by Stanley Azuakola
Not everyone is impressed by Ngozi Okonjo-Iweala’s co-ordination of the nation’s economy, especially as regards her handling of Nigeria’s debt profile. Festus Iyayi of the University of Benin, Edo State, is one of such. And in an event on Friday, the professor described the recent utterances of the finance minister as “irresponsible and shameless”.
The remarkable thing about his criticism was that seated in the same hall, in fact as a special guest of honour, was the father of the minister, Chukwuka Okonjo, also a professor.
Iyayi, a professor at the Department of Business Administration in the University of Benin criticised the nation’s debt buy back scheme in which US$12 billion was spent, calling it an “unparalleled robbery in the history of the world”.
“We were told that there would be no more foreign debts… the country’s total earnings would now be devoted fully to the development of our people,” said Mr. Iyayi, while delivering a lecture titled ‘After Education, What Next?’
“Thus, in April 2012, their minister of finance, Dr. Ngozi Okonjo-Iweala, told the nation that the nation’s total debt stock was now $44 billion with $5.9 billion in external debts and $38.1 billion or N5.6 trillion in domestic debts.
“Another N559.6 billion, she said, had been set aside in the 2012 budget to service the domestic and external debts.
“She then went on to tell the nation that the situation was healthy for the economy… and we are reasonably in good shape.
“Besides the fact that the promise that was made after the dubious debt buy back scheme has been criminally broken with impunity and without accountability.
“Can anything be more irresponsible and shameless than telling us that ‘we are in reasonably good shape’ in the face of debts totalling $44 billion?
“Who or what, we might ask, is in reasonably good shape as a result of these dubious loans – the increasing population of not just the poor, but the core poor?”
The father of the minister, Chukwuka Okonjo, had already spoken before the professor and he advised against those attacking his daughter’s “principled stand” in the heat of the fuel subsidy crisis earlier this year.
Unfortunately, all he could do as Prof. Iyayi spoke, was remain silent and watch as his daughter was lambasted.
Was iyayi right in his critics? Yes, he is. We were told in the ara of Obansejo that nothing good in debt and it was champion by Ngozi to get it erased.Why are we on it again?
WIN $1000 and other amazing prizes! Follow his link to find out how -> http://www.thenakedconvos.com/two/.
Iyayi, in spite of being a professor, needs to be tutored in the fundamentals of etiquette and basic principles of communication. It's amazing that a man of such academic pedigree would be so carefree in his manner of expresion.
Prof iyayi was absolutely right I tell you, U can't get any thing good from this government becoz noting is working d roads are bad,schools etc…. Under her watch we now have the worst unemployment rate which have been on a rise from the UN report. As a coordinating minister of the economy who went to Harvard can't even proffer any economy policies and formulation that will make this country work for better
Prof. Iyayi just need attention! That's the reason he was sparking in the presence of Dr. Iweala's father.
So Iyayi believes debt is good for us? Pathetic!
http://incomepart.com/ref.php?page=act/ref&in…
Iyayi's position has been disgraced by history and he's just seeking relevance
The debt deal remains one of the best things to happen to this country because it saved us from a "generational curse" of debt which would have been inherited by our grandchildren
Iyayi is a frustrated marxist who has been left behind by time
The country is in debt and we are still said to be reasonably in good shape,The situation also being healthy and wealthy for The country.how is it Possible?what are we telling The youth?is it a good foundation?
After Education what Next.
we're in debt & the economy is okay.