Channels Television Posted date: November 19, 2013 In:

The federal government has denied allegations by Governor Chibuike Amaechi of Rivers state that $5 billion is missing from the Excess Crude Account (ECA), describing the allegation as “absolutely shocking and false”.

The federal government pointed out that the governor could not have denied knowledge of the status of the ECA, when his state benefitted handsomely from the share of the $5 billion, which was severally used to augment revenue shortfalls for sharing to the three tiers of government.

Amaechi had alleged during the retreat of a faction of the Nigeria Governors’ Forum (NGF), which he chairs, in Sokoto at the weekend, that $5 billion had disappeared from the ECA and demanded explanations from the government agencies responsible.

However, in a press statement yesterday (Monday), the Federal Ministry of Finance said: “Amaechi cannot credibly deny knowledge of the status of the ECA,” insisting that “he has been closely involved and actively participated in making requests to the presidency for the ECA to be shared for the purpose of augmenting the regular allocations from the Federation Account whenever there was a shortfall.”

The statement further adds that the $5 billion in the ECA had been shared to the three tiers of government to make up for the revenue shortfalls during the Federation Account Allocation Committee (FAAC) process.

“Part of this fund also went for SURE-P payments and the balance for subsidy payments to oil marketers,” it added.

The ministry said Rivers State received N56.2 billion, the second highest share among the states, from January to September 2013 from the ECA, adding that the amount included N43 billion for shortfalls plus N12 billion released for the Subsidy Reinvestment and Empowerment Programme (SURE-P).

“In fact, earlier this month (November 2013) Rivers State along with other states, benefitted from the sharing of $1 billion from the ECA to augment the allocations.
“It is therefore curious that Governor Amaechi seems not to know the whereabouts of the N56.2 billion which Rivers State has received from the ECA this year,” the statement added

The statement also faulted Amaechi’s allegation that the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, refused to sign the African Development Bank (AfDB) loan for a water project in Port Harcourt.

“The loan in question has been appraised but it is yet to be negotiated. Before the minister can sign it, it has to go through the negotiation process and be considered and cleared by both the Board of the African Development Bank and the Federal Executive Council. So the issue of the minister refusing to sign it simply does not arise.

“Dr. Okonjo-Iweala handles issues concerning the states on the basis of professionalism and equity,” the statement said.

http://www.channelstv.com/home/2013/11/19/89496/?utm_source=&utm_medium=twitter

Well , it seems Ameachi meant that it was not shared to him personally NOT Rivers State

Amaechi's disgraceful exit seems to be drawing closer. Levi keep watching.

Day by Day this guy called Amaechi keep on disappointing me, Portharcourt has just few good roads even with so much money coming in, no develoment plan, He lives in Abuja enjoying while PPl living in woji, elelewon pass through hell to go and come back from work every day.

See as FG just embarrass oga Amaechi **smh** . . .

ITbomb: Well , it seems Ameachi meant that it was not shared to him personally NOT Rivers State

LOL! Dis is funny

that Amaechi is a sick man. always seeking attention

Amaechi should continue embarassing himself. His state received the second highest allocation for a state yet he claims not to have any idea about the money despite being one of those who advocated that it should be shared. It obvious amaechi wants to misappropriate it and then claim not to have any idea of it.

Amaechi should continue embarassing himself. His state received the second highest allocation for a state yet he claims not to have any idea about the money despite being one of those who advocated that it should be shared. It obvious amaechi wants to misappropriate it!

Amaechi is a skelewu master,motorpark sergeant.

So because fg released the statement we automatically believe it to be true. Not just Amaechi, most govs have in recent times queried the state of our economy and accrued revenue.
We need to ask some questions:
1. Why is there a shortfall when oil revenue has not gone below the budgeted benchmark?
2. Are the states aware that the amount being disbursed is from the ECA?

wiseguy: So because fg released the statement we automatically believe it to be true. Not just Amaechi, most govs have in recent times queried the state of our economy and accrued revenue.
We need to ask some questions:
1. Why is there a shortfall when oil revenue has not gone below the budgeted benchmark?
2. Are the states aware that the amount being disbursed is from the ECA?

