₦airaland Forum

ochallo:
Okonjo never saved a penny. Are you mad?

If she takes credit for the increase of reserve in her first stint as finance minister who takes the blame for the depleted reserves in her second stint ?

Why didn't she redo it the second time if it was largely her doing the first time?

Naturalle:
Please Sir I beg to differ. While good infrastructure can catalyze economic growth, it doesn't create it. Training, people, and money (empowerment) can generate the funds we need to even fund infrastructure. Before the roads and light n rails came, people trained and traded and from those monies, they were able to get themselves niceties, and equip themselves with better infrastructure for bountiful trade. I think if we train and empower people, we can get monies via trade and taxation to develop our infrastructure.
Pls don't be angry o, I know nairaland is filled with hot tempered people now.

Where will you train the people? Under the tree?
If you want to train welders, is it not power you will use for the welding machines?

Education falls under Infrastructure

emmanuelpopson:
i watched the.men who built America and i must attest to this... the founding fathers mentioned in there had the love of the country at heart.. they were not partisan and biased... America firsth and they used their resources and wealth to develop the country ... though they were capitalist in nature.but they all come together to make the American dream a reality. from andrew carnegie steel,to rockefeler oil, ford motors etc..these people cant be compared to our own selfish and self centred rich people.. i think the unity and patroitic spirit is the answer to our challenges...

Your answer about patriotism can not be disputed.

Naturalle:
Please Sir I beg to differ. While good infrastructure can catalyze economic growth, it doesn't create it. Training, people, and money (empowerment) can generate the funds we need to even fund infrastructure. Before the roads and light n rails came, people trained and traded and from those monies, they were able to get themselves niceties, and equip themselves with better infrastructure for bountiful trade. I think if we train and empower people, we can get monies via trade and taxation to develop our infrastructure.
Pls don't be angry o, I know nairaland is filled with hot tempered people now.

My sister when it comes to economics, most of our people lack basic understanding on how it works.

If only they understand the importance of Technical Education and Business Grants as complimentary to Infrastructural Development.

Iamgrey5:
Yeah, Says the dude that believes economic growth & development can be achieved without building basic infrastructures.


Or the dude that thought building capacity to produce simply means training workers.


joker

You see how myopic and one track your mind is. So capacity building means training workers alone. SMH.You also need to polish up your english as well you are so 19th century.

kenex4ever:
she made them to pardon most of our debts. Does she need objs help to write off our debts, especially those accumulated by buhari since 1985. Read the article again

The history of the debt cancellation has been adjusted by the supporters of NOI and I think it is unfair to other key players in those chapters of our economic journey.
The IMF felt with NOI in position to advice and influence our mismanagement and excess borrowing was going to reduce drastically. It was largely a external thing aided by OBJ's willingness to appoint NOI and follow IMF economic blueprint. They felt since Nigeria had someone who understood their philosophy and plan for our growth in good position, they could clear our debt and be rest assured we wont return to that ugly situation by mismanagement.

The truth is NOI is powerless to influence debt cancellation as being suggested by her supporters. If she could do it why didn't she do it the second time as a minister with broader portfolio of coordinating minister of the economy under GEJ?

Is Kemi responsible for the policies eating up loan funds or affecting GDP the most? She isn't. The answer lies between the President, ruling party and the institutions that normally outlive ministerial tenures.

Naturalle:
I agree that both are important, but I just wanted to point out that human capacity development should be of high importance. HCD without infrastructure can still generate an income albeit slowly, but cool infrastructure without HCD leads to youth redundancy. I'm saying this because there seems to be so much emphasis on infrastructural development (long term projects) and little emphasis on shorter projects (human capacity development) now and it is worrisome.

You deserve an intense & passionate kiss.

let me invite my friends jomonic and Jaqenhghar

una never talk true, I think say na GEJ cause the recession of 1985 and 2016.stupid people! God bless Umu-igbo

Iamgrey5:
So throwing insults is your best way to counter a comment?

The president is the head of the executive council which Dr Ngozi was part of, So any decision made by Dr. Ngozi must have received a seal of approval from the president before it was acted upon, otherwise the president could have reject her proposal and follow another path. Thus, credit is given to the leader or president in this case.

Or haven't you seen President Trump praising himself for the economic growth experienced in the United States, why doesn't he praise his commerce secretary, finance secretary or Reserve bank president instead.

While not taking anything away from the leadership of Obasanjo. He showed firm leadership. However, the question here is; Would another finance minister have had that enormous international contacts and goodwill that Ngozi had to convince the international community to cancel our debts?

EternalTruths:
You deserve an intense & passionate kiss.

let me invite my friends jomonic and Jaqenhghar

Nice one. No kiss am too much ;Dsha

Jaqenhghar:
You see how myopic and one track your mind is. So capacity building means training workers alone. SMH.You also need to polish up your english as well you are so 19th century.

