jmoore: Amaechi, how much have you stolen from Rivers state?

igala1: Its relatively obvious that only persons with background in finance, accounting and banking would understand the financial risk requiring mitigants we are in. This explains why the government look like "super-human" to the rest "naïve" ones amongst us.
Let me break it down as a layman

Sure P= margin in pump price,current price-old price I.e N97-N65=N32/litre
FAAC=crude oil accruals, I.e sales-expenses,cost of production=unknown
Excess Crude Account-ECA (savings)=margin btw global price- pegged budget estimate($110- $79)/mbpd =$41/mbpd.

What this implies is as follows:
1. If ECA is used to sustain sure-p, where is Sure-P?
2. NNPC, Min Fin,Min Pet and CBN have to give a/c of figures for sales and expenses to configure FAAC.

Here smart accountants can manipulate figures and deceive the un-noticing public.

Pribo:

MR man EFCC only arrest those who don't know the system. We are talking about clear conscience. The looting of the state treasury was done under his nose and he never ask such garrulous questions as he is doing now. Do not be deceived. Just upgrade or you'll be ready tools in the hands of politicians like Amaechi come 2015

texazzpete:

Lame apology, but it will suffice.

Fuel Subsidy monies are included in the budget...absolutely nothing to do with the ECA. Anything else?

Carsonv: Now these are serious issues we shouldn't trivialise!
Whether we like Amaechi or not, these points are valid. Why fund SURE-P with ECA? That's not what they told us when they put Nigerians into suffering by increasing fuel price. All the promises then are still lying there...as promises!

Abeg there are lots of fund mismanagement from this administration! Well it's not new to us but atleast NOI should stop fronting this holier than thou personality...it's disgusting to the sensible mind.

They don use ECA money do burial for Okirika.

**now playing: Tuface- E be like say**

taharqa: So where does the 'monies included in the budget', from which Subsidy #X is part of, from?? Ie where does the funds that are used to execute d budget, esp the Subsidy #X, come from??.... Abeg, try to be straight forward this time with d answer. I usuali do not hv much patience for Kids playing around. K?

jmoore: Amaechi, how much have you stolen from Rivers state?

Orlando Owoh: Why should SURE-P be funded with ECA? What happened to the about 30 naira realized from every litre of PMS since the increase in pump price to 97 naira, that we were told would be used to fund SURE-P? Can we then say the Senate was right when it claimed the NNPC could not make it, which now stands at 500 billion, available?

taharqa: So where does the 'monies included in the budget', from which Subsidy #X is part of, from?? Ie where does the funds that are used to execute d budget, esp the Subsidy #X, come from??.... Abeg, try to be straight forward this time with d answer. I usuali do not hv much patience for Kids playing around. K?

texazzpete:

Well, first you must render an account of what you have done with the education you've received so far. I mean, I cannot believe the inanity of your response. The outstanding question YOU should be asking (as that affects all 160+ million Nigerians, not just the people of Rivers State) is why the ECA monies are being used to fund the SURE-P program.
Were you deaf when GEJ told us this scheme would utilize the funds saved from the partial removal of the fuel subsidies to carry out its activities? Why the double dipping here? Who authorized NOI to do this?

Put aside these petty politics and pretend for once that you care about this country more than your pocket!

Amaechi is making point here no one is applauding him. all dis questions deserve answers. abegi LIKE this to show we support amaechi , on dis matter only o

texazzpete:

FG has been spending 'X naira' per litre on fuel subsidies
FG now spends '(X -32) naira' on fuel subsidies

By not spending the N32 on subsidies per litre, the FG now gets to keep N30 per litre compared to the previous years.

Shall I recommend a good dictionary for you to check the meaning of the word 'saved'?


I have always known you were the least educated, the weakest link and the most clueless of all the paid propagandists on Nairaland. Thank you for living up to your reputation. I only hope that the likes of Sincere9igerian have been able to negotiate higher rates than yourself.