The facts contained there in are cogent and verifiable. Even Amaechi cannot deny it. The disbursements are properly documented.

Sorry in that meeting they needed an agenda since none was available he just cooked one & the ignorant fellows debated on it. U people need to understand naa

wiseguy: So because fg released the statement we automatically believe it to be true. Not just Amaechi, most govs have in recent times queried the state of our economy and accrued revenue.
We need to ask some questions:
1. Why is there a shortfall when oil revenue has not gone below the budgeted benchmark?
2. Are the states aware that the amount being disbursed is from the ECA?

yeah. One man in Abuja cannot just decide what to do with our money. At least we should have a say. The president can't just dip his hands in the ECA anytime he likes.

Who knows tomorrow (WKT) has embarrassed himself again.

This is what happens to a Governor who is desperate to cling unto any rubbish inorder to demonise the President.
It is sheer hypocrisy to benefit immensely from a process and turn around to kick against it.
I recall earlier this year that Ameachi led other Governors under NGF to demand some money from the ECA. When I read the news, I recall saying that NOI should not heed to the Governor's call because Thay are bound to eat it.

But after mounting immense pressure on FG, the Governors had their way. Today, the same beneficiaries of the withdrawal are crying foul and expect discerning Nigerians to take them serioiusly. We can't be deceived.

I love Ngozi Okonjo Iweala and his media team. They have a way of allowing you advertise your ignorance first before they move in to expose your folly. This is not the first time that Amaechi is throwing reckless accusations at the Minister of Finance.
I remember he said the last time that our economy is dwindling under Iweala but when I read the rejoinder by the Ministry, I saw clearly that Amaechi was just fooling himself.
This time he has resurfaced with another allegation that is unfounded. It's unfortunate.

karl max:


The ministry said Rivers State received N56.2 billion, the second highest share among the states, from January to September 2013 from the ECA, adding that the amount included N43 billion for shortfalls plus N12 billion released for the Subsidy Reinvestment and Empowerment Programme (SURE-P).

“In fact, earlier this month (November 2013) Rivers State along with other states, benefitted from the sharing of $1 billion from the ECA to augment the allocations.
“It is therefore curious that Governor Amaechi seems not to know the whereabouts of the N56.2 billion which Rivers State has received from the ECA this year,” the statement added


http://www.channelstv.com/home/2013/11/19/89496/?utm_source=&utm_medium=twitter

Except for political mischief, I don't see any reason why Gov Amaechi will behave this way. He collected over N56.2B And yet he has little or nothing to show for it in Rivers State. The mono rail project is a white elephant that has become a conduit pipe for embezzlement. As we speak, the project has gulped over 70B and yet it remains a pipe dream.

This an article written by punch news paper way back in august about how much has been witdrawn from the ECA and take note of the amount given to state and local governments




N606bn withdrawn from ECA in three months —Report

The Federal Government withdrew the sum of N606.12bn from the Excess Crude Account within the first three months of this year, the Budget Monitoring and Evaluation report prepared by the Ministry of Finance has revealed.

The document presents information on the implementation of the 2013 budget in the first quarter. It also gives information by which government’s performance in the management of public resources as planned in the budget is to be measured.

The 33-page report, obtained exclusively by our correspondent on Monday in Abuja, was jointly signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala, and the Director-General, Budget Office of the Federation, Dr. Bright Okogu.

It details how crude oil theft, illegal bunkering and pipeline vandalism had affected the country’s projected revenue of N11.339tn for the 2013 fiscal period.

The projected revenue is made up of N7.734tn oil revenue, representing 68.2 per cent, and non-oil revenue of N3.605tn or 31.8 per cent.

According to the document, while inflow into the Excess Crude Account was N400.92bn in the three-month period; the sum of N616.12bn was withdrawn from it to augment revenue shortfall to the Federation Account.

A huge chunk of this, it was learnt, was shared by the Federation Accounts Allocation Committee to the three tiers of government to enable them to perform their statutory responsibilities.

