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Nairaland Forum / Nairaland / General / Politics / A MUST READ: Reps 50 Questions For Okonjo Iweala (4011 Views)
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Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by biafranqueen: 6:13am On Dec 21, 2013 |
Pukkah:I like that an intellectual revolution and I agree the questions need to be asked and the people want to know lets put sentiments and emotions aside. Madame Ngozi has been my mentor since OBJ and World Bank days. I know her speeches from Ted Talks by heart yet and still she needs to answer those questions and I have about 50 more to add. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 6:33am On Dec 21, 2013 |
enigmang: I like the fact they're throwing good questions at her but what you expressed was exactly my thought. Apparently the lawmakers hadn't done their homework, so they dismissed her because they knew if an exchange ensued, they won't be a match for her. So they intelligently asked her to provide it in writing, who's deceiving who? Well, I trust Aunty NOI, she won't disappoint us, however, if I were her, I would delay my response for another two weeks. Kindly send them a nice letter stating for good reasons I need more time. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by agbameta: 6:47am On Dec 21, 2013 |
manny4life: All of a sudden, it's not about her faking sickness it's because of fear? lol @ sending letter saying I need more time. You people don't even hide your incompetency, crooked state of mind and corrupt mentality no more.. 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by omenka(m): 7:45am On Dec 21, 2013 |
karl max: i dont exchange words with dullard and riff raff keep foam from the mouth i hope u would continue when the minister lectures ur fellow dullards in 2 weeks time.like she did to sanusi and other illitrates like u running around foaming from the mouth during the phartom 50billion dollars nnpc missing fund. Ur illitracy and that of the reps would be exposed again. Rants of a deluded twerp. Exactly what are you trying to say ![]() Please rephrase, and this time, speak english. Shouldn't even be joining issues with you. Suspecting you are one of those "girls-rate-my-looks" kids on nairaland. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Pukkah: 7:47am On Dec 21, 2013 |
peleson: They should reduce the salary and allowances they take/loot. They take almost 20% of the budget and I don't see what important they are Oh yes! They're too expensive to maintain! Yet one of the 50 questions to Iweala is the very high recurrent expenditure of the country. But Nigerians are not also showing enough interest in the matter. They should be embarassed with inscriptions on shirts, BBM DPs, etc. If the Presidency cannot persuade them or the RMFAC and they're not ready to willingly reduce it, then the fight should go to the people. I also suggest that Iweala in her response to the 50 questions should mention their huge salaries as one of the reasons for the high recurrent expenditure and tell them to show readiness for a cut in the interest of the country. 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 7:55am On Dec 21, 2013 |
agbameta: What are you smoking? Who said her sickness was fake? Where you not the one shouting that the Reps did right by sending her away? Whether she faked it or not, bottom line, WAS SHE READY TO ANSWER THEM OR NOT? Answer your own question before you begin ranting. Lol @ incompetency, like I said, if I were her, I would delay it... You don't like it, GO AND JUMP OFF. There's no Nigerian law stated that I have to complete a task within allotted time period, I've had people who did it to me and I've done it to people including my boss, as well as people who have done it to others, it's not incompetence, it's simply completing it ON MY OWN TIME... THE REPS DON'T LIKE IT, THEY SHOULD JUMP OFF AS WELL. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 7:59am On Dec 21, 2013 |
Firstly am anxiously waiting for Answer for Questions 12,20,21,22,23,24,26,27,28,31,32,34,36,37,38,39,40,41,42,43,47,48,49,50 Secondy Unuane1 and ngwakwe Pls try to change ur orientation,pls use ur brains and think like concern citizens |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 8:09am On Dec 21, 2013 |
Pukkah:am sorry to say this but u are insensitive to genuine sensibilities,no senator would propose a salary cut but now questions on how the reduce the recurrent expenditure has been forwarded to the Finance Minister,Wait let her answer the questions before suggesting any action,if her first agenda is a salary cut for the Senators then we start from there |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by agbameta: 8:12am On Dec 21, 2013 |
manny4life: She was sick and at the same time ready to answer grueling 50 detailed questions with detailed answers and even with her sickness, she still managed to get in a fight. She was sick alright. What supper woman in deed. lol.
