ayokellany:


The same excuse ediots likes you peddled for Jonathan blaming everybody except the culprit.

When Soludo was being blamed under Obasanjo did he request that you should blame CBN for his short comings ?

When Sanusi was being blames did he request Nigeria should blame CBN then ?

How coming it's when this fat Bleep is being blamed that we should blame every other govt agencies except her ?

You have obviously gone M A D for the submission you made.

Who is this fooool? Are u too stup-id to read? . The OP said don't blame Ngozi for all the problems. The economy is managed by both fiscal and monetary policies. CBN should share in the abuse too, same reason why brain dead like u blame GEJ for all 9ja problems and u now realise the governors are the main culprit.

Image123:


what is Ngozi Okonjo-Iweala's duties, you didn't say?

Her duties are the management of government finances and formulation of fiscal policy.

Sweetguy25:


Her duties are the management of government finances and formulation of fiscal policy.

Please what are her duties as coordinating minister for the economy?

Sweetguy25:


Her duties are the management of government finances and formulation of fiscal policy.

Please what are her duties as the coordinating minister for the economy?

ideykwum:
See, my good fella! The intricacies and interplays of managing an economy cannot be farmed out to one person. Good economic management is a compendium of various efforts largely led by the executive, legislators and the private sector! Key actors are the President (he sifts for good advice), the finance minister (tries to manage the current account via balancing revenues and expenditures), the CBN governor (the main catalyst for economic growth...an example is the US Federal Reserve Chairman); and the leaders of revenue generating institutions (Customs, NPA, NNPC etc).

I am not one of those who says Okonjo-Iweala has no blame...she has a fiducial responsibility to Nigerians and if her advice wasn't going down well, she should have signalled her disapproval by resigning!! My annoyance, rather, is with ethnic jingoists and re-writers of history who would single her out for blame, yet conveniently shield Sanusi et al!!

As all economists know, the primary management of the economy is that of the CBN governor, especially a CBN governor who enjoys the type of autonomy Nigeria's constitution allows!!!

Please, hypocrisy stinks!! I dey kwum back later to explain more!

These personal attacks are unnecessary, I just choose to ignore many of them because they're ill intended at forcing people to submit to a particular set of people's belief system that the chairperson majorly responsible for the management of the finances of a failed economy is clean from blame and rather deserves praise, I don't think so, not even the CBN chairman was, though we have talked about economic growth being a primary job of the CBN, the Nigerian economy has averaged about 7% growth in the past 7 years or so, and it's the biggest economy in Africa. But when it comes to management of the government's finances, it's been very poor, though there were reforms that succeeded. This act of puting all the blame on Sanusi and exonerating NOI is rather political. I know she's a due process woman, but she couldn't muster the courage to take some drastic decisions, they all hoped to correct the errors when GEJ was re-elected, but that failed, now see what's left of the economy

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

Is she your mother

Sweetguy25:
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.

Is she your Mother

Sweetguy25:


Your comment on the economy is untrue. The public sector comprises only a little part of the economy. Government agencies in Nigeria have always been wasteful but this never affected the economy negatively. The economy will survive whether government agencies are wasteful or not.
The key mandate of the Central Bank is to keep inflation low (below 5 percent).
Our economy depends on the naira and it is the duty of the Central Bank to ensure that the naira stays valuable, elastic and productive.
Our economy will die if interest rates continue to be over 18 percent and inflation over 10 percent.

Yeah Governments have been wasteful, but there are degrees of waste and finance management that may become intolerable to savings and growth. lets say Someone earning 100,000 and living on 80,000 expense, someone else earning 50,000 and living on the same 80,000 expense and both being under the same conditions, both could be wasteful considering certain other things but the 50k person might be thought to be insane. Let's not forget she was the same woman who arranged a debt buy back for the country few years ago. There are other things I do not want to go into on a public discuss that would rather be detrimental to the economic team's image, so I rather leave this on a diplomatic level as could be seen by everyone without bias.

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

GMB is not an economist, he's a cattle herder, a military coup plotter turned politician. He will only take what's explained to him or he goes to court.

