Kemi Adeosun

Kemi Adeosun, Nigeria’s Minister of Finance, resigned last Friday after discovering that an exemption certificate she received from the National Youth Service Corps(NYSC) had been improperly obtained. Here is a review of her tenure, which lasted nearly three years. Adeosun was sworn in as a minister in November 2015.

HITS

Intervention for states 

One of Adeosun’s first duties was to arrange bailout funds for states in the country running into trillions of Naira. Without this, most of them would have run into crisis. In exchange, the states were required to adopt policies that would engender fiscal prudence.

Treasury Single Account (TSA)

While Ngozi Okonjo Iweala under the Goodluck Jonathan administration made a feeble attempt to implement the Treasury Single Account (TSA) policy, Adeosun embraced it and took it to a conclusion.

Though commercial banks in the country felt the pinch from the withdrawal of funds, and some departments and agencies complained of being starved of needed funds, the policy created prudence in the management of government revenue.

Efficiency units

Adeosun also created an efficiency unit in the Ministry of Finance. The unit worked across Ministries, Departments, and Agencies (MDAs) to prevent duplication of expenses. This resulted in savings of over N10 billion annually.

Whistleblower policy

Adeosun actively pursued the whistleblower policy which led to the country recovering billions of Naira, most notably the Ikoyi gate. At the peak of controversy surrounding the nonpayment of the whistleblower, Adeosun stated that he would be paid and over 20 whistleblowers were paid so far.

VAIDS

The erstwhile finance minister was also instrumental in promoting the Voluntary Income and Asset Declaration Scheme (VAIDS). VAIDS resulted in the number of taxpayers increasing from 14 million to 19 million.

Increased excise taxes

During her tenure, excise taxes were increased on alcohol and tobacco.  The increase in taxes which will be phased from now till 2020, are as a result of an ECOWAS policy and recommendations by the IMF.

MISSES

Debt service remained high

Under her watch, debt service remained high. Debt service as a percentage of the 2016 budget was 24.4%. For the 2018 budget, it only dipped marginally to 21.9% of the budget. In nominal terms, it rose from N1.48 trillion in 2106 to N2.0 trillion in 2018.

FAAC receipts dwindled

Despite the rebound in crude oil prices, FAAC receipts had dwindled in the months prior to her resignation. The dire situation led to FAAC meetings being deadlocked severally, as state commissioners of finance walked out in protest.

$426 million helicopter

The government’s decision to pay $426 million for helicopters without the approval of the National Assembly. Was a big query.

Failure to resign on time

In what is arguably her biggest miss, Adeosun failed to address the controversy surrounding how she obtained a certificate exempting her from the National Youth Service Core (NYSC). The scandal rid her of credibility, towards the end of her tenure and prevented her pushing with needed reforms.

Coronation Research
Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

39 COMMENTS

  1. This whack writer is talking about TSA, which rubbish conclusion, did she conclude? Can she even say it herself that she concluded it herself, you people should always find the fact, before you jump to your nonsense conclusion?

  2. What I just don’t like about you people is this, must you involve someone in your stupidity, must you people involve Ngozi Okonjo Iweala (WORLDBEST) in your failure… There’s nothing you can do about it, she’s above you people by far, because she wasn’t the cause of your failure, please leave her out of this…

    • What else can we say when the political class and those that have benefited from corruption have blackmailed the larger society with the man made crises and always looking for how to cover up their mistake just to continuously deny us of social justice and freedom.

  3. You people have come with your bias again. Dr. Okonjo-Iweala supervised Nigeria’s finances and her sterling record remains incontrovertible.

  4. The TSA originally is the brain-child of this outstanding woman, and she made sure it was implemented across board, like we see today, up to 75% compliance level. It defies any logic if 75% performance can be termed ‘a feeble attempt’.

    • Thank you. I don’t know in what books 75% implementation is seen as feeble. I even read that N500bn was saved as at 2014. So I don’t know what this writer is high on. Even the present admin in all their fumblings, acknowledge the effectiveness of the TSA introduced, implemented by NOI

    • The so called TSA was introduced and implemented by Okonjo Iweala by the time the government came in, so I don’t know where you guys came about the story that it was Adeosun who embrace it and took it to a conclusion whereas she only worked with the template CME laid down.

  5. Adeosun definitely embraced it, because she saw the ingenuity and potency of the idea and she ran with it. And for someone who had to resign after a protracted period of inglorious silience, amidst dwindling remittances into the TSA, you bet ‘she indeed took the policy to a conclusion

  6. Your statement about Dr. Okonjo-Iweala is definitely flawed. 75% implementation of the TSA saved the country lots of money from being wasted during her tenure and there are facts and figures to back this up. In fact, it was the template she laid that Mrs. Adeosun merely worked with.

  7. OBJ knew her achievement and vastness in financial matters, that it’s almost impossible to get someone of her caliber to help run the economy, that was why she was pulled in and she did commendably well.

    • The contributions and achievements of Dr. Okonjo-Iweala while in office can as well be done or even surpassed by someone who is equally up to the task, but you trying to water down her efforts and contributions betrays your bizarre and malicious agenda.

  8. So, you people are telling me that her HITS are more than her MISS, you people are a joker…Someone, that bows down to pressure, that can withstand it… And now, you people will come and be comparing NOI to her, can she stand all the things NOI endured… I bet she can’t, because she’s obviously not strong.