Incompetence is not against the law, but it gets you fired... And the reps are not jumping anywhere obviously, they checked that egotistical and over pampered woman and put her in her place. The people of Nigeria pay her salary and not the other way around.. She runs her corrupt and borrow borrow ministry and not the NASS. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 8:12am On Dec 21, 2013 |
fijiano202: am sorry to say this but u are insensitive to genuine sensibilities,no senator would propose a salary cut but now questions on how the reduce the recurrent expenditure has been forwarded to the Finance Minister,Wait let her answer the questions before suggesting any action,if her first agenda is a salary cut for the Senators then we start from there 9% from last years budget was for the house and judiciary including judges lumped into "statutory allocation", this is money they automatically allot themselves which can't be challenged. How's a nation supposed to thrive on such enormous amount going to less than 0.0001% of the population? |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by kokoA(m): 8:14am On Dec 21, 2013 |
Good questions.. Oya, mama over to you. How I wish the committee on education can forward similar questions to that Wike of a man. He seem to have too much time in his hands these days. House of reps should please give him something similar to occupy him. Thanks. 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 8:19am On Dec 21, 2013 |
agbameta: Grueling to you but not her, a plumber can fix tubes and fittings even when he's sick. An accountant very sick can still perform reconciliation, a laborer when challenged still knows his job. To the average Nigerian, it may be grueling, but to her, IT'S HER FUCKING JOB TO KNOW and to be in the know...She didn't pick a fight, rather she put him in his place, when next she comes back, he would address her politely and not shush her. Unfortunately, incompetence gets one fired when they don't know their job or performing to it. If one knows his ish too well, but is requiring more time to do it, that ain't incompetence. Go back and consult your dictionary what incompetence is. Yes, and in front of Nigeria, she put him in his place as well. The Nigerian people also pay the Senators and Reps to act appropriately and not disrespectful. At least the Nigerian media carried it very wella...lol ![]() ![]() ![]() ![]() ![]() ![]() |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Pukkah: 8:22am On Dec 21, 2013 |
fijiano202: am sorry to say this but u are insensitive to genuine sensibilities,no senator would propose a salary cut but now questions on how the reduce the recurrent expenditure has been forwarded to the Finance Minister,Wait let her answer the questions before suggesting any action,if her first agenda is a salary cut for the Senators then we start from there How am I insensitive? I wrote that 'and they're not ready to willingly' reduce it. Are you sure you're not misreading my post? |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 8:22am On Dec 21, 2013 |
manny4life:you are right but that is where the role of the Finance Minister comes Alive,The question-What are you doing to reduce the reccurent Expenditure ? is a make or break question its a golden platform to suggest a paycut or allows cut in the budget for 9 percent going to the house and judiciary |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 8:26am On Dec 21, 2013 |
fijiano202: you are right but that is where the role of the Finance Minister comes Alive,The question-What are you doing to reduce the reccurent Expenditure ? is a make or break question its a golden platform to suggest a paycut or allows cut in the budget for 9 percent going to the house and judiciary Let's watch and see na, shey APC now controls the house, I'd like to see their progressiveness. I would expect that APC should lead by introducing the pay cut, even without suggestion. All TOP tiers of all three arms of govt need to have their money slashed by half, that's what progressives do. 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 8:28am On Dec 21, 2013 |
To the People who thinks the Rep are incompetent i can proud and loudly broadcast that i dont care how brilliant the finance minister is but Okonjo-Iheala cant stand to answer just 20 of those questions without running away.Any Educated Person can understand that those questions are sophisticate and well constructed question which will require a Well detailed Answers with figures to support it,Giving her some period to answer it is a well thought-out step |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Pukkah: 8:28am On Dec 21, 2013 |
