Ngozi may go down in history as the most famous Minister of finance Nigeria has ever had. I doubt if previous ministers of finance were scrutinized and castigated as much she was.

But let me ask please – What crimes did Ngozi commit that she is so much vilified and abused by Nigerians? Why do Nigerians blame all their economic problems on Ngozi? Is it because she was conferred with the ceremonial title of “coordinating minister of the economy”?

I have found out that many people who accuse Ngozi of destroying the Nigerian economy are blatantly ignorant of how the Nigerian economy is setup and the duties of the minister of finance.

For starters, there are two ways of controlling an economy – Fiscal Policy and Monetary Policy.
Fiscal policy is the use of government revenues and expenditure to stimulate economic growth while monetary policy is basically the use of money supply (e.g. interest rates) to stimulate economic productivity.
Fiscal policy in Nigeria is maintained and managed by the Ministry of Finance while monetary policy is managed by the central bank of Nigeria.
I find it highly hypocritical that nobody ever accuses the CBN of not doing enough to stimulate economic growth and employment. Incidentally, majority of Nigerians are ignorant of the duties and functions of the CBN.
It is the duty of the Central bank to control and manage
- interest rates;
- inflation;
- foreign exchange reserves;
- the national credit system;
- exchange rates
In Nigeria however, we often accuse Ngozi of depleting our foreign reserves, we accuse her of the high exchange rates; we accuse her of unemployment; we accuse her of inflation; we accuse her of everything wrong with the economy. These aren't her duties.

Ngozi does not control exchange rates, the CBN does
Ngozi does not manage or control our foreign reserves, the CBN does
Ngozi does not control inflation, the CBN does
Ngozi’s job is to manage the revenues and expenditures of the federal government; how your state governors spend their allocation and revenues is not her concern.
She has carried out her duties to the best of her ability and I can’t think of any previous minister of finance that did a better job than Okonjo Iweala.

Nigerians should learn to apportion blames to whom they are due

Blame the CBN for inflation
Blame the CBN for high rates interest
Blame the CBN for not managing the foreign reserves properly
Don’t blame Okonjo Iweala


Thank you.

AregbeRascal and his legion of daft Osun plebs should take not!

.....

I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

kayceshow:
.....

Jklue007:
..

speechless fools are having a meeting on how to respond to this post

come and clear this space above of your stup1dity

Sanusi did so much damage as CBN governor.

This useless goat used public funds to sponsor Boko Haram, the APC and constituted himself as an executive donating hundreds of billions to the north towards securing his much wanted emirship.

But by far the worst he did was to invest huge chunk of our money in a crude medieval banking system.

Fools will never know the truth if it smacked them right in their fore-heads

[quote author=Sweetguy25 post=34017906]Ngozi may go down in history as the most famous Minister of finance Nigeria has ever had. I doubt if previous ministers of finance were scrutinized and castigated as much she was.

But let me ask please – What crimes did Ngozi commit that she is so much vilified and abused by Nigerians? Why do Nigerians blame all their economic problems on Ngozi? Is it because she was conferred with the ceremonial title of “coordinating minister of the economy”?

I have found out that many people who accuse Ngozi of destroying the Nigerian economy are blatantly ignorant of how the Nigerian economy is setup and the duties of the minister of finance.

For starters, there are two ways of controlling an economy – Fiscal Policy and Monetary Policy.
Fiscal policy is the use of government revenues and expenditure to stimulate economic growth while monetary policy is basically the use of money supply (e.g. interest rates) to stimulate economic productivity.
Fiscal policy in Nigeria is maintained and managed by the Ministry of Finance while monetary policy is managed by the central bank of Nigeria.
I find it highly hypocritical that nobody ever accuses the CBN of not doing enough to stimulate economic growth and employment. Incidentally, majority of Nigerians are ignorant of the duties and functions of the CBN.
It is the duty of the Central bank to control and manage
- interest rates;
- inflation;
- foreign exchange reserves;
- the national credit system;
- exchange rates
In Nigeria however, we often accuse Ngozi of depleting our foreign reserves, we accuse her of the high exchange rates; we accuse her of unemployment; we accuse her of inflation; we accuse her of everything wrong with the economy. These aren't her duties.

