Yesterday scavengers are today's saints - Ngozi Okonjo-Iweala"

# Rotimi Amaechi as Chairman of Nigeria governors Forum took Jonathan government for trying to save for raining season including Fashola and most APC members, today they are the ones shouting that the PDP did not save, hypocrites and liars #

"We then established a stabilization 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 (because part of the money saved was used to fund the amnesty programme for Niger Delta Militants embarked upon by the Yar'adua government) 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 they took us to the court up to the supreme court) 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."
"Unfortunately, the same scavengers of yesterday are the saints of today".

- Dr. Ngozi Okonjo Iweala

Mynd44
Sourced by www.ogashub.com

Even if your heart is at dark as charcoal,ones you join APC,it will be white as snow.

If the APC wasn't saving,how then did the foreign reserve depleted under Mrs Okonjo Iweala suddenly skyrocketed and overtook the foreign reserve of South Africa?
I refuse to believe that Mrs Okonjo Iweala said that this current government is not saving. She's not blind or/and deaf.

Interesting

Madam, why did you keep mentioning names of those in opposition now? What about those (former governors) that are still in PDP now, were they supporting you then?

Pls remove political sentiments from your book or whatever you call it

Wealthandjobs:
If the APC wasn't saving,how then did the foreign reserve depleted under Mrs Okonjo Iweala suddenly skyrocketed and overtook the foreign reserve of South Africa?
I refuse to believe that Mrs Okonjo Iweala said that this current government is not saving. She's not blind or/and deaf.

My dear friend,
It is obvious that you don't know what is foreign reserves and what is savings, as in Sovereign trust fund.
In fact, most people don't know what a foreign reserve is .
To prove this to you, I should ask you.
If Nigeria has $45b in foreign reserves, then why is Nigeria desperately going around the world shopping for a loan of mere $2b to fund the budget projects?
Why is the Nigerian government looting pension funds to fund government operations if it has $45b in reserves ?

^^
The answer is that a foreign reserve is a reserve, usually in USD, put aside to offset recurrent foreign exchange obligations , and also used to peg or defend a nation's currency.

Now, since 2015, Nigeria's foreign reserves has risen from $30b to $45 billion. It does not necessarily mean that the present government has been more prudent in management.
What the increase shows is more foreign currency has flown into Nigeria than out.
This can be due to import restrictions, less demand for imports due to recession and also increase in oil earnings coming into Nigeria.
High foreign reserves only helps to stabilize the local currency. It bears no direct correlation to employment and standard of living inside the country.

On the other hand, a sovereign wealth fund is a real cash savings that the government can dip into at any time it pleases to fund budgets , pay debts and fund infrastructural projects.

Therefore, a high foreign reserve is marginally beneficial to the populace, whereas, a sovereign wealth fund is a bona fide cash savings and insurance policy for leaner times.

Therefore, Any government official that Beat their chests about increasing the foreign reserves as an accomplishment is either ignorant or is unduly taking advantage of the public ignorance.

Wealthandjobs:
If the APC wasn't saving,how then did the foreign reserve depleted under Mrs Okonjo Iweala suddenly skyrocketed and overtook the foreign reserve of South Africa?
I refuse to believe that Mrs Okonjo Iweala said that this current government is not saving. She's not blind or/and deaf.

And please, desist from regurgitating this zombie-life nonsense that the previous government depleted the foreign reserves.

Since when, and in what zombie universe is $30b left behind = depleted ?

Stop eating all that Zombie food that are being fed to you.

False news

Bodexman:
Madam, why did you keep mentioning names of those in opposition now? What about those (former governors) that are still in PDP now, were they supporting you then?

Pls remove political sentiments from your book or whatever you call it

Ok

[quote author=Bodexman post=67410473]Madam, why did you keep mentioning names of those in opposition now? What about those (former governors) that are still in PDP now, were they supporting you then?

Pls remove political sentiments from your book or whatever you call it

[/Quote]
it is because those former governors still in PDP are not seen as saints

Factfinder1:


# Rotimi Amaechi as Chairman of Nigeria governors Forum took Jonathan government for trying to save for raining season including Fashola and most APC members, today they are the ones shouting that the PDP did not save, hypocrites and liars #


- Dr. Ngozi Okonjo Iweala

Mynd44
Sourced by www.ogashub.com

Okonjo-Iweala is so fixated on Rotimi Amechi and APC that she has bent the truth so much that her book is looking more like a work of fiction.

Rotimi Amaechi did not take the FG to court, the Nigerian governor's forum took the FG to court over illegal opening and illegal deductions from the excess crude account.

EXCESS CRUDE ACCOUNT: GOVS INSIST ON FINAL RESOLUTION FROM SUPREME COURT
written by Our Reporter January 29, 2013
UMOBILE_600X90B

The 36 state governors, under the platform of the Nigeria Governors Forum (NGF) has decried the handling of Excess Crude Account by the Federal Government and resolved to allow the Supreme Court make its ruling on the case which has been pending for a long time.

The federal government has made several attempts for out of court settlement on the case with the governors who went to court describing the deductions by the Federal Government as illegal. Unfortunately all attempts have failed.

The governors stated this after their meeting in Abuja chaired by the Governor of Rivers State, Chibuike Rotimi Amaechi.

More so, the governors also “declared their confidence in the Chairman and endorsed his leadership as head of the Forum”.

http://pointblanknews.com/pbn/news/excess-crude-account-govs-insist-on-final-resolution-from-supreme-court/

Madam world Bank is making it seem that it was Amaechi and APC that took the FG to court. All PDP governors were in agreement with taking the FG to court over the excess crude account.

We are still asking madam world Bank the most pertinent question; what stopped her from saving the 52% share of the FG's portion, since she said president Jonathan agreed to save, or was it only the governors and local governments share that she and Jonathan were interested in saving?

Wealthandjobs:
If the APC wasn't saving,how then did the foreign reserve depleted under Mrs Okonjo Iweala suddenly skyrocketed and overtook the foreign reserve of South Africa?
I refuse to believe that Mrs Okonjo Iweala said that this current government is not saving. She's not blind or/and deaf.

did she say this government isn't saving?
Is that what you made out of this post?



Somehow for the Nigerian youth