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

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

God bless you for this analysis. The recurrent expenditure of this country has always been a heavy burden.

But sweetguy25 really opened my eyes to some things, that is if all he said is true.

Eruditor:


I don't hold briefs for SLS but I need to clear the air on his supposed "varying amounts" of missing money.

SLS wrote a letter to GEJ saying that NNPC had not remitted $49B. He could have directed it to Deziani instead but you and I know she listened to only GEJ during her time as Minister. GEJ did nothing about the letter till 6 months later when it leaked.

A NA probe panel was setup in which he then declared the unremitted amount to be $20B at this point. NOI claimed it was $10.8B and not $20B. They (her and Deziani) claimed that $9.9B was used for Kerosene subsidy. SLS didn't refute it until the second meeting they held where he insisted it was $20B. At this point Deziani, MD NNPC and NOI had claimed no money was missing at all as they came up with different flimsy and unsubstantiated reasons for the absence of $20B.

SLS at no time had said $49B was stolen. He only started using that word "stolen" when Deziani and co claimed nothing was missing. That is why to save face NOI hired PwC to come and cook the books. Those one's for fear of losing their job, reputation and lack of cooperation from the various parties just settled that at least $1.48B was meant to be refunded.

.
Small small de twist facts. Letter was written in September and leaked to obj and the press in November of the same year. Where did your six months come from?

Eruditor:


I don't hold briefs for SLS but I need to clear the air on his supposed "varying amounts" of missing money.

SLS wrote a letter to GEJ saying that NNPC had not remitted $49B. He could have directed it to Deziani instead but you and I know she listened to only GEJ during her time as Minister. GEJ did nothing about the letter till 6 months later when it leaked.

A NA probe panel was setup in which he then declared the unremitted amount to be $20B at this point. NOI claimed it was $10.8B and not $20B. They (her and Deziani) claimed that $9.9B was used for Kerosene subsidy. SLS didn't refute it until the second meeting they held where he insisted it was $20B. At this point Deziani, MD NNPC and NOI had claimed no money was missing at all as they came up with different flimsy and unsubstantiated reasons for the absence of $20B.

SLS at no time had said $49B was stolen. He only started using that word "stolen" when Deziani and co claimed nothing was missing. That is why to save face NOI hired PwC to come and cook the books. Those one's for fear of losing their job, reputation and lack of cooperation from the various parties just settled that at least $1.48B was meant to be refunded.

Although the tenure of Mallam Sanusi Lamido Sanusi, as Governor of Central Bank of Nigeria (CBN), had come and gone, the dust generated by his administration will remain for a long time to come. The administration which had been described as the most controversial in the history of the apex bank, became much more controversial in its twilight when Sanusi raised an alarm that whopping $49.8 billion was unremitted the Nigeria National Petroleum Corporation (NNPC) to federation account domiciled with CBN.
Sanusi’s allegation was contained in a letter he addressed to President Goodluck Jonathan in September last year. However, the allegation did not become an issue until its content was leaked to former President Olusegun Obasanjo and the press in November last year. Specifically, Sanusi alleged that the NNPC had failed to remit $49.8 billion to the federation account over a 19-month period.
According to him, between January 2012 and July 2013, NNPC lifted $65 billion worth of crude oil and only remitted $15 billion into the federation account. This implied that about $50 billion was missing from the federation account.
The magnitude of the allegation and the wild reactions which accompanied it from Nigerians as well as the international community, compelled the Senate to mandate its committee on finance on December 11, 2013, to investigate the veracity of the allegation and report its findings to the Senate. The decision followed a matter of urgent national importance raised by Senator Olubunmi Adetumbi (Ekiti North) during which he drew Senate’s attention to a newspaper report on the alleged missing funds. The parliament also asked the committee to investigate the allegation of N700 million subsidy payment by NNPC on kerosene daily. The latter mandate followed a motion by Senator Babajide Omoworare (Osun East).

