The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday insisted that the Federal Government is experiencing shortfalls in funds required to implement the 2013 budget.

Okonjo-Iweala also stated that an amendment to the 2013 Appropriation Act is necessary even as she disclosed that the capital component of the budget has been implemented by 67 per cent.

This means that about N670bn has already been spent.

The minister spoke before the House of Representatives’ Committees on Appropriation, Finance and Legislative Compliance where she debunked allegations that the Executive had jettisoned the budget as passed and signed by President Goodluck Jonathan in the first quarter of this year.

She also sought the legislators’ approval to divert the fund accrued to the illegal Excess Crude Account, ECA, which is deemed illegal, to a Stabilisation Fund embedded in the Sovereign Wealth Fund, SWF.

Okonjo-Iweala, who fielded a barrage of questions on the economy in general and the 2013 budget in particular, insisted that the executive was seeking an amendment and not a supplementary budget.

http://nationalmirroronline.net/new/fg-running-short-of-cash-okonjo-iweala-insists/

When have they declared/announced surplus cash since the inception of GEJ's administration

Mtcheeeeew

Where have all the proceeds from crude oil been diverted to Next thing we would here is that the Senators are saving most-needed money in an illegal fund,to serve as their life pensions when they retired. What a country with clowns and jokers as our leaders....smh.

This is what happens when a corrupt, clueless, and greedy retardeenic government like the retardeen's, an overly-fed, obese, scheming finance minister Iweala and their coterie of thieves bent on destroying the present and future of the country Nigeria have been rigged into power! Shame that while countries with no or less oil are able to significantly improve the living conditions of their people and country with superior management of their resources, killing and reducing corruption to the absolute minimum and allowing only their best to lead, Nigeria does the exact opposite allowing the most stup.id and clueless fisherman in the whole world as president! Even if all the prosperity of the world fell like rain into a basket for Nigeria, the country will still be in debt for there is no basket, no matter how big that will ever be enough for Nigeria given the high and despicable corruption of this accursed government of Goatluck Jonadone!

se.xkilza.phull:
This is what happens when a corrupt, clueless, and greedy retardeenic government like the retardeen's, an overly-fed, obese, scheming finance minister Iweala and their coterie of thieves bent on destroying the present and future of the country Nigeria have been rigged into power! Shame that while countries with no or less oil are able to significantly improve the living conditions of their people and country with superior management of their resources, killing and reducing corruption to the absolute minimum and allowing only their best to lead, Nigeria does the exact opposite allowing the most stup.id and clueless fisherman in the whole world as president! Even if all the prosperity of the world fell like rain into a basket for Nigeria, the country will still be in debt for there is no basket, no matter how big that will ever be enough for Nigeria given the high and despicable corruption of this accursed government of Goatluck Jonadone!

U r rude n stuppid u need 2 go back 2 school n learn how 2 respect ur elder people like u is d problem we hav in ds country look at what u r calling d president of Nig,d commander of all d amay forces,am nt protecting GEJ bt u hav 2 respect him no matter what pls mind how u talk is very important u r nt d only person suffering in Nig if u dnt like Nig anymore or u dnt like how GEJ rule ds country u can go 2 Ghana,Niger or any other country n live or be their citizen n leave Nig alone

Odechukwu

to be frank i think our problem is we give too much unwarranted respect in this country.
Tinubu go pass, we shout baba ohhhh
gbenga daniel go dey mess, we shout baba ni yen.
obj dey rant, we give him another platform to insult us.
ngozi dey mis manage economy, we sing halle bloody luya,
rivers dey burn, we shut our doors , cant be bothered.
clueless ebele jonathan dey form second term too.we say y not, its there for you and the mrs now.
my ppl sha.

670bn spent doing what, these people are just looting our money shamelessly.

I'm a novice on economic issues but NOI has said so many times that our economy is robust and growing (7%) so what is causing this cash shortfall?
On the other hand, APC has said the economy is in trouble. NOI and the various GEJ employees here on nairaland have debunked it.
So who is lying?
Insincere 9gerian, Rossik, Tahaqa, Billionaire et al please explain to me.
Who should I believe?

