TheGoodJoe:
Did I talk of Fuel? The economic growth figures were fake. The actions in the reserves and ECA showed the truth. The worst part was that we sold Crude over a $100. How she mismanaged such a windfall beats me.

tbaba1234:
OBJ saved even with pressure from governors because there was the political will.

There was no political will in GEJ regime. This is coming from a person who served as the finance minister for both parties.

anonimi:
[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

anonimi:


Since when did 2013 come AFTER 2014?
Maybe in zombie land aka BuhariSTAN

anonimi:


The Ebola Owu was a useless mini dictator while Jonathan was a democrat.
The Federation