The document stated, “The Excess Crude Account was set up to serve as a stabilisation and savings account. Inflows into the ECA in the first quarter of 2013 amounted to N400.92bn.

“The inflow in the first quarter was N73.88bn (or 15.56 per cent) and N446.99bn (or 52.72 per cent) lower than the N474.8bn and N847.91bn recorded in the fourth quarter of 2012 and first quarter of 2013, respectively.

“The sum of N606.12bn was withdrawn from the account in the first quarter of 2013.”

According to the document, the N606.12bn was withdrawn from the ECA as follows: payment of petroleum product subsidy, N50bn; distribution among three tiers of government (augmentation), N485.02bn; and transfer for the special intervention fund, N71.10bn.”

Further analysis of the actual performance of the oil and non-oil revenue receipts in the first quarter of 2013, according to the document, showed a mixed trend in the revenue.

For instance, an appraisal of the oil revenue in the first quarter of 2013 showed that the oil and gas royalties of N216.01bn, gas flared penalty of N1.12bn and petroleum profit and gas taxes of N814.22bn exceeded their respective quarterly expected estimates of N190.27bn, N620m and N590.79bn by N25.74bn (or 13.53 per cent), N500m (or 79.84 per cent) and N223.43bn (or 37.82 per cent), respectively.

On the other hand, crude oil sales of N724.84bn, gas sales of N64.0bn, rent of N100m and other oil and gas revenue of N380m were lower than their quarterly projections of N1.060tn, N89.90bn, N220m and N770m by N336.14bn (or 31.68 per cent), N25.90bn (or 28.81 per cent), N130m (or 56.82 per cent) and N390m (or 51.17 per cent), respectively.

The report stated, “In the first quarter of 2013, the actual net oil revenue that accrued into the Federation Account was N967.84bn, indicating a shortfall of N245.96bn (or 20.26 per cent) below the projected quarterly estimate of N1.213tn.

“On the other hand, the net oil revenue in the first quarter of 2013 was higher than the N905.69bn net oil revenue recorded in the fourth quarter of 2012 by N62.15bn (or 6.86 per cent).

“In spite of the favourable oil prices at the international market, the below-than-projected performance of the net oil revenue in the first quarter of 2013 was due to the fall in oil lifting figure during the period.

“A comparative analysis of the data further indicates that the aggregate gross oil revenue receipts in the first quarter of 2013 were not only lower than their respective projections for the period, but were also short of the corresponding levels in the same period of 2012.

“The low performance can be attributed to the incessant crude oil theft and pipeline vandalism in the Niger Delta region during the period.”

For non-oil revenue receipts, the report stated that N448.68bn was received within the first three months of 2013.

This, it added, signified a shortfall of N264.24bn (or 37.06 per cent) below the quarterly estimate of N712.92bn.

It said, “In the first quarter of 2013, the actual gross non-oil revenue of N448.68bn was received. This signifies a shortfall of N264.24bn (or 37.06 per cent) below the quarterly estimate of N712.92bn.

“A breakdown of the non-oil revenue items showed that all the items fell below their quarterly projected estimates. Value Added Tax of N180.41bn; Company Income Tax of N158.33bn and Customs and Excise Duties of N109.94bn were below their quarterly estimates of N236.32bn, N248.01bn and N198.24bn by N55.91bn (or 23.66 per cent), N89.68bn (or 36.16 per cent) and N88.3bn (or 44.54 per cent), respectively.”

Compared to their respective fourth quarter of 2012 outcomes, VAT, CIT and Customs and Excise Duties fell by N3.42bn (or 1.86 per cent), N9.76bn (or 5.81 per cent) and N11.07bn (or 9.15 per cent), respectively.

“The low performances of these revenue items in the first quarter of 2013 can be attributed to the slow pace of economic activities at the beginning of the year and it is expected that the trend will improve in the subsequent quarters of the year,” the report added.

