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"Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng - Politics - Nairaland

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"Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by modath(f): 4:20pm On Apr 14, 2016
[b][Ngozi Okonjo-Iweala, former minister of finance, on Thursday said the zero political will to save under former President Goodluck Jonathan is responsible for the challenges facing the country.

Speaking on “inequality, growth and resilience,” at George Washington University, the two-time finance minister said the World Bank and the International Monetary Fund (IMF) must seek means to embed savings in national constitutions devoid of political manipulations.

Okonjo-Iweala added that Nigeria was able to save $22 billion under former President Olusegun Obasanjo, which saved the country in 2008, when there was global economic meltdown.

Speaking on the Chilean saving example, Okonjo-Iweala said: “We tried it in Nigeria, we put in an oil price based fiscal rule in 2004 and it worked very well.

“We saved $22 billion because the political will to do it was there. And when the 2008 /2009 crisis came, we were able to draw on those savings precisely to issue about a 5 percent of GDP fiscal stimulus to the economy and we never had to come to the bank or the fund.

“This time around and this is the key now, you need not only need to have the instrument but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will.

“So we were not able to save when we should have. That is why you find that Nigeria is now in the situation it is in. Along with so many other countries.”

On solving the problem of political will and political manipulations, she said: “That is the question that I ask, what do we need to do to these countries to save over a period of long accelerated growth.

“We need to devise mechanisms not just that are good technically but find a way to either embed them in the constitution or find a way to separate them from the political manipulation so that these countries can survive over time.

“To build resilience, African countries need tools, mechanisms and it is doable and we need to interrogate ourselves why we have not done it.”

She added that manufacturing was also critical to growth in Nigeria and the rest of Africa, quoting manufacturing as just 11 percent of GDP in Africa, and nine percent in Nigeria.

“I do not believe that we can be resilient, except if we can encourage manufacturing even on the goods we consume, services, entertainment industry, agriculture.

“I think these are the kinds of questions that policy makers struggle with on a daily basis and that is what we are going to answer to get resilience.

“If we don’t get these mechanisms, we politicise them, find ways to transform the base of the economy and create jobs including in manufacturing, I believe we are going to go into this looming deceleration that is being talked about.”

[/b]




https://www.thecable.ng/nigerias-current-sitaution-result-zero-political-will-save-jonthan-says-okonjo-iweala

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Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by modath(f): 4:24pm On Apr 14, 2016
“This time around and this is the key now, you need not only need to have the instrument but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will.

lipsrsealed lipsrsealed lipsrsealed


All you crazies that will jump like showhorses on Tren or Equipoise , cableng is owned by Simon Kolawole, take your pains to him...

Here is another source, direct invectives that way too..

http://www.financialwatchngr.com/2016/04/14/okonjo-iweala-says-past-government-lacked-political-will-accumulate-savings/

48 Likes 4 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by boujaye: 4:24pm On Apr 14, 2016
modath:







https://www.thecable.ng/nigerias-current-sitaution-result-zero-political-will-save-jonthan-says-okonjo-iweala
f NOI truly said so, then she is right. Amaechi and co, never wanted the Excess Crude Oil reserved to be saved, they will go to court and be over ruled "share the money". Today everybody suffers the repercussion.

78 Likes 10 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by TheGoodJoe(m): 4:28pm On Apr 14, 2016
[b]FAAC disowns Okonjo-Iweala; denies approving withdrawal of $2bn Excess Crude funds


Commissioners of Finance and Accountants General of the 36 states of the federation on Tuesday distanced themselves from claims by the former Minister of Finance, Ngozi Okonjo-Iweala, that they were part of the decision to withdraw and spend $2bn from Nigeria’s excess crude oil revenue account last December.


"It has come to our notice the statement credited to the former Coordinating Minister of the Economy and Honorable Minister of Finance, Dr. Ngozi Okonjo-Iweala, that the Federation Account Allocation Committee (FAAC) approved the withdrawal from Excess Crude (Foreign) Account the sum of Two Billion U.S. Dollar ($2,000,000,000.00),” the commissioners said.
“This statement is far from the fact and is misleading,” the statement said.

