We have received several enquiries about a story titled “Nigerian Government broke; targets pension savings” posted on the website of Saharareporters.
The story, like many other recent articles by Saharareporters purporting to be exclusive stories on various aspects of the Nigerian economy, is a complete fabrication.
As Nigerians know, the administration of President Goodluck Jonathan recently presented its mid-term report which is a forthright account of the achievements as well as challenges facing the economy.
The country has $48 billion in reserves, including N5 billion in the Excess Crude Account to help shore up the economy. So the idea that the country is broke is alarmist.
It is true that the country is experiencing some revenue shortfalls that everyone knows about due to oil theft for which the President is taking some serious measures.
Also, contrary to the claim in the story that the country has borrowed from local and international banks to finance recurrent spending, the Jonathan administration has in fact reversed the tendency of borrowing to finance recurrent as was the practice in the past.
Also untrue is the claim that the country has been downgraded by international ratings agencies. In fact the truth is the exact opposite; ratings agencies and international investors have consistently stated, through various platforms, that the Nigerian economy is a well-managed one with good prospects in the medium and long term.
Regarding the country’s debt situation, the overall picture is positive as the Coordinating Minister showed clearly in her recent well publicized statement. The multi-dimensional strategy adopted by the Jonathan administration is leading to positive outcomes.
The level of borrowing has been brought down, bonds are being paid off through a sinking fund and the country is not taking the kind of high interest loans that led to the debt burden which existed before the historic Paris Club debt deal. The Borrowing Plan which was approved by State Governors and the National Assembly is focused on financing power transmission projects, inter and intra city rail projects, dams and other key infrastructure.
The notion that the Jonathan government is “eyeing” the N3.4 trillion pension funds to finance deficits underscores the desperation of this “activist” medium and its sponsors. It is a total invention. In fact, the government is currently engaged in strengthening institutions and critical processes in the sector to enhance security and stability of the funds.
With this latest outing, Saharareporters has reinforced its well-earned reputation as a discredited purveyor of falsehood.
Paul C Nwabuikwu,
Special Adviser to the Coordinating Minister Click to signup for FREE news updates, latest information and hottest gists everyday
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Madam Coordinating Minister of Economy, how workers salaries are not paid if the country is not broke.
ReplyDeleteSahara lying is bad for business.
ReplyDeleteMadam NGOZI,
ReplyDeleteYou are just an opportunist. What are your personal contributions to Nigeria development? Working with world Bank, IMF, etc.. does not mean that you have anything better for the country. Many have better skill here in Nigeria without such juicy career. Please leave the common people alone. Your ideas are not helping the country development. Six years female marriage is never a concerned to you, non-payment of salaries is never a concerned, administrative corruption never mean anything to you, spending whole life as a minister in government ministries is your wish.
Let people equally hear the voice of your Husband ( I think u have one). Thank you Ma.
voodoo economy you are running.....under your supervision the economy of Nigeria colapsed.
ReplyDelete