At least you remain marginally better than willywilly. That's something.

texazzpete:

http://www.sure-p.gov.ng/index.cfm/sure-p-secretariat/policy/introduction/

From the official SURE-P website

The reduction of the fuel subsidy by the Federal Government in January 2012, as a deliberate policy aimed at conserving and maximizing the oil wealth of Nigeria, generated cries of discontent, fear and worry amongst Nigerians which led to a national strike. In response to the cries of Nigerians, the President announced the Subsidy Reinvestment and Empowerment Programme (SURE-P) to reinvest the Federal Government’s share of the savings arising from the reduction of subsidies on petroleum products into programmes and initiatives that would go a long way to ease the pain of subsidy removal and create a better life for Nigerians.

See where the word 'savings' appears? On the official website, no less?
We're going no further with this until you unconditionally apologize for abusing your betters over the 'savings' word that even the SURE-P agency uses liberally.

Now, are you going to man up and apologize?

texazzpete:

BWHAHAHAAHAHA!!!

And there I thought for one second you were trying to tie in the fuel subsidy payments to the ECA. I clearly see now I am being trolled by Nairaland's resident simpleton .

So far, we have established that
1. The FG was spending a fixed amount of money per litre on subsidizing fuel. The FG made several argument for the removal of the fuel subsidy with one of the key points being that the money being used to subsidize fuel could be best served in carrying out developmental projects etc

2. The partial removal of the subsidy freed up N32 per litre for the FG to use in it's developmental agenda, part of which is the SURE-P program.

3. The ECA monies represent the saved revenues from selling oil at higher prices than the budget benchmark prices, it was not used to fund the fuel subsidies and should have absolutely nothing to do with SURE-P

Part of Amaechi's response tackled the rationale for using funds from the FCA to fund SURE-P which should have been wholly funded from the N32 per litre freed up from the partial removal of fuel subsidy.


Your increasingly inane responses are hilarious, but unfortunately seem orchestrated to divert rational discussion of the issues on ground.

otokx: Ngozi Okonji Iweala should have kept quiet, now she has just exposed herself for nothing.
Amaechi just gave her a TKO.

taharqa: Another OLODO.... So the FG was receiving money from smwhere (from d Oil marketers perhaps?) that it wud then 'save' parts of it as 'partial savings' for SURE-P??..... IGNORAMUS

You should go back to your school and demand a refund. That is if you had a secondary education.

If you make N100 daily and pay N60 to marketers everyday but on a particular day, you paid only N30.

Won't the balance of N30 be considered as savings that should be kept in the company's ECA?

What kind of a f!@ked up education do you guys get in Nigeria?

If they give a yearly award for the best mo.ron in the world, you'll get one this year and another in advance for next year.

What a dumb and irrational thinking skill you have?

Sageez: I love my Gov so much. Amaechi God wil continue to bless u

Sageez: I love my Gov so much. Amaechi God wil continue to bless u

Sageez: I love my Gov so much. Amaechi God wil continue to bless u

Sageez: I love my Gov so much. Amaechi God wil continue to bless u

taharqa: OLODO, answer my question: were d Oil marketers paying d FG, such that d FG cud now 'save' d extra #32 it 'has made' from d Partial removal of subsidy??... Answer d questn. Save d semantics for those who care

taharqa: Now am enjoying this. Hehehehehe.... OK. So d FG after partial subsidy removal currently 'saves' d differential of #32 from d #X it was spending (ie paying) initiali as Subsidy money. Right? We both are in agreement here then. The question that naturali follows is: where did d FG get that original #X it was spending (paying) as Subsidy to Oil marketers, from which this #32 differential was 'saved'??..... Abeg, answer quick. Na dem I go tell you wetin I wan reali tell you. Thanks

atlwireles:


Your analysis tells me one thing, government has no business in business.

Orlando Owoh:
Is your government that illiterate?

Yes they're that illiterate.

To get a PhD in Nigeria, all you have to do is use magnet to proof that homosexuality is not natural.

