Minister of Finance and the Co-ordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala, yesterday in Abuja said the 50 questions House of Representatives members recently asked her to answer before the 2014 budget could be considered was akin to writing an examination.
The minister who fielded questions from State House correspondents,
shortly after she attended a presentation of a report on "14 Years of
Strategic Partnership between the DFID, UK and the Debt Management
Office - Nigeria" presided over by Vice President Namadi Sambo, said
some of the issues raised were weighty, and as such, she needed some
time to be able to tackle them.
The House of Representatives had threatened not to consider the 2014
budget until the minister provides answers to their 50 questions on the
management of the economy.
"You know I am taking exams. They have given me exams and I am sitting
it and at some point, we have to come out of the exams room. Some of the
questions are very weighty and you know some of us will need a bit of
time to be able to tackle them," Okonjo-Iweala said.
She however noted that Nigeria had the best Debt Management Office in the whole of sub-sahara Africa.
She however noted that Nigeria had the best Debt Management Office in the whole of sub-sahara Africa.
"We are here to talk about the wonderful things that has happened to
the Nigerian economy; which is that a partner is saying that we have one
of the best DMO in Africa; that we should now be advising other
countries even beyond Africa. I think we are here to talk about
something different," the minister said.
She noted that yesterday's meeting was a celebration of the end of the
Technical Assistance of the United Kingdom to DMO, because the partners
came to conclusion that DMO now has the wherewithal to stand on its feet
without foreign assistance.
"I think it is a wonderful day because this is the first time a partner
says that now an institution that they helped to build is mature and we
don't need anymore help. Instead, we are now being asked to help other
African countries to establish debt management institutions because our
DMO is being recommended by the British as one of the best debt
management institutions in Africa. So, we are helping other countries
now. I think it is a wonderful thing.
"Contrary to the idea that we are piling up debt, this administration,
with the strong support of Mr. President, has embarked on a policy of
trying to reduce the borrowing particularly the domestic borrowing. You
know the major part of our debt is domestic. External debt is only two
per cent of what we owe and 98 per cent domestic debt. So, we want to
reduce that so that the private sector can have chance to borrow so that
interest rate can come down.
"From 2011 till now, we have gone from about N852 billion in borrowing
down to N571 billion. It is a very big reduction. So, I beg to differ
from those who say we are piling up debt. We actually have very good
strategy. In addition, for the first time ever, we actually retired N75
billion in bond last year, filled it up completely, ” he said.
She however declined to comment on the rift between President Goodluck
Jonathan and the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi.
Source: This Day
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