₦airaland Forum

lexicon:
Maybe Seun trek to sckul without shoes as well.

simpleseyi:
I hope Seun is not on cheap drugs. What generousity are you talking about? is Jona paying with his father's money? Is it his money or our money? please Seun don't get me upset this early morning. Just go back and sleep if sleep still dey worry you.

[size=14pt]Why Jonathan’s Govt May Revolve Around Okonjo-Iweala[/size]
SUNDAY, 10 JULY 2011 00:00 FROM MARTINS OLOJA (ABUJA BUREAU CHIEF) NEWS - NATIONAL

THERE is a sense of relief within the inner circle of President Jonathan’s new cabinet, that the return of reform-minded former World Bank Vice President and Managing Director, Dr. Ngozi Okonjo-Iweala, would stabilise the administration.

She could also lead the much-touted Economic Management Team of the administration.

When the Senate screened her for the tough job last week, Okonjo-Iweala had spoken in diplomatic terms of the danger of having more than 74 per cent of the national budget as recurrent expenditure.

She said that a situation where the nation had to borrow to finance its expenses and bills of administration officials was not healthy.

Besides speaking significantly about the abuse of subsidy in Nigeria; she talked about how the federal legislature, which has been accused of being unfeeling towards the national treasury, should be part of a reform to free funds from its bloated recurrent expenditure for capital projects.

At the end of the screening, she was confirmed to lead the transformation economic team the president hinted before the cabinet was formed.

The Guardian learnt that contrary to some belief that she would be coming “to take over power” from the CBN governor, Sanusi Lamido Sanusi, Okonjo-Iweala is expected to strengthen relationship with the CBN leadership in a way that will benefit the economy.

“The CBN governor has been a lone ranger, indeed. Now, there is a sense of relief in the presidency that another courageous partner, a very knowledgeable economist, is coming on board to give good leadership that will shield Sanusi Lamido Sanusi from the hawks who always see everything from religious and ethnic prism,” a presidency source explained at the weekend.

President Jonathan, who has been politically besieged by his ruling party stalwarts for nomination and postings to some ‘Grade A’ ministries, is reportedly satisfied that despite all odds, there is a significant number of technocrats in the cabinet to tackle the battered economy under the leadership of the former World Bank senior manager.

Meanwhile, it was gathered that there is yet another fight over the Works Ministry. This time, the fight is not about the best person to be posted there, but about whose candidate is to occupy the post.

PDP insiders disclosed that the former Acting National Chairman, Dr. Haliru Bello and former Comptroller-General of Customs, who has been slated for the Defence Ministry, is being primed for the Works beat vacated by Sanusi Dagash, an architect.

In the same vein, former Works Minister, Chief Tony Anenih, is interested in his nominee from Edo State, Onolenmemen, to be given the job.

NGOZI : ISLAMIC BANKING IS OK!
Former Finance minister Ngozi Okonjo-Iweala yesterday urged opponents of non-interest Islamic banking in the country to dispassionately understand the idea, which she said is simply another form of banking that is functioning well in other countries.
Okonjo-Iweala, a managing director at World Bank and now minister-designate, spoke while fielding questions from senators at the Senate in Abuja during the confirmation hearing for ministerial nominees.


She said Islamic banking system is being adopted by many countries in the world and that it can function well along with other forms of banking that exist in Nigeria.

“On the issue of Islamic banking, I will say we should look at it without a lot of emotion. I think that as far as I understand it and again it is a question that posed to the Central Bank Governor who proposed it, to my opinion it is another form of banking, where instead of charging interest, the people who take loans from this system share in the profits of the bank,” she said.

“It is just another way to give certain people of the world population who have difficulties with the notion of interests a way to participate in the banking system without having to deal with that issue of interest payment. But there are commissions charged within this system, there are service charges and there is profit sharing.

“I think what we need what we need to do is to unpack what this system is about and try to understand it. When we can look at it dispassionately, it is another form of banking and hopefully, in many countries of the world that are increasingly opening up this type of non-interest charge. From the evidence, I think it’s good to look at actual implementation in those countries, it seems to be functioning relatively well alongside other forms of banking. I will leave that there.”

On the proposed limit to cash withdrawals by the CBN in its drive to attain a cashless society, Okonjo-Iweala said though it is a good idea and in line with global practices, there is need for caution in its implementation.

“I would also be a little careful because it might have the opposite effect. If you implement a minimum or a maximum withdrawal limit, people will decide to keep money under their mattresses and not put them in the bank because they will think they will not be able to withdraw them,” she said. “We have to go about it carefully, I like the objective as they said of moving towards a cashless society, but I think we should implement it with deliberation.”

Commenting on the issue of removal of fuel subsidy, Okonjo-Iweala proposed a partial removal of subsidy as it relates to those that can afford the commodities being subsidised.

“I don’t think the issue of subsidy is an ideological one. The problem is we subsidise for both those that are rich that can do without subsidy and the poor people that really need it. Having a generalised subsidy such as we have is not the right thing to do. We have to find a way to subsidise only for those that need it,” she said.

Okonjo-Iweala gave an indication that she could once again dump the ministerial job like she did under former President Olusegun Obasanjo should the circumstances become unfavourable.

She said, “I served the country for about three years and when I determined that I could no longer perform and give to the country the way that I would want I resigned, which is the honourable thing to do. So I did not runaway. When the circumstances are appropriate to serve you serve and if they are not appropriate you go and do something else.”

The former minister who may be re-assigned the Finance ministry promised to contribute to the much needed economic growth of the country by working selflessly to achieve the targets.

In one of the text messages, which was also sent to our correspondent, the PDP was derogatively described as ‘Poverty Development Party’, whose death had come with the result of the elections. The text message reads, “With gratitude to God Almighty for a live not well spent, we regrettably announce the passing away of ‘Poverty Development Party’ in South- Western part of Nigeria on Tuesday, April 26, 2011.

“The party is survived by Dimeji Bankole, Iyiola Omisore, Iyabo Obasanjo, Olagunsoye Oyinlola, Bode Olajumoke, Kamarudeen Adedibu, Jumoke Akinjide, Gbenga Daniel, Adebayo Alao-Akala, etc. Final burial comes up at Tinubu Square in CMS on May 29. Dress code: Broom.”

proudly9ja:
Goodluck needs to provide capable hands for other aspects of the economy for any effect to reach the masses. Selection of Ngozi is a good move. Bath Nnaji also seems to me to be someone who can do well if given the chance in the power sector (I must confess I only know about his academic background cos I'm in the same field and I know nothing about his administrative abilities).

ReachRich:
^^^ i was just thinking d same thing.Or is GJ going to give Aganga junior minister?