‘Don’t Blame BUHARI, Jonathan Crumbles Nigeria’s Economy-Ngozi Okonjo Iweala
…Says: ‘GEJ Zero Political Will to Save caused the Nation Current Woes’
*Lament: ‘Under Obasanjo’s Govt, Nigeria Saved $22 billion in Face of Global Meltdown’
*States: ‘We Tried Chilean Saving example, putting Oil Price based Fiscal Rule in 2004 it worked’
*PLUS Why I Am Not Ready or Willing to Serve under Buhari’s Administration
BY BOLADE ADEAGA/BUSINESS REPORTER
NIGERIA’S former coordinating minister, Dr. Ngozi Okonjo-Iweala has put the present failure of Nigeria’s economy on the doorstep of Goodluck Ebele Jonathan, an ex-president whom she described as lacking in ‘zero political will to save during the oil boom, whereas the Olusegun Obasanjo’s erstwhile administration saved $22 billion in face of global economic meltdown.
This former World Bank President did not mince words by hitting hard on the profligacy and spending spree of Nigeria’s resources under Jonathan, a situation she said was unfortunate for any resounding growth in economy.
The former minister of finance, on Thursday said the zero political will to save under former President Goodluck Jonathan is responsible for the challenges the country is facing. She emphasized that President Muhammadu Buhari should not be blamed or castigated for the present epilepsy in Nigeria’s economy.
This discussion happened during “inequality, growth and resilience,” at George Washington University, the two-time finance minister said the World Bank and the International Monetary Fund (IMF) must seek means to embed savings in national constitutions devoid of political manipulations.
Okonjo-Iweala maintained that Nigeria was able to save $22 billion under former President Olusegun Obasanjo, which saved the country in 2008, when there was global economic meltdown. Regarding Chilean saving example, Okonjo-Iweala said: “We tried it in Nigeria, we put in an oil price based fiscal rule in 2004 and it worked very well. We saved $22 billion because the political will to do it was there. And when the 2008 /2009 crisis came, we were able to draw on those savings precisely to issue about a 5 percent of GDP fiscal stimulus to the economy and we never had to come to the bank or the fund.
“This time around and this is the key now, you need not only need to have the instrument but you also need the political will. In my second time as a finance minister, from 2011 to 2015, we had the instrument, we had the means, we had done it before, but zero political will. So we were not able to save when we should have. That is why you find that Nigeria is now in the situation it is in. Along with so many other countries.”
As a way forward to solving political will and political manipulations, she said: “That is the question that I ask, what do we need to do to these countries to save over a period of long accelerated growth. We need to devise mechanisms not just that are good technically but find a way to either embed them in the constitution or find a way to separate them from the political manipulation so that these countries can survive over time. To build resilience, African countries need tools, mechanisms and it is doable and we need to interrogate ourselves why we have not done it.”
Okonjo-Iweala stated that manufacturing was critical to growth in Nigeria and the rest of Africa, quoting manufacturing as just 11 percent of GDP in Africa, and nine percent in Nigeria. Her words: “I do not believe that we can be resilient, except if we can encourage manufacturing even on the goods we consume, services, entertainment industry, agriculture.
“I think these are the kinds of questions that policy makers struggle with on a daily basis and that is what we are going to answer to get resilience. If we don’t get these mechanisms, we politicise them, find ways to transform the base of the economy and create jobs including in manufacturing, I believe we are going to go into this looming deceleration that is being talked about.”
Also, Okonjo-Iweala said it was better to allow those managing Nigeria’s economy to do the best they could, noting that there could be solutions to the present economic decline in the country. She noted that she would not be available to serve the present administration if overtures were made to her by President Muhammadu Buhari, noting that Nigeria boasts of competent people, who would offer their services when called upon.
While participating in an Aljazeera programme: The Stream, Okonjo-Iweala, said that she regretted that the economic gains recorded in Africa started eroding a few years ago, noting that solving macroeconomic question was key to fixing the continent’s economic challenges. She specifically said that having a firm control over the rate of inflation in addition to ensuring a stable exchange rate should be prioritised by African governments. She said: ‘’ One of the things you learn as you get wiser is to talk less as you grow older. I have spent my time contributing to the country. It will be better to live those managing the economy to do what they know how to do. There can be solutions.
