Abuja – The Minister of Finance, Dr Ngozi
Okonjo–Iweala, has assured Nigerians that the
economy is growing positively in spite of the
reduction of oil price in the international market.
Okonjo-Iweala, who stated this on Tuesday at
the 2014 Ministerial Platform in Abuja, said the
nation was not broke as being speculated in the
media.
She said “if you look back two years ago, that
title `is Nigeria broke‘ was written in a
newspaper article, it is like people are trying to
force Nigeria into brokerage.
“I think since two years, we have managed to
keep things going, let me explain these; Nigeria
is a country that depends on a stream of
income.
“That income is being able to collect taxes from
companies, individuals and our income is also
based on selling a product and that product you
take to market and you take whatever price a
buyer is willing to pay.’’
According to her, government is doing
everything within its power to ensure economic
stability in the country.
She said that presently, government had been
budgeting below the existing oil price to help
build buffers in case of uncertainty.
“We are operating an economy that depends on
a product that fluctuates with oil price and we
don’t have the right to control the price.
“Just like you have in your own household, when
the quantity diminishes or the price drops, you
remember in 2007 to 2008, the price of oil
dropped from 140 dollars to 38 dollars.
“At that time, nobody asked if the country was
broke because we had saved up 22 billion dollars
in the Excess Crude Account and we were able
to continue spending and to stablise the
economy.’’
The minister said that presently Nigeria was
faced with fluctuations in quantity and price of
oil, adding that it had affected the amount paid
into government coffers.
“Does that mean that the country is broke? We
still have resources that we depend on; we still
have the ability to tax.
“Sometimes, things need to be a little tighter,
easier and we just have to weather it and
manage ourselves but that does not amount to
the country being broke.’’
The finance minister said if government was not
able to pay salaries to people and continue to
manage, “then we can say that the country is
broke but we have not gotten there yet.’’
She urged Nigerians to bear with the nature of
the economy, adding that it was the reason
every effort was challenged to ensure the
economy was diversified.
Commenting on the management of the fiscal
deficit, she said that the Ministry of Finance
would continue to ensure that it was kept as
narrow as possible.
She said that in 2013, the debt to Gross
Domestic Product (GDP) ration was 1.4 per cent
and 1.03 per cent in 2014 and projected to be
one per cent in 2015 budget. .
She added that borrowing had been on the
decline and external debt stood at N1.46 trillion
or 14 per cent of the total debt.
The ministry had adopted prudence to debt
management and Nigeria’s debt to GDP remained
one of the lowest in the world. (NAN)

source: www.vanguardngr.com/2014/10/nigeria-is-not-broke-okonjo-iweala/

Her presentation is a brilliant Nigerian macro economic analysis. Nigeria has a very good macro economic policy from time, but the implementation strategy has always been the issue. The article she delivered seems like a propaganda. Anyway, let's see how it goes.

ㅃㅂ

All these economic projections and percentages that do not translate to more money in my pocket;na una sabi(una and sabiguy,and evrioda sabi smbody wey D̶̲̥̅̊є̲̣̥y̲̅ der).

Ok

Suffering and smiling

Hmmm...

Do we have a choice?

This fat woman will never cease to amaze me! She keep painting nigeria economy in papers, is it too big for us to ask that the masses should felt the impact ?

Yesterday was minister of power urging us to bear with the huge decline of about 1000 mega watts. Today is minister of finance urging us to bear with the economy of the country.
You sure say GEJ never sell this country?.

ask her how many of her children is in the country www..com

OK OH

And our Otueke uncle and his VP are feeding with over N1 billion annually. Why the common man should wait till thy kingdom come.
Stupid people!!!

Ok ma, continue chopping.

i wont read this..... stop deceiving us okonjo

Just coming out from the toilet

Returns back to shiyt again...........



To comment later!!

Make me sef follow book space dey look.

For how long are we going to keep bearing with you:

"Only a fool will keep doing the same thing over and over and expect a different result"

Solution ; kick out PDP 2015

Nigeria sai Buhari/ Fashola

Sipping tea....I dey come

Nigeria is still the Giant of Africa no matter the amount of corruption from the Corrupt Leaders.!!!!!

Hilarious!

we've been bearing! so Mrs okonjo continue dey steal.

i knew i would make fp...after spending all my day on nairaland,i should have something to show for it

Okay o

Meanwhile, lil kesh last card vs Peres voodoo
https://www.nairaland.com/1958490/lil-kesh-last-card-vs

Yea

bruno419:
i knew i would make fp...after spending all my day on nairaland,i should have something to show for it

And I just Came on now...I hit three topics




Meanwhile,
OKONJO


TRUST ME, NOT IN YOUR TENURE








DON'T CHECK MY PROFILE

see space booking everywhere!

60% of d comment on front page r just to book space, dis 1 included.