JONATHAN IS LEAVING SOLID ECONOMIC LEGACIES FOR BUHARI..OKONJO IWEALA

Dr. Ngozi Okonjo-Iweala, the coordinating minister for the economy and minister of finance, stated that despite some economic challenges Nigeria is facing, the administration of Goodluck Jonathan is leaving some solid economic legacies for the incoming government of the president-elect, Muhammadu Buhari.

Dr. Ngozi Okonjo-Iweala, the coordinating minister for the economy and minister of finance

In the statement, issued on May 10, the minister stressed that “the allegations that the economy is in ruins are absolutely untrue”.

“We cannot take away the fact that the Jonathan administration, in spite of the challenges caused by 50% decline in the price of oil, has made a clear and measurable difference in many important areas and anyone who says nothing has been done and nothing is being left behind is being very unfair to facts and to history.

“Attempts to rewrite history will not stand. You cannot just wipe the slate clean for political reasons. We are not perfect but no one can take away the fact that we are leaving some good legacies behind,” she said.

Okonjo-Iweala advised politicians and political leaders to refrain from making negative and one-sided comments on the economy because they can have a negative impact on the exchange rate, the stock market and reduce investor confidence.

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“These negative and unsubstantiated comments are not wise because they can lead to what we do not want for the economy.

“There is nothing wrong with factual assessments of the economy. I have always told Nigerians the truth about the economy. But sweeping and negative statements are not in the interest of the country. The statements being made by some personalities about the economy collapsing are not only incorrect they are also potentially dangerous,” she said.

According to the minister, the agricultural sector, which has seen the rise in food production with an attendant positive effect on food prices, is one major legacy of the Jonathan government. Among other sectors that have witnessed a great revolution Okonjo-Iweala mentioned:

• “The National Industrial Revolution scheme and the Automotive Policy whose implementation has led to the opening of factories for car manufacturing and assembly for the first time in the country.”
• “The creation of about 1.4 million jobs a year out of the 1.8m needed.”
• “ Various job creation and job enhancement schemes such as Youwin which has seen the creation of over 27,000 jobs by young entrepreneurs sponsored and trained by government for other youths; the Graduate Internship Scheme.
• “The creation of the NMRC which is helping to create a mortgage market and is helping to provide affordable housing for Nigerians.
• “The recently launched Development Bank of Nigeria which will help to achieve strong growth of small businesses by providing SMEs, for the first time in recent memory, affordable interest loans of up to 10 years.
• “The support for the creative industries which has helped to strengthen the capacity of script writers, producers, directors and other professionals in the motion picture industry and led, in turn, to the production of higher quality films, and creation of more jobs.”

Some days back the minister of finance revealed that Nigeria has no money to pay salaries to government workers. Okonjo-Iweala blamed falling oil prices for that situation, stressing that the prices, which nearly halved, caused a “difficult cash crunch”.