“I am not a typical politician. I went in as a technocrat. I think on the continent we have seen a period when the economy was doing well, in the last two years we have been experiencing challenges. We need to focus on the basics which are macro-economics. You must get the fundamentals like having a stable exchange rate and having inflation under control. “I served my country for seven years and it was a great honour. The second time was very tough but it is still an honour. I am not the only person who is a repository of knowledge. There are other people who can equally try their hands in running the economy. In her words: “I will advise young people not to wait for employment. They should create jobs to employ six people or more. During my time in government, we had a programme called You Win designed to support young entrepreneurs. The whole idea was to have a business plan competition.
“The idea was that they should create jobs. And each, created 9-10 jobs. The World Bank did an evaluation of it and found it good. I do believe that the government should come in. We started a peer to peer mentoring. Now, one of the things I want to say is that creating employment is not only about struggles, it is about managing success. Also, counseling people on accounting, bookkeeping and not falling apart is very important.”
Responding to a question on how the anti-corruption war was fought during her time in government, she said: “It was a very tough fight, I must thank my team, you don’t do it alone, I had the support of an economic team in the Ministry of Finance. It was tough because at the end of the day you need to have some principles.
Regarding her roles as a Finance Minister, Okonjo-Iweala said: ‘’The average life span of a Finance Minister is two year in a country. No one likes a Finance Minister because it is the business of saying no. It is very difficult and challenging. It was interesting for me. I wish I had seen myself as wielding power. All I saw was the job because I was seeing myself working for the country.”
| Al Jazeera English | Live
I guesed those bus stop economists are reading this and the jonathanians who never let us rest after their principals have ruined the economy.
Naturally,she should take the bigger blame cos she was the supervisory minister of the economy that saw the nations account depleted by her bosses and she did not do anything to stop them.
what a shame.
Okonjo iweala said in 2011 and I quote: if we are not careful a time will come in this country and government will not be able to pay salaries. She said this 5years ago!
You could recollected that Okonjo borrowed about 500bn to pay April salary, as she envisage it, she even experienced it before she left office.
In short, the woman is a theoretically economist or her level of experience could not work in Nigerian system… Meaning a failure economics minister!
Lets not be ethnocentric or sentimental about this. The women served her nation as a soldier in battle. She raised alarm on reckless govmnt spending, during her time as minister of finance, and i still remember, that some of the key guyz in government today insisted that nigerians shuld be given the dividend of democracy by availling all that is availlable for each state and LGA. Among these are Adams O. Edo; kwankwoso R. kano; Rochas O. Imo; babagida A. Niger; Fashola Lagos; Amechi R. Rivers among others. Remember, she was apointed not elected like this guys. And God knows the reason behind their insistance for the sharing of the cake. I share in the opinion that the ex president shuld be blame, but these guyz do not deserve our applaud if we critically look back.
You are right bros !
Afonjas and the way they think, the same crop of people that make up the APC today, like Ameachi, Roachas, oshomole and Fashola, were the ones who took the FG under Jonathan to court for trying to save through the Sovereign Wealth Fund, but the Afonjas are quite forgetful so as to enable them continue with their ‘zombiesm’,
Can’t we move beyond this blame game and face the challenges confronting us. Do you want to bring back Jonathan to undo all he had done to get us here, assuming he did?
Nawa o!so this is still a blame game for some pple
GEJ attack dogs started the blame game, so you may direct your ‘stop the blame game’ phrase at the Jonathanians. Can you imaging the can of insults rained at his excellency president Muhammadu Buhari instead of constructive criticisms. The blame game is not likely to stop soonest when people like the governor of Ekiti state his excellency Ayodele Fayoose do not see anything good in the government of the day. We all must learn to be modest in our attacks not just at the leaders but even within ourselves-the followers.
@gbenga bolejo_ojo: I cannot agree more. Government is a continuum, like a moving elephant; once it gets going, it is hard to stop it and once it stops, it is a yeoman’s job getting it going. That, the global economic recession, the oil price crash and the complete paradigm change processes embarked upon by the Buhari team all contributed in making this period particularly difficult one in the life of the country. But it is short passing phase that shall be followed by stable periods of prosperity and national rebirth, in sha Allah!
Amin
If lies travel for 20years the truth will catch up wt it in a jiffy. All the braggadocio of the PDP has come to nought! They are(PDP) bunch of kleptomaniacs whose stuck in trade is stealing and corruption! Okonjo Iweala has finally opened the hidden truths! Nigerians should now pick in between the two evils, the APC wc is slow in ditching out the dividends of democracy or the PDP wc is ready and always to milk the country dry! Nigerians over to u oooo!