The FAAC meeting for November 2014 ended in confusion when the then Minister of State for Finance, Bashir Yuguda, could not explain how the balance in the ECA had dropped from $4.1 bn at the end of October to $3.1 bn.

http://www.premiumtimesng.com/news/top-news/186229-faac-disowns-okonjo-iweala-denies-approving-withdrawal-of-2bn-excess-crude-funds.html
[/b]



Jonathan ordered me to withdraw $2bn from ECA to pay fuel subsidy – Okonjo-Iweala

Dr. Ngozi Okonjo Iweala, Nigeria’s former minister of finance said on Tuesday night that the $2 billion she was alleged to have withdrawn from Excess Crude Account without authorisation was used to pay for fuel subsidy on the instruction of former President Goodluck Jonathan.
http://www.pmnewsnigeria.com/2015/07/08/jonathan-ordered-me-to-withdraw-2bn-from-eca-to-pay-fuel-subsidy-okonjo-iweala/

37 Likes 6 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Buharism: 4:29pm On Apr 14, 2016
t
Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by jojomario(m): 4:35pm On Apr 14, 2016
Even a member of a past government blaming the former boss. It shows how clueless the the former president was to see beyond the present.

219 Likes 15 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by modath(f): 4:39pm On Apr 14, 2016
boujaye:
f NOI truly said so, then she is right. Amaechi and co, never wanted the Excess Crude Oil reserved to be saved, they will go to court and be over ruled "share the money". Today everybody suffers the repercussion.

Una don start bah?

NOI talked about LACK OF WILL , check the meaning & "USAGE" before trying to engage in discuss far above your comprehension....

Amaechi, The all powerful arm twisted the 52% federal share out of Hero IB's control as well?

Like the ECA is even constitutional... undecided

Abegiii, exit stage left with your Amaechi induced Paranoia.......

82 Likes 3 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by TheGoodJoe(m): 4:39pm On Apr 14, 2016
So, when Ngozi Okonjo-Iweala talks about Nigerians having zero will to save, who are we to blame? Goodluck Jonathan, Governors?

Ngozi Okonjo-Iweala was the Coordinating Minister of the Economy.

She was in the driving seat to direct the Nigerian Government. During a windfall of Crude Oil Sales at over $100, the person who was to save the money, dipped her hands in the reserves, without the knowledge of those who owned the money.

She went on to deceive people that the FAAC backed it but later the FAAC denied her claims.

She shifted to GEJ that he ordered her to withdraw from the ECA to pay for Subsidies.

That was where we lost the will to save. Our Crude Sales were mismanaged during a time of plenty and we resorted to paying for Subsidy from the ECA.

She was the one to find a way and show to Nigerians that we were to save but she was the one who first dipped her hands into the ECA without appropriation.

58 Likes 5 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by jojomario(m): 4:40pm On Apr 14, 2016
boujaye:
f NOI truly said so, then she is right. Amaechi and co, never wanted the Excess Crude Oil reserved to be saved, they will go to court and be over ruled "share the money". Today everybody suffers the repercussion.
why are you mentioning Ameachi and not Jonathan

she said they were able to save during Obasanjo regime not a named governor. Why are you taking it so personal with Ameachi alone. Was Ameachi powerful than a sitting president ? If he was, Then the then sitting president has proved to be a fool once again.

167 Likes 11 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by gifsCEC: 4:41pm On Apr 14, 2016
boujaye:
f NOI truly said so, then she is right. Amaechi and co, never wanted the Excess Crude Oil reserved to be saved, they will go to court and be over ruled "share the money". Today everybody suffers the repercussion.

Amaechi also didn't want GEJ to interfere in governors forum election, yet he did. Is it that GEJ believed govs forum election involving 36 men was more important than saving for the rainy day involving 180million Nigerians?

By how much had GEJ and NOI depleted the ECA before Amaechi led 23 PDP govs and 13 APC govs to demand the sharing?

Did amaechi also order GEJ and NOI not to save federal govt share?

You keep making us all believe GEJ was indeed a weak and balless leader.

111 Likes 7 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by seunmsg(m): 4:41pm On Apr 14, 2016
Ngozi Okonjo Iweala is just one shameless woman that should STFU. She was the most powerful minister under GEJ and here she is talking about political will. Political will on whose part? OBJ was a domineering president and she was able to save under her, so, what's so difficult in saving under a GEJ that gave her absolute power to run the economy and finances of the country without interference?

