Okonjo-Iweala rules out conflict with CBN Gov

Posted by admin CBN (Central Bank of Nigeria), Ministries, National Politics Monday, August 15th, 2011

The Finance Minister designate, Mrs Ngozi Okonjo-Iweala, has said her role won’t put her in opposition with Central Bank of Nigeria (CBN) Governor,Mallam Sanusi Lamido Sanusi.

Apparently dousing speculations that she would clash with the CBN Governor on the demarcation between fiscal and monetary policies, Okonjo-Iweala said both of them would work together for the good of the economy, ruling out any muscle-flexing between them.

Of late, the CBN governor has broadened his mandate beyond price stability, providing funding for agriculture and power projects.

“We are not in opposing roles. It’s not about power. It’s about getting the economy working.”

Under the new arrangement, Okonjo-Iweala has the mandate of President Goodluck Jonathan to coordinate economic policies and handle the finance ministry.

“What the president wants me to do differently is to push beyond finance, to take a role to help coordinate actions in the economy, on reforms and implementation,” she said.

She stated further that government needed to curb spending to put the country on a “better fiscal path. We need to tighten fiscal policy,” she declared.

Okonjo-Iweala was finance minister between 2003 and 2006, spearheading talks that led the Paris Club group of creditors to write off Nigeria’s $18 billion debt.

She resigned from the cabinet in August 2006 following her transfer to another ministry by former President Olusegun Obasanjo.

The Finance Minister-designate said she was in favour of the CBN’s policy of pegging the naira to provide stability for businesses. CBN aims to keep the currency within a range of three per cent above or below N150 per dollar.

-Tribunewp_posts