If lies travel for 20years, the truth will catch up wt it in a jiffy. All the braggadocio of the PDP has come to nought! They are(PDP) bunch of kleptomaniacs whose stuck in trade is stealing and corruption! Okonjo Iweala has finally opened the hidden truths! Nigerians should now pick in between the two evils, the APC wc is slow in ditching out the dividends of democracy or the PDP wc is ready and always to milk the country dry! Nigerians over to u oooo!
It’s a big shame that in a country like Nigeria mediocrity thrives over excellence and evil rejoices over good, funnily, there are certain strange individuals who amidst such revelations as this still clamour for a return to the wishy washy days of Goodluck Jonathan… Shaking my head.
even if buhari call on u will reject u totaly wat do u do wen gej was their u distributed our money for election wat do u won’t again we don’t nid u anymore .
This is serious, so those blaming Buhari learn very well for those things happened since before Buhari.
Absolute power corrupts absolutely, will expect that As a proffessional I will expect the honourable minister then to resign in protest.of your boss not allowing you to justify your pay. That would have save millions of souls from this hardship and collapse
Spot on
Absolute power corrupts absolutely, will expect that as a proffessional the honourable minister then to resign in protest.of your boss not allowing you to justify your pay. That would have save millions of souls from this hardship and collapse
On point
Na waoooo.. So yu sef be 419 an yu no fit hid am. Yu been dey lie when yu ran all over the place singing naira the biggest economy in africa. Yu knew about Jonathan’s penchant for wasteful spending and you stayed put. Isn’t true that you benefitted from the massive corruption and you also partook in the game? I no think Buhari even considered you in the first place
If Okonjo Iweala felt that way during GEJ’s administration, why did she stay on. I thought she was the coordinating minister of the economy. Jonathan may have been a terrible manager of the nation’s affairs because of his indecisiveness and timidity, but some of his issues was because he kept individuals like Dr. Iweala whose interest is about the office and not about doing the right thing. In the US where she lives with the rest of us, leaders will resign because they have principle and they want to do the right thing. Therefore this late night quarter backing for a lady who had the authority and power to do the right thing but did not do it is nauseating and the worst is that she is crying fowl. I bet you after Buhari, she will come up with a story why Buhari’s presidency could not grow the economy. Nigeria is where it is because of their collective failure as leaders starting from 1970 to present. Their failure is anchored in their penchant for stealing everything in sight and executing policies that promote the interest of China, India and other countries at the detriment of Nigeria and her citizens. Based on this article by Dr. Iweala and the fact that she stayed on without resigning, one can conclude that she was part of the problem and not the solution. I am sorry for Nigeria because the nation has no leaders. All the nation has at the helm since 1970 are destroyers of the people’s collective will to survive.
Apt
Now she speaks…after all these time..I wonder
Well said
What okonjo Iweala d formal minister of finance is saying is like crying when d head is already cut off.When she was in office,she knew where her boss then GEJ was doing with Nigeria money because she said something about d state of Nigeria economy on radio program (political platform, raypower FM)around February, 2015 that Nigerians should be expecting though year ahead. So far back d former minister had envisaged d situation Nigeria found itself.God bless Nigeria.I also use this medium to congratulate Nigeria Happy independent day.
Noted
At least she has been truthful but heaping the whole blame on GEJ is unacceptable. As a finance minister, she was in charge of
economic matters, if he wasn’t listening she should have resigned long ago.
True
No body wins a race simply by looking at his/her back. If we must win a race, we must look forward, forget what has happen in the past administration and look for what we need to do to saver this situation and move forward. Blaming any body right now will not CHANGE anything. Let all hands be on desk and let’s move forward…………
Good talk
Nonetheless, the past mustn’t be eshewed unwisely. We must learn from it wisely. Otherwise we move nor go nowhere. Let the blame be pronounced and the race be set and run safely taking all necessary precautions from the past to achieve a better future.
True
As we don’t have anybody to move it 4ward, what do we do?
I disagree, if you dont look back, u will make the same mistakes u made before. There is need to look behind and get rid of the badges of the past else u will be carrying so much and feel ur moving foward meanwhile what ur doing is moving back. An ibo adage goes thus” ” You think back to go foward”
Mrs Iwela .knew when d 2015 election was prosponed for selfish reasons, money wasted at d end total lost. Please editor try ur best to educate Nigerians to prepare for hard time coming. God help PMB God help Nigeria
Noted
She should shut up her mouth. She’s looking for job. If you were a patriotic Nigerian you should have resign so as to let Nigerians know what was going on. She never had the interest of Nigeria at heart.
