HOUSE FINANCE COMMITTEE’S 50 QUESTIONS: OKONJO-IWEALA PROVIDES DETAILED 102-PAGE RESPONSE

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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Okonjo-Iweala must answer 50 questions on economy – House of Reps

The House of Representatives on Monday said the Minister of Finance, Dr. Ngozi Okonjo-Iweala, must answer the 50 questions asked by its committee on Finance during the presentation of the 2014 budget minister on December 19 last year.



The Chairman of the House Committee on Finance, Hon. Abdulmumin Jibrin, had insisted that the 2014 budget would not be considered until the minister answers the 50 questions asked at the forum.

The committee had given Okonjo -Iweala two weeks to submit a written response to the questions which bordered on the economy, but she has requested for more time to respond.

Speaking at a pre- resumption press briefing on Monday, the Chairman of the House Committee on Media and Public Affairs, Hon. Zakari Mohammed, said the Committee on Finance was acting under the mandate given to it by the House and as such, the minister should answer the 50 questions as it would aid the House in the consideration of the budget.

He said, “The Finance Committee has a mandate of the House and the Committee must report back to the House what it was asked to do.

“It is the House in its wisdom that will devise the next line of action, the Finance Committee has done the assignment given to it by the House and will have to go back to the House to take a decision.

“Definitely on resumption, the Finance Committee would brief the House and thereafter we draw conclusions and inferences. We must consider the budget because it’s a money bill but we will not be blackmailed or bamboozled to just assume it’s a case of garbage in, garbage out. Anybody who thinks it is going to be like that is just joking because we are going to ensure a sense of fairness in its consideration to the benefit of Nigerians who are our employers.”

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