Ngozi does not control exchange rates, the CBN does
Ngozi does not manage or control our foreign reserves, the CBN does
Ngozi does not control inflation, the CBN does
Ngozi’s job is to manage the revenues and expenditures of the federal government; how your state governors spend their allocation and revenues is not her concern.
She has carried out her duties to the best of her ability and I can’t think of any previous minister of finance that did a better job than Okonjo Iweala.

Nigerians should learn to apportion blames to whom they are due

Blame the CBN for inflation
Blame the CBN for high rates interest
Blame the CBN for not managing the foreign reserves properly
Don’t blame Okonjo Iweala


Thank you.
[/quote

Thank you so much. it's only financial expert like you that can see through all these recent happenings in the country to know no I doesn't deserve all the criticisms she's getting. in as much as I agree with you I still think she deserve to be blamed cos she controls fiscal policy which can be used to promote growth and development.

Ngozi's job is to manage the revenues and expenditures of the federal government.

I think the above highlighted is where she gets most of her blame from. Most people believe the government has not managed her resources well, the government has continued over 4 years now to run a recurrent expenditure based budget with less than 50% implementation on the average. Organizations like the NPA and Customs fall under her jurisdiction but these organizations have been tainted with high level corruption.

With crude oil above $100 a barrel, almost double the budgeted cap, Nigerians expect to have savings and more foreign reserve. Against the advise of previous government and experts, she shared the excess crude account with the states until 2013 when they last got money from that source, with the revenue which should go into that account unaccounted as at 2015

The management of the NNPC revenue has also been in question under her watch, the NNPC was running a blank check and made much excesses including making direct deductions in excess of $20 billion before making payments into the federation account, she appeared to be negligent instead of confrontational in that regard.

The summary of this is that the government under her watch was wasteful with revenue which led to further depletion of the external reserves and increase of Nigeria's debt profile

She was managing the nations treasury, but it was rather the ex-CBN boss who recommend to the FG at some point to prune its workforce down in order to save money for capital projects, but nothing "meaningful" was done in that regard.

These are not a one-sided opinion, her projects were successful but they didn't make much meaningful impact on the economy generally, they merely scratched the surface considering the huge revenues that accrued to government within the period she was finance minister.

I am not saying she is to completely blame on this, do not forget we have a president who is the commander in chief, and whose lackluster leadership could impede the efforts of his subordinates

Conclusion
If an economy fails or gets mismanaged, the finance minister takes most of the blame as much the president because she was the financial adviser and manager of the government. Much similar to when a sports team fails in many outings, blame goes to coach and managers

@sweetguy25

WombRaiders:




speechless fools are having a meeting on how to respond to this post

come and clear this space above of your stup1dity

Yanga de sleep, trouble de wake am. Eyaaa.

WombRaiders:
Sanusi did so much damage as CBN governor.

This useless goat used public funds to sponsor Boko Haram, the APC and constituted himself as an executive donating hundreds of billions to the north towards securing his much wanted emirship.

But by far the worst he did was to invest huge chunk of our money in a crude medieval banking system.

Fools will never know the truth if it smacked them right in their fore-heads

Inflation under Sanusi averaged double digits. That man failed at his core task as a central banker. I'm embarrassed that he has the guts to talk about economic mismanagement.

