Onetime Minister of Finance and Coordinating Minister of the Economy,
Ngozi Okonjo-Iweala, has said governors were the reason former
President, Goodluck Jonathan, could not save for the future.
Okonjo-Iweala in an interview with Le Monde
said “some economists are very concerned for Nigeria, which could
greatly suffer from the fall in oil prices. Others say the contrary,
that its economy is strong enough to turn the corner.
“Both are
right. But one thing saddens me. When I was finance minister the first
time, the volatility of oil prices, and therefore state resources, cost
at least three points of growth in the country.
“We
then established a stabilisation mechanism and opened an account for
the oil surplus, which posted up to $22 billion. In 2008, when prices
fell from 148 to $38 a barrel, no one had heard of Nigeria because the
country was able to tap into this fund. And that, I am very proud [of].
“When
I returned to the department in 2011, there remained only $4 billion on
this account while the price of oil was very high! I tried again to put
money aside. The president agreed, but the governors did not accept.
“I
suffered a lot of attacks from them and now that the country would
really need this account, these same people accuse me of not having
saved. If Nigeria had been more careful, we would not be here today. It
hurts me. We have the mechanism, we had the experience, but we were
prevented to act.”
Source: Today
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