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Finance
Minister Unfolds Economic Priorities, Seeks Lawmakers'
Cooperation
By Danlami Nmodu
Newsdiaryonline Wed Aug 24,2011
Related:Finance
Minister Angry Over NERFUND, AMCON, Others-Watchdogreporters.com
Dr Ngozi Okonjo Iweala ,Nigeria’s finance minister
who doubles as the
coordinating minister for the economy has listed the areas of
priority which the
government will focus upon as
it moves to transform the economy.She said that the government
is set to embark on trade-offs and pay attention to some
sectoral priorities.She
revealed this at an inaugural media briefing in Abuja
today. Her briefing was titled: "Transforming
Nigeria-Creating Jobs:A Short to Medium Term Agenda"
According to the finance minister the sectoral areas of priority
include security;infrastructure;agriculture and manufacturing.
Others include housing and construction;entertainment industry
which is worth about $250 ; education;health and oil and gas.
She said “we need to prioritize in the economy,we need to make
some trade offs,to make choices’’. She unfolded other elements
of the regime’s short
term economic agenda to include maintaining macro-economic
stability and ensuring investment climate reforms.
She noted that there is a medium term programme which is keyed
into the vision 20:20.In particular Jonathan is focused on
creating jobs.This is a regime that is interested in making
pro-job growth, the finance minister enunciated.
Okonjo Iweala further revealed that the country’s total debt
stock is about $39.7billion
which is 20% of the nation’s Gross Domestic Products,GDP.Out of
this about $34 billion is from domestic borrowing
and that the external
debt stands at $5.3
billion which in the
real sense is extremely low.
The minister said the global context within which Nigeria
operate shows some
uncertainties at the moment characterized by the debt ceiling
crisis of the United States of America ,the sovereign debt
crisis in Europe ,slow growth hitting Japan
and other countries
.All this uncertainty is
mitigated by some vigorous growth in emerging economies like
China,India and Brazil; the flip side of late being that even
China appears to be slowing down.
The coordinating minister of the economy reiterated the essence
of team work to achieve the desired economic transformation.She
disabused the minds of those who think she truly has the magic
wand to solve Nigeria’s
economic challenge.”There is no magic wand..Certainly not
by me.I don’t have any magic ’’,the minister said.
On the dispute between the governors and the presidency over the
issue of the Sovereign Wealth Fund, the minister said dialogue
is being employed to resolve the differences.’’All the
governors realise that we all live in one economy..They are
reasonable..We are talking with them’’.At the end of a meeting
of Nigeria’s Governors’ Forum, Rivers State Governor Rotimi
Amaechi ,Chairman of the forum announced the resolve of the
governors who called for the suspension of the Sovereign Wealth
Fund Act.It has been reiterated by many of them that the minimum
wage issue has rendered the Sovereign Wealth Fund unattractive
to the state governors who are now reeling under the heavy
salaries to be paid
henceforth.
Dr Okonjo Iweala in particular told journalist that there is the
need for
cooperation between the legislative arm of government and the
executive.There is the need for a reciprocal relationship in
order to achieve the stated goals.”We need to work with the
legislature .They also need to help us..’’,she said adding that
“what I have heard from the legislature is very encouraging.’’
Without mincing words, the minister said there is the need to
overhaul the budget process for effective result.”We
really need to
change the budget process
in this country…We have to be collaborating.’’
As far as the budgeting is concerned, not much, it seems, can be
done to the 2011 budget.Her focus seems to be targeted at
getting better results with the 2012 budget
and
invariably she is hoping that the 2013 budget will be a better
time to actualise the lofty ideas
she has enunciated.
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