BAM!!! You get your PhD.

texazzpete:

BWHAHAHAAHAHA!!!

And there I thought for one second you were trying to tie in the fuel subsidy payments to the ECA. I clearly see now I am being trolled by Nairaland's resident simpleton .

So far, we have established that
1. The FG was spending a fixed amount of money per litre on subsidizing fuel. The FG made several argument for the removal of the fuel subsidy with one of the key points being that the money being used to subsidize fuel could be best served in carrying out developmental projects etc

2. The partial removal of the subsidy freed up N32 per litre for the FG to use in it's developmental agenda, part of which is the SURE-P program.

3. The ECA monies represent the saved revenues from selling oil at higher prices than the budget benchmark prices, it was not used to fund the fuel subsidies and should have absolutely nothing to do with SURE-P

Part of Amaechi's response tackled the rationale for using funds from the FCA to fund SURE-P which should have been wholly funded from the N32 per litre freed up from the partial removal of fuel subsidy.


Your increasingly inane responses are hilarious, but unfortunately seem orchestrated to divert rational discussion of the issues on ground.

Symphony007: under his nose? For christ sake he was the speaker of the house. He is not the chief executive who manages and allocates the resources of the state. Your arguement is very trivial and i think it's time to drop it.

muzzol:



You seem to have little knowledge of what you are arguing on and it would serve you well to sit back and learn from those who understand such. Any other idea will potray you as dumb. There is a huge difference between FG account and Federation account and i think the basis of RVSG questions are founded on the constitutionality of confusing the two accounts. We need answers to these questions from both NOI and CBN Gov.

texazzpete:

BWHAHAHAAHAHA!!!

And there I thought for one second you were trying to tie in the fuel subsidy payments to the ECA. I clearly see now I am being trolled by Nairaland's resident simpleton .

So far, we have established that
1. The FG was spending a fixed amount of money per litre on subsidizing fuel. The FG made several argument for the removal of the fuel subsidy with one of the key points being that the money being used to subsidize fuel could be best served in carrying out developmental projects etc

2. The partial removal of the subsidy freed up N32 per litre for the FG to use in it's developmental agenda, part of which is the SURE-P program.

3. The ECA monies represent the saved revenues from selling oil at higher prices than the budget benchmark prices, it was not used to fund the fuel subsidies and should have absolutely nothing to do with SURE-P

Part of Amaechi's response tackled the rationale for using funds from the FCA to fund SURE-P which should have been wholly funded from the N32 per litre freed up from the partial removal of fuel subsidy.


Your increasingly inane responses are hilarious, but unfortunately seem orchestrated to divert rational discussion of the issues on ground.

OdionOdion: That was the meeting attended by NGF delegation led by Gov Jang to Aso Rock after the commissioning of their secretariat.Try and find out from your Gov Ameachi if he attended that meeting and if no why?.Gov Ameachi wasn't elected to govern Nigeria but a sub-national(Rivers),Nigerians elected a humble and intelligent man called Goodluck Jonathan to be their leader not Gov Ameachi,he should wait for Jonathan to complete the mandate by 2019,he should be patient(or Judith) till Nigerians who overwhelmly elected say otherwise.Gov Ameachi mustn't kill himself because of GEJ being President,Gov Ameachi can do absolutely nothing against GEJ,he is a child of destiny

taharqa:

Stop beating about the bush, Ikpeeee...... Where did this ' fixed amount of money the FG was spending per litre on subsidizing fuel' come from??

Once you answer that question, you may immediately help yourself out of your current mystery. I promise...

texazzpete:

The only one beating about the bush here is yourself. Why not answer the question everyone here has been asking you? Why is the ECA being used to fund Sure-P as stated by the minister?

I see your alter ego awodman has joined the fray. I don't expect much from him since either you're both the same person or you both uncannily share the same affliction of a low IQ.

Get to the point or get out of here and let your superiors like Sincere9igerian bail you out.