From living in "I face you- you face me apartment" with his parents, Ameachi has become a billionaire without any business nameplate to himself. Someone has some accounting to do. APC just abandoned this recked ship.

i don't know between other nigerians outside and the ones on nairaland who are easy to manipulate.
nigeria is on over N8t debt over a short while and okonjo iweala sometime ago said nigeria is broke. nobody has enough money to pay ASUU. N32 was suddenly added to fuel price to create more money for stealing and as we are speaking, N500B is missing from the sure p money. jonathan has employed lying birds like maku, okukpe and a host of other shameless things to attack men and women. a group is threatening to expose 242 govt officials who are using bullet proof cars and all these are our public funds.
nobody is asking this okukpe liars association of aso rock the sources of these funds.
nobody is asking how politics has become the most lucrative business in nigeria.
it is a shame and what i see on nairaland makes me feel more shame.
in democracy, opposition is legal and they are called watch-dogs. they make the govt to always be careful with what they do. the opposition work day and night to expose the weaknesses of the govt and by so doing, the govt tries her best to deliver but what do we have hear? once anyone asks question, wow, he is a thief, a betrayal and ants and pigs will form groups to attack that one and by so doing obtain govt illegal and criminal contracts. it is a shame.
we are not ripe for this shameful display that we call democracy.

I'm very happy that Ngozi Okonjo Iweala is a courageous reformer who braces odds to achieve the desired goal.,
The finance minister did very well to establish the Soverign Wealth Fund which is intended to replace the illegal ECA.
I now understand why the finance Minister was in a war with Governors over SWF.

1025: i don't know between other nigerians outside and the ones on nairaland who are easy to manipulate.
nigeria is on over N8t debt over a short while and okonjo iweala sometime ago said nigeria is broke. nobody has enough money to pay ASUU. N32 was suddenly added to fuel price to create more money for stealing and as we are speaking, N500B is missing from the sure p money. jonathan has employed lying birds like maku, okukpe and a host of other shameless things to attack men and women. a group is threatening to expose 242 govt officials who are using bullet proof cars and all these are our public funds.
nobody is asking this okukpe liars association of aso rock the sources of these funds.
nobody is asking how politics has become the most lucrative business in nigeria.
it is a shame and what i see on nairaland makes me feel more shame.
in democracy, opposition is legal and they are called watch-dogs. they make the govt to always be careful with what they do. the opposition work day and night to expose the weaknesses of the govt and by so doing, the govt tries her best to deliver but what do we have hear? once anyone asks question, wow, he is a thief, a betrayal and ants and pigs will form groups to attack that one and by so
doing obtain govt illegal and criminal contracts. it is a shame.
we are not ripe for this shameful display that we call democracy.

Mr Man, I don't know where you get your facts from but all I know is that they are fundamentally faulty.

First, Nigeria's debt doesn't stand upto 8T as you alleged. The last time I checked, Nigeria's Foriegn debt stood at $6.6B which is less than a trillion and even domestic borrowing has been brought down from 800b in 2011 to 500B in 2013.

Secondly, Nigeria's debt to GDP ratio stands at 3% ratio. This percentage is very fine and low compared to that of many advanced countries.

Thirdly, The chairman of SURE P appeared before Senate and clarified the true position of SURE P funds. The alleged 500B are not missing but form the allocations that have been paid to the states and LGA's.

It is a shame that most people come to Nairaland with no intelligence whatsoever and tend to believe any story that comes across hook, line and sinker. Too bad

Arobam:

Mr Man, I don't know where you get your facts from but all I know is that they are fundamentally faulty.

First, Nigeria's debt doesn't stand upto 8T as you alleged. The last time I checked, Nigeria's Foriegn debt stood at $6.6B which is less than a trillion and even domestic borrowing has been brought down from 800b in 2011 to 500B in 2013.

Secondly, Nigeria's debt to GDP ratio stands at 3% ratio. This percentage is very fine and low compared to that of many advanced countries.

Thirdly, The chairman of SURE P appeared before Senate and clarified the true position of SURE P funds. The alleged 500B are not missing but form the allocations that have been paid to the states and LGA's.

It is a shame that most people come to Nairaland with no intelligence whatsoever and tend to believe any story that comes across hook, line and sinker. Too bad

I seriously agree with you.

