Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Okonjo-Iweala says Nigeria is committed to rebuilding its fiscal buffers

14 April 2014, 09:56Edith Ike-Eboh

Washington DC - The Minister of Finance, Dr Ngozi Okonjo-Iweala, said the ministry was yet to analyse the 2014 budget that was recently passed by the National Assembly.

Okonjo-Iweala disclosed this when she briefed the media on the Nigerians participation at the Spring Meeting of the World Bank and the International Monetary Fund in Washington DC.

“We think that we have also come into the meeting with very strong fundamentals and that has also played to our benefits in terms of our budget that has now been passed.”

“Even though, they added a little, our fiscal deficit has moved from 1.9 per cent to 2.01 per cent and I think our parameters look good.”

“We haven’t analysed what is in there, we haven’t seen the details, we are here, I really don’t want to comment more.”

“But that is the one we have seen and we quickly calculated it and shared it,” Okonjo-Iweala, who is also the Coordinating Minister for the Economy, said.

According to her, with the development in the global environment, government needs to continue to rebuild the fiscal buffers.

She said that Euro zones were still faced with uncertainties, adding that the zones had said they would inject more stimuli to strengthen its system.

The minister said that countries had been advised to rebuild its fiscal buffers in case of the uncertainty that might be witnessed at anytime.

“That means we have to rebuild our reserves and excess crude account to shore up ourselves, which is what we are doing.”

“We have to maintain very solid macro-frame work because of our ties to Euro zones due to what is happening there,” she said.

On the “rebasing” of the Nigerian Gross Domestic Products (GDP), she said Nigeria came into the meeting with the rebasing that was favourably welcome by many delegates and participants.

According to her, the fact that Nigeria has a better measurement of its GDP and base, bring about a lot of interest among participants.

“Even some private sector has come to show more interest to investing in Nigerian economy, for instance Blumberg grain has already sent a team to Nigeria working with Minister of Agriculture.”

“They want to make Nigeria the hub for grain storage, cold storage and agriculture logistics in Africa; they want to invest 250 million dollars.”

“So, they have a team, the fact that we have the largest economy in Africa is making them feel that this may be the place to place the hub,” she said.

Okonjo-Iweala said that if Nigeria handled it right and the decision made, Nigeria would have a lot to benefit from it.

-    NAN

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...