Okonjo Iweala: Goodluck Jonathan’s Wasteful Spending Caused Nigeria’s Present Economic Problem

jonathan nigeria economic problem

April 15, 2016 – Okonjo Iweala: Goodluck Jonathan’s Wasteful Spending Caused Nigeria’s Present Economic Problem

Former Finance Minister, Dr Ngozi Iweala has blamed the immediate past President of Nigeria, GEJ for the current economic challenges Nigeria is facing.

Iweala said GEJ lacked the political will to effectively manage Nigeria’s resources while there was a political will to save for the raining day under Obasanjo, the will was lacking under Jonathan.

During Obasanjo’s era, she said the government was able to save $22 billion and that this saved the country in 2008 during the global economic meltdown.

Okonjo-Iweala, while appealing to the World Bank and IMF to encourage a saving culture among countries of the world, added: “we tried it in Nigeria, we put in an oil price based fiscal rule in 2004 and it worked very well.

See excerpts of her speech

“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.”
Continuing, she urged African countries to build resilience and encourage manufacturing to boost their economy.

“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,”.

Where is GEJ in all of these??? The Oga seems to have varnished into thin air.

19 thoughts on “Okonjo Iweala: Goodluck Jonathan’s Wasteful Spending Caused Nigeria’s Present Economic Problem

  1. Madam ur opinion is not needed cos u were the minister of finance then and u didn’t do what u were suppose to do why coming out to blame uncle jona

  2. chaiiiiii…….see Politics
    person no con no who to believe for this our meltup & meltdown economy palava

    DiaRizGod shaaa
    God deeeeeeeeey

  3. We shall see what will happen next year, if Buhari will still be correcting GEJ mistakes, excuses his making to be free traveling around. Make una leave GEJ alone, you people should stop using him to shine.


  5. Let us bring back this woman. She will fix the economy for us. She knows where the problems is and she can correct it

  6. So wot was ur take 2 remedy d situation as d finance minister…
    Now here u re opening ur wide mouth blaming GEJ…

    pls don’t try 2 throw or tarnish dis respect most nigerians hv 4 u bcos of ur lack of a firm stand or straight forwardness wen it comes 2 action and words

  7. GEJ did the country more harm than the good job he did. People should stop blaming president Buhari. For Eweala, I think it is messing after death.

  8. Yea give a dog a bad name in order to hang it, while hiding your own dirty ass. I don’t expect something so asinine from such a highly educated woman. Nigeria’s economy has been heading south since some brainless morons agreed to austerity measures as prescribed by IMF/World Bank in early 1980s. The shenanigans of the likes of a former Minister of Defence, Lt.-Gen. Theophilus Danjuma (retd) are swept under the carpet.

    • True, my brother. Danjuma enriched himself. Why on earth was an oil block allocated to him? I heard he makes hundreds of millions of dollars from it every year.

  9. Does it mean that as d finance minister u culd not influence ur sector wit ur ideas witout d political will?

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