COORDINATING Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, is not impressed by what she called Nigerians’ poor understanding of the financial status of the Federal Government.

To address the situation, the government has taken steps to enlighten the citizens on the lean resources available to the government.

At the budget presentation and defence by the Minister of the Federal Capital Territory Authority (FCTA), Bala Mohammed, in Abuja at the weekend, Okonjo-Iweala said: “We have to do a bit of talking for Nigerians to realise the financial situation in this country. Nigeria relies solely on three sources of income: taxes collected by the Federal Inland Revenue Service (FIRS), Customs and the Nigerian National Petroleum Corporation (NNPC).

“Nigerians must remember the quantity of what we earn is dependent on what we sell. Eighty per cent of the taxes we collect come from one revenue source and that’s oil. Nigerians have forgotten that we depend on oil and there are sometimes delays and this leads to shortfalls. Our resources are never expansive. It’s the same thing we get.”

She hinted that the FCTA 2013 budget might be slashed and other components of the document deemed irrelevant also cut.

“We need to understand the philosophy behind our budget. Priority should be given to critical areas since we have meagre resources. As part of the recommendations of the Steve Oronsaye Committee, President Goodluck Jonathan has ordered that all the Ministries, Departments and Agencies (MDAs) must find ways to streamline their 2013 expenditure in order to cut cost.”

While acknowledging the pressure on the FCT minister to always deliver in spite of the meagre resources made available to the territory, Okonjo-Iweala however came hard on the FCT administration over alleged bloated figures in the 2013 budget.

She contended that the cost of awarding projects by the administration, vis-a-vis other agencies, she insisted must be trickled down.

http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=97594:nigerians-yet-to-grasp-nations-financial-status-says-okonjo-iweala&catid=1:national&Itemid=559

If i may ask, what exactly is madam NOI trying to say? recently, there was a public noise that the country is broke which she debunked, so what exactly is her point now?

Again, if the Nations doesn't have much as its believed, cant the ruling class also make some sacrifices? must the masses been drained to the last blood?
Elected and appointed public officers are all earning fat pay, travelling all round the world on a daily basis while is near collapse.

Look who's talking...A minister of finance that showed poor understanding of the monies paid as fuel subsidy, does not know the daily consumption of petrol in Nigeria and does not know the modalities of subsidy payment. Rubbish

thought the finance minister wanted to educate us like she said;

This is a confession....the money is gone.