[center]On the eve of Nigeria’s general strike to protest the removal of petrol subsidy in the country by the Goodluck Jonathan administration, I have been researching the archives, using the Freedom of Information law as cover, to find out how President Jonathan reached his present anti-people policy.



It all started on 6 December last year, when Ngozi Okonjo Iweala, the Finance minister and the coordinating minister for the economy (a position not provided in our constitution) presented ‘briefs’ to the Federal Executive Council on why the Jonathan administration must end the subsidy in less than a month.

When Nigerians go through these so called facts, they will find that Okonjo’s conclusions are the typical, ‘working to the answer’. Her thesis cannot stand the test of a strict scrutiny and indeed calls into question her credentials as a financial expert.

For starters:

1. Okonjo’s thesis was wrong from the beginning: she says that subsidy does not reach the poor, that only the rich and the middle class are the beneficiaries. The hollowness and shallowness of the position have been profoundly proven by the cries of agony by Nigerians. Who have been the most hit by the anti-people measure? The poor. Who have been crying loudest? The poor.

Even, if we accept her theory that the rich and middle class are the greatest beneficiaries of oil subsidy, are they not Nigerians? Are they not entitled to some goodies from their government?

2. Okonjo posited that Nigeria had spent N3.6 trillion on subsidy in five years, an average of N660 billion yearly, but fails to explain how the figure rose to N1.3 trillion in 2011, the same year like 2008 when international oil prices shot to the roof.

Using Okonjo’s statistics, the average crude oil price in 2008 was $101.78 dollars, compared with $113.98 in 2011. The amount of subsidy in those years was at variance by more than 10 per cent that any reasonable, rational, logical person will expect. What accounted for this difference? Was subsidy fund stolen to fund Jonathan’s re-election campaign? Was the increase in subsidy expenses because the oil cabal presented bogus claims for settlement?

Mrs. Okonjo Iweala did not explain and no one provided any details.


http://www.gurusbase.com/index.php/topic,3738.msg12724.[/center]

Serves his illiterate arzzzzze right.
Next time, don't choose an Igbo Minister of Misfinance!
No wonder OBJ booted her rotund buttocks from finance to foreign affairs.

The return of "Ngozi Okonjo-Iwaela-Ogwu-Ego"!