Nigeria's Finance Minister Okonjo-Iweala Endorses CBN Gov. Sanusi’s Removal, Says It Will Not Affect "Economic Focus"

Nigeria's Finance Minister Ngozi Okonjo-Iweala 

 

The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, says that today’s major developments at the Central Bank of Nigeria (CBN), involving the sudden removal of the governor, will not change the economic policy focus of the government.

“Specifically, macro-economic stability and a tight fiscal stance which have been the hallmarks of the Jonathan administration will continue to be maintained to continue the transformation of different sectors of the economy especially in job creation and infrastructural development,” she said in an unidentified statement, adding that the government will continue with policies which will help the Naira to stabilize.

CBN Governor Sanusi Lamido Sanusi was suspended from office by President Goodluck Jonathan today while he was in Niger on assignment.  He returned to Nigeria soon after learning of the situation, and security agents immediately relieved him of his passport.

Mr. Jonathan is accusing Sanusi of “financial recklessness,” but observers believe his displacement is actually because he insists that the Nigerian National Petroleum Company has cheated the federal government out of a whopping $20 billion in oil earnings.  The Ministry of Petroleum Resources is headed by Diezani Alison-Madueke, a close friend and confidante of Mr. Jonathan’s, and no allegations of corruption against her or during her tenure have ever been investigated.
Dr. Okonjo-Iweala stated that while it is normal for the markets to react to a major development involving a key economic manager, things will settle down as it becomes obvious that policy continuity is being maintained.

“The Minister expressed confidence in the competence of the new Acting Governor of the Central Bank, Dr Sarah Alade to manage the institution and ensure the continuation of the monetary policy focus that prevailed under Mr Sanusi Lamido,” the statement said.
“She recalled that Dr Alade who was Deputy Governor in charge of Policy has been a key player in the formulation and execution of the policies of the CBN under Sanusi and is therefore in a good position to continue with the policies.”

The Minister also asserted that the fundamentals of the economy remain strong despite challenges, citing such healthy indicators as single-digit rate of inflation and reserves of over N41.4 billion.
The statement said she wished Mr Sanusi Lamido Sanusi well in his future plans.