  9. You need to read her recent title on fighting corruption in Nigeria, and why corruption seems to be winning the fight back. Let us go beyond the headlines and hear from those who are in the know, why we are still losing this war on corruption

    • She indeed mentioned several instances in her book in most cases where she did what she could to fight corruption and impunity at the risk of her life and career.

  10. One of the things with us is we don’t value what we have. A lot of untoward characters are feeding off this chaos and won’t want men and women of good intention to get in there, assume needed control, time and space to turn things around and set us on the path of progress.

    • But you can never stop a rolling stone, that is why each year keeps getting better for someone like NOI. Her recent appointment into the board of Twitter is another trophy for her already over-crowded trophy cabinet. Brands like that won’t touch a corrupted hand with a long pole

  11. When NOI was the Minister of finance, she worked so hard that she helped the country out of debts…Now, that madam is there, the debts kept piling up, and she couldn’t do anything about it, but to go and pay NYSC for certificate, that is all she can do… SMH. Thank God, you resigned on time, because you don’t fit for the position at all.

  12. If you want to do something in life, learn from the PROS, so that you can be like them… Madam, go and learn from NOI, be humble and let your senior put you through it… Don’t be prideful against someone that is more powerful than you. Humility is the key

  13. Why can’t you people just leave the great woman (NOI) alone, what has she done for you people, huh? All what the woman did for us has always been good things, why must you people pay her with evil by saying trashy things about her… Its so unjust, please grow up.

  14. Must you people compare best and worse, together. it’s not possible… You can’t just be comparing great NOI and NYSC certificate forger together, so can you see that its not possible to compare them. So, comparing because people know the best from the worst.

  15. Seriously though, you guys can make Kemi look good without having to make NOI look bad. Didn’t she save more than 500 billion with the implementation of TSA which was her sole idea in the first place? That doesn’t sound like “feeble” to me.

  16. All these APC paid hacks will never keep NOI out of their mouths. Wetin concern her with Kemi crime now? You are writing an article on a certificate forger and you just had to bring up an accomplished woman that is chilling on her new Twitter job jeje. Smh

  17. What else can we say when the political class and those that have benefited from corruption have blackmailed the larger society with the man made crises and always looking for how to cover up their mistake just to continuously deny us of social justice and freedom.

  18. Why does there always have to be comparison between the certificate forger and Ngozi Okonjo-Iweala? You claim NOI made a feeble attempt to implement a policy she created. Does that make sense to you? Why would she think up something so brilliant if she didn’t mean to implement it anyway?

  19. These chaps will never stop writing until they are being taught a lesson. If you want to praise Adeosun, then go ahead and stop all these lies. And if I may ask, with the number of years Adeosun used as the finance minister, what has she achieved?

  20. Another article hiding behind the Adeosun saga to discredit Okonjo-Iweala’s immense contribution with the TSA and introducing transparency and accountability to the Nigerian government. One thing that can never be discredited is that the TSA became operational in 2012 with MDAs in Abuja as pilot and in 2014 was extended to all MDAs outside Abuja. As at 2014, it saved about N500bn and here’s a 2014 Vanguard article to ascertain this fact: https://www.google.com.ng/amp/s/www.vanguardngr.com/2015/01/fg-saves-n500bn-through-implementation-of-single-treasury-account/amp/
    Who chaperoned this? The “feeble-attempt” NOI, no? SMH

  21. I’m reading this, getting along but got to the TSA part and the writer had the effrontery to say NOI made “a feeble attempt” to implement? 75% implementation and a saving of $ from 2010 to 2015 is a feeble attempt?????? Even the fact that this incredible woman introduced this accountability management system to sanitise our corruption-ridden civil service is more than huge. I’m really disappointed in Nairametrics. I felt you were a fact-finding objective stat-based pub, this biased view is a low to your credibility, Ugodre and co.

    • Lmao. My sister, E reach to ask oh. APC damage control is never complete until they bring down someone from the last admin. And I was beginning to develop a lot of respect for this site.

  22. The mention of an achiever like Ngozi Okonjo Iweala is uncalled for and it seems you are trying to be partial in this preconception you call analysis.

  23. I shouldn’t be the one letting you people @Nairametrics know the fact that our able former finance minister Ngozi Okonjo Iweala and the former government introduced the TSA and implemented it up to 75% before Kemi came on board.

  24. The words “give honour to whom honour is due” is not far-fetched, and you can praise Kemi for her attributes, but trying to downplay a globally known icon as Ngozi Okonjo Iweala is appalling on your path.

  25. Hmmm… So a living legend like Mrs. Ngozi Okonjo Iweala prepared a path that made life easier for Nigeria’s economy, and this is what Nairametrics can convey to us instead of applauding her. Give up the lies already please.

  26. So you want to undermine someone’s reputation without doing your assignment first. Nairametrics should come for a special training on how to effectively raze an individual, and please it is not free.

  27. Another article hiding behind the Adeosun saga to discredit Okonjo-Iweala’s immense contribution with the TSA and introducing transparency and accountability to the Nigerian government. One thing that can never be discredited is that the TSA became operational in 2012 with MDAs in Abuja as pilot and in 2014 was extended to all MDAs outside Abuja. As at 2014, it saved about N500bn and here’s a 2014 Vanguard article to ascertain this fact: https://www.google.com.ng/amp/s/www.vanguardngr.com/2015/01/fg-saves-n500bn-through-implementation-of-single-treasury-account/amp/
    Who chaperoned this? The “feeble-attempt” NOI, no? SMH

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