Okonjo-Iweala Denies Statement on Imminent Crash of Nigeria’s Economy

The Coordinating Minister of the economy and Finance, Dr Ngozi Okonjo-Iweala has insisted that the nation’s economy is stable despite some reports which quoted her saying that the economy will crash if the 2013 Appropriation Act is not amended by the National Assembly.

Dr Okonjo-Iweala who spoke at a news conference in Abuja on Wednesdaystated that “I never said the economy was going to shut down” but warned that with the lingering cntroversy over the appropriation act might make paying salaries impossible for the federal government by December.

“What I said was that we will not be able pay salaries” due to the controversy trailing the 2013 Appropriation Act she explained and appealed to media organisations to avoid casting sensational headlines capable of heating up the polity.

An online news platform had alleged that the Mminister told her colleagues at the 50th meeting of the 15-member Federal Government Economic Implementation Team, that the Nigerian economy is shaky despite the official fundamentals and that drastic steps are needed to save it from collapse.

Quoting a source in the Presiodency, the webiste alleged that the Minister painted a gloomy picture of the economy and hinted that there was an urgent need for “stringent budgetary measures” to arrest the downward slide.

While addressing journalists on the federal government’s one billion Eurobond, the Minister of Finance and the Director-General of the Budget Office said that the oversubscription to the bond by foreign investors signifies that the Nigerian economy remains stable despite recent challenges.

Source: Channels

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