Re: Nigerian Economy Since 1999: Myths, Lies and Data

When will Nigeria come out recession? Who will deliver Nigeria? But for Nigeria to come out of this economic state, our leaders must speak and act in truth.
Opeyemi Agbaje wrote an article titled, “Nigerian Economy Since 1999: Myths, Lies and Data” in August giving a rundown of economic management in the country in past administrations.

Against several mis-information in the public, the past administration is not to blame for the economic woes of the country. With Dr Okonjo-Iweala at the economic seat of the country, the economy was well managed.

Her economic astuteness was even preceded by her stint at the past administration to Obasanjo’s tenure in government.

Let’s look at some of the policies and implementations that came from her and past governments.

Under President Olusegun Obasanjo, Okonjo Iweala helped Nigeria pay off a huge amount of a burdening debt to the Paris Club. Nigaria’s debt reduced from $30 billion to $12 billion. The same Okonjo-Iweala had told the government to save for a rainy day but opposition from some governors with no well-meaning intentions stifled the idea.

The former president through the then Finance Minister also created the Excess Crude Account, ECA, which was and saved billions, which enabled Nigeria to survive the 2008 worldwide economic meltdown.

Also, note that she oversaw the establishment of lofty accomplishments like the establishment of Almajiri schools, You-Win and SURE-P programs and investments in the education sector.

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She achieved this of course with the support of the presents on seat then.

What has the present administration achieved rather than to apportion blames? They should stop blaming and acting!

With a sound implementation like the ECA, Nigeria should not be going through what it is presently but what became of the ECA? Some state governors by their demand for the distribution of resources and distributing it depleted the ECA.

They frustrated the former minister’s efforts and stalled her appeal for the nation to save for a rainy day.

Now we see the results; Nigerians are suffering for this.

Stop blaming past administrations. Stop giving lies as facts and figures. Take responsibility!

God bless Nigeria!


Uzoma Ngozi is an entrepreneur and a social commentator who resides in Lagos.

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