I Saved Billions Of Dollars For Nigeria As Finance Minister -Okonjo-Iweala

Nigeria’s candidate for the position of the Director-General of the World Trade Organisation, Dr Ngozi Okonjo- Iweala, has said that during the period that she served as Minister of Finance, she initiated reforms that assisted in tackling corruption that saved the country billions of dollars.

She stated this in a piece titled, ‘To Beat Covid-19, Governments Need to Open Up’ which was published on Bloomberg.

Okonjo-Iweala, who currently serves on the board of Bloomberg Task Force on Fiscal Policy for Health was Nigeria’s finance minister from 2003 to 2006 as well as between 2011 and 2015

She said the huge funds which were saved during the period that she managed the treasury were channeled to other priority areas of the economy.

Okonjo-Iweala stated, “Finance ministries need to publish their budgets in a way that encourages accountability and citizen engagement.

“Right now, it is even more important to reassure taxpayers that funds are being spent on the right priorities.

“During my tenure as Nigerian finance minister, we worked hard in a difficult governance environment to open up information and tackle corruption.

“Though it was not easy, we saved billions of dollars that were channeled to other priorities.

“At a time when many governments are rapidly mobilizing financial resources from their own budgets, international markets and donors, it is vital that funds are not wasted. Working in an open way will build trust with citizens and lenders, and it will ensure money reaches the neediest.”

She advised governments across the world to be more transparent and accountable amid the coronavirus pandemic.

The former World Bank Director stated that many countries are battling corruption in the procurement of medical supplies including personal protective equipment.

She stated, “Getting medical equipment, and eventually vaccines, to those that need them most poses a major governance challenge.

“Already, many countries are battling price gouging, collapsing supply chains and even corruption in the procurement of supplies, including personal protective equipment.

“Out of desperation, governments have contracted with suppliers who have no track record of delivering the equipment they need. Too often those suppliers have failed.

“The only way to make emergency procurement fast and efficient is to do it in the open by publishing all tenders and all contracts.

“This openness should extend to the emergency budgets that have been established to fund healthcare systems and economic stimulus packages.”