I agree most of the criticism of NOI is exaggerated and stems from, depending on the critic, economic illiteracy and ethnic animus. She is, however, guilty by association in the sense that by being a principal player in a corrupt and inept Government, she cannot simply wash her hands off some of the Government's failings. I think she operates under a misguided sense of patriotism nut Nigeria is no place for patriotism.

socialmediaman:

I think the above highlighted is where she gets most of her blame from. Most people believe the government has not managed her resources well, the government has continued over 4 years now to run a recurrent expenditure based budget with less than 50% implementation on the average. Organizations like the NPA and Customs fall under her jurisdiction but these organizations have been tainted with high level corruption.
With crude oil above $100 a barrel, almost double the budgeted cap, Nigerians expect to have savings and more foreign reserve. Against the advise of previous government and experts, she shared the excess crude account with the states until 2013 when they last got money from that source, with the revenue which should go into that account unaccounted as at 2015
@sweetguy25

The above criticisms are disingenous as it is belied by reality. Please, when was NOI ever against building up the excess crude account? It's incredibly hilarious to claim that NOI was the one who wanted it depleted whilst others gave her advice to increase it.

ABUJA – Coordinating Minister for the Economy and Minister of Finance, Mrs. Ngozi Okonjo-Iweala, yesterday raised alarm over the depletion of the Excess Crude Account, which stands at a mere $ 3.6 billion.

Speaking at the first civil society forum organized by her ministry to acquaint civil society groups with the Jonathan transformational agenda, Okonjo-Iweala also appealed to state governors challenging the constitutionality of the Sovereign Wealth Fund to have a re-think, noting that the Fund is critical to national survival given Nigeria’s mono-economic status.

According to her, the nation could go broke in the next few years if it does not initiate savings from oil proceeds while lamenting that the Excess Crude account which has depleted to $3.6bn cannot sustain the nation in the event of an economic crisis.
- See more at: http://www.vanguardngr.com/2012/04/okonjo-iweala-raises-alarm-over-depleting-excess-crude-account/#sthash.ZtXi5GPl.dpuf

Should the price of oil drop we have no question. The $3.6bn in the excess crude account is not enough to sustain Nigeria for any period of time. Now that the price of oil is high we should be happy but because the quantity we produce as a country has dropped, we are not selling expected quantities so not much money is coming in. We are selling below budgeted quantities”.

She also disclosed that the Sovereign Wealth Fund which was created from the excess crude account could have been launched with more than $1bn but for stiff opposition from state governors who only sanctioned its creation with a capital of $1bn.
- See more at: http://www.vanguardngr.com/2012/04/okonjo-iweala-raises-alarm-over-depleting-excess-crude-account/#sthash.ZtXi5GPl.dpuf

She warned Nigerians but Nigerians won't listen.

Let GMB come first. We'll know whether it is true or false.

4Play:
I agree most of the criticism of NOI is exaggerated and stems from, depending on the critic, economic illiteracy and ethnic animus. She is, however, guilty by association in the sense that by being a principal player in a corrupt and inept Government, she cannot simply wash her hands off some of the Government's failings. I think she operates under a misguided sense of patriotism nut Nigeria is no place for patriotism.



The above criticisms are disingenous as it is belied by reality. Please, when was NOI ever against building up the excess crude account? It's incredibly hilarious to claim that NOI was the one who wanted it depleted whilst others gave her advice to increase it.

The write up didn't claim she wanted to deplete the excess crude account, remember the previous government before GEJ's established the account to be more project based than shared between states, but on pressure from states, the government decided to share it, that was seen a decision error coming from an expert. In business, you cannot claim to have made success when your decisions didn't result in success.

socialmediaman; is it that you're this dumb or you choose to use your backside to reason...

As usual, you wrote a thesis of simply myopic and uninformed submission... Nigeria is really doomed with brains like yours littering everywhere... And unfortunately, you aren't ashamed of these senseless posts that show how uninformed you're...

NOI isn't perfect but exhibited some great ingenuity while working with some treacherous beings like SLS; whose term as CBN governor would go down in history as the most rancorous worldwide... I am yet to see another CBN governor worldwide in the news always like him both for economic and none economic reasons...

