Expectations of NOI

NOI has finally been sworn and while it is important to understand that she is not a magician who can snap her fingers and have things suddenly start working properly it is only fair to have some expectations of her.
I expect her to turn the FG back on a sustainable fiscal path. Something which seems to have been discarded since she left the finance ministry a couple of years ago. Despite all the focus being on the national assembly with regards to frivolous salaries and expenses, the bulk of the FG’s fiscal problem stems from salaries at ministries and federal parastatals and fuel subsidies. Secondly, I expect her to address the imbalance in federal recurrent and capital expenditures. A second issue which is just as important.
Those two objectives should serve as a starting point for any development plans the FG has. Oil prices are volatile and in the event of another oil price crash the country could be left in a very precarious position seeing as we have no excess crude account to bail us out this time and the sovereign wealth fund not sufficient yet.

Okonjo-Iweala sworn in as finance minister


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