Isn”t it amazing that whenever some people call for the probe of Mrs
Diezani Alison-Madueke by General Muhammadu Buhari, they always find a way
to drag the name of Dr Ngozi Okonjo-Iweala into the mix?
This is really unacceptable considering the fact that Dr Okonjo-Iweala has
discharged her duties with a high sense of professionalism. Any perceptive
observer would agree that every mess that the Petroleum Minister has
created, Dr Okonjo Iweala has always been there to fix it. Take for
instance the payment of subsidy to oil marketers which has been enmeshed in
controversy.
It is controversial in the sense that the Petroleum Minister, who is
supposed to have put in place necessary checks to curtail subsidy scam,
allowed the scam to fester. Okonjo-Iweala, being a thoroughbred
professional to whom integrity is of paramount importance, ensured that
genuine subsidy claims were paid.
Okonjo-Iweala also ensured that marketers whose subsidy claims are
suspicious are handed over to the anti-corruption agencies for prosecution.
That is not the case with the Petroleum Minister. She allowed these
marketers to milk the nation dry until Okonjo-Iweala stepped in to stop the
rot.
It is also of note the effort Okonjo Iweala put up during the resolution of
the controversy surrounding the allegedly missing $20billion in oil
revenue. It was through her effort that PwC was appointed to carry out a
forensic audit on the books of NNPC.
In no small way, the Minister of Finance has demonstrated that she can be
trusted. She is a technocrat and a woman of strong will. She is by all
standards, a distinguished economic leader both in the international
community and at home here in Nigeria.
To show how highly esteemed she is across the world, she was listed
among Forbes 100 Most Powerful Women in the world. She is a member of
numerous boards and advisory groups, including the Clinton Global
Initiative, DATA and the World Resources Institute. She serves as financial
adviser to several international investment groups working in emerging
markets.
In October 2005, during her first stint as the Minister of Finance under
President Olusegun Obasanjos administration, she led the Nigerian team
that struck a deal with the Paris Club, a group of bilateral creditors, to
pay a portion of Nigeria’s external debt (US $12 billion) in return for an
$18 billion debt write-off. Prior to the partial debt payment and
write-off, Nigeria spent roughly US $1 billion every year on debt
servicing, without making a dent in the principal owed. It was suffocating
and stagnating. The negotiations resulted in 60% or $18 billion debt
cancellation for Nigeria from the Paris Club, the second largest in the
clubs history. Consequently, it brought Nigerias external debt burden
down from $35billion to $5 billion following a Paris Club deal which
included an Innovative Discounted Buy Back Operation.
Furthermore, as a result of her professional experience, she also
introduced the practice of publishing each states monthly financial
allocation from the federal government in the newspapers. She was
instrumental in helping Nigeria obtain its first ever sovereign credit
rating (of BB minus) from Fitch and Standard & Poor’s.
Job creation is another area her impact has been felt. At a World Bank
meeting in Washington DC, she said: “We have an ambitious programme to
create jobs. One of the several priorities is agriculture. We have very
detailed plans for investment in agricultural sector. She assured
Nigerians that government would continue to pursue the agenda of growing
local food aggressively to reduce food import. Dr Ngozi Okonjo-Iweala is
not only a professional who knows her onions but also a true ambassador of
Africa. She promotes the rich culture of the African heritage wherever she
goes.
She implemented a comprehensive homegrown economic reform program that
stabilised the macro-economy and tripled the growth rate to an average 6
percent per annum over 3 years. Her achievements as Finance Minister
garnered international recognition for improving Nigerias
financial stability and fostering greater fiscal transparency to combat
corruption.
In truth, there are no bases for the volumes of accusation thrown at the
Honourable Minister of Finance. She has worked to combat corruption, make
Nigeria’s finances more transparent and institute reforms to make the
nation’s economy more hospitable to foreign investment.
She should be commended for her dynamic, selfless and professional
contribution towards revamping the economy. No Finance Minister in the
history of Nigeria has done half as much as she has done. Her wealth of
experience at the World Bank adequately prepared her to manage a
diversified economy such as ours; as such she should be appreciated and not
unduly castigated.
Dr. Ngozi Okonjo-Iweala is not a coward and has no reason at all to run out
of the country because she is neither a crook nor a fraudster like some of
her contemporaries. She comes across as someone who will willingly submit
herself and her good office for probe because she knows she carried out her
numerous responsibilities with utmost diligence and excellence. This can
hardly be said of her fellow ministers. She ran her office in such a
transparent and professional way than any of her predecessors. Hardly can
you link her to any shady deal. Whatever she did was in the best interest
of the country. Little wonder she is the toast of many global initiatives.
She is arguably the most competent and experienced economic mind of
President Jonathan’s administration unlike her infamous colleague who
splurges on private jet flights, luxurious and wasteful lifestyles.
˜A prophet is not without honour, save in his hometown is still very
applicable in our contemporary times. A veteran economist who is globally
recognised shouldnt be unduly denigrated. Dr Ngozi Okonjo-Iweala has
painstakingly served this country; and thanks to quick measures she had
taken, Nigerias economy would have suffered a nose-dive after the fall in
oil price. She is indeed a patriotic Nigerian par excellence and an
uncommon asset to the nation. She is clearly in a league of her own.
*Ebun Asagbe writes from Ado Ekiti, where she lives and works as a brand
consultant.*