Our IPPIS and some other initiatives are to her credit...After her term comes other opportunities for her...For I am sure, she would continue being an international player while her detractors who are mainly local champions continue with throwing muds locally...

Op, the issue is that okonjo iweala made great economic impacts in the country for people who are willing to tap from the policies she created. The only problem is that we have more lazy people than hardworking people in the country, how would an almajiri in street have the economic policies from okonjo manifest in his life? Before one would expect progress that person should be able to balance himself for the gains of the economy. The fact remains that we have more rich people than before. It was quite rare to see an okad man build a house before but now okada men build houses, we no longer count wealth with cars unlike before when it is rare to see a youth driving a car. Most of the people condemning okonjo here are richer than they were 6 years ago but they would rather say that it is their pastor's prayer that helped them. Forget about the rantings.

socialmediaman:


The write up didn't claim she wanted to deplete the excess crude account, remember the previous government before GEJ's established the account to be more project based than shared between states, but on pressure from states, the government decided to share it, that was seen a decision error coming from an expert. In business, you cannot claim to have made success when your decisions didn't result in success.

You made a specific claim that she shared the excess revenues against advice but that claim is misleading and disingenous because it conveys the impression that she wanted the account depleted. No one railed repeatedly against depleting the account more than she did so the depletion of the account, contrary to her advice, hardly counts against her. She didn't decide to deplete the account, she was compelled to as you cannot maintain the account without the support of the Governors and the President. If we had done what she advocated, we won't be in this position.

4Play:


You made a specific claim that she shared the excess revenues against advice but that claim is misleading and disingenous because it conveys the impression that she wanted the account depleted. No one railed repeatedly against depleting the account more than she did so the depletion of the account, contrary to her advice, hardly counts against her. She didn't decide to deplete the account, she was compelled to as you cannot maintain the account without the support of the Governors and the President. If we had done what she advocated, we won't be in this position.

Can you just ignore this socialmediaman as he keeps typing LONG uninformed posts all over this forum...

See his skewed submission on NNPC...
Then to NOI depleting ECA...
To events in custom & NPA...
and so many others...
I get irritated seeing people misleading others in the name of trying to claim intelligent and informed folks...

Jklue007:
I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

It's a choice in life to choose what to believe... Truth or falsehood?... Right or Wrong?...its all by choice...Choosing to call me a thief though false is your choice and can never make me one...So also in this regard here...thanks

I

4Play:


You made a specific claim that she shared the excess revenues against advice but that claim is misleading and disingenous because it conveys the impression that she wanted the account depleted. No one railed repeatedly against depleting the account more than she did so the depletion of the account, contrary to her advice, hardly counts against her. She didn't decide to deplete the account, she was compelled to as you cannot maintain the account without the support of the Governors and the President. If we had done what she advocated, we won't be in this position.

Ok apologies i was quoted out of context, that wasn't my intention. My purpose was to highlight that as an economic expert of the government, there are 2 ways to criticize government's decision, one is by proposing an alternative solution, the second is by outright criticism. For instance, government's recurrent gulps most of the state's budget, but the government wouldnt find it easy to relieve people of their jobs without a solution for them out there, but as the economic coodinator, you should be able to come up with a solution, let's say, how about relieving these people while using the money saved to loan them to set up business on their own... Just an instance, I'm actually trying to find out whose fault was that of recurrent expenditure budget, if it's not hers then it must be the president's and also other chief economic players like ex-CBN governor

socialmediaman:


I think the above highlighted is where she gets most of her blame from. Most people believe the government has not managed her resources well, the government has continued over 4 years now to run a recurrent expenditure based budget with less than 50% implementation on the average. Organizations like the NPA and Customs fall under her jurisdiction but these organizations have been tainted with high level corruption.

