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Nigeria has no savings - Excess Crude Account has only $3.6bn - Dr. Okonjo-Iweala
| April 13, 2012
Nigeria's co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has warned over the depletion of Nigeria's Excess Crude... (2) Comment



"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
OMOTAYO, J. A.    Lagos, NIGERIA    April 14, 2012
Psalm 146:3 states: "Do not put your trust in nobles...". I disagree with the Mrs Okonjo-Iweala. There has been fiscal indiscipline in Nigeria since 1999 till date, whether at Federal, State or Local Government levels. With the Fed Govt, it was worst between 2003 and 2007. Budget 2002 had N1.447trn accual expenditure even with COJA, Commonwealth Heads of States Meeting (CHOSM), etc. held. Budget 2003 with N1.5trn without COJA, CHOSM, etc surpassed budget 2002 by a margin. Budget 2007 was worse. It was N2.3trn even after the "downsizing" in the public service.

Do you call a flood a water dam just because the rainfall outweighs the drainage capacity? That was what happened between 2003 and 2007. A barrel of crude at $18 benchmark in 2002 rose to over $70 in 2007. PMS sold at N26 per litre in 2002 went up to N65 per litre. Forget about Mr. Obasanjo's N75 per litre. Crude production was 0.8 mbpd in 2002 but went up to 2.4 mbpd in 2007. Any one can do the Arithmetic.

God save Nigeria.
abiamone    London,     April 13, 2012
One source of expenditure is paying bills. What about the billions stolen by politicians? What effort is being made to recover these? The government should embark on money-saving exercises. One such exercise is to agree with EFCC on "No-Win-No-Pay". The EFCC seems to be costing more than it is recovering from Ibori and the likes.
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