Sweetguy25:
Ngozi may go down in history as the most famous Minister of finance Nigeria has ever had. I doubt if previous ministers of finance were scrutinized and castigated as much she was.

But let me ask please – What crimes did Ngozi commit that she is so much vilified and abused by Nigerians? Why do Nigerians blame all their economic problems on Ngozi? Is it because she was conferred with the ceremonial title of “coordinating minister of the economy”?

I have found out that many people who accuse Ngozi of destroying the Nigerian economy are blatantly ignorant of how the Nigerian economy is setup and the duties of the minister of finance.

For starters, there are two ways of controlling an economy – Fiscal Policy and Monetary Policy.
Fiscal policy is the use of government revenues and expenditure to stimulate economic growth while monetary policy is basically the use of money supply (e.g. interest rates) to stimulate economic productivity.
Fiscal policy in Nigeria is maintained and managed by the Ministry of Finance while monetary policy is managed by the central bank of Nigeria.
I find it highly hypocritical that nobody ever accuses the CBN of not doing enough to stimulate economic growth and employment. Incidentally, majority of Nigerians are ignorant of the duties and functions of the CBN.
It is the duty of the Central bank to control and manage
- interest rates;
- inflation;
- foreign exchange reserves;
- the national credit system;
- exchange rates
In Nigeria however, we often accuse Ngozi of depleting our foreign reserves, we accuse her of the high exchange rates; we accuse her of unemployment; we accuse her of inflation; we accuse her of everything wrong with the economy. These aren't her duties.

Ngozi does not control exchange rates, the CBN does
Ngozi does not manage or control our foreign reserves, the CBN does
Ngozi does not control inflation, the CBN does
Ngozi’s job is to manage the revenues and expenditures of the federal government; how your state governors spend their allocation and revenues is not her concern.
She has carried out her duties to the best of her ability and I can’t think of any previous minister of finance that did a better job than Okonjo Iweala.

Nigerians should learn to apportion blames to whom they are due

Blame the CBN for inflation
Blame the CBN for high rates interest
Blame the CBN for not managing the foreign reserves properly
Don’t blame Okonjo Iweala


Thank you.

yemjazz:
I absolutely disagree with this write up.
she must take responsibility for all economic policies made at the detriment of Nigeria economy. she is the manager of our reserve and we all know that our foreign reserve has been depleted beyond our imagination.

socialmediaman:


I agree with many of your submissions, though I cannot completely absolve her of certain hardliner decisions that were imminent to the success of the administration which could not be taken, possibly for political reasons.

For instance, on the wage issue, I think it was perfectly okay to increase wages, especially if that was commensurate with output.. In some organizations, extra wages are paid based on dedication and work input, these are all policies that could be adopted. But notwithstanding, the hard decision needed to be taken to prune the workforce and overhead of government but everyone seemed to be careful not to say the "F" word and incur the heat of the labour leaders, so the government continued living in waste and I guess everyone should be held accountable, especially the finance and CBN heads, though like I earlier pointed out, the CBN already asked govt to cut down its staff, though without a solution.

On the issue of offering the workers some soft landing for cutting down staff strength, it would be non-negotiable in this case because they Have to go, but you just don't wanna let them go empty handed, it's a better option than the way government used to do things.

The Steve Orasanye report clearly stated that many ministries have to go and government would be able to save N400 billion, this money could be invested back into the economy for direct employment generation through business empowerment.

I cannot blame NOI without blaming the Head of Government himself, Jona, that's where the major problem was. She could've done so much better within a less corrupt and loose government. She's taking the heat now for the excesses of the government.

seivey:


Thank you for the acknowledgement that Mrs Okonjo controls the revenue and expenditure of the FGN.

In your own honest assessment, will can you state categorically how much she saved for the FGN over a period of 5 years when crude oil prices was at its highest ever?

How has madame Okonjo help diversify the economy from being too reliant and crude oil sales?

As the coordinating minister of the economy, she was given more powers than ordinary finance minister, how has she used that to increase Nigeria's GDP and affect the life of ordinary Nigerians on the street?

How has her policies brought about jobs for the youths and growth of our industries?