It is not Ngozi’s duty to implement the budgets of the various MDAs. Once the budget has been passed, it is up to the MDAs to implement their budgets. They don’t need Ngozi to give them the go ahead. Also, I believe (from what I’ve read) that Ngozi tried her best to reduce inefficiency and corruption in the customs service.
On recurrent expenditure, it is not Ngozi’s fault that the federal government has a large workforce. The truth is that the recurrent expenditure of the FG will always be above 70 percent of the total budget. Some key ministries like education and defense don’t typically budget for capital projects.

With crude oil above $100 a barrel, almost double the budgeted cap, Nigerians expect to have savings and more foreign reserve. Against the advise of previous government and experts, she shared the excess crude account with the states until 2013 when they last got money from that source, with the revenue which should go into that account unaccounted as at 2015

We already had reserves of over 30 billion dollars, there was no need to infuse more dollars into reserves when we are in dire need of infrastructural development. On how the excess crude revenues were shared, please read the link below.
http://allafrica.com/stories/201501081299.html

The management of the NNPC revenue has also been in question under her watch, the NNPC was running a blank check and made much excesses including making direct deductions in excess of $20 billion before making payments into the federation account, she appeared to be negligent instead of confrontational in that regard.

The NNPC does not function under the ministry of finance and they NNPC were only acting according to the laws that made them. Lastly, she was never negligent or acted in that manner while the saga lasted.

The summary of this is that the government under her watch was wasteful with revenue which led to further depletion of the external reserves and increase of Nigeria's debt profile

If the MDAs and state governments waste the funds given to execute their administrative duties, how is that the fault of Okonjo Iweala?

She was managing the nations treasury, but it was rather the ex-CBN boss who recommend to the FG at some point to prune its workforce down in order to save money for capital projects, but nothing "meaningful" was done in that regard.

This is a silly advice from a central bank governor.

I am not saying she is to completely blame on this, do not forget we have a president who is the commander in chief, and whose lackluster leadership could impede the efforts of his subordinates

Conclusion
If an economy fails or gets mismanaged, the finance minister takes most of the blame as much the president because she was the financial adviser and manager of the government. Much similar to when a sports team fails in many outings, blame goes to coach and managers

The central bank is also a financial adviser and banker to the federal government, why can't you blame them for not performing their duties properly?

Whynotthetruth:
socialmediaman; is it that you're this dumb or you choose to use your backside to reason...

As usual, you wrote a thesis of simply myopic and uninformed submission... Nigeria is really doomed with brains like yours littering everywhere... And unfortunately, you aren't ashamed of these senseless posts that show how uninformed you're...

what is this one saying, maybe u are referring to dumbo op.

socialmediaman:
I

Ok apologies i was quoted out of context, that wasn't my intention. My purpose was to highlight that as an economic expert of the government, there are 2 ways to criticize government's decision, one is by proposing an alternative solution, the second is by outright criticism. For instance, government's recurrent gulps most of the state's budget, but the government wouldnt find it easy to relieve people of their jobs without a solution for them out there, but as the economic coodinator, you should be able to come up with a solution, let's say, how about relieving these people while using the money saved to loan them to set up business on their own... Just an instance, I'm actually trying to find out whose fault was that of recurrent expenditure budget, if it's not hers then it must be the president's and also other chief economic players like ex-CBN governor

The recurrent expenditure is largely made up of personnel costs (wages/pensions). Nigeria's political reality means that announcing to public sector workers that you are going to cut their salaries or sack a third of them for instance is political suicide. I take issues with NOI's decision to serve in an administration led by an inept President. It was GEJ that ramped up public sector wages to bribe the electorate in the run up to the 2011 presidential elections:

The extension of the jumbo increase to other public servants as opposed to the core civil servants, THISDAY learnt, has shot the entire wage bill to N267. 4 billion.