Consequently, the committee commenced its investigative hearing on December 18, 2013. Expectedly, the hearing room in the new Senate building was filled to the capacity with many Nigerians who wanted to hear from the horse’s mouth. Already, tension was high as people expected to see further explosions from vintage Sanusi whose allegation had been widely believed by the greater percentage of Nigeria’s population ahead of investigation.

Eventually, as the audience took their seats, the floor was yielded to Sanusi, who is now the Emir of Kano, to substantiate his allegation. At this level, there was dead silence in view of the explosive revelations the audience expected to hear from the eloquent former CBN governor. But it was a shocked audience that listened to Sanusi in a quiet tone devoid of his usual confidence, saying it was actually $12 billion that was missing and no longer $49.8 billion as he earlier claimed.

While the audience was yet shocked by this volte face, Co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, interrupted him, saying Sanusi’s claim of missing $12 billion was also false, disclosing that it was actually $10.8 billion that was yet to be reconciled inter agencies. He therefore, urged the committee to suspend the hearing to enable him and other stakeholders continue with ongoing reconciliation efforts at the time.

Upon the return to the public hearing on February 4, 2014, the committee only expected an update on the ongoing reconciliation over the outstanding $10.8 billion, but was again shocked when Sanusi reeled out another allegation, saying it was no longer $10.8 billion that was missing but this time, $20 billion. According to him, NNPC had shipped $67 billion worth of crude oil and remitted only $47 billion into the federation account between January 2012 and July 2013, leaving the balance of $20 billion unaccounted for. Further, he claimed that only $14 billion directly came into the federation account out of the total $67 billion in addition to the $15 billion he claimed that NNPC paid to Federal Inland Revenue Service (FIRS).
With Sanusi simultaneously approbating and reprobating, the original job mandate of the Makarfi committee shifted from the probe of $49.8 billion to $20 billion. It is worthy of note that from the take off of the public hearing, it had been established that between January 2012 and July 2013, NNPC had remitted $47 billion into the federation account. Breakdown of the remittances as later submitted by CBN before the committee was $14 billion as payment on equity crude; $15 billion as payment to FIRS by international oil companies (IOCs) as the value of crude lifted by NNPC on behalf of FIRS; $16 billion as domestic crude and $2 billion royalty payments to Department of Petroleum Resources by IOCs. While CBN claimed that it was $15 billion that was remitted to FIRS by NNPC, FIRS established that NNPC actually paid $16 billion to it. The committee confirmed the latter.
The fresh allegation by Sanusi compelled the committee to assemble all stakeholders including the Attorney General of the Federation, Mohammed Adoke, Auditor General of the Federation, Sam Ukura, NNPC’s subsidiary, Nigeria Petroleum Development Company (NPDC), besides ministers of finance and petroleum, CBN, NNPC and third party agents.
However, in its 73-page report, the committee submitted that it could not reconcile how the suspended Governor of CBN arrived at the alleged missing $49.8 billion and therefore dismissed the allegation as false and a figment of Sanusi’s imagination. It also accused Sanusi of reversing himself several times before the committee.
“The committee could not see how the figure of $49.8 billion was arrived at by the CBN Governor for instance,” adding: “there was never any unremitted $49.8 billion.”

Further, it said: “The CBN governor at the first hearing had put forward the figure of US$12 billion as monies to be reconciled and changed his position to $US $20 billion at subsequent hearing. At the conclusion of his written submission, he posited that it could be US $20 billion, US$10.8 billion or anything in between,” it said.

On the alleged unremitted $20 billion, the committee however, said it found that the sum of$218. 0 million considered as federation account share of the third party financing was still in dispute and therefore should be remitted by NNPC.
It also noted that another sum of $447.8 million which it described as the federation account share from the $6.815 billion liftings by NNPC on behalf of NPDC remained in dispute.

Also in dispute according to the report is $262 million which the committee described as expenses incurred by the NNPC in respect of holding strategic reserve pipeline maintenance and management cost/capital expenditure.
The committee therefore asked the corporation to refund this sum of money into the federation account, saying NNPC could not satisfactorily defend it even though it acknowledged that the sum is still very much in dispute by the corporation.