Apt
He who come with equity must come with clean hand.she is not loyal even to herself not to talk of d post or d country at large.and she is not portray a good examples of a followership.u served under him for month no single action all we see is talk talk talk which us cheap.enough of spoiling GEJ.he appoint professional bcos he can’t do it alone. If u can’t help u should av shut ur mouth up and resigned. We all are lackadaisical in nature as a country. God bless naija. #changewithuandme#
Noted
Foolish propagandists.Okonjo-Iweala blamed politicians for lack of political will, not Jonathan. The author of this propangada is wicked. Amaechi, Fashola and the APC governors took Jonathan to court to share the excess crude savings saying it’s not the duty of the federal government to save for the states. Jonathan gave them what they wanted and they settled the matter out of court. Today gullible Nigerians are twisting everything on Jonathan’s head. God will continue to punish Nigerians until they have sense and speak the truth and stand by what is right.
http://icirnigeria.org/i-indicted-governors-not-jonathan-oknojo-iweala-recants/
This is one of the reason why this country is where she is bcos pple like u will open ur mouth and curse the same thing that is set to bless u. So bcos of a man or a party which am sure u have not gotten anything from ” u will say God will purnish Nigeris” I’m ashmed of pple like u calling themselves Nigeria. This is the reason why the so called political whips we keep using pple like u as pones while they play their chess game
I think the best is for us not to dwell in the past woes caused by previous administration of GEJ, PMB should focus on the way forward. And my advice for we youths is to find something doing, as the saying, what worth doing is what doing well and also when the going get though, only the though get going. Be an employment creator. God bless!!!
Well said
I listened to okonji iwuala live on air,there was no time she said Jonathan crumbles’ the economy,rather what she said was that during her second tenure there was no political will to save unlike during her first tenure where they save $22b.We all know when the governor’s forum during last administration refused to save the money accrued from excess crude .Be that as it may the last administration under her watch saved $30m from the sovereign wealth funds.kudos to the presidency.
Our economy shrinks today do to one of many reasons,one being that the present administration was without kitchen cabinet for six months.Secondly many investors cannot understand the direction of government policy with regard to economy.
This is the truth.
Noted
The next thing now is for the present economic team to work cautiously and speak less. While the president should continue appealing to people to be patient soonest thing will be right.
Correct
All we need to work towards is how this country can succeed best in this hard time. Of course, those on seats this period may still need to consult others who had once in the past paddled the canoe of this nation and could recorded reasonable successes for advice instead of thinking that they can always get it done.
Apt
We can’t change the past, but I believe we can change the future by appropriately designing it today.
True
Am sorry if my piece hurts you(anyone).
Blaming others, telling them things they should’ve done or the likes, will not actually better our state of economy. But I believe if we can design out an appropriate plan today, we may probably witness the brighter future we all yearned, hoped and admired. Inshaa Allah
Good talk
For those who think PMB is responsible for the present economic problems, they can now see that lack of savings when it was very important we didn’t save, all we were doing was to make Individual billionians who turned our airports to where they can park their private jets, former president GEJ said under his administration more people bough private jets.
Please stop this propaganda against Jonathan, the governor’s during his administration are responsible for the challenges we are currently facing today, Amechi, Fashola and their colleagues took Jonathan to court to share the money from the excess crude account, their stupid reason is that their was no legal framework backing the creation of the sovereign wealth account, their stupidity and lack of foresight is the cause of the economic challenge Nigeria is facing today……please for God sake leave Jonathan alone, he is the reason why Nigeria is still enjoying peaceful coexistence today, if PMB was in his shoes, maybe there won’t be a Nigeria today.
I hope this will salience all those who no nothing about how a country Economic growth is all about
Nigeria is living, full of different systems that needs coordination for her to work successful but is unfortunate is only a system that works fine that’s PMB and him only even the judicial doesn’t! !!!### How do we expect development . We need orientation a good one again! !!!!! Even you during your periods you work not for Nigeria but iMF and World Bank! !!!!!
