chuna1985:


Oh!!! Journalists are foools.

O thou wisest, what makes the OP foolish journalism

Rilwayne001:


O thou wisest, what makes the OP foolish journalism

PPAngel:

Start planting cotton and groundnut

omenka:
Good!! Now it is coming from PT themselves. I created a similar thread couple of weeks back www.nairaland.com/2452978/opportunity-cost-corruption-under-goodluck but Lalasticlala and Ishilove refused to honour it for reasons best known to them.

God dey.

abduljabbar4:
Thank God for change. God will punish those that wanted us to continue living that way

owobokiri:
STOP THE PROPOGANDA! No thrillions of ECA funds are missing. It was used to pay for oil subsidy championed by the likes of premium times and the rest. . Face the danger of the day which is buharis northetnisation policies and stop chasing shaddowss

DrayZee:

Lolz, has Buhari found the money?

Rilwayne001:


O thou wisest, what makes the OP foolish journalism

abduljabbar4:

You think the increase in our foreign reserve could have taken place had the chief thief won the election?

efilefun:
Yet some deluded "Na our brother" wailers keep defending this criminals while they are languishing in abject poverty...

#never again will Nigerians fall for the IHaveNoShoes scam again!!!

chuna1985:


Why won't our foreign reserve increase where the government is directionless and no capital projects have been initiated by d D@ura Dull@rd

[size=14pt]Tinubu Tackles FG, CBN On Excess Crude Oil Sales Account[/size]
Feb 22, 2001









The Lagos State Governor, Senator Bola Ahmed Tinubu, yesterday joined issues with the Federal Ministry of Finance and the Central Bank of Nigeria (CB N) over the recent face-off between the different tiers of government on the excess crude oil sales reserve account of US$ 1. 8 billion which is about N198 billion.

Expressing concern at the impression being created that the economy is rudderless, Tinubu argued that the central issue transcends the release or non-release of the fund into the Federation Account.

In his words: “The fundamental issues and principles at stake go much deeper. They are more broadly about the rule of law and the supremacy of the constitution on one hand, and the need for cooperation and coordination in a true federal structure, as a basis for sustaining and strengthening our fledgling democracy on the other hand”.

Governor Tinubu [size=14pt]disagreed with the CBN's position that release of the excess crude reserves to the states and local governments, though legitimate, [/size]would lead to inflation; cause a rundown of the nation's foreign reserves; weaken the exchange rate further and run counter to agreements reached with the IMF.

The Governor contended that "in a period of excess capacity and low purchasing power, there should not be undue inflationary pressures from an injection of funds into the economy. Instead, such a development should be beneficial to economic activity and growth, despite the fact that there are supply rigidities and inefficiencies which would limit the potential benefits”.

On the purported likely impact on foreign reserves, Tinubu argued that "in an import-dependent economy such as ours, it is inevitable that an upturn in the level of economic activity would engender a fall in foreign reserves. This is not necessarily a bad thing. Rather, it would be immoral to appear to be building up high foreign reserves in the midst of grinding poverty”.

He stressed further that if the N198 billion released is matched by an equivalent US$1.8 billion, there should not be a fall in the value of the Naira as the supply of dollars would be in place to match any increased demand”.

Tinubu also said it would be unfair for the federal government to agree unilaterally to commit revenues due to other tiers of government, to an agreement with the IMF or anyone else.

Attributing inflationary pressures in the economy largely to the federal government's overspending and printing of money to finance such expenditure, Tinubu said "It is hardly fair for the FGN to overspend and then seek to correct the inflationary effect on the economy by starving other tiers of government of their rightful funds”.

Stressing that there is no basis for CBN or any authority to flout the constitution and deny states and local governments their own share of the Federation Account, Tinubu noted that "the excess crude reserve account is itself an illegality, carried over from the military era, as there is no provision in the law or the constitution for federally - collected revenues to be diverted to such an account”.

Advocating constructive dialogue on the management of the economy Governor Tinubu said "it is time for us to sit down and dialogue about how to move from where we are now, to where we need to get to, while respecting true federalism in fiscal and other matters”.

From: http://asiwajubolatinubu.com/archives/news/2001/02/22/20010222N01.html

naobor:


True...

However, we just fell for the latest scam in town # IHaveOnly1MillionNairaAnd150CowsScam

Naija I dey hail o!!

FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013

Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that [size=14pt]the states had requested for $2bn[/size] to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

neocortex:
Nigeria is indeed a country of educated illiterates.
The "missing" money was put in quote for a reason.
I expect the "change" administration to recover most of the "looted" funds
since the power is now in their hands.

ECA was shared among all the three tiers of government , but the PT writer
decided to feign ignorance.

If such money is missing and Buahri refuses to make any move to recover the funds and also
prosecute the offenders what does that make Buahari?

neocortex:
Nigeria is indeed a country of educated illiterates where an
average person finds it too difficult to analyze issues or ask probing question.
The "missing" money was put in quote for a reason.
I expect the "change" administration to recover most of the "looted" funds
since the power is now in their hands.

ECA was shared among all the three tiers of government , but the PT writer
decided to feign ignorance.

If such money is missing and Buahri refuses to make any move to recover the funds and also
prosecute the offenders what does that make Buahari ?