Please we have to be very sincere Madame Okonjo, betrayed our Trust and Failed the Nigerian nation during this last 5 years

rman:
Analysis from a tribalist point of view.

Jklue007:
I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

Jklue007:
I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

philips70:
I have noticed the OP have some cognate experience in financial and monetary policies in Nigeria. All I want to know is if he knows better than Chukwuma Soludo and Bismark Rewane. Also I would want him to tell us what the title coordinating minister of the ECONOMY means with respect to previous ones that were just ministers of finance.

elohorayodele:


Yeah that was a good thing, but he did a shoddy job on the whistle-blowing too, how can you tell the world money is missing and then you quote three different varying amounts. Incompetence! Rate him also on his true functions as a CBN governor too pls

Sweetguy25:


The title didn't add anything special to her duties a minister of finance. Just that she had the authority to formulate and implement certain programmes that were not directly under the scope of her portfolio. E.g. Setting up programmes, policies and institutions like YouWin, GWin, Sure-P, NMRC and others.

On Soludo and Rewane, I don't know better than them and neither do they know better than Okonjo Iweala.

You are brilliant Madam, but you need serious help. Having spent all your life in the World Bank bureaucracy largely in administration/operations, no one will blame you if your economics has become a bit rusty. There are firebrand Nigerians all over the world to draft to service. It is certainly embarrassing to Nigeria for you to be bothering World Bank economists to help you with most basic economic analysis.

Jklue007:
I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

philips70:


But she has avoided every invitation to debate the economy at least not as superiority challenge but to the benefit of the system. What was she scared of?

Kasiem2:
Op, the issue is that okonjo iweala made great economic impacts in the country for people who are willing to tap from the policies she created. The only problem is that we have more lazy people than hardworking people in the country, how would an almajiri in street have the economic policies from okonjo manifest in his life? Before one would expect progress that person should be able to balance himself for the gains of the economy. The fact remains that we have more rich people than before. It was quite rare to see an okad man build a house before but now okada men build houses, we no longer count wealth with cars unlike before when it is rare to see a youth driving a car. Most of the people condemning okonjo here are richer than they were 6 years ago but they would rather say that it is their pastor's prayer that helped them. Forget about the rantings.

Whynotthetruth:



Can you just ignore this socialmediaman as he keeps typing LONG uninformed posts all over this forum...

See his skewed submission on NNPC...
Then to NOI depleting ECA...
To events in custom & NPA...
and so many others...
I get irritated seeing people misleading others in the name of trying to claim intelligent and informed folks...

socialmediaman:
I

Ok apologies i was quoted out of context, that wasn't my intention. My purpose was to highlight that as an economic expert of the government, there are 2 ways to criticize government's decision, one is by proposing an alternative solution, the second is by outright criticism. For instance, government's recurrent gulps most of the state's budget, but the government wouldnt find it easy to relieve people of their jobs without a solution for them out there, but as the economic coodinator, you should be able to come up with a solution, let's say, how about relieving these people while using the money saved to loan them to set up business on their own... Just an instance, I'm actually trying to find out whose fault was that of recurrent expenditure budget, if it's not hers then it must be the president's and also other chief economic players like ex-CBN governor

DonDiego:



The biggest supporters of corrupt politicians based only on ethnic and atavistic reasons are themselves the first to accuse others of their own very vices. You really need to look at yourself in the mirror. You will not like what you'll see.

DonDiego:



The biggest supporters of corrupt politicians based only on ethnic and atavistic reasons are themselves the first to accuse others of their own very vices. You really need to look at yourself in the mirror. You will not like what you'll see.

Sweetguy25:
Ngozi may go down in history as the most famous Minister of finance Nigeria has ever had. I doubt if previous ministers of finance were scrutinized and castigated as much she was.

But let me ask please – What crimes did Ngozi commit that she is so much vilified and abused by Nigerians? Why do Nigerians blame all their economic problems on Ngozi? Is it because she was conferred with the ceremonial title of “coordinating minister of the economy”?

I have found out that many people who accuse Ngozi of destroying the Nigerian economy are blatantly ignorant of how the Nigerian economy is setup and the duties of the minister of finance.