Eventually, when the committee opened the 73-page report for debate on Thursday, it approved all these submissions. During the debate, Senate had lots of knocks for Sanusi whom it described as cooking up allegations without paying cognizance to the magnitude of his office and the effect it would have on the society. Specifically, Senators Ayogu Eze (Enugu North) and Heineken Lokpobiri (Bayelsa West), said it was regrettable that Sanusi while occupying a position of that magnitude opted to mislead the public with falsehood.

Eze also accused various financial institutions in the country of working at cross purposes, lamenting that the former CBN boss exalted himself and the institution above the government which appointed him as he blamed the trend on breakdown of communication among the relevant agencies.
Senate’s findings appeared to have justified the initial reaction of NNPC to the allegation. The corporation argued that the allegation was politically motivated. NNPC also accused Sanusi of lacking technical knowledge of the workings in the oil industry. According to the group, the allegation was not based on facts but rather an orchestration meant to score cheap political points and embarrass the government. It was however later revealed that Sanusi came up the allegation to divert attention from his investigation by the Financial Reporting Council of Nigeria, FRCN which was closing in on him following financial recklessness observed in the 2012 CBN audited accounts. On the strength of which he was later suspended on February 20, 2014 by President Jonathan. Sanusi did not return to the office until his tenure expired on June 2.

http://www.thisdaylive.com/articles/-49-8-billion-unremitted-funds-who-lied-sanusi-or-nnpc-/183339/

Pls read it from the link if you want to finish it up
Note: most of the amounts you quoted are wrong, I want to assume you don't know the facts exactly. And yes he quoted VARYING amounts

OBASANJO & YAR'ADUA LEFT NO DEBT FOR NIGERIA BUT RATHER LEFT HUGE SUMS OF MONEY AS NATIONAL RESERVE FOR NIGERIA.
JONATHAN (WHO IS NIGERIA'S GREATEST MISTAKE) BECAME PRESIDENT ON MAY 2010 AND BY MAY 2015, IT WAS DISCOVERED THAT JONATHAN HAS INCURRED A DEBT OF $60 BILLION U.S DOLLARS FOR NIGERIA.

$1 dollar = N228

60 BILLION DOLLARS × 228 = 13.7 TRILLION NAIRA
(without interest).

IF NIGERIA PAYS BACK 5 BILLION NAIRA EVERY MONTH.

13.7 TRILLION NAIRA DEVIDE BY 5 BILLION NAIRA = 2740 months

1 YEAR = 12 MONTHS

2740 MONTHS = 228 YEARS

IN OTHER WORDS, IT WILL TAKE NIGERIA AT LEAST 228 YEARS TO REPAY THE DEBT JONATHAN INCURRED!!
(interest not included)

THIS CLEARLY MEANS THAT OUR CHILDREN, GRAND CHILDREN,
GREAT GRAND CHILDREN and GREAT GREAT GRAND CHILDREN WILL STILL PAY WHAT JONATHAN OWED.

Now, who says JONATHAN is not BADLUCK to Nigeria?

sweetguy25,
Does coordinating Minister of the Economy make any sense to you
Trying to justify, mitigate, shift focus or any other modification does not change that fact.
Get used to it.

notoriousbabe:
OBASANJO & YAR'ADUA LEFT NO DEBT FOR NIGERIA BUT RATHER LEFT HUGE SUMS OF MONEY AS NATIONAL RESERVE FOR NIGERIA.
JONATHAN (WHO IS NIGERIA'S GREATEST MISTAKE) BECAME PRESIDENT ON MAY 2010 AND BY MAY 2015, IT WAS DISCOVERED THAT JONATHAN HAS INCURRED A DEBT OF $60 BILLION U.S DOLLARS FOR NIGERIA.

