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The Coordinating Minister for the Economy, Dr Ngozi Okonjo-Iweala has
provided a detailed 102-page documented response to the 50 questions
posed by the House of Representatives Committee on Finance.
The document provides, in extensive detail, including tables and graphs, answers to the committee’s well publicized questions.
In her response, the Minister stressed that, in spite of many
challenges which government has acknowledged, the Nigerian economy is
showing real and measurable progress in many areas. This can be seen in
the fact that more jobs are being created; roads, rail and other
infrastructure are being improved; the country is saving for the future
and planning better for the present. The Jonathan administration,
contrary to the impression given by some critics, is making impact in
the areas that, according to credible opinion polls, Nigerians are most
passionate about.
For instance, on job creation which is a
central focus of the administration, a total of 1.6 million jobs were
created last year, according to the National Bureau of Statistics (NBS)
of which 250,000 were seasonal jobs created in dry season farming in 10
northern states. In manufacturing, the Onne Oil and Gas Free zone
created an estimated 30,000 direct and indirect jobs. The government
special intervention programme YouWin supported young entrepreneurs,
creating over 18,000 jobs. The SURE-P Community Services prgramme has
also created 120,000 job opportunities.
The improvement in
federal highways has been confirmed by many Nigerians who travelled over
the Christmas and New Year holidays. Key highways which have witnessed
significant progress include Kano-Maiduguri road, the Abuja-Lokoja road,
the Apapa-Oshodi road, the Onitsha-Enugu-Port-Harcourt road and the
Benin-Ore-Shagamu road. Preliminary work has commenced on Lagos-Ibadan
road and the Second Niger Bridge.
The Railway Modernization
Programme involving the construction of standard gauge lines is
underway. The 1,124 km Western line linking Lagos and Kano is now
functional while work on the Eastern line linking Port Harcourt to
Maiduguri is about 36% complete. The Abuja-Kaduna Standard Gauge line
has attained 68% completion, and the Itakpe-Ajaokuta-Warri Line which is
presently 77% completed, will be completed next year. The annual
passenger traffic on our railways has increased steadily: rising from 1
million in 2011 to 5 million in 2013.
One of the issues the
Coordinating Minister dealt with is the charge, made by the Chair of the
Committee in the media that the country is racking up debts under Dr
Okonjo-Iweala’s watch as Finance Minister. As shown in her response,
there is no substance to the charge. In fact, the opposite is true.
Right from her Senate confirmation hearing in 2011, the Minister had
identified rising debt as a major challenge which the country needs to
confront. Under the leadership of President Jonathan and working with
the Debt Management Office and the Budget Office of the Fedration, the
Minister followed through with a robust approach which includes
progressive reduction of borrowing, quick settlement of due debts and
the retirement of N75 billion of maturing bonds via a Sinking Fund
dedicated to paying off substantial bonds. These measures have produced
clear results as shown in the reduction of borrowing from N852 billion
in 2011 to N571.9 billion this year.
It is important to note
that many of the 50 Questions had been adequately answered at various
fora, including meetings and open hearings organized by the House
Committee. The Minister’s detailed response in spite of this, is a
reflection of her well known high regard for the National Assembly as an
institution.
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