Ngozi Okonjo-Iweala, the minister of finance, is of the opinion that corruption persists in the country because Nigeria lacks the institutions, systems and processes to prevent it.She made this statement on Tuesday while speaking at the Catholic Caritas Foundation Forum in Abuja.According to Okonjo-Iweala, the absence of relevant systems and institutions that will help check corruption has created opportunities for people to [...]
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Nigeria has more than halved capital expenditure to less than 10 percent of 2015 spending, axing badly-needed infrastructure investment due to the collapse in the price of oil, the country's main source of revenue, according to the full budget submitted to parliament.Even though Nigeria's capital spending seldom materialises as planned, shelving projects such as port upgrades and roads will only [...]
Charles Soludo, a former governor of the Central Bank of Nigeria (CBN) and former Anambra state governorship aspirant, says his recent criticism of the economy under Ngozi Okonjo-Iweala, the minister of finance and coordinating minister of the economy, has brought about a change.Maintaining that he achieved his intended objective for opening cans of worm, Soludo expressed optimism that there would [...]
I read some of the responses to my article, “Buhari vs Jonathan: Beyond the Election”, and I want to thank everyone who has contributed to the debate. I am glad that the debate has finally taken off. I have decided, for the record, to re-enter the debate if only to set some records straight and hopefully elevate the debate further. [...]
The ministry of finance has described Charles Soludo, former Central Bank of Nigeria governor’s article in which he flayed the present government for the economic woes of the country as self-serving, deficit in fact, logic and honour.In the article published on Monday, Soludo berated the poor handling of the economy by the Goodluck Jonathan administration.Among the things he said was that the [...]
The federal government will not go back on the $65 per barrel oil benchmark upon which the 2015 budget is hinged, Ngozi Okonjo-Iweala, coordinating minister of the economy and minister of finance, said on Tuesday.In November, Okonjo-Iweala announced that the 2015 budget would be predicated on an oil benchmark of $65, explaining that the government had a scenario-based approach to managing the falling [...]
The All Progressives Congress (APC) has accused the federal government of trying to suppress the audit report on the missing $20 billion oil money, saying the deadline for the release of the report, which was set by the government itself, has passed.Speaking on Saturday through Lai Mohammed, its spokesman, the party recalled that Ngozi Okonjo-Iweala, coordinating minister of the economy [...]
Ngozi Okonjo-Iweala, the coordinating minister of the economy and minister of finance, says $30 billion is not missing from the excess crude account, "as alleged by Adams Oshiomhole", governor of Edo state.Speaking when the Association of Enigies from Edo South senatorial district paid him a visit on Wednesday, Oshiomhole had said that "what we have in our excess crude oil account [...]
Ngozi-Okonjo-Iweala, the coordinating minister of the economy and minister of finance, on Wednesday laid the 2015 budget before both chambers of the national assembly.The budget rests on a benchmark oil price of $65 a barrel and the production forecast for oil was set at 2.27 million barrels per day.“I have laid the budget on behalf of his Excellency, Mr. President," [...]
Ngozi Okonjo-Iweala, coordinating minister of the economy and minister of finance, disclosed on Thursday that the federal government had already devised measures to deal with the fall of crude oil price to $60 per barrel.The global price of crude oil is taking a nosedive, which is expected to continue for some time.Speaking at the fourth annual capital market retreat of [...]
The International Monetary Fund (IMF) has described the set of measures put in place by the federal government to mitigate the effects of the dwindling oil revenues as a move in the right direction.On November 16, Ngozi Okonjo-Iweala, the coordinating minister of the economy and minister of finance, announced a series of steps that the government was taking to stabilise [...]
Nigeria needs about $14 billion every year to fund infrastructure, Ngozi Okonjo-Iweala, coordinating minister of the economy and minister of finance, has said.Apeaking at the training programme on public-private partnership (PPP) organised by the African Development Bank in Abuja on Monday, Okonjo-Iweala said that there was a need for the country to refine and improve its use of PPPs for [...]
Amid concern over Nigeria's inability to source arms to scale up the war against Boko Haram, minister of finance and co-ordinating minister for the economy, Dr. Ngozi Okonjo-Iweala, says the country has had a breakthrough.Following reports by international human rights groups that the Nigerian military was carrying out extra-judicial killings in the north-east, western countries are said to be stalling [...]
Nigeria’s coordinating minister for the economy and minister of finance, Ngozi Okonjo-Iweala, has disregard fears that Boko haram insurgency and the current Ebola outbreak in West Africa would affect the country’s economic growth in 2014.Nigeria had recently predicted a 6.5 per cent growth for the year 2014.Iweala said the forecast had already discounted the impact from the Boko Haram insurgency, [...]
A suspected fraudster who impersonated Mr Wilson Amarachi, secretary of the minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo Iweala, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC), the agency spokesman, Mr Wilson Uwujaren, said on Friday.In a statement issued in Abuja, Uwujaren disclosed that John Nze Madu, the suspect (pictured), was [...]
Although foreign investors are buying Nigeria's assets, any terror attacks down south could put off even the established ones among them, Citigroup's country officer, Mr. Omar Hafeez, has told Reuters.Nigeria's reputation as a preferred investment destination in Africa continues to hold, attracting capital equity and debt investors amid security concerns.Citi said it has traded $1.1 billion worth of Eurobonds for [...]
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