Insincere 9gerian, Rossik, Tahaqa, Billionaire...where are dis guys?? Come and defend ur oga..we nid explanations

A-ZeD:
I'm a novice on economic issues but NOI has said so many times that our economy is robust and growing (7%) so what is causing this cash shortfall?
On the other hand, APC has said the economy is in trouble. NOI and the various GEJ employees here on nairaland have debunked it.
So who is lying?
Insincere 9gerian, Rossik, Tahaqa, Billionaire et al please explain to me.
Who should I believe?

GEJ: Ngozi, no be last week I go borrow money from China?
No tell me say na all una use settle police and the thugs wey dey help me and wife cause katakata for Rivers. You sure money no remain even after una settle boys wey go stone some Governors and Soyinka for airport?

NGOZI: Haba Bros, money remain na. But Madam say make me give the rest to Bipi Evans wey come this morning.

GEJ: (thinking) why this woman dey behave like this. How she go pack that kind money give her cousin. Now money no dey again. Chai! Where man go travel to borrow money again?

NGOZI: Did you say anything sir?

GEJ: I hope my Gin has been bought and kept intact?

NGOZI: I did not get that sir.

GEJ: I said I hope the origin of this. . . . Never mind. Just tell Nigerians our economy is still robust.

NGOZI: you can count on that sir.

GEJ: (thinking) na wa o. Money no dey again. Na where person go borrow money again. Even this China own no come easy o. Just that Nigerians never even realise the conditions attached. (Starts to pace up and down) Where I fit go oh? Chei, see how I dey crack my brain and some stupid children go dey insult me say I dey clueless. Infact I no give damn. Na Brazil get me again o.

Sorry 2 disappoint some people,I don't believe in NOI,even if she stays in dat position 4 eternity,she has noting 2 offer,but 2 kip deceiving us n her blind supporters, m just waiting 4 d day she will b xposed.

This is for those peeps who are Educated and who do not have an eye problem and can properly see d article they are commenting on: NOI is talking about d FG's BUDGETARY funding having Cash-flow problems cos of d way d National Assembly moved around some budgetary items, esp the about #74b which was removed from some key capital heads and payment of salaries of certain categories of civil servants, to their Consistuency projects and other issues. This has been the disagreement bw d Executive and d NA over d budget since January of this year. This was d main reason the President initiali refused to sign d budget for more than a month early this year, until he did and sent sm Amendments to the budget which d NA is still dealing with (d main reason why NOI was called b4 their budget committee now). NOI and Sanusi warned of d possible difficulties in funding d budget later on if these 'anomilies' were not rectified. The cock has now come home to roost, I guess. All these are not helped by d fact that Oil production (which was overtly optimistic at 2.5m barrels per day) has gone there since early this year cos of problems associated with Oil theft, etc. This DOES NOT MEAN THAT THE ECONOMY ITSELF IS CASH-STRAPPED (at least not yet) OR EVEN NEAR 'BROKE'. Only Ignoramuses would say so...

NOI is right. There a difference between growing economy and budget implementation.

Yes, our economy is growing, more money is coming in and moving around. The money used to fund the budget is mainly funds generated by govt. It is not as if the money is put in the bank somewhere. The money is given out for the budget at it comes in.

Those of you calling NOI names need some more education. Nigeria has a lot to do in 2013, but the money we have to do all that is not enough.

Now every state and ministry will inflate the amount of money they need and present as part of the 2013 budget.

Assuming a state or ministry will need 1million for they year, they will write 200mil. When this money is released, they loot it and don't even spend up to the 1million in the year. They end up looting 199.5 mil and spend 5 million.

Now the minister is asking these looters to cut down and their demands. That is where the whole war is coming from.

They will prefer that Nigeria will sink, rather than reduce their inflated budget demands.

