Economy: Okonjo Iweala Corrects Misconstrued Statement

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has corrected misconstrued statement that the nation’s economy was under threat of collapse.

The Minister who was accused of misinformation, said yesterday that the nation’s economy was not under threat of collapse.

She also said Nigeria had successfully accessed the international capital markets with a USD1 billion dual-tranche international Bond offering.

The bond offers were USD 500 million (5-year Bond) and USD 500 million 10-year Bond at Coupons of 5.125 per cent and 6.375 per cent per.annum., respectively. She said proceeds from the bond will finance key power infrastructure in various parts of the country.

Okonjo-Iweala, who made these disclosures at a briefing in Abuja, said she never said that the economy would collapse.

One of the national dallies had quoted the minster as saying that the economy will collapse if the budget was not amended.

But she insisted that the only issue she discussed was about payment of salaries.

On the $1billion bond, the minister said it has testified to investors’ ongoing interest in the unlocked potentials in Nigeria.


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