Original Title: Okonjo-Iweala Plans Spending Cuts To Reduce Budget Deficit

This from Bloomberg News:

http://www.bloomberg.com/news/2011-08-24/nigeria-plans-spending-cuts-3-deficit-finance-chief-okonjo-iweala-says.html


Nigeria’s government will cut recurrent spending, such as wages, and keep the budget deficit at 3 percent of output while boosting infrastructure investment to create jobs, Finance Minister Ngozi Okonjo-Iweala said.

“We need to maintain macroeconomic stability,” she told reporters today in Abuja, the capital. “We need to manage our fiscal situation in a more prudent manner. Monetary and fiscal policies must work hand-in-hand.”

Well, well, well.  No wonder the looters didn't want this woman to come back.    Kudos Mrs Iweala, you are at last administering the strong medicine that Nigeria needs.   Anyone who doesn't like it can go hug a transformer, as soon as  we have 24 hours electricity, or if he can't wait he can always hug a Boko Haram bomber.

This is part of the pain GEJ said the people have to endure. To cut wages?
This is gonna cause a rumble in da PDP.

She could but not with the personality cult abounding in Aso Rock. I don't think GEJ and his fellow hawks(fi d fi) would stomach this bitter pill, anyway time will tell

To whoever has contact with Ngozi, please tell her she is patching the problem. She promised a fix, not a patch.

I think she is on the right track and I wish her well.  I made a comment on a similar  issue on Nairaland this morning and little did I know that it would come up as part of her policy statement.  The comment is below:

[b]Thank you very much guys.  You know, one thing that never ceases to amaze me is the capacity for self delusion and lack of common sense by our leaders.  How can you attract investment, not to talk about developing a competitive economy, without good infrastructure, law and order, and a skilled work force.  Those factors are what separates a country like Nigeria, from one like Singapore.   Our leaders are like proprietors of a run down hotel with broken windows and a leaking roof, expecting the same place to be full of guests paying top dollar!    It would be funny if it were not so sad for us as a country.   I recently read a US State Department report on the Singapore economy, and the following paragraph caught my eye and showed me that our leaders have a long way to go, and they have not even started on the journey!

"Singapore's largely corruption-free government, skilled work force, and advanced and efficient infrastructure have attracted investments from more than 7,000 multinational corporations from the United States, Japan, and Europe. Also present are 1,500 companies from China and another 1,500 from India. Foreign firms are found in almost all sectors of the economy. Multinational corporations account for more than two-thirds of manufacturing output and direct export sales, although certain services sectors remain dominated by government-linked companies."

The full report can be read on this link:   http://www.state.gov/r/pa/ei/bgn/2798.htm

If our leaders don't start taking steps to implement similar  changes to move  our country forward economically, Nigeria will remain not just a sleeping giant, but a comatose one, over-dependent on crude oil sales, the benefits of which have yet to be felt by the average Nigerian.

@ShipIt, I agree with you that this is what we should be demanding of our leaders, instead of glorifying their incompetence, and allowing them to con us with false and empty promises.[/b]

The ugly woman doesn't know what she's in for.

obowunmi:

The ugly woman doesn't know what she's in for.

I actually think she is a very attractive woman, but there you go.  One man's beauty, is another man's nightmare.  Anyway I look forward to seeing her hit some looters in Abuja where it hurts most.  In their pockets.

Talk is cheap

obowunmi:

The ugly woman doesn't know what she's in for.

You spoke for yourself though. She's a rare combination of beauty and brains. I was very besotted with her personality and achievements the day I met her in person.

I'm in awe.

Silly people. , . .

You cant see what she's saying.

By recurrent spending she means civil servants and those on the Federal Govt payroll - not politicians.

The politicians will keep on eating - its the man on the street that's about to feel the wrath of this woman.

We should already know whats coming - By cuts she means she will bring 'Austerity' to Nigeria.

We're in for some hard times - trust me.

Sun of god:

Silly people. , . .

You cant see what she's saying.