fijiano202: Wait let her answer the questions before suggesting any action,if her first agenda is a salary cut for the Senators then we start from there We should wait for her answers to get to the House of Reps BEFORE making suggestions? Eh? 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 8:34am On Dec 21, 2013 |
fijiano202: To the People who thinks the Rep are incompetent i can proud and loudly broadcast that i dont care how brilliant the finance minister is but Okonjo-Iheala cant stand to answer just 20 of those questions without running away.Any Educated Person can understand that those questions are sophisticate and well constructed question which will require a Well detailed Answers with figures to support it,Giving her some period to answer it is a well thought-out step This isn't about educated or intelligence, even a good CFO knows some key indicators in their company, they may not know everything, but like I said, he/she knows key numbers. You do not expect her to be walking memory, she may well answer the questions without providing the numbers, heck, she may already have them, but alluding that she will run away is sorta absurd. It's simple as saying "I will provide that information in writing". After all, it's not all questions that required numbers, anyway, she will do well to write in her answers and then go for the challenge hearing. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 8:38am On Dec 21, 2013 |
Pukkah:Pukah the reason for waiting for her answer is the way of our reasoning are totally different and Nigeria are blessed with the ability to point fingers.Her answers may be totally diff from what we anticipated |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 8:43am On Dec 21, 2013 |
manny4life:have you ever seen or Heard of a CFO of an organisation facing the board members or Commitee with what she/her knows offhand without well documented details,figures and references |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 8:55am On Dec 21, 2013 |
fijiano202: have you ever seen or Heard of a CFO of an organisation facing the board members or Commitee with what she/her knows offhand without well documented details,figures and references I get your point about it but therein lies a problem, some of you underestimate some very good people who know their ish , besides watch the video again. She raised the binder and said "I have all you requested from me". |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by PassingShot(m): 8:59am On Dec 21, 2013 |
Very well-articulated, well-thought and above all beneficial questions to the nation. They deserve clear, unambiguous answers to absolve this government of any complicity in the running of our affairs. Some of my favourites: Why should our internal debts continue to represent more than two-thirds of Nigeria’s external debt profile, when the cost of servicing domestic debts is ridiculously far more expensive than servicing external debts? Why should government continue to borrow internally when in so doing results in insufficient funds, skyrockets the cost of borrowing and above all, crowds out the real sector from the money market? Shouldn’t the high cost of domestic borrowing override whatever are the assumed benefits? Since both London Interbank Offer Rates (LIBOR) and the US Treasury Bonds rates offer far better interest rates for sovereign borrowings, why have we continued not to take advantage of cheaper interest rates? Since facts don’t lie, have you any disagreements with the September 4, 2013 Global Competitiveness Report of the World Economic Forum for 2013-2014, which ranked Nigeria 120th out of 148 countries ranked in the Global Competitiveness Index, including being ranked far behind some African countries such as Mauritius 45th, South Africa 53rd, and Kenya 96th? Why do you always prefer a lower benchmark which leaves government with wider deficits and your attitude of no qualms with domestic borrowings at excessively high interest rates to balance deficit as against our position of increasing benchmark to reduce deficit which consequently reduces domestic borrowing, that frees up funds for the real sector of the economy, thereby bringing down the interest rate, increased private sector investments and creating jobs? Over to you NOI/GEJ. 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Kingspin(m): 9:02am On Dec 21, 2013 |
50 questions indeed. Who even set it. Am just laughing are they not lawmakers of Federal Republic of Nigeria. I belt you they cnt stand the Minster. If the meeting had went on..the lawmakers response to any answer by the Minister would have been Yes Yes and Yes. Economic intelligent must count. I tell u they would run out of ideas and questions. Aboki's and their cow brains self. Set of people who were force to attend elementary school even till date. Pls inform me of any aboki in office that is intelligently doing well in Nigeria climate. Outline the word intelligent not looters. I laf in china. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Ngwakwe: 9:02am On Dec 21, 2013 |
