THE Coordinating Minister of the Economy and Minister of Finance, Dr (Mrs) Ngozi Okonjo-Iweala, on Thursday, raised the alarm over the economy, maintaining that the country must diversifying its economy to boost its earning.

This is coming just as the House of Representatives’ Committee on Appropriations questioned Okonjo-Iweala; the Accountant General of the Federation, Mr Jonah Otunla and the Director-General of the Budget Office, Dr Bright Okogwu, over poor implementation of the 2012 budget.

This came to fore when the minister led other government officials before the committee, headed by Honourable John Enoh, to appraise the 2012 budget performance.

The committee chairman told the minister that House had been bombarded with complaints by ministries, departments and agencies (MDAs) that funds were not released to them on time to execute their projects.

According to him, “I can tell you that for instance, Ministry of Water Resources got an allocation of N70 billion, but got just about N10 billion, likewise the Ministry of Land and Housing, out of N42 billion allocated to it, only N6 billion was released.
“On the other hand, Ministry of Niger Delta got 50 per cent of its allocation, as well as other ministries, but the question is: what can be

responsible for that?”

But the minister told the committee that the ministry was not selective in the release of the fund, adding that the release in the second

quarter was based on performance of the fund releaed in the first quarter.

The minister who used the occasion to speak on the state of the economy, told the committee that the country’s dependence on oil was increasingly being threatened by new oil discoveries in other African countries, stressing that ”competition is emerging, we will not be the only game in town.”

She said “I have suggested to the president and governors that excess crude should be allowed to build up to $10 billion, it is presently at $5.8 billion, a growth from about $4 billion a few months ago.
“We need to let it build to $10 billion so that we can have three months of expenditure to cover the whole country in case anything

happens, by the same token, we need to let the reserves grow.”

The minister added that “we are watching the performance of the economy in the context of what is happening globally. I think we have to really work hard in Nigeria on the implementation side.”

Comments (5)

Show/hide comments

Wisdom Speaks
written by Eskay Williams, July 06, 2012

A one track economy is a recipe for underdevelopment. Life was much better for Nigerians when Nigeria's economy was based on agriculture. This is because Nigeria was leading producer of produce such as cocoa, groundnut, palm oil and kernel. With crude oil, Nigeria has opportunity for varied diversification of crude oil based products. However, the craze for quick money on the part of individuals in power has blinded Nigerian leaderships to their responsibilities to all Nigerians. For the sake of hard working Nigerians, government officials and political office holders have to be prudent; in how they run the country. Dr (Mrs.) Ngozi Okonjo-Iweala has spoken; a word is enough for the wise.

• 
• +2
• 
• 

THE GOVERNMENT SHOULD CHANNEL THE COUNTRY RESOURCES ON ECONOMIC DEVELOPMENT TO GET OUT OF ECONOMIC DISASTER
written by Waheed Seriki (Canada), July 06, 2012

It will takes a long time for Nigeria to get out of economic problem because the government does not really have focus on rebranding Nigeria economy. The country resources are always used for unproductive investiment for political purposes and greedines for power. It is in Nigeria that government wasting billion of tax payers mone to send people to pilgrimage to Mecca and Jerusalem, buy expensive gifts like cars, houses etc to those who can afford to buy those gifts, paying robust salary and allowances to elected officials and government's appointes, mortgaging public properties at a penut price to political associates, government agents inflate, abandone and reaward one contact more than two times. How can the country progress and develop in that kind environment and gross ecomoic mismanagemnt The resources that is supposed to be use to provides industry, infrastructure etc that will generate employment and improve the standard of living of the citizen are always wasted and lavished by those in government and their associates.
Nigeria real problem is not of over reliance on crude oil, our major problem is that the country's resources are not channel to the proper area that will brings growth and economic development to the country

• 
• +3
• 
• 

RE- ALARMS ON NIGERIA ECONOMY
written by TUNJI OMO AWO, July 06, 2012

The major problems Nigeria have now is corruptions flowing in main blood stream of nearly all serving politicians, if this can be eradicated or reduced with sincerity, i can say we are blessed by GOD. Quoting little release from budget as excuse is not aceptable, what did u do with little u are given ? I am sure if all are release at a go, Ho ! Nigerians will see more private jet flying our air space. The person delaying it are u sincere also, keeping for what or who till when at this time of the year.

• 
• +1
• 
• 

Goodluck must do something to remove empty vessel in the ministries.
written by Nosa Osa, July 07, 2012

God bless the good woman(Okonjo Iweala) for her sound reasoning in Jesus name. Amen. president Goodluck must remove bad eggs in the ministries no mercy for those that make his politic void.

Nosa

• 
• +0
• 
• 

...
written by Bill, July 07, 2012

Honestly, this woman is wasting her time with the job of reforming Nigeria. What Nigerians have been used to is sharing of the 'NATIONAL CAKE', Ask them what did they do with the last quarter allocation-its NOTHING. I pity Okonjo by putting her integrity on the Line for the IDIOTS.

• 
• +0
• 
• 

Show/hide comment form

Name

Email

Website

Title

Comment

smaller | bigger

Subscribe via email (registered users only)

I have read and agree to the Terms of Usage.

Add Comment