Okonjo-Iweala Endorses Lamido Sanusi’s Removal, Wishes Him Well

Dr. Ngozi Okonjo-Iweala 

Dr. Ngozi Okonjo-Iweala, Coordinating Minister for Economy and Finance Minister, says yesterday's suspension of the CBN Governor Lamido Sanusi will not alter the Government's focus on the economic policy.
Mr. Sanusi was suspended from the office by President Goodluck Jonathan today. He was attending an ECOWAS meeting in Niger on assignment but returned to Nigeria after learning of the situation. Security agents immediately relieved him of his passport.
In her statement, Okonjo-Iweala said the Government would continue to help the Naira to stabilize.

"Specifically, macro-economic stability and a tight fiscal stance which have been the hallmarks of the Jonathan administration will continue to be maintained to continue the transformation of different sectors of the economy especially in job creation and infrastructural development," she added.

Mr. Jonathan accuses Mr. Sanusi of 'financial recklessness,' but observers believe his displacement might
be based on his allegations that the Nigerian National Petroleum Company has cheated the Federal Government out of $20 billion in oil earnings.
Dr. Okonjo-Iweala stated that while it is normal for the markets to react to a major development involving a key economic manager, things will settle down as it becomes obvious that policy continuity is being maintained.

"The Minister expressed confidence in the competence of the new Acting Governor of the Central Bank, Dr Sarah Alade to manage the institution and ensure the continuation of the monetary policy focus that prevailed under Mr Sanusi Lamido," the statement read.

"She recalled that Dr Alade who was Deputy Governor in charge of Policy has been a key player in the formulation and execution of the policies of the CBN under Sanusi and is therefore in a good position to continue with the policies."

The Minister also asserted that the fundamentals of the economy remain strong despite challenges, citing such healthy indicators as single-digit rate of inflation and reserves of over N41.4 billion.
The statement said Okonjo-Iweala wishes Mr. Sanusi Lamido Sanusi well in his future plans.