You mean being anti-establishment and obnoxious when the system has been overheated by hypocrites and never see good opposition sycophants. I have conscience, notwithstanding my stand on National Politics. However, the type of opposition politics (conspiracy and blackmailing system) being played in Nigeria at this period is outdated, too self centred laden with hidden agendas hence I have decide to strike a balance with my comments. fijiano202: Firstly am anxiously waiting for Answer for Questions 12,20,21,22,23,24,26,27,28,31,32,34,36,37,38,39,40,41,42,43,47,48,49,50 Secondy [s] Unuane1 and ngwakwe Pls try to change ur orientation,pls use ur brains and think like concern citizens [/s] 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 9:06am On Dec 21, 2013 |
Passing Shot: Very well-articulated, well-thought and above all beneficial questions to the nation. They deserve clear, unambiguous answers to absolve this government of any complicity in the running of our affairs. This one happens to be an easy one, she could have easily defended this one very well. There's a reason why Nigerian govt borrows internally at the expense of the govt but anyway, let's await her answer... No speculation. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by manny4life(m): 9:11am On Dec 21, 2013 |
Why do you always prefer a lower benchmark which leaves government with wider deficits and your attitude of no qualms with domestic borrowings at excessively high interest rates to balance deficit as against our position of increasing benchmark to reduce deficit which consequently reduces domestic borrowing, that frees up funds for the real sector of the economy, thereby bringing down the interest rate, increased private sector investments and creating jobs? Am I the only one who finds this question dodgy? Why won't she prefer a lower benchmark? Oil prices are falling, demand for our oil has drastically reduced, NASS doesn't want to pass bills to strengthening and protect our pipelines, all these reducing revenues, and recently, they had to tap into ECA to pay FAAC allocations, do you want her to budget $80/barrel that's unrealistic as against $72 that's more realistic. Why hasn't PIB been passed to free up the sector? I mean, these lawmakers have the answers to themselves but are just looking for a scapegoat, Aunty should uncover it all... Furthermore, While their position makes economic sense, it doesn't balance reality of what's happening on ground at the moment. Budgeting for unknown revenues which is unlikely, for instance, we budget 2.5millionbpd, yet we achieve 2.3millionbpd, according to a newly released report, that's a 9% decrease, using this as an example, doesn't this show there's likely to be a pattern of price and output fluctuations? Also, even with our low output, we manage to sell our oil giving us away to negotiate lower oil prices irrespective of how crude has fallen. Would you rather budget based on best or worst case scenario? There are deterrent factors mitigating against our price of crude which means low benchmark and until this factors are resolved, they should forget it. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by PassingShot(m): 9:11am On Dec 21, 2013 |
Kingspin: 50 questions indeed. Who even set it. Am just laughing are they not lawmakers of Federal Republic of Nigeria. I belt you they cnt stand the Minster. If the meeting had went on..the lawmakers response to any answer by the Minister would have been Yes Yes and Yes. Economic intelligent must count. I tell u they would run out of ideas and questions. Aboki's and their cow brains self. Set of people who were force to attend elementary school even till date. Pls inform me of any aboki in office that is intelligently doing well in Nigeria climate. Outline the word intelligent not looters. I laf in china. Pathetic thinking! |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by fijiano202(m): 9:46am On Dec 21, 2013 |
manny4life:that same question baffles me so am patiently waiting for an Answer |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by 4Play(m): 1:14pm On Dec 21, 2013 |