By recurrent spending she means civil servants and those on the Federal Govt payroll - not politicians.

The politicians will keep on eating - its the man on the street that's about to feel the wrath of this woman.

We should already know whats coming - By cuts she means she will bring 'Austerity' to Nigeria.

We're in for some hard times - trust me.

Sorry to burst your bubble but recurrent expenditure is all encompassing

blink182:

Sorry to burst your bubble but recurrent expenditure is all encompassing

Ok - watch this space.

Do you think she can lay off politicians?
Do you think she can cut their wages?

All encompassing - my arsse,

Sun of god:

Ok - watch this space.

Do you think she can lay off politicians?
Do you think she can cut their wages?

All encompassing - my arsse,

Please its evening and I just resumed work and have deadlines to beat, I do not have time for beer parlour arguments.

this is going to be classic.

are we going to see a reversal of the minimum wage gej signed into law as an election gimmick?

Please where is it expressly stated that its just the civil service?

blink182:

Please where is it expressly stated that its just the civil service?

My mistake. Fixed!

I just love the drama playing out here. As soon as this woman sneezes, everyone is scampering here and there. Even when she hasn't said much, everyone is trying to predict her next move. This woman is too much jo. Lol

oyb:

this is going to be classic.

are we going to see a reversal of the minimum wage gej signed into law as an election gimmick?  

She said during her screening that the government can cope with N18000 minimum wage. She may be looking at politician's wages

oyb:

this is going to be classic.

are we going to see a reversal of the minimum wage gej signed into law as an election gimmick?  

u took d word outta my mouth bro!

Seun:

My mistake. Fixed!

OK

Good,, [img]http://2.s07.flagcounter.com/count/DymW/bg=E6E6E5/txt=E6E6E5/border=E6E6E5/columns=1/maxflags=1/viewers=3/labels=0/[/img]
[img]http://s07.flagcounter.com/count/DymW/bg=E6E6E5/txt=E6E6E5/border=E6E6E5/columns=1/maxflags=1/viewers=3/labels=0/[/img]

Once again, very UGLY woman. Reduce salaries ? We don't want to pinpoint where people's bank account have been well cushioned from so-called government contracts. Why punish innocent civil servants ?


When the west cuts, its because there's not as much corruption. She's bringing western tactics here --- how about we all vote for them to CUT DOWN HER SALARY and that of every stupid politician > UURRRRGGHH ----


why punish the poor ?

1. Reduce salaries of high ranking government officials including their subsidies
2. Government contracting ? Lets make the bidding process a bit fair and see if there will not be a reduction there
3. Have IBB family, Abacha family, Igbenedion and Obasanjo families return all stolen monies

E be like this woman dey kolo. How much does an average civil servant earn that she wants to reduce ? What about salaries of House of reps members,senators,ministers,governors and the president ? Will she also reduce her own salary too ?

~Bluetooth:

E be like this woman dey kolo. How much does an average civil servant earn that she wants to reduce ? What about salaries of House of reps members,senators,ministers,governors and the president ? Will she also reduce her own salary too ?

GBAM!

^^^^^ abeg stop spamming jooor!

What about the salaries and bonuses of the polithiefcians.

obowunmi:

^^^^^ abeg stop spamming jooor!  

Bros I don tire, na by force.

~Bluetooth:

E be like this woman dey kolo. How much does an average civil servant earn that she wants to reduce ? What about salaries of House of reps members,senators,ministers,governors and the president ? Will she also reduce her own salary too ?

Boys are not smiling

If payroll is under expenditure which is recurrent, then I believe that politicians are involved as well. This is gonna be a showdown in the FCT. Question is will lawmakers allow a pay cut / reduction? I believe that it will work; cuts have to start from somewhere

One thing people here forget is that this woman is not a politician and does not care what the politicians think. She can not be black mailed and she will rather resign than have herself bent by a bunch of greedy vultures.

If she wants the salaries of everyone cut in political offices, it will be done else she will leave and the world bank will gladly re-absorb her.