President Jonathan had on May 1, 2010 promised to implement a new salary package for workers.
The new wage bill, which is said to be effective from July 1, 2010, shows an increase of N233,034,129,947 or 777 percentage increase from the present N34,388,156,375, which the Federal Government spends on core civil servants annually.
The wage bill is contained in a letter sent to the Minister of Finance Olusegun Aganga and Head of Service Steve Oronsaye by President Jonathan.

http://www.thisdaylive.com/articles/jonathan-extends-pay-rise-to-military-police/83428/

Once wages are set, it's politically impossible to reduce them. In a slightly different context, economists call this the sticky wage theory http://uneasymoney.com/2014/02/06/why-are-wages-sticky/. The other alternative is to sack workers but can NOI sack workers in ministries other than the Finance Ministry and was that politically possible? I don't think that was a viable option.

If you offer to cut a person's job in return for a loan, how many people would trade the certainty of a salary for the uncertainty of a business venture funded by money that they will have to repay? The loan has to be large enough to compensate for the risk of business failure. Given that the vast majority of businesses fail, most loans won't be repaid so Nigeria would incur huge fiscal costs which defeats the purpose of relieving the workers of their jobs in the first place.

Jesusloveyou:
what is this one saying, maybe u are referring to dumbo op.

how are u?...have you registered for the almajiri education?

Op were clever by half, we should not blame NOI,as d most famous finance minister and d first title holder of coordinating minister of d economy, who is like a prime minister. She supervise all d ministries and agency including power,cbn and nnpc etc. She takes d glory and d blames, she is d cause of all our problem.

4Play:


The recurrent expenditure is largely made up of personnel costs (wages/pensions). Nigeria's political reality means that announcing to public sector workers that you are going to cut their salaries or sack a third of them for instance is political suicide. I take issues with NOI's decision to serve in an administration led by an inept President. It was GEJ that ramped up public sector wages to bribe the electorate in the run up to the 2011 presidential elections:http://www.thisdaylive.com/articles/jonathan-extends-pay-rise-to-military-police/83428/

Once wages are set, it's politically impossible to reduce them. In a slightly different context, economists call this the sticky wage theory http://uneasymoney.com/2014/02/06/why-are-wages-sticky/. The other alternative is to sack workers but can NOI sack workers in ministries other than the Finance Ministry and was that politically possible? I don't think that was a viable option.

If you offer to cut a person's job in return for a loan, how many people would trade the certainty of a salary for the uncertainty of a business venture funded by money that they will have to repay? The loan has to be large enough to compensate for the risk of business failure. Given that the vast majority of businesses fail, most loans won't be repaid so Nigeria would incur huge fiscal costs which defeats the purpose of relieving the workers of their jobs in the first place.

I agree with many of your submissions, though I cannot completely absolve her of certain hardliner decisions that were imminent to the success of the administration which could not be taken, possibly for political reasons.

For instance, on the wage issue, I think it was perfectly okay to increase wages, especially if that was commensurate with output.. In some organizations, extra wages are paid based on dedication and work input, these are all policies that could be adopted. But notwithstanding, the hard decision needed to be taken to prune the workforce and overhead of government but everyone seemed to be careful not to say the "F" word and incur the heat of the labour leaders, so the government continued living in waste and I guess everyone should be held accountable, especially the finance and CBN heads, though like I earlier pointed out, the CBN already asked govt to cut down its staff, though without a solution.

On the issue of offering the workers some soft landing for cutting down staff strength, it would be non-negotiable in this case because they Have to go, but you just don't wanna let them go empty handed, it's a better option than the way government used to do things.

The Steve Orasanye report clearly stated that many ministries have to go and government would be able to save N400 billion, this money could be invested back into the economy for direct employment generation through business empowerment.

I cannot blame NOI without blaming the Head of Government himself, Jona, that's where the major problem was. She could've done so much better within a less corrupt and loose government. She's taking the heat now for the excesses of the government.

Okonjo Iweala is a fraud. Pure and simple.