Passing Shot: I find this interesting as it implies that external debt is superior to internal debt, that is to say, that it is better that the Nigerian Govt owes money denominated in foreign currency to foreign creditors than owe money denominated in Naira to domestic creditors. The pitfalls of external debts should be obvious. It was external debt that birthed SAP and culminated in the erosion of living standards in the 80s which is unprecedented in the country's history. The main problem with external debt is the exchange rate risk as follows: Supposing you borrow $10bn in 2007, assuming an exchange rate of N100 to $1, giving a debt of N1 trillion when converted to Naira. If exchange rates move against you, say it now takes N160 to buy $1, you suddenly have a debt of 1.6 trillion Naira. Many underestimate how exchange rates can deteriorate quickly. In the 70s to the 80s and I stand to be corrected, we went from 60 Kobo to $1 to in excess 2 Naira to $1 pretty rapidly, that would amount to a multiplication of the debt burden by more than a factor of 3. The funny thing is that the bigger your external debt burden, the quicker the deterioration in exchange rates because money has to leave the country to service the debt. Imagine what that does to the inflation rate and the living standards of Nigerians as much of what we consume is imported. High inflation brings about high interest rates which dampens the supply of credit to the private sector. The negative spiral is relentless and we have witnessed it before. The high interest rates the Govt pays when it borrows in Naira is supposed to compensate for the higher rate of inflation in Nigeria but the flip side of high inflation is that the real value of Naira denominated debt is eroded over time than if the debt is denominated in a foreign currency. Remember that in the bond market, if the Govt borrows 100bn Naira for a term of 10 years at yields of 14% per year, it will merely pay the yield per year and redeem or pay back the 100bn Naira at expiration of the 10 year period. 100bn Naira in 2007 and at an inflation rate of 9% per year will mean that in the 10th year, the Govt will pay back the equivalent of 39bn Naira in 2017. In contrast to US dollars which erodes value at a slower rate, the redemption of Naira debt will be a lot cheaper than dollar debt. So, it's actually likely that from issuance to maturity, an internal bond denominated in Naira is cheaper for the Nigerian Govt than an external bond denominated in US dollars for instance. Almost all sovereign debt crisis occurs in countries borrowing in currencies that they do not control - Greece, Portugal, Spain, Zimbabwe, Ireland, e.t.c. External debt is good in the short term but incredibly dangerous in the long term. The talk about borrowing in Naira crowding out local borrowers assumes that there is strong domestic private sector demand. If there is such strong demand, then the economy is doing well and it undercuts the opposition's argument. Listening to and reading policy debates in Nigeria, it's almost like the 80s never happened. Those who refuse to learn from history are bound to repeat it. 1 Like |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Nobody: 1:20pm On Dec 21, 2013 |
About the chevrolet taxis, I believe the Chevrolet aveo was designed by Daewoo, a south korean car maker and its a low- budget vehicle. So the issues with its maintenance may not be outrageous, but then people who use the vehicle may think differently. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by 99100(m): 3:27pm On Dec 21, 2013 |
Reading it alone is a problem let alone answering the questions. Such questions require an economic guru and in Dr NOI we've got one. no shaking. |
Re: A MUST READ: Reps 50 Questions For Okonjo Iweala by Xfactoria: 6:37pm On Dec 21, 2013 |
4 Play: Hey bro, your argument is one sided. You were spot on on the risk of external debt being unfavourable movement in exchange rates. However, when you hinted on the crowding out effect of government local borrowing, you trivialized or refused to succinctly consider the argument against the government resorting to raising funds locally. The thing is, the economy would be worse off if the government crowds out other local debtors to the detriment of the private sector. By crowding out, I mean the government competing directly with local businessmen for loans. In normal climes, government poses the least credit risk because it is a continuum, so banks would be more inclined to lend to government (even at cheaper rates) than to private businesses and individuals. The resultant effect of this would be gradual collapse of the real sector - businesses would be crippled, national productivity would reduce, unemployment will worsen and we would be in a recession before you know it. So when you weigh the pros and cons of seeking external financing through debt, the country is better off with external debt despite the exchange rate risk which can be managed (the CBN applies a portion of the external reserve to cushion the effect of unfavourable exchange rate movement). Crippling local businesses of funds by crowding them out of the debt market is more injurious to the economy, moreso when many local businesses would not be able to source funding offshore. |
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