World Bank MD, Okonjo-Iweala, others get senate approval

World Bank MD, Okonjo-Iweala, others get senate approval

In another Ministerial nominees' screening, the Nigerian Senate, on Wednesday, approved the nomination of the managing director of World Bank, Mrs. Ngozi Okonjo-Iweala as a member of the ministerial cabinet to work with President Goodluck Jonathan.

Iweala resigned from the cabinet in August 2006 following what could be described as a demotion from Finance Minister to Foreign Affairs Minister by former President Olusegun Obasanjo.

A unanimous vote greeted Iweala’s nomination by President Goodluck Jonathan on floor of the senate.

Responding to question form the senators, Iweala said that Nigeria, which, one of Africa’s top oil producer, was not doing enough to boost investment, with recurrent expenditure soaking up 74 per cent of the 2011 budget.

She said: “We need the help of the legislature. Cutting expenditure is not something the executive branch can do alone.”

She promised to turn Nigerian economy around for better if given an opportunity to be Nigeria’s next finance minister.

Her portfolio

It is expected that the president will assign her a portfolio that suits her experience.

Analysts say they expect her to return to her previous post as finance minister with additional powers to oversee the country’s economic management.

Past efforts

It could be recalled that as the finance minister between 2003 and 2006, Okonjo-Iweala championed resolution that led the Paris Club group of creditors to write off 18 billion dollars debt owed by the country.

To this, she was given several awards.

The Banker magazine in 2004 and by Euromoney in 2005 named her finance minister of the year.

Other confirmed nominees

The Senate also confirmed nine other ministerial nominees in addition to the 14 earlier approved, bringing the number of ministers confirmed to 24.

The 14 ministers earlier approved have been given portfolios by President Goodluck Jonathan.

Those confirmed include Prof. Barth Nnaji, (Enugu); Mr. Olusegun Aganga (Lagos); Dr. Bello Mohammed, (Kebbi); Mr Abba Moro, (Benue); Mr Samuel Ortom, (Benue).

Others are Prof. Viola Onwuliri, (Imo); Prof. Ita Bassey-Ewa, (Akwa Ibom); Sen. Idris Umar (Gombe) and Mrs Olushola Obada (Osun).

Areas of interest

Professor Nnaji, while answering question from Senators, stressed the need to improve reform the energy sector and stressed the need for the privatization of the power sector.

Nnaji said the country had an installed capacity to generate 5,000 megawatts of electricity but was so far generating only 2,400.

He said: “10 billion dollars is needed to generate electricity yearly, which is too much money to pump into only one sector of the economy''

He said for Nigeria to lead Africa, there must be serious development in the science and technology sector which could be achieved through setting up of research institutes, especially in the university environment.

He advocated for more investment in solar energy, natural gas, coal and wind energy to augment hydro production of electricity as development in these areas had advanced in other countries.

Nnaji said with the efforts government was making, it was expecting to generate 15,000 megawatts by 2014, adding that the National Integrated Power Project (NIPP) projects would be completed by the end of 2013.

Okonjo-Iweala, while speaking on the Power sector noted that privatisation was not a solution to the problem the sector was facing.

“Privatisation is not a magic wand that would solve all the country’s problems.

“Its just that the state’s enterprises have continued to depend on the government and there is a lot of corruption going on in these state owned enterprises,” she said.

She stressed the need to prioritise some sectors of the economy, especially those that could create employment like the agricultural sector, the manufacturing and the industries.

She emphasised the need for a policy that would permit the rural poor, who needed subsidy, to benefit from it, while the rich would not be subsidised.

Okonjo-Iweala said that the issue of cashless society and the revaluing of the naira were important.

She however noted that it should be treated with caution to ensure that “some people are not forced to hide their money under mattress if they had limitation to the amounts they could withdraw.”

Shakira/Williams