You need to take it easy with the rank dishonesty

As at 31st December 2007, Nigeria’s total public debt stood at US$22,229.88 million (Figure 4.1)
which indicates an increase from US$17,349.69 million in 2006

[url]http://www.dmo.gov.ng/recent/NATIONAL%20DEBT%20MANAGEMENT%20FRAMEWORK%20%282008-2012%29.pdf[/url] Please check out page 16 of the PDF link

texazzpete:

Sanusi that has been honored everywhere for his work as CBN Governor?

This is how Nigerians contradict themselves. Sanusi's success as CBN Governor can be judged by the accolades he's received from abroad, but NOI who has received accolades too(Yale is arguably more prestigious than the Banker magazine) is useless.

4Play:


This is how Nigerians contradict themselves. Sanusi's success as CBN Governor can be judged by the accolades he's received from abroad, but NOI who has received accolades too(Yale is arguably more prestigious than the Banker magazine) is useless.

Can you point out where I claimed NOI was 'useless'? Or even commented about her Yale award?

Since when did insisting she takes responsibility for some bad choices in her tenure become an absolute statement that she' s 'useless'?

Yale is giving okonjo iweala an honorary doctorate. Sanusi won awards where he was ranked against other central bank governors. Stop pretending you don't know which of the two is more indicative of relative performance.

elohorayodele:


The objectives of the CBN are as follows:

1. ensure monetary and price stability;
2. issue legal tender currency in Nigeria;
3. maintain external reserves to safeguard the international value of the legal tender currency;
4. promote a sound financial system in Nigeria; and
5. act as Banker and provide economic and financial advice to the Federal Government.

http://www.cenbank.org/AboutCBN/

Did he do all these excellently?

Yes. In my opinion, yes he did...to the best of his abilities.

In the process of discharging his duties with respect to number 5, he was set upon by corrupt elements, allies of corruption and a weak president.

Well, you're right! Apologies for the personal attacks!

Having said all that, I didn't blame only Sanusi; contrary to what you said, most people blame Okonji-Iweala for the woes of Nigeria!

socialmediaman:


These personal attacks are unnecessary, I just choose to ignore many of them because they're ill intended at forcing people to submit to a particular set of people's belief system that the chairperson majorly responsible for the management of the finances of a failed economy is clean from blame and rather deserves praise, I don't think so, not even the CBN chairman was, though we have talked about economic growth being a primary job of the CBN, the Nigerian economy has averaged about 7% growth in the past 7 years or so, and it's the biggest economy in Africa. But when it comes to management of the government's finances, it's been very poor, though there were reforms that succeeded. This act of puting all the blame on Sanusi and exonerating NOI is rather political. I know she's a due process woman, but she couldn't muster the courage to take some drastic decisions, they all hoped to correct the errors when GEJ was re-elected, but that failed, now see what's left of the economy

Sweetguy25:
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.

You just scratched the surface as if you don't know what it meant to be the coordinating minister of the economy.It simply means the president surrendered his authority over the economy to her believing in her skills.
The question I will ask you is, if your Director of Finance should manage the fiscal policy of your company this way, would you praise her? Based on your submission, she's to administer incomes and expenditures. So won't you rate her performance on leakages or wastefulness and also on improving the financial muscle of government.
You failed to talk about policy managements, who does that?
Two she was a strong advocate of fuel deregulation at the time oil price was at its peak, what safety did she ensured for government purse by saving more through ensuring refineries are repaired and save trillions spent on subsidy.
What about her staunch defense of the NNPC when it was alleged money was missing? @Op , you need to read your economics more and understand how variables in the economy inter relate then you will know that Madam Ngozi didn't pass at all scoring below 40%.

Sweetguy25:


Her duties are the management of government finances and formulation of fiscal policy.

Okay, remember that she is the coordinating minister of the economy, not just the finance minister. Being coordinating minister of the economy is not ceremonial BTW. Also remember her first stint as Finance minister and the 'controversy' of her being paid more than double other ministers and also being paid in dollars. I'm sure we can safely assume that her current deal with the government is better than that. She is been paid and should do her job, not just be ceremonial.

