians say thank you Sir, for your 6 wasted years of leadership. |
| Re: Okonjo-iweala’s Integrity And The Economy By Peter Akparanta by laudate: 1:19am On Jan 13, 2015 |
mlane: Akparanta is wrong. She did NOT put in place the Sovereign Wealth Fund. That fund was set up by Olusegun Aganga when he was former finance minister...  |
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