₦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.

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.

welp

sometimes I wonder if that our current finance minister studied any course related to finance

I read through!

The former debt which almost crippled Nigeria was accumulated between 1985-2005 but Ngozi Okonjo Iweala got Nigeria out.

Now, in 2018, Nigeria is more than twice indebted compared to the previous debt.

One thing is notable here:
Buhari was head of state in 1985 and is president this 2018.
Oh history!

correct. bt dis govt wil most likly go lukin 4more loans from western &arab natns just 2giv impressn dat dey hav vision

BMC zombies have currently logged offline after reading this.

NgeneUkwenu is nowhere to be found.

Only zombies aren't aware that Almajihari has made poverty a mainstay in Nigeria.

BMC zombies aftermath

When I say Okonji ~you say Iweala

I just observed that zombies have all disappeared from the thread.

The following are most wanted here now
BUHARIGUY
MADRIDGUY
BUHARITILL2023
BUTTERFLYLE0
MANNABBQGRILS AKA ABOKI MAI SUYA
SARRKI
NGENEUKWUENU
360DEGREES
REVENGEMISSION
YARIMO
SARKIN

Come and see how your generations yet unborn's future is gone and you are defending it because of crumbs.

eodavids:
I read through!

The former debt which almost crippled Nigeria was accumulated between 1985-2005 but Ngozi Okonjo Iweala got Nigeria out.

Now, in 2018, Nigeria is more than twice indebted compared to the previous debt.

One thing is notable here:
Buhari was head of state in 1985 and is president this 2018.
Oh history!

Buhari was president from 1985-2005??

God will save you

clarocuzioo:
I just observed that zombies have all disappeared from the thread.



Come and see how your generations yet unborn's future is gone and you are defending it because of crumbs.

If your lords refused to loot the reserves and did what they had to do to sustain economy, there wouldn't be need for borrowing and if it makes you feel ashamed Jonathan borrowed despite booming oil sales

RevenGeMission:
If your lords refused to loot the reserves and did what they had to do to sustain economy, there wouldn't be need for borrowing and if it makes you feel ashamed Jonathan borrowed despite booming oil sales

SAINTS" ADMINISTRATION

DG NIA IKOYI GATE
BABACHIR LAWAL #200M GRASS CUTTING
KEMI ADEOSUN EXEMPTION CERTIFICATE FORGERY
NNPC CONTRACTS OF $25B
YUSUF BUHARI POWER BIKE WORTH MILLIONS
FASHOLA #76M WEBSITE
OBNO OBLA WAEC CERTIFICATE


ALL IN "SAINTS" ADMINISTRATION.

FAILURES ALWAYS HAVE EXCUSE

RevenGeMission:
Buhari was president from 1985-2005??

God will save you

The answer to your question is embedded in your writeup here.

Buhari is the Nigerian 1985 leeader from when Nigeria got into bad debt. The gist is that NOI helped free Nigeria from the debt in 2006.

Now in 2018, Buhari is Nigerian leader again and we are back into a worse debt.
See guy, don't take my word for it. It is actually our own former Environment minister, now deputy secretary of the U.N. Hajiya Amina Muhammed.

She is a Buharist. Take her word for it.