Now, to her "duties" of managing government finances and formulation of fiscal policy. For we lay men, fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy. So, we are saying that NOI's job is to use government money(revenue) and spending to influence the economy POSITIVELY. What have we seen instead, government money has been wasted and mismanaged, it is as simple as that. She's not been able to account properly for TAXES which is the textbook definition of government revenue collection. Nigeria's government revenue collection is largely from oil and has remained so under NOI.
Fiscal policy can be used to stabilize the economy over the course of the business cycle. NOI has been unable to effectively do this as she has neither POSITIVELY influenced government spending or helped with revenue collection. Nigeria's main revenue collection is oil based so we miss the textbook definition she learnt in school which is taxes.
NOI has failed to spread the wealth in Nigeria despite been one of the most powerful women in the world according to Forbes. Not to take anything away from her classroom brilliance or whatever achievements she has in the past or future. The focus is on the present, which is the GEJ administration. In her term with the GEJ administration, she has not down well. She and the CBN work together, they either pass together or fail together. Your OP trying to shift the blame from her to a faceless CBN is comical. Any achievements she claims about macroeconomics or GDP growth is in conjuction with the CBN. And that period was a Sanusi period too.
If you insist on separating them, well, CBN deals more with MONETARY policy which involves interest rates, lending rates and supply of money. We have had no major complaints in this areas. Fiscal policy which we both know as NOI's job involves savings and investment in the economy, and the distribution of income. Ngozi's term has not made savings but incurred crazy debts. They have not made GOOD investments in the economy, and of course that income has not been distributed to us. Only politicians have been sharing the loots freely.
i'm sure you know, or should know that NOI has not been able to stabilize prices or help the naira despite dipping both hands and legs into our reserves and taking OVER 400billion naira this year alone. When a person spends over 400billion naira and is unable to achieve result. When a person is unable to do the job of effeciently cutting government expenditure when that is her job. She has not done well. She should have honorable resigned loooooong time ago instead of being the lying face of the GEJ administration. People respect her and therefore believe her, but she used that advantage to give bold-face lies for the government during her term.

texazzpete:


Can you point out where I claimed NOI was 'useless'? Or even commented about her Yale award?

Since when did insisting she takes responsibility for some bad choices in her tenure become an absolute statement that she' s 'useless'?

Don't be disingenous. Your first contribution to this thread was to categorise her as a fiend. A fiend is a demonic or evil person. It would follow that if she belongs to a category of monstrous evildoers, that she's useless. Or do you use words carelessly without any actual regard for the real meaning?

Yale is giving okonjo iweala an honorary doctorate. Sanusi won awards where he was ranked against other central bank governors. Stop pretending you don't know which of the two is more indicative of relative performance.

This is absolute drivel. She was awarded an honorary doctorate by a prestigious institution for, inter alia, the performance of her role as a minister. I presume you have read the citation. If she receives accolades for her work as a minster a la Sanusi, you cannot logically be scurrilous of her performance whilst praising Sanusi to high heavens given your use of foreign accolade as a decisive metric.

Sanusi's banker of the year award places him in the same category as Soludo who I am sure you hold in high regard:

The governor of the Central Bank of Nigeria (CBN), Charles Soludo, has been named the African and Global Central Bank Governor of the Year 2005 by 'The Banker' magazine. The governor of the Central Bank of Nigeria (CBN), Charles Soludo, has been named the African and Global Central Bank Governor of the Year 2005 by 'The Banker' magazine.

http://www.centralbanking.com/central-banking/news/1420998/nigeria-soludo-central-banker

i don't have time for the technicalities of this write-up. all I know is that haters of Dr. Ngozi Okonjo Iweala are just ignorant tribalists and mysogynists. you can crucify dieziani but okonjo? u have to be full of nonsense to come for her like that. very honourable woman. #teamokonjo

Sweetguy25:
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.

You need to tell them again, because most Nigerians are all talk more and think less.

@ OP,
Stop making the false reference classifying everyone as "Nigerians"
Be specific, it's Yoruba men running wild in their tribal nature to try and rubbish the woman's sterling achievements to no avail.