Sweetguy25:


It is not Ngozi’s duty to implement the budgets of the various MDAs. Once the budget has been passed, it is up to the MDAs to implement their budgets. They don’t need Ngozi to give them the go ahead. Also, I believe (from what I’ve read) that Ngozi tried her best to reduce inefficiency and corruption in the customs service.
On recurrent expenditure, it is not Ngozi’s fault that the federal government has a large workforce. The truth is that the recurrent expenditure of the FG will always be above 70 percent of the total budget. Some key ministries like education and defense don’t typically budget for capital projects.



We already had reserves of over 30 billion dollars, there was no need to infuse more dollars into reserves when we are in dire need of infrastructural development. On how the excess crude revenues were shared, please read the link below.
http://allafrica.com/stories/201501081299.html



The NNPC does not function under the ministry of finance and they NNPC were only acting according to the laws that made them. Lastly, she was never negligent or acted in that manner while the saga lasted.



If the MDAs and state governments waste the funds given to execute their administrative duties, how is that the fault of Okonjo Iweala?


This is a silly advice from a central bank governor.




The central bank is also a financial adviser and banker to the federal government, why can't you blame them for not performing their duties properly?

Actually my blame on her for the waste in government which may not have happened in only her ministry was due to the fact that she was coordinating minister of the economy. The economy can't survive if ministries and government agencies are wasteful

I commend her for her observation on the NIPC fraudulent activities that cost the economy $20 billion dollar loss due to import waivers initiated by the organization, that act was commendable, it showed she was keeping a watch, but yet, the government is a whole body and when it fails, the key players share the blame

I am not absolving the CBN at all in all these, but to an extent, they were doing some commendable job with banking regulation being one of their core duties

[quote author=Sweetguy25 post=34017906]Ngozi may go down in history as the most famous Minister of finance Nigeria has ever had. I doubt if previous ministers of finance were scrutinized and castigated as much she was.

But let me ask please – What crimes did Ngozi commit that she is so much vilified and abused by Nigerians? Why do Nigerians blame all their economic problems on Ngozi? Is it because she was conferred with the ceremonial title of “coordinating minister of the economy”?

I have found out that many people who accuse Ngozi of destroying the Nigerian economy are blatantly ignorant of how the Nigerian economy is setup and the duties of the minister of finance.

For starters, there are two ways of controlling an economy – Fiscal Policy and Monetary Policy.
Fiscal policy is the use of government revenues and expenditure to stimulate economic growth while monetary policy is basically the use of money supply (e.g. interest rates) to stimulate economic productivity.
Fiscal policy in Nigeria is maintained and managed by the Ministry of Finance while monetary policy is managed by the central bank of Nigeria.
I find it highly hypocritical that nobody ever accuses the CBN of not doing enough to stimulate economic growth and employment. Incidentally, majority of Nigerians are ignorant of the duties and functions of the CBN.
It is the duty of the Central bank to control and manage
- interest rates;
- inflation;
- foreign exchange reserves;
- the national credit system;
- exchange rates
In Nigeria however, we often accuse Ngozi of depleting our foreign reserves, we accuse her of the high exchange rates; we accuse her of unemployment; we accuse her of inflation; we accuse her of everything wrong with the economy. These aren't her duties.

Ngozi does not control exchange rates, the CBN does
Ngozi does not manage or control our foreign reserves, the CBN does
Ngozi does not control inflation, the CBN does
Ngozi’s job is to manage the revenues and expenditures of the federal government; how your state governors spend their allocation and revenues is not her concern.
She has carried out her duties to the best of her ability and I can’t think of any previous minister of finance that did a better job than Okonjo Iweala.

Nigerians should learn to apportion blames to whom they are due

Blame the CBN for inflation
Blame the CBN for high rates interest
Blame the CBN for not managing the foreign reserves properly
Don’t blame Okonjo Iweala


Thank you.

CC: lalasticlala[/quo. Ngozi is inept and incompetent as finance minister.I am disappointed that you support failures on the basis of tribal affiliation.

Kk

Don't Mind the hypocrites ,they enjoy persecuting the innocent and praise the guilty.