She should just admit her incompetence and stop looking for whom to blame for her failures. The achievements that were recorded during her first outing was as a result of the brilliant economic team put together by OBJ. Under GEJ, there was no brilliant team to work with and her incompetence was displayed publicly despite the unlimited power that she wielded.

68 Likes 5 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by AntiWailer: 4:48pm On Apr 14, 2016
Finally Bubu vindicated

Wailers can scream

Okonjo knew what they were doing was not sustainable.

She screamed in 2014

--Brace for tougher times ahead :
http://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html

--They borrowed money to pay salary
http://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html


Wailers know all these but when you mix tribal sentiment + political sentiment + religious sentiment , Brain disappears and you sit on Time Bomb.

To say they call people Zombie is very laughable because inability to use ones brain because of loyalty describes wailers better than anybody. They are the real ZOMBIE



Okonjo-Iweala added that Nigeria was able to save $22 billion under former President Olusegun Obasanjo, which saved the country in 2008, when there was global economic meltdown.
One question for those blaming Governors for GEJ's failures "

How did we save Under Obasanjo ? You can't compare a leader with a vision and a visionless Leader. This is why IStandWithAnybodyButJonathan.

Wailers can fill their burial form. I don't care.


We did not feel that recession that hit America badly then because of what we saved. Now that a similar thing happened, there is nothing to fall back on.

"Jonathan only reigned he did not rule and was not in charge"
Obasanjo

114 Likes 6 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by brixton: 4:48pm On Apr 14, 2016
When she says political will, she meant all our elected officers, e.g Amaechi and Fashola. Amaechi is first on the list coz he took the fg to court back in the days to deplete ECA savings.

For those saying 2004, we all know the rascality of 2004 govs can not come close to that of Amaechi leg NGF.

6 Likes 3 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Blitz888(m): 4:49pm On Apr 14, 2016
This is no news...it's rather unfortunate that this is coming from the coordinating minister of the economy in the same regime she is taking a swipe at.
She should spare us this belated advice... Who she epp

11 Likes

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by dukie25: 4:49pm On Apr 14, 2016
[size=13pt]The facts remain:[/size]
Governors Fashola and Amaechi went to court demanding our savings be shared, today they're both ministers.
NOI did allude to the role played by those govs in the unadulterated version of her speech . I read her full speech.

8 Likes 1 Share

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by omenka(m): 4:49pm On Apr 14, 2016
What does she want us to do with this admission when the deed is already done??

9 Likes 1 Share

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Dee60: 4:50pm On Apr 14, 2016
Thanks for saying the truth! Honest Nigerians know what the problem is and where it started.

They lacked the will to save but they had strong will to share..... The throat was too long. They saved it all in their personal pockets and are using their loot to try to destablize the country now. They wont succeed!

17 Likes 1 Share

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by sammyj: 4:50pm On Apr 14, 2016
I said it earlier that N
Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by timunstopable: 4:50pm On Apr 14, 2016
Wailers wont like this

NOI even compared OBJ regime to Jonathan's that he lacked political will. And same ineffectualbuffoon had d audacity 2 say he aint finished with Nigeria

Someone that didn't even command respect among his ministers

na Buhari cause am dey give a specialist in failure like Gej 2 still dey open mouth

make Buhari sit up and not allow this change 2 be hijacked by same pple dt failed us in the past

27 Likes 1 Share

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by omooba969(m): 4:50pm On Apr 14, 2016
I don't even know what to call this nor how to describe our fvckn polithiefians. They have indeed failed us all.

They keep playing the blame-game & pointing accusing fingers when they are supposed to be sober & apologizing to Nigerians on a daily basis.

This is what you get when you vote criminals, idiots & vagabonds into power.

We are watching! cool

5 Likes 2 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Joshuahunpe(m): 4:51pm On Apr 14, 2016
see her yeye mouth!