I have said it before that just as Obafemi Awolowo introduced tribalism into Nigerian politics for his own political ends and today it is a cancer in Nigeria, yoruba people should be mindful of the tactics they introduce. Other peoples of Nigeria will simply adopt the strategy in due course.

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

My brother the governors don't know what they are doin. All of them shared in the excess crude oil account when it was meant to be kept in a sovereign wealth account abi I don forget niii

Image123:


Okay, remember that she is the coordinating minister of the economy, not just the finance minister. Being coordinating minister of the economy is not ceremonial BTW. Also remember her first stint as Finance minister and the 'controversy' of her being paid more than double other ministers and also being paid in dollars. I'm sure we can safely assume that her current deal with the government is better than that. She is been paid and should do her job, not just be ceremonial.

Now, to her "duties" of managing government finances and formulation of fiscal policy. For we lay men, fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy. So, we are saying that NOI's job is to use government money(revenue) and spending to influence the economy POSITIVELY. What have we seen instead, government money has been wasted and mismanaged, it is as simple as that. She's not been able to account properly for TAXES which is the textbook definition of government revenue collection. Nigeria's government revenue collection is largely from oil and has remained so under NOI.
Fiscal policy can be used to stabilize the economy over the course of the business cycle. NOI has been unable to effectively do this as she has neither POSITIVELY influenced government spending or helped with revenue collection. Nigeria's main revenue collection is oil based so we miss the textbook definition she learnt in school which is taxes.
NOI has failed to spread the wealth in Nigeria despite been one of the most powerful women in the world according to Forbes. Not to take anything away from her classroom brilliance or whatever achievements she has in the past or future. The focus is on the present, which is the GEJ administration. In her term with the GEJ administration, she has not down well. She and the CBN work together, they either pass together or fail together. Your OP trying to shift the blame from her to a faceless CBN is comical. Any achievements she claims about macroeconomics or GDP growth is in conjuction with the CBN. And that period was a Sanusi period too.
If you insist on separating them, well, CBN deals more with MONETARY policy which involves interest rates, lending rates and supply of money. We have had no major complaints in this areas. Fiscal policy which we both know as NOI's job involves savings and investment in the economy, and the distribution of income. Ngozi's term has not made savings but incurred crazy debts. They have not made GOOD investments in the economy, and of course that income has not been distributed to us. Only politicians have been sharing the loots freely.
i'm sure you know, or should know that NOI has not been able to stabilize prices or help the naira despite dipping both hands and legs into our reserves and taking OVER 400billion naira this year alone. When a person spends over 400billion naira and is unable to achieve result. When a person is unable to do the job of effeciently cutting government expenditure when that is her job. She has not done well. She should have honorable resigned loooooong time ago instead of being the lying face of the GEJ administration. People respect her and therefore believe her, but she used that advantage to give bold-face lies for the government during her term.

Man, government revenues are too small to make any meaningful impact in the economy. All economic growth Nigeria has witnessed since 1999 has been private sector led, they were not created by the ministry of finance or the public sector. Private sector growth is aided by financial market which is guided by the the central bank if nigeria. Take a look at the capital market boom Nigeria witnessed in the late 2000s, these were effects of money policy instruments and not fiscal.

GEJ was cursed with a useless central bank governor, who hated private sector led economic growth. He nationalised five banks and created tension in the financial markets.

I don't really want to argue much. Okonjo's would be vindicated by history.

elohorayodele:
.
Small small de twist facts. Letter was written in September and leaked to obj and the press in November of the same year. Where did your six months come from?

Your issue is whether it took 6 months or 4 months? LOL or what?

Eruditor:


Your issue is whether it took 6 months or 4 months? LOL or what?

You didn't see the part where he quoted various varying amounts abi?
Lol truly

Sweetguy25:
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.

We all know yoruba people are out to tarnish the image of great Igbo people in spite of all evidence to the contrary.
I think reciprocity should be adopted in these things. Fish those yorubas out and host petitions against them in change.org

Especially the big fish yorubas that have been milking Nigeria's economy and oil industry silently for years now.