Dude you don't speak or type with better English than I do. So in your deluded mind 'SMH" is queens English, right.

You should probably work on your syntax as well, it is terrible

Perhaps you need to revisit your initial comment where you stated that you felt the development of infrastructural facilities cannot improve GDP( Gross domestic product), but the capacity building of the population will.

The statement left me wondering if you have ever had any lessons on basic economics.

Shayetet13:
While not taking anything away from the leadership of Obasanjo. He showed firm leadership. However, the question here is; Would another finance minister have had that enormous international contacts and goodwill that Ngozi had to convince the international community to cancel our debts?

Oweala had no real contacts. It was a case of IMF expecting her to help put a stop to our mismanagement of loans and therefore pardoning our debts.
Why didn't she repeat that feat under GEJ with a broader portfolio of coordinating minister of the economy?
She was entrusted with a job and she performed poorly.

Iamgrey5:
Dude you don't speak or type with better English than I do. So in your deluded mind 'SMH" is queens English, right.

You should probably work on your syntax as well, it is terrible

Perhaps you need revisit your initial comment where you stated that you felt the development of infrastructural facilities cannot improve GDP( Gross domestic product), but capacity building of the population.

The statement left me wondering if you ever had any lessons on basic economics.

It is not your spoken english that os the problem. The fact that you auto.atically assume Capacity development to mean training workers is what I find amusing. Who creates wealth? Is it human beings or is it infrasturcture? If you take an example of California with all those tech companies. Is it infrastructure that established the tech companies or is it human beings? If Niggeria had bothered to invest in its human capacity you wont need to look for Chinese to come build bridges and airports for you. Did the Chinese wake up one day and start building the infrastructure they have? They underwent a process building their capacity went to study and built on existing knowledge. With that knowledge they built the infrastructure you see. Look at this shithole. You have been building infrastructure since 1960 yet look at the state of the infrastructure.

“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.

Why are supporters of Mrs world Bank so obsessed with the year 2006? Was that the only year she served as finance minister? Why not also talk about 2014 to 2015 when she was borrowing to pay salaries.

In the second coming of madam world Bank, she met an external debt of US$5.67 billion, she then left with an external debt of US$10.71 billion, meaning she almost double Nigeria 's external debt profile despite record crude sales.
Buhari on the other hand met an external debt of $10.71 billion and is now about $19 billion.

This political season, most of the statistics churned out is simply political, like this one. When referring to Okonjo-Iweala, the report mentioned external debt, but when referring to Buhari, it switched to total debts (both external and internal debts). Why not talk of internal debt also when referring to Okonjo-Iweala. Paris club never cancelled Nigeria’s internal debt.

Please note; in March 2014, when Okonjo-Iweala was preparing her exit, Nigeria’s total debt stock was N12.06 trillion or $63.5 billion

N12trn debt profile worsens Nigeria’s woes

Nigeria’s total internal and external debt stock stood at N12.06 trillion or $63.5 billion as at the end of March this year, up from N11.2 trillion or $67.726 billion in December 2014 according to figure released by the Debt Management Office (DMO) yesterday.
https://www.google.com.ng/amp/s/www.vanguardngr.com/2015/07/n12trn-debt-profile-worsens-nigerias-woes/amp/

When you hear how they bandy their propaganda up and down you keep wondering whether they are sane? One even said we are lucky to have Buhari. Well when you have no idea of what good governance entails you settle for anything

Okonjo actually brought us back into debt under Jonathan when oil prices were HIGH. At least we are borrowing now to build infrastructure. Some of them like Lagos Ibadan rail, Mambila Hydro, Coastal road and 2nd Niger bridge will pay their loans back within 5 years or less. There is NO other option to borrowing unless Nigeria decides not to grow and growing is compulsory because of the population growth rate.

Anybody complaining about Nigeria borrowing for infrastructure is either uneducated, being dishonest or just plain sentimental.

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

Whats the essence of growing foreign reserve while your debt is astronomical rising. This is common addition and sub, we should stop deceiving ourselves. The economy today is obviously gloomy under Kemi and Pa Buhari

Jaqenhghar:
It is not your spoken english that os the problem. The fact that you auto.atically assume Capacity development to mean training workers is what I find amusing. Who creates wealth? Is it human beings or is it infrasturcture? If you take an example of California with all those tech companies. Is it infrastructure that established the tech companies or is it human beings? If Niggeria had bothered to invest in its human capacity you wont need to look for Chinese to come build bridges and airports for you Did the Chinese wake up one day and start building the infrastructure they have? They underwent a process building their capacity went to study and built on existing knowledge. With that knowledge they built the infrastructure you see. Look at this shithole. You have been building infrastructure since 1960 yet look at the state of the infrastructure.