Some of us are educated but still illiterates,
How on earth someone will come here and said political will she meant was governors inability to save? Is it the governors or the president that hold the sole will of the country politically? Why did the governors fought Jonathan to share the reserved money, was it not because the money was draining every month without been accounted for? Jonathan lack the political will not only that he lacked leadership authority, he was just a pushover
Whether or not did she say this, you should remember you and I clamoured for that regime to buy arms to fight insurgencies created by this present people to make it ungovernable. Billions or more was spent for that cause, fuel price was reduced to please us, we needed machines for elections, do you remember the cost of those materials, infrastructures, nysc pay was increased to stabilise those young chaps. Did you hear those money wad borrowed? Why are we talking out of point. One thing you should do to judge right is to stay outside political party. We are allnot speaking rightly and I stand corrected. Editor will always concur cos he is a political mouth piece too.
Please let’s face our predicamentsite and stop this game of blames. It doesn’t solve any problem. If it’s GEJ and so what? Does it change anything? Let’s move on folks.
Very true
We all new that before now.
This woman is not honest. Why searching for medicine after the sick had passed on. Her statement is hyppocritical. I am not saying GEJ could have been a good Manager of the economy.
If I were Okonjo Iweala,, I could have resigned. That’s to be honourable. Why this eye service now?
The die is cast so let the present Govt face the challenges. We should lay to rest this ping-pong and face realities.
Why didn’t she resign in protest.
Where is the integrous professional ?
Hindsight they say is 2020….Everyone is always wiser five years later.
I don’t see Ngozi’s comments now as useless, is also good for records and possible reference.
CBN governor then, SLS tried what some are advising the sharp economist to do, and its effects, is fascinating. Many Nigerians wouldn’t have supported her, especially, those blaming her today.
To give an advice is one thing to accept the advice is another, the problem in Nigeria is that politicians feel technocrats are their employees so they reserve the power to accept their advice of not to.
She can not be left out, if she saw all these trouble coming to our country in her position & allowed it to happen, only to come up with this now. I’may afraid! Hope she is not saying this to secure appointment? All we need now is way out, the blames are overstretched.
She can not be left out, if she saw all these trouble coming to our country in her position & allowed it to happen, only to come up with this now. I’m afraid! Hope she is not saying this to secure appointment? All we need now is way out, the blames are overstretched.
Hmmm, knowing and mastery of self is the first and fundamental law of true success in life….. Her excellency Dr, iwela u had the opportunity to resign if you weren’t heared but instead you heed to the instructions by your boss……. Leave us alone in this acronym of social social economic vices that led to this downturns immorality in focus
Just as some ppl have said ,they all ruined the nation and the most sadden thing about all these is that some ppl knew the truth but they won’t say it because of their political,ethnic and religious biased mindset.Speak the truth,that’s what we’ve all been facing.Ignoring the truth.
Former finance minister and coordinator of economy, under former prewident Goodluck Ebele Jonathan, Dr Ngozi Okonko Iwela, appears to be a distinguished,honest and transparent human being by towing the line of honesty and truth with her comment about the state of Nigerian financial affairs under her former boss,Dr G.E.Jonathan.Truly, Dr OKonjo Iweala, must have compelled GEJ. to allow her to save some funds for the raining days but which GEJ. refused.Because, going by her uterance here she fully supported Nigeria, saving for the raining days which would have benefit Nigeria, greatly by now with the collapsed of World-oil price per barrel.I appreaciate people who are very honest and refuses to change their position come what happen.
Now that we know, let every Nigerian do his/her best for us to come out of this mess
We need to think how to move forward it’s only faliour that gives companies at all time.
Shebi i was just passing by, fools like tools in the government that told us they got and they have achieve much from the best school in the world and the cannot put what they learnt into practice. Weldone ma weldone sir.
That means Nigeria economy has began his epilepsy during GEJ ? Therefore, why are we casting blames on Buhari? Na wa ooo .I pray God take control oooo
So what is keeping the present administration from fixing it? That’s why the masses voted for them. Its not a matter of blame, let the mess me cleaned.
I just hope all the anti-Buhari administration will stop their game of politicking in the interest of Nigeria and let’s face this challenges together as a nation. Somebody has to clear the mess made by somebody else and that is exactly what the present administration is faced with. All that is required of us as citizens is patriotism and faith for a better Nigeria.
It is well, it is unfortunate
Everyone has said his/her bits, but the point remains that all of us are in it, Let’s the change begins with all of us, if only we can change our attitude, i am very sure all these challenges we are facing will be a thing of past. We should all stop these game of blame and be focused, it’s our country, let’s salvage it together. God bless Nigeria