Former Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said her 83-year-old mother was kidnapped because she advised former President Goodluck Jonathan to remove fuel subsidy.

In an interview with Le Monde, the 61-year-old economist said the fight against corruption was at the root of the kidnap, with the abductors demanding her resignation on live television.

When asked what her failures and successes in the fight against corruption were, Okonjo-Iweala said: “Your answer would take a whole day.

“On my first experience as minister, I wrote a book, Reforming the Unreformable (ed) The MIT Press, 2012). For the second, it was really difficult. Nigeria subsidises fuel. About $ 6.7 billion that it costs, we found that 1.5 billion was fraudulent.

“One importer claimed that his boat was waging its oil while at the other end of the world, according to maritime classification society Lloyd’s Register Marine.

“I told the president that we would stop paying. What happened? They kidnapped my mother, 83 years. During the first three days, their only demand was my resignation. I was supposed to go on television and announce my resignation.

“This was one of the worst moments of my life. Can you imagine what happens in your head if you have to be responsible for the death of your mother?

“I will not go into details, but you must understand that in a country like this… in the fight against corruption, we must be prepared to pay a personal price. My father asked me not to resign. The president asked me not to resign. At the end, everyone began looking for her, and the kidnappers released (her).”

Speaking to dwindling oil prices, Okonjo-Iweala said state governors did not allow Jonathan save for the rainy day, yet they are the ones complaining today.

“Some economists are very concerned for Nigeria, which could greatly suffer from the fall in oil prices. Others say the contrary, that its economy is strong enough to turn the corner.

“Both are right. But one thing saddens me. When I was finance minister the first time, the volatility of oil prices, and therefore state resources, cost at least three points of growth in the country.

“We then established a stabilisation mechanism and opened an account for the oil surplus, which posted up to $22 billion. In 2008, when prices fell from 148 to $ 38 a barrel, no one has heard of Nigeria because the country was able to tap into this fund. And that, I am very proud [of].

“When I returned to the department in 2011, there remained only $4 billion on this account while the price of oil was very high! I tried again to put money aside. The president agreed, but the governors did not accept.

“I suffered a lot of attacks from them and now that the country would really need this account, these same people accuse me of not having saved! If Nigeria had been more careful, we would not be here today. It hurts me. We have the mechanism, we had the experience, but we were prevented to act.”

Okonjo-Iweala further spoke on her childhood and the hardship she experienced first-hand, during the Biafran war.

“I grew up in a village in southern Nigeria where I grew up to eight and a half years by my grandmother. My parents were scholarship students in Germany and did not have enough money to take me with them.

“I learned real life, fetching wood, water. At five, I could cook. This life has given me strength and a strong character. The other experience from my childhood is the Biafran war (1967-1970). My parents lost everything. I knew what it was to have nothing more.”

Goldencollins:
ThankGod they didn't kidnap u Madam,but Buhari must suffer for making Nigerians go through this kind of pain and hardship.

4reala:
This one na lie from d pit of hell o

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash an Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

ochilikoko:
there may be truth in the assertion. She is the only person to narrate her ordeals as a minister of petroleum. Remember when Buhari was in opposition,he never believed that un-easy lies the head that bears the crown but see how his Government has turned out to be. Frustrations every where

TippyTop:
[s][/s]

[s]Stop your propaganda.
The governors took the Federal government to court insisting our savings be shared, same can happen in this administration.[/s]

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

“We then established a stabilisation mechanism and opened an account for the oil surplus, which posted up to $22 billion. In 2008, when prices fell from 148 to $ 38 a barrel, no one has heard of Nigeria because the country was able to tap into this fund. And that, I am very proud [of].

“When I returned to the department in 2011, there remained only $4 billion on this account while the price of oil was very high! I tried again to put money aside. The president agreed, but the governors did not accept.

“I suffered a lot of attacks from them and now that the country would really need this account, these same people accuse me of not having saved! If Nigeria had been more careful, we would not be here today. It hurts me. We have the mechanism, we had the experience, but we were prevented to act.”

EastanPower:


[s]You sound foolish because you still cannot see that Jonathan was to blame because he was the GCFR and not Ngozi.

Jonathan did not provide the necessary cover Ngozi needed to do a good job. Ngozi worked under Obasanjo and she did very well; Obasanjo left a lot of money in the reserve. Ngozi is intelligent and worth her onion; the problem was lack of proper leadership from the presidency.

You guys should leave Ngozi alone; a president takes the blame for anything that happens in his government just like Buhari isbeing blamed for all the sufferings now.[/s]

TippyTop:
[s][/s]

Stop your propaganda.
The governors took the Federal government to court insisting our savings be shared, same can happen in this administration.

seunmsg:

"Speaking to dwindling oil prices, Okonjo-Iweala said state governors did not allow Jonathan save for the rainy day, yet they are the ones complaining today"


She has been saying this since she left office. The only simple question she still can't answer is, where is the savings from federal governments share of the allocation?

If state governments refused to cooperate with the federal government to save from the federation account, why can't the federal government save from its own share if it consider saving a priority.

Huge savings were made during OBJ's tenure irrespective of whether the governors like it or not. Heaping the blame on governors is very irresponsible of her. The blame for not saving in a period of boom goes to her, Jonathan and the governors equally.

fulanimafia:


Are you just being silly or did you not see where Jonathan was fingered_ as being responsible for not providing adequate leadership? Less emotion and more reasoning will save you from ridiculing yourself in the future.

fulanimafia:


Where are the savings from federal governments share of the allocation?

Fedayeen:
sorry is there a different excess curde account and sovereign wealth fund for state and FG.


Focus on your education because political economy is beyond your intellectual capacity



Don't thank me. Its an advice

woodcook:
I may not be privy to truth about what happened behind the scene during GEJ tenure but one thing I know for sure from day one NOI presence was felt.

In the present administration I not sure if we have a finance minister, not even a bleep from her with all the uncertainty and hardship in the land. At least she should update Nigerians on what they are doing or planning to do to solve the current economic woes. I dont know when CBN governor and Lai Mohammed became finance ministers.

I tire for naija.