@ emboldened

@ China

China actually made investment in infrastructural development as part of its industrial evolution. Chairman Mao the father of communist China actually traveled around China with the constructed rail line during the early stages of the communist revolution.

@ Nigeria

Nigeria is just having a big money sharing jamboree since 1960 not tangible infrastructural development programs

CodeTemplar:
Oweala had no real contacts. It was a case of IMF expecting her to help put a stop to our mismanagement of loans and therefore pardoning our debts.
Why didn't she repeat that feat under GEJ with a broader portfolio of coordinating minister of the economy?
She was entrusted with a job and she performed poorly.

You are at best myopic or at worst cynically biased at the person of NOI. Since you seem to know better than Amina Mohammed, vice president, United Nations, what was Nigeria's debt profile during GEJ? Secondly, what feat exactly didn't she achieve during GEJ?

Shayetet13:
You are at best myopic or at worst cynically biased at the person of NOI. Since you seem to know better than Amina Mohammed, vice president, United Nations, what was Nigeria's debt profile during GEJ? Secondly, what feat exactly didn't she achieve during GEJ?

I won't bother answering you in dept since you have concluded I am myopic and biased.
You research what our reserve was like under OBJ and GEJ to know how her performance varied.

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

How old are you?

1sttruth:
Whats the essence of growing foreign reserve while your debt is astronomical rising. This is common addition and sub, we should stop deceiving ourselves. The economy today is obviously gloomy under Kemi and Pa Buhari

Debt has interest attached to it unlike savings. The mismanagement is obvious.

1sttruth:
Whats the essence of growing foreign reserve while your debt is astronomical rising. This is common addition and sub, we should stop deceiving ourselves. The economy today is obviously gloomy under Kemi and Pa Buhari

Are you joking or you are just ignorant? Without a healthy foreign reserve how do you think foreign banks would open letter of credit for your importers? A healthy foreign reserve gives confident to foreign banks that the government has enough money to pay for imports in dollars.

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

My dear yoruba muslim brother, why are you trying to twist facts. Our yoruba sister Kemi 'oluwole' Adeosun is incompetent. Na only to chop fat up she sabi.

luvinhubby:
How old are you?

Since you are older, why not educate him by giving him a history lesson.

buhari for sure is going. we all have to be patient till his tenure ends. am sure he can't win again

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

What is the essence of reserve when you be heavy onigbese? My yoruba muslim zombie, use ya head na. Lo agbari e!

Is this woman aware Okomjo tpok some amount ass commidiom in her phony drbt buy forgiveness scam .
Those wailing Kemi are sick in thier heads if by chance they are hoping for a come back for Iweala coming back as that's impossible .

Iamgrey5:
@ emboldened

@ China

China actually made investment in infrastructural development as part of its industrial evolution. Chairman Mao the father of communist China actually traveled around China with the constructed rail line during the early stages of the communist revolution.

@ Nigeria

Nigeria is just having a big money sharing jamboree since 1960 not tangible infrastructural development programs

You just dont get it and I doubt you ever will. Good night

Shayetet13:
Shut up you illiterate ignorant fellow. Shut up let us clearly listen to the voice of the educated Amina Mohammed, Vice president, United Nations.

What did Amina Muhammad say that is new?
No one and I repeat no one contests Okonjo-Iweala's performance under Obasanjo, it was her performance under Jonathan that is subject to debate.

babaolofin:
[s]
The IBOs are the majority of ignorant & lazy youths fighting psychological warfare online. Ngozi Okonjo - Iweala is a failure who is supposed to be tried with her accomplices if Nigeria were to be China. In her book, she was defending herself. Peter Obi also tried to defend her by saying opposition & governors made her to share the money they looted.

What saved them is Emefiele at CBN. Buhari is only being magnanimous by giving him chance to complete his tenure. President Buhari has given the reason why he gave him a benefit of doubt. The actual reminant out of the $50 billion inherited from Obj as at May 29, 2007 was around $26 billion as May 29, 2015. As at today, the reserve is over $44 billion.

Okonjo - Iweala that was brought to testify against Obj during Yaradua govt when Ndi Elumelu led committee on power was probing Obj. Mrs Amina statement was misrepresented & misinterpreted. IPOBS are propaganda expert.

GEJ & Okonjo - Iweala left Nigeria highly indebted as at May 29, 2015 despite making the HIGHEST REVENUE in the history of Africa till date saving no KOBO, spent everything, borrowed & depleted inherited reserve by over $20 billion. The god of Nigeria will never forgive them. They borrowed to pay salary before they handover to PMB

Obj inherited $5.5 billion from Military as at May 29, 1999 & left over $50 billion as at May 29, 2007. CBN & DMO should tell us the total debt as at May 29, 2015.[/s]

My yoruba muslim brother, this na ewedurufied statistics you dey give us so. Kemi 'oluwole' adeosun is a failure.

No wonder!