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Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by silver94(m): 12:47pm On Jan 27, 2018 |
Former Finance Minister: Ngozi Okonjo Iweala Speaks: I still find it funny that most people don't know why Nigeria economy went into recession, they love the incompetent lies of Lai Mohammed about the past government ruining everything. It's also myopic to think that if Jonathan were to still be in power, we would be worse off. The truth about Nigeria's recession is this; it was caused by the president's unguided rhetoric and uncultured body language. Firstly, there is nothing we are buying today that we weren't buying 5 years ago, therefore it's not our purchase that put pressure on Naira but withdrawal of funds by foreign investors. After the election, the president created instability with his unguided statements about how everyone is corrupt and how everyone is going to jail. The instability made foreign investors to liquidate their investment and change their money to dollars. In the process of trying to flee, they were willing to buy dollars at any price, which lead to high exchange dollar rate. Even though some of them were not ready to run away, but want their money in dollars to save their investments from devaluation, the president gave a bad signal by banning deposit of foreign currency into dormiciliary accounts. That was enough for free market believers to see the draconian handwriting on the wall, that was the beginning of dollar rush. To make matters worse, the president came up with another outrageous policy of rationing dollar to certain sectors and blocking many sectors out. That was the nail in the coffin which facilitated the emergence of free FALL. In the end, foreign investors took over $80B out of the economy within a short period and everything went down to free fall. To those who believe it will be worse if Jonathan is still there, you are all wrong. Policy continuity and political stability will not let billions of dollars leave our shores within such tiny time frame. Even though the government might have income shortage, the private sector will weather the storm by their confidence in the market. The fear of the unknown created by PMB is responsible for the economic downturn not low oil price. Interest rate in America is currently at 0.5% while it is 12% in Nigeria. JP Morgan Chase will not mind borrowing $50 billion from Feds at 0.5 and put in Nigeria for return of %2000 profit. Citi bank will do the same, likewise US Bank Corp. Chase gave Buhari warning about the repercussions of his fixing policy before they pulled out, but his illiterate cyber warriors and misseducated e-soldiers said JPMORGAN can go to hell, they no longer believe in economic metrics since their messiah is in charge. Funny enough they are all suffering today because of the stupid policy, but they find relief by blaming it on past administration and Gucci appetite of average Nigerians. For your information, if your president "continues" with his unguided rhetoric, Naira will go down to N1000/1 $. But we thank God, he is no longer talking.
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Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by okosodo: 1:25pm On Jan 27, 2018 |
Its only a very big fool, who is blinded by sentiments, that will follow what lai said and will repudiate this tested and trusted former minister 3 Likes 1 Share |
Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by dangermouse(m): 1:38pm On Jan 27, 2018 |
So very true,coupled with the fact that it took his government many months to start running and his globe trotting adventures when newly elected. But they will have those not on the know to believe it was Jonathan's WITCHCRAFT that was responsible . |
Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by Sprumbabafather: 1:39pm On Jan 27, 2018 |
Goodluck Jonathan came earlier before his time, Nigeria is not yet mature for the kind of leadership Goodluck offered. Buharri belongs in the 1930s 2 Likes |
Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by Nobody: 1:48pm On Jan 27, 2018 |
Only people whose O level Economics was written and passed at a miracle centre or someone who entered the army or Federal job with only a recommendation letter from their Principal without ever writing WAEC will dispute this. 1 Like |
Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by omonnakoda: 2:06pm On Jan 27, 2018 |
okosodo:They are not opposite,the one good and the other bad. There is nothing tested and trusted about Iweala She is incompetent. Sadly we focus on sentiment rather than facts Jonathan brought her in August 2011 and her first act was to prepare the budget with petroleum subsidy jumping from a few hundred billion to over a trillion naira by January 2012. We all remember the New Year present of 2012. It later emerged there was huge fraud in the subsidy which she never detected Next up ECA. she consistently blamed the governors for not saving anything despite the fact that the FG share of that fund is 52% if the governors don't want to save the FG can't force them. Why did she not save the 52%that was the FG share. Let me say this is not just a matter of saving but spending without appropriation. It was spent illegally. With illegal withdrawals on her Watch through the NSA. Pretty much everything she did as minister was first to put the interest of the likes of JPMORGAN and Citi above that of Nigeria. That is why she has been warmly received afterwards. What did she do about unemployment? What was interest rate when she was there By the time she left office she was borrowing to pay salaries despite the fact that in Nigeria history no finance minister, NONE has enjoyed higher oil revenues. Compare with Awolowo who was finance Minister during a 30 month war who did not borrow and even had a surplus. Yes Buhari is nothing to write home about but she cannot talk. Under her watch the main challenge was to take advantage of huge oil revenues and diversify the economy and prepare for the rainy day. She failed. She did not save as she could Once again 52% the question that won't go away. Why did she not save the FG share of the ECA . 1 Like 1 Share |
Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by omonnakoda: 2:12pm On Jan 27, 2018 |
Sprumbabafather:The kind of leadership where people die taking an employment exam in a stadium and no one is held to account? 1 Like 1 Share |
Re: Former Finance Minister: Ngozi Okonjo Iweala Speaks: I Still Find It Funny That by Mynd44: 2:13pm On Jan 27, 2018 |
8. Don't post false information on Nairaland 1 Like |
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