₦airaland Forum

Amina Mohammed, the deputy secretary-general of the United Nations (UN), says Ngozi Okonjo-Iweala, two-time minister of finance, spent years to get Nigeria out of debt, but the country is now back to worrying levels of debt.

Speaking at the International Monetary (IMF) and the UN working together conversation on Tuesday, the former minister of environment in Nigeria, expressed her worry on the rising level of debt in Nigeria and the rest of Africa.

She said the UN and IMF must have better conversations on the demands of a growing economy, seeking ways to make growth better and inclusive.

“Public resources are always going to be important, and so is ODA and the private sector. But I think we still haven’t yet got quite the solution and I hope that the work that we do together will open up that space to think more on how to leverage that,” she said.

“As I was coming up from New York, some of the concerns that came up from the meeting we had in China just recently and reports that we have; the debt issues are really big, I mean, having experienced what it was for Ngozi (Okonjo-Iweala) to get debt relief.

“It took her a few years to convince people, and we are now back again in my country, with a level of debt that is worrying, but its happening all over. Africa, is that the way we want to go?

“I think we really need to sit down and have a better conversation about all the asks of a growing economy; that needs to be inclusive, it needs to succeed, because stability is needed more than ever today, across our countries and where we are working.”

In the conversation with Christine Lagarde, the managing director of the IMF, Mohammed had agreed with Lagarde that Okonjo-Iweala was very influential in the debt relief Nigeria secured in 2006.

Before 2005, Nigeria had an external debt stock of $36 billion, which had been carried over from the military years, dating back to 1985.

In October 2005, with Okonjo-Iweala as finance minister, Nigeria and the Paris Club announced a final agreement for debt relief worth $18 billion and an overall reduction of Nigeria’s external debt stock by $30 billion.

The deal was completed on April 21, 2006, when Nigeria made its final payment and its books were cleared of any Paris Club debt, bringing Nigeria’s external debt profile to just $3 billion while domestic debt was only about N1 trillion.

As at June 30, 2018, Nigeria’s total debt profile, according to the Debt Management Office (DMO) had risen to $73.21 billion or N22.38 trillion.

AMINA MOHAMMED AS THE ‘DUSTBIN LADY

The mother of six also spoke about every of the 17 goals that make up the SDGs as her children, saying all were equally important for the future of the world.

She added that when she was appointed minister of environment in Nigeria, she was seen as the dustbin lady, because the people did not see the real value of her office.

“I have to tell you, when I went back to Nigeria as minister of environment, my state was saying, it was environment they gave you? that is the dustbin lady. They did not even get that environment was broader than just waste disposal,” she told Lagarde and a room full of development experts.

She said climate change is important, so is gender parity and inclusion for youths.

Mohammed stated that “the average age of entry into the United Nations is 45”, adding that the UN is working hard to change this, and include young people in its working process.

As at June 30, 2018, Nigeria’s total debt profile, according to the Debt Management Office (DMO) had risen to $73.21 billion or N22.38 trillion.

kenddys:
sometimes I wonder if kemi did any course relating to the finance industry

kenddys:
sometimes I wonder if kemi did any course relating to the finance industry

ORIENTATION101:
i guess you didnt read the article
.
she did so under obj but could replicate the same performance under Gej this means she cant take the glory except obasanjo

BeeBeeOoh:
Let's say she's a vacuum headed finance minister with whom Tinubu is pleased with and was baptized by Pa Buhari.


Nigeria is finished

Same Baba That Has Recovered Billions/Trillions Of Naira Is The One Going Up And Down, Borrowing Left, Right And Centre

BeeBeeOoh:
Isn't This Obvious

kenddys:
the lady just sits there and let the fg keep borrowing without thinking

kenddys:
has kemi in anyway tried to relief Nigeria of the debts it had before pmb took over?

kenddys:
the funny part is that they recovered $322m abacha loot and decided to share it with the poor and then borrow $324m to fund telecom sector who does that please?

ORIENTATION101:
how is she going to relief nigeria of debt when major source of forex fall from 120 to 25 .
should kemi be printing dollars to sustain an spend thrift economy which madam okonjo was already told us to brace up for hard times when under her watch nigeria was borrowing to pay salaries when crude was at 78$.
okonjo inheritted more than 47 billions dollars in foreign reserve when crude oil was 100 to 140 for two and half years she never saved a penny and foreign reserve was depleted .and left huge debt ranging from subsidy and federal govt contractors . kemi with meagre resources was able to clear the mess and grow foregin reserve.

kemi deserves accolades

kenddys:
kemi inherited $35billion and she couldn't do anything with it and you are saying she deserves some accolades, for what exactly?

kenddys:
sometimes I wonder if kemi did any course relating to the finance industry

BeeBeeOoh:
Isn't This Obvious

IllegalMoney:
Bro don't bother replying that zombie, Amala and ewedu has blocked his sense,

kenddys:
kemi inherited $35billion and she couldn't do anything with it and you are saying she deserves some accolades, for what exactly?