In News by Oluwaseun Samuel on the 13th, July, 2020

I Saved Billions Of As Finance Minister

I Saved Billions Of Dollars As Finance Minister


Ngozi Okonjo-Iweala

Ngozi Okonjo-Iweala, has defined how she saved the Nigerian authorities billions of throughout her tenure as the previous Finance minister of the nation.

She made the assertion whereas advising governments internationally to be extra clear and accountable amid the coronavirus pandemic.

She noticed that many international locations are battling corruption within the procurement of medical provides together with private protecting gear, stressing that governments ought to “publish all tenders and all contracts” and “corporations receiving funds shouldn’t be nameless”.

The ex-World Financial institution director acknowledged this in a bit titled, ‘To Beat Covid-19, Governments Have to Open Up’ revealed on Bloomberg.

Okonjo-Iweala, who presently serves on the board of Bloomberg Activity Pressure on Fiscal Coverage for Well being, recalled her two tenures as Nigeria’s finance minister from 2003 to 2006 in addition to between 2011 and 2015.

She mentioned whereas serving with the President Olusegun Obasanjo and President Goodluck Jonathan’s administrations, she labored exhausting to open up info and deal with corruption, saving billions of that had been channelled to different priorities.

The Nigerian candidate for the place of director-general on the World Commerce Organisation, wrote, “Getting medical gear, and ultimately vaccines, to people who want them most poses a significant governance problem.

Already, many international locations are battling worth gouging, collapsing provide chains and even corruption within the procurement of provides, together with private protecting gear. Out of desperation, governments have contracted with suppliers who haven’t any observe report of delivering the gear they want. Too usually these suppliers have failed.

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“The one option to make emergency procurement quick and environment friendly is to do it within the open by publishing all tenders and all contracts.

“This openness ought to lengthen to the emergency budgets which were established to fund healthcare methods and financial stimulus packages. Even in regular occasions, finance ministries have to publish their budgets in a approach that encourages accountability and citizen engagement. Proper now, it’s much more vital to reassure taxpayers that funds are being spent on the appropriate priorities.

“Opening up procurement and budgets can solely have the specified impact if residents and civil society are empowered to comply with the cash.

“Throughout my tenure as Nigerian finance minister, we labored exhausting in a tough governance atmosphere to open up info and deal with corruption. Although it was not simple, we saved billions of that had been channeled to different priorities”.


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