With One FG Official About To Return Stolen $1 billion USD, Minister Kemi Says My Dress Cost Only 2000 Naira, I’m Serious About Real Change!

I was at a CFO Forum yesterday where the Minister of Finance, Ms Kemi Adeosun made a presentation.

My key take-away:

1. The FG payroll bill in January 2016 was 5billion naira less than that of December 2015. Reason: many fraudulent ghost accounts had been delisted. Plan is to achieve 10bilion monthly savings.

2. 400 accounts opened in a Bank same day and put on the payroll are now inactive due to BVN. (Some Bank Managers will be transferred to Kuje in no time).

3. Government plans to reduce domestic borrowing to fund budget deficit as to ‘force’ banks to lend to the productive sector. 50% of 2016 budget borrowing will be from external sources.

4. Government spending on Stationery and office consumables in 2015 was 18.5billion while total spend on capital expenditure was 18.9billion. (See why we keep getting poorer). Government is re-negotiating all contracts of supply for more efficiency

5. 30% Capex budget in 2016 is to stimulate the economy.

6. The Minister said her outfit to the forum cost her just two thousand naira. (Message: Ladies, please drop Gucci suits for local materials). She also queried why school pupils are forced to wear socks daily which we don’t produce locally.

7. On looted funds, one (just one!!!) former public official is negotiating with FG to return $1billion (equivalent of 199billion naira at CBN rate) of stolen fund. This is just one of many.

8. She wants to be the first Finance Minister that wouldn’t want to know or care to know the price of crude oil. Implying – they plan to build a self-sustaining economy.

by Dayo Orolu