Additional financing to better equip the [Nigeria] military could come from some “external borrowing” – Okonjo Iweala to The Wall Street Journal

Nigerian Finance Minister Shrugs Off Concerns Over Economic Fallout From Attacks

The Wall Street Journal



KIGALI, Rwanda—Nigeria’s finance minister dismissed concerns that escalating attacks by the militant Boko Haram group that have killed hundreds inbombings over the past few weeks have taken a toll on the country’s economy.

“I didn’t see any sense of panic,” Ngozi Okonjo-Iweala told The Wall Street Journal in an interview on the sidelines of the African Development Bank meetings here, after having met with 25 international investors.

“I’m gratified. There’s seems to be some belief in the underlying strength of the Nigerian economy,” she added.

The powerful Nigerian policy maker offered an impassioned defense of Nigerian President Goodluck Jonathan, who has been criticized at home and abroad for failing to contain Boko Haram. Among other attacks, the Islamic insurgency has claimed responsibility forkidnapping more than 200 schoolgirls last month.

The search for the missing girls became global news, with Mr. Jonathan agreeing to allow foreign governments to join the hunt for the girls, assisting with surveillance technology and intelligence. On Tuesday, the U.S. said it was sending 80 military personnel to help the search.

Ms. Okonjo-Iweala said Mr. Jonathan’s early silence on the kidnappings may have been poor communication, but it didn’t reflect government inaction.

“The president was very careful not to say [what the government’s plan was], because you are dealing with very volatile and unpredictable people,” she said.

She added that Mr. Jonathan had told her as long as the girls were alive the criticism leveled at him didn’t matter.

“To hear my president say that after he’s been so vilified and called incompetent, weak, corrupt, every name you could think of by any newspaper … to hear him say that gave me goose bumps,” Ms. Okonjo-Iweala said.

Her focus now was getting the 2014 state budget signed, which she said will happen this week after being severely delayed.

The budget will be tight, she added, despite calls for additional military spending and pre-election pressure for stimulus.

Additional financing to better equip the military could come from some “external borrowing,” she said, noting that she had no plans to float a bond this year.



MONDAY, MAY 26, 2014.  5:09 a.m. [GMT]

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2 Comments on “Additional financing to better equip the [Nigeria] military could come from some “external borrowing” – Okonjo Iweala to The Wall Street Journal”

  1. emotan77 Says:


    Has she done the honourable thing? Does she know the HONOURABLE thing?

    RESIGN AS AN OMOLUWABI WOULD AND SHOULD. Not to so do is to confirm that in Nigeria the preference system foe leadership role remains archaic and primitive.,,, certainly not MODERN.




    • emotan77 Says:

      Dear Tao,

      As you all are my witness, I’ve asked the woman in countless writings to resign over the past few years and have gone further by asking Dr. E.G. Jonathan NOT to reemploy her and Ms. Madueke in 2011. And even before then, I suggested after she gave that infamous S. African speech in which she suggested that Nigeria would still need to take loans which was soon after we believed she had saved us from debt bondage.

      I would have – in the circumstances she has revelled in – and so would have been anyone deserving of OMOLUWABI label, not necessarily a Yoruba person this time; someone with any honor to hold on to, thrown in the towel.

      Well,apparently, the woman is worse than I had thought: the bit about getting goose bumps … I’m not laughing but shaking my head in disbelief. Her old friends in the West (not the agents/commission earners but those in the Conser. group like The Journal who must have started to wonder, & must now be shaking their collective heads in disbelief.

      My regards, Tao, as always,



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