3 Likes

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Lilimax(f): 4:51pm On Apr 14, 2016
Blitz888:
Sharap ma
Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by alextwo: 4:51pm On Apr 14, 2016
ok

1 Like

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Wazobia12(m): 4:51pm On Apr 14, 2016
STILL ON NIG GOVERNORS VS FED GOVT OVER THE EXCESS CRUDE ACCOUNT AND SOVEREIGN WEALTH FUND. . . . . .

PROF. SOLUDO'S LETTER TO MADAM OKONJO-IWEALA (January
2015)

I hereby challenge your attempt to
blame others for not saving for the rainy
day. It is not a virtue when you are quick
to appropriate all the credit when things
are going well, but shift the blame when
they go wrong. You blame the state governors— who, according to you,
have taken the Federal Government to
the Supreme Court—not that a Supreme
Court judgment forced your hands. For
your information, the governors have
never agreed to savings and always threatened court action even under
Obasanjo. Why did we save under
Obasanjo but not under Jonathan? Two
keywords explain it: leadership and
integrity. Governor Amaechi said the
governors insisted on sharing the funds because they found out that you were
illegally fiddling with the savings. So, as
Nigerians still wonder, if billions of
dollars are now ‘missing’ under your
nose, why should governors trust you to
keep their money? Do the states that have taken the Federal Government to
the Supreme Court and refused to save
also include the Peoples Democratic
Party (PDP) governors—who are in the
majority? If so, then it is fatal: even
governors of your own party, PDP, do not trust you to keep their money!
Furthermore, did the governors also
stop the Federal Government from
saving part of its share? If you ran a
surplus budget at the federal level, you
would have had credibility to blame others or to say they did not listen to
your advice. The key point is that since
you were running huge deficits yourself,
it was also in your own interest to share
the ECA. You did not show leadership or
credibility, full stop!

1 Like

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by omenka(m): 4:51pm On Apr 14, 2016
We saved $22 billion because the political
will to do it was there. And when the
2008 /2009 crisis came, we were able to
draw on those savings precisely to issue
about a 5 percent of GDP fiscal stimulus to
the economy and we never had to come to
the bank or the fund.
This is what everyone with an organic brain knows. The savings made were used to salvage the economy when the shock waves came in 08/09 and beyond. The savings were depleted to an abysmally low level in her "second coming" and no extra savings were made (just as she said). Another wave of shock hit the market and by extension our economy in the twilight of the last admin, cascading down into this one and there were no savings with which to cushion the effect, hence what we are witnessing today.

Now, one would wanna ask, those "bagging to bring back GEJ and NOI" to "fix" the economy since Baba and Adeosun are failing them is: what magic would the duo perform?? Are they going to "print $US" to throw at the problem??

The one that irks me the most is that old fool called Fayose who's completely lost his senses as to write a foreign government to grant the country badly needed instruments. Perhaps that man isn't a Nigerian. A thorough background check needs to be carried out on his true paternity.

59 Likes 4 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by kingarizona1(m): 4:52pm On Apr 14, 2016
Blitz888:
Sharap ma


Try to acquire some respect# This Woman you are trying to shut up is far better that you

4 Likes 3 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Lawalemi(m): 4:52pm On Apr 14, 2016
And the arrowhead was....








Amaechi!

2 Likes 2 Shares

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by femijossy: 4:52pm On Apr 14, 2016
self righteousness
Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Propene: 4:53pm On Apr 14, 2016
nonsense!

she should cover her face in shame, she was the sole guardian of the country's finance and she couldn't save for the rainy days

7 Likes 1 Share

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by folks4luv(f): 4:53pm On Apr 14, 2016
from d few comments I've read on this topic n from d ones I've seen from other threads, I can conclude that sentimentalism has so much beclouded d reasoning of most people that comments on political issue, so much that many either do not read d article or even understanding it before commenting. n its a pity. Nigerian youth are tactless, reason yesteryears leaders will still rule us even till tomorrow. and it doesn't matter...either ur a wailer or a zombie.

10 Likes

Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Nobody: 4:53pm On Apr 14, 2016
d fear of EFCC & DSS is the beginning of freedom lipsrsealed
Re: "Nigeria's Problem; Lack Of Will To Save Under GEJ .. Okonjo Iweala ... Cableng by Mc4larin: 4:53pm On Apr 14, 2016
Today is my birthday, please wish me success!

9 Likes

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