Responses to the 50 Questions on Nigeria’s Economy Posed by the House of Representatives’ Committee on Finance

PREAMBLE

We are pleased to provide responses to a set of 50 questions which were submitted to us by the House of Representatives Finance Committee on 19th December 2013 (NASS/7HR/CT.32/1999). We are somewhat surprised by the content of many of these questions for a number of reasons.

First, the responses to most of these questions are already in the public domain, and have been extensively debated by the government, media, civil society organizations and the private sector. We have answered these questions or similar ones many times before various Committees of the National Assembly. Nevertheless, we are pleased to answer them again with supporting data and analyses.

Second, the questions are repetitive in several instances (for example, questions 28, 34 and 40 on the benchmark oil price), and in some cases are directly contradictory (for example, questions 5 and 9 on debt management). This makes it somewhat confusing for those trying to respond.

Third, several of these questions contain false or incorrect assertions and are overly personalized. So it is not clear whether the focus is really on the economy as far as those questions are concerned. Nevertheless, we have attempted to respond as objectively as we can.

2. Finally, we have spent considerable efforts to gather supporting factual documentation to buttress our answers as requested by the Committee. We have done so in good faith, and look forward to the exchange and dialogue with the Committee.

With best personal regards,

Dr. Ngozi Okonjo-Iweala, CFR
Co-ordinating Minister for the Economy
and Hon. Minister of Finance
Abuja – 16th January 2014

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