1025:
in democracy, opposition is legal and they are called watch-dogs. they make the govt to always be careful with what they do. the opposition work day and night to expose the weaknesses of the govt and by so doing, the govt tries her best to deliver but what do we have hear? once anyone asks question, wow, he is a thief, a betrayal and ants and pigs will form groups to attack that one and by so doing obtain govt illegal and criminal contracts. it is a shame.
we are not ripe for this shameful display that we call democracy.

What are you saying? The fact that you are an opposition or watchdog doesn't mean you should fabricate lies against those in government. The moment you attack a govt with accusations that you know are extremely false, you are no longer a watch dog but a witch hunter.
How dare Amaechi accuse FG of stealing $5B from excess crude Account whereas he is the one who led other Governors to demand for payments from ECA in a bid to shore up allocation shortfalls?
This is what I hate about politicians. They lie a lot just to score a point.

Laf wan kill me. OGA Amaechi na chop and clean mouth oooo. The guy pass back go collect 52B then go newspaper dey talk rubbish. This guy is just a clown.

over to you Amaechi, debunk FG's claims that you did not collect that huge amount of money from the Excess Crude Account.

wiseguy: So because fg released the statement we automatically believe it to be true. Not just Amaechi, most govs have in recent times queried the state of our economy and accrued revenue.
We need to ask some questions:
1. Why is there a shortfall when oil revenue has not gone below the budgeted benchmark?
2. Are the states aware that the amount being disbursed is from the ECA?

Have you herd of nigeria losing money due to oil theft? or you only have selective hearing.

In just a matter of 18 months Amaechi's politics will be tested at the polls and all this his APC leaning gra gra and his SS sabouterism tendencies will be judged by the Nigerian people at the poll.

Politics is not only about dancing Skelewu but also about strategic thinking.

When Tinumbu was opposing Obasanjo's administration in the early 2000s he did that first because he was an opposition party gov. and also he was protecting the SW regional interest.

Which regional interest is Amaechi protecting? and Amaechi is a member of PDP same as the ruling party.

This only shows what a selfish politician Amaechi is, it will be interesting to see Amaechi fight against the interest of his region/family and win soon time will tell.

wiseguy: So because fg released the statement we automatically believe it to be true. Not just Amaechi, most govs have in recent times queried the state of our economy and accrued revenue.
We need to ask some questions:
1. Why is there a shortfall when oil revenue has not gone below the budgeted benchmark?
2. Are the states aware that the amount being disbursed is from the ECA?

Be informed that our revenue projections are not solely on oil. It includes taxes and import duties/tariffs from customs etc
That nothwitstanding, you can't claim not to have heard about the adverse consequences of oil theft on our revenue. These are the reasons why there is a shortfall and NGF led by Gov Amaechi prevailed on FG to dip hands into ECA to make up for their respective states.

Therefore Gov Amaechi cannot claim ignorance of the source of 56b that he has received from ECA.

All these false alarm that Rotimi Amaechi is raising everywhere won't help his cause. He is simply being mischievous.
A decent mind will take necessary steps to approach the relevant ministry and seek proper clarifications than go to the media with lies. This is not a good way to fight mr president. Obviously not.

This Nigerian so called federation should be called a voodoo federation. So the federal government just call the states and tell them this is your share of this month's oil receipts without showing the revenue profile of the federation or where the money is coming from. Because obviously tge governors have no idea of how much money they are entitled to or whether the money is coming from the federation account, the excess crude account or even President Jona's personal account.
If the excess crude account is supposed to belong to all three tiers of government ( as savings for the rainy day), how come the federal government shared it without informing the states where the money is coming from? they most likely assumed the money being shared must have come from the regular monthly oil receipts.

Even the national assembly have no idea of what is going on with the national finances. Left to me we should not waste time and so much money pretending we are operating a democracy and just have the president as absolute monarchy, who can do and undo and is not accountable to anybody.

I thought Tompolo and co have been contracted with billions of naira to protect our pipe lines and water ways, how come oil theft is such a problem that is causing us such huge shortfalls in our revenue?