We also know how corrupt the system is, the federal govt will only receive 30% of revenue generated while the miniseries and states loot the rest.

Not to talk about the fat salaries. 70% of the 30% revenue the fg receives is used to services the presidency, senate, ministers, governors etc. The remaining 30% is used to run the country. We know that GEJ eats 1billion a year on food.

Governors and ministers also feed fat. These pple will rather sink nigeria than cut down cost.

After all, if oil dries up today, they have stolen enough for their generation, it is the ordinary nigerians that will suffer.

Not forgetting that we still pay subsidy, and have not recovered all our looted funds.

mekaboy: NOI is right. There a difference between growing economy and budget implementation.

Yes, our economy is growing, more money is coming in and moving around. The money used to fund the budget is mainly funds generated by govt. It is not as if the money is put in the bank somewhere. The money is given out for the budget at it comes in.

Those of you calling NOI names need some more education. Nigeria has a lot to do in 2013, but the money we have to do all that is not enough.

Now every state and ministry will inflate the amount of money they need and present as part of the 2013 budget.

Assuming a state or ministry will need 1million for they year, they will write 200mil. When this money is released, they loot it and don't even spend up to the 1million in the year. They end up looting 199.5 mil and spend 5 million.

Now the minister is asking these looters to cut down and their demands. That is where the whole war is coming from.

They will prefer that Nigeria will sink, rather than reduce their inflated budget demands.

We also know how corrupt the system is, the federal govt will only receive 30% of revenue generated while the miniseries and states loot the rest.

Not to talk about the fat salaries. 70% of the 30% revenue the fg receives is used to services the presidency, senate, ministers, governors etc. The remaining 30% is used to run the country. We know that GEJ eats 1billion a year on food.

Governors and ministers also feed fat. These pple will rather sink nigeria than cut down cost.

After all, if oil dries up today, they have stolen enough for their generation, it is the ordinary nigerians that will suffer.

Not forgetting that we still pay subsidy, and have not recovered all our looted funds.

Your explanation doesn't cover why the country is short of cash. The budget has been passed based on a certain criteria which means all states have included their looting share.
Since the budget has been passed, what is causing the cash shortfall?

I have observed wit dismay d way ds kids comment on Nairaland! Now I understand the reason why some places in city then will hike the price of their goods making it difficult for youngies to attend only buh once vowing nt to go their again! The owner of dis forum should watch it because its turning to playground where teenagers who neither pass jamb nor waec will took to calling their leaders names inoder to get attention! Tell me hw below 18 will be commenting on topics that happened in eighties without proper research ! The rate with which kids infiltrate dis forum is alarming making it almost impossible for mature minds to engage in reasonable argument! I rest my case.

If truly she says so, i think indirectly ds is to justify sahara report that says Nigeria economy is financially broke, i just hope they wont sell Nigeria b4 2015

hillsate: GEJ: Ngozi, no be last week I go borrow money from China?
No tell me say na all una use settle police and the thugs wey dey help me and wife cause katakata for Rivers. You sure money no remain even after una settle boys wey go stone some Governors and Soyinka for airport?

NGOZI: Haba Bros, money remain na. But Madam say make me give the rest to Bipi Evans wey come this morning.

GEJ: (thinking) why this woman dey behave like this. How she go pack that kind money give her cousin. Now money no dey again. Chai! Where man go travel to borrow money again?

NGOZI: Did you say anything sir?

GEJ: I hope my Gin has been bought and kept intact?

NGOZI: I did not get that sir.

GEJ: I said I hope the origin of this. . . . Never mind. Just tell Nigerians our economy is still robust.

NGOZI: you can count on that sir.

GEJ: (thinking) na wa o. Money no dey again. Na where person go borrow money again. Even this China own no come easy o. Just that Nigerians never even realise the conditions attached. (Starts to pace up and down) Where I fit go oh? Chei, see how I dey crack my brain and some stupid children go dey insult me say I dey clueless. Infact I no give damn. Na Brazil get me again o.

))))

How wont they eventually run out of cash when a third of the country's earnings finds itself in personal offshore accounts, the other third in Ghana Must-go bags and the last third left for the entire citizenry to fight over. BTW, its also high time Okonjo-Iweala shuts up. Abi does she want to be the next Jerry Gana?

.I wonder where we are going in this country, God please safe Nigeria from these politicians that calls 1naira 1m. Civil war knocking on our door. Ministries,States,Senate and Rep won't cut down their loots yet we don't want to run of cash. I bet the theft in ministries and commissions is more than the budget. Saharareporter aint lyng then. We are def broke.

Why wont they run short of cash when gej alone eats food worth N1.3b in a year and aides eat worth N800m each. Why wont they? Very soon, the youth shall take the bull by the horn. It's started manifesting already. No politician will remember he/she has a room stack with dollars when the time to run for life reaches. Let them wait.

ode remo: to be frank i think our problem is we give too much unwarranted respect in this country.
Tinubu go pass, we shout baba ohhhh
gbenga daniel go dey mess, we shout baba ni yen.
obj dey rant, we give him another platform to insult us.
ngozi dey mis manage economy, we sing halle bloody luya,
rivers dey burn, we shut our doors , cant be bothered.
clueless ebele jonathan dey form second term too.we say y not, its there for you and the mrs now.
my ppl sha.

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Any leader that indiscriminately loots our public funds/treasury should face the same (inhumane) fate that is sometimes meted out to street criminals by citizens ... necklacing

M

Just stop the corruption and the looting of treasury to the benefit of foreign banks!

Let GEJ go back to China again nw,shebi dey be our brothers keeper.

Akpa ife:
U r rude n stuppid u need 2 go back 2 school n learn how 2 respect ur elder people like u is d problem we hav in ds country look at what u r calling d president of Nig,d commander of all d amay forces,am nt protecting GEJ bt u hav 2 respect him no matter what pls mind how u talk is very important u r nt d only person suffering in Nig if u dnt like Nig anymore or u dnt like how GEJ rule ds country u can go 2 Ghana,Niger or any other country n live or be their citizen n leave Nig alone

I know from your previous posts and this one that you are from that part of the country where you wake up your parents with a sliding tackle, yet your phariseeic stupidity makes you think you can legislate respect for a fool.ish retardeenic GEJ? Well, criminal 'elders' like your retardeen GEJ should be cooling their life off in a maximum security jail in a sane country and he is DEFINITELY NOT AN ELDER or LEADER IN ANYWAY (with an IQ less than that of a toddler or at best a tuber of yam) and I have REAL LEADERS here everyday, who run the society I live in such a way that while I do not agree with all they do, they are doing a FANTASTIC job, like they have for hundreds of years! So much so that your Nigerian passport is in play only when I have to enter Nigeria at the airport! I have no respect for stup.id people like you and your retarde.d leaders! Odechukwus!

It's what we all know. Nigerians would just shout and later keep mute

se.xkilza.phull:
This is what happens when a corrupt, clueless, and greedy retardeenic government like the retardeen's, an overly-fed, obese, scheming finance minister Iweala and their coterie of thieves bent on destroying the present and future of the country Nigeria have been rigged into power! Shame that while countries with no or less oil are able to significantly improve the living conditions of their people and country with superior management of their resources, killing and reducing corruption to the absolute minimum and allowing only their best to lead, Nigeria does the exact opposite allowing the most stup.id and clueless fisherman in the whole world as president! Even if all the prosperity of the world fell like rain into a basket for Nigeria, the country will still be in debt for there is no basket, no matter how big that will ever be enough for Nigeria given the high and despicable corruption of this accursed government of Goatluck Jonadone!

I'm not a fan of Jonathan, but what has this sort of trashy comment got to do with the problem at hand? Contribute, analyse the issue at hand or just browse through the thread. Cmon, avoid these sort of incendiary posts that add nothing to the discourse at hand.

Effect of embezzlement, misappropriation of funds and gross corrupt practices by our leaders.