For starters, there are two ways of controlling an economy – Fiscal Policy and Monetary Policy.
Fiscal policy is the use of government revenues and expenditure to stimulate economic growth while monetary policy is basically the use of money supply (e.g. interest rates) to stimulate economic productivity.
Fiscal policy in Nigeria is maintained and managed by the Ministry of Finance while monetary policy is managed by the central bank of Nigeria.
I find it highly hypocritical that nobody ever accuses the CBN of not doing enough to stimulate economic growth and employment. Incidentally, majority of Nigerians are ignorant of the duties and functions of the CBN.
It is the duty of the Central bank to control and manage
- interest rates;
- inflation;
- foreign exchange reserves;
- the national credit system;
- exchange rates
In Nigeria however, we often accuse Ngozi of depleting our foreign reserves, we accuse her of the high exchange rates; we accuse her of unemployment; we accuse her of inflation; we accuse her of everything wrong with the economy. These aren't her duties.

Ngozi does not control exchange rates, the CBN does
Ngozi does not manage or control our foreign reserves, the CBN does
Ngozi does not control inflation, the CBN does
Ngozi’s job is to manage the revenues and expenditures of the federal government; how your state governors spend their allocation and revenues is not her concern.
She has carried out her duties to the best of her ability and I can’t think of any previous minister of finance that did a better job than Okonjo Iweala.

Nigerians should learn to apportion blames to whom they are due

Blame the CBN for inflation
Blame the CBN for high rates interest
Blame the CBN for not managing the foreign reserves properly
Don’t blame Okonjo Iweala


Thank you.

Jklue007:
I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

Sweetguy25:
Ngozi may go down in history as the most famous Minister of finance Nigeria has ever had. I doubt if previous ministers of finance were scrutinized and castigated as much she was.

But let me ask please – What crimes did Ngozi commit that she is so much vilified and abused by Nigerians? Why do Nigerians blame all their economic problems on Ngozi? Is it because she was conferred with the ceremonial title of “coordinating minister of the economy”?

I have found out that many people who accuse Ngozi of destroying the Nigerian economy are blatantly ignorant of how the Nigerian economy is setup and the duties of the minister of finance.

For starters, there are two ways of controlling an economy – Fiscal Policy and Monetary Policy.
Fiscal policy is the use of government revenues and expenditure to stimulate economic growth while monetary policy is basically the use of money supply (e.g. interest rates) to stimulate economic productivity.
Fiscal policy in Nigeria is maintained and managed by the Ministry of Finance while monetary policy is managed by the central bank of Nigeria.
I find it highly hypocritical that nobody ever accuses the CBN of not doing enough to stimulate economic growth and employment. Incidentally, majority of Nigerians are ignorant of the duties and functions of the CBN.
It is the duty of the Central bank to control and manage
- interest rates;
- inflation;
- foreign exchange reserves;
- the national credit system;
- exchange rates
In Nigeria however, we often accuse Ngozi of depleting our foreign reserves, we accuse her of the high exchange rates; we accuse her of unemployment; we accuse her of inflation; we accuse her of everything wrong with the economy. These aren't her duties.

Ngozi does not control exchange rates, the CBN does
Ngozi does not manage or control our foreign reserves, the CBN does
Ngozi does not control inflation, the CBN does
Ngozi’s job is to manage the revenues and expenditures of the federal government; how your state governors spend their allocation and revenues is not her concern.
She has carried out her duties to the best of her ability and I can’t think of any previous minister of finance that did a better job than Okonjo Iweala.

Nigerians should learn to apportion blames to whom they are due

Blame the CBN for inflation
Blame the CBN for high rates interest
Blame the CBN for not managing the foreign reserves properly
Don’t blame Okonjo Iweala


Thank you.

Image123:
i will be merciful and not pieces your post literally. Please, what is Ngozi Okonjo-Iweala's duties, you didn't say?

Jklue007:
I refuse to be deceived, Okonjor Iweala is responsible for the mismanagement of the foreign reserve, or are you telling me the governors forum don't know what they are saying before dropping this weighty allegations?? U sef think am

Sweetguy25:

Feel free to pieces the post however you like. I'm open to a debate.