President Goodluck Jonathan was visibly elated as he sworn in Mrs. Ngozi Okonjo-Iweala as his Minister of Finance on Wednesday. The President, who struggled to control his excitement, thanked his new finance minister profusely for accepting to serve, and added that her presence had boosted the profile of his administration in the international community. However, unlike what obtained under the former President Olusegun Obasanjo, when she served as the finance minister, Okonjo-Iweala would earn her wage in Naira.
Jonathan said, “People wonder why we wanted her (Okonjo-Iweala) back. We want her back not just to manage the Ministry of Finance but, as somebody who is quite vast in economic issues, we want her to play a key role in economic issues in the country.
“In the immediate past, she also introduced the idea of an Economic Management Team during Obasanjo’s time and we followed up, the late President (Umar) Yar’Adua and myself. This time, we are expanding the economic team because we believe the country is one. Yes, the states have their own economies, but if there is no proper coordination in the management of the economy, between the Federal Government and the states, we cannot go anywhere as a nation.
“That is why in the economic team this time around there will be some governors as members, but Ngozi is to coordinate all economic activities of the Federal Government and, of course by extension, help the states.
“Let me also thank other ministers brought in from the Diaspora. We know it is quite challenging to move from developed countries to Nigeria.
“Sometimes the media ask the question, and I know for Ngozi it was quite embarrassing, when you accepted to serve, it was in the media that you gave conditions to be paid in dollars.
“Let me formally announce to Nigerians that she accepted to serve just like any other minister. Indeed, others who came from the Diaspora have not asked us for dollar salaries. They are going to receive salaries and allowances like others in the cabinet.”
The President, visibly upbeat at the eventual arrival of the finance minister whose resumption had been hampered by her formal disengagement from the World Bank, reminded Okonjo-Iweala of the high expectations generated by her appointment.
“For you, the expectation not just from Nigeria, but the whole world, is quite high. People expect so much from you. Some people feel you have the magic wand to wave and change everything. But I believe with your level of experience and with the support we will give you, and of course the cooperation of your colleagues, all of you collectively will help to change our country. You will help to make sure that our transformation agenda move smoothly and get to the destination expected”, he said.
He continued, “Let me thank you for accepting to come and serve because considering the position you were holding at the foremost World Bank, it must have been difficult for you to come back to serve as minister in a country.
“And I am saying this with all pride. When your name was made known and it entered the media, anywhere I went heads of state and government were wondering why you would even agree to come. They were appreciative of me, especially the African presidents, that I did well to pull you back home to help to solve the African problem, because they know your worth at the World Bank.
“Let me also thank the World Bank, particularly (Robert) Zoellick (World Bank President), for allowing you to come, for cooperating with us and promising to support us. It is an opportunity for us to thank the World Bank and also thank the president especially.”
Okonjo-Iweala told journalists after the FEC meeting that she would live up to expectations. She promised to focus on job creation.
Against a backdrop of comments she made during her screening by the Senate, the Finance Minister allayed concerns of a possible collision between the reforms to be initiated by her ministry, and those currently being implemented by the Central Bank of Nigeria.
She said, “Let me say this first, the whole thrust of what the President wants for now is the creation of jobs. So, everything that we do in terms of pushing the economy forward has to be geared at how we can have true job growth in the economy.
“So, we are going to be working on that. Those micro- economic structures, reforms and investments in key sectors that need to be done in order to create jobs for our youths would be the critical thrust, but we can expand on that later.
“On the issue of the debt (profile), first we have to look at the fiscal issues in the country, studying the possibilities of fiscal consolidation, and that includes looking at our debt level.
“As you know, I believe that we should have a prudent approach to our debt. But we will be able to tell you more when we have started the process of looking at the budget.
“There is no reform package by the CBN and no reform package by the Ministry of Finance. There is a reform package for Nigeria which is being led by President Goodluck Jonathan. We are here to make sure that his priorities are met.
“CBN is dealing with monetary, currency and exchange rate policies and the finance sector is dealing with fiscal policies. The two have to come together in order to make a whole, so there is no division.”
By Ihuoma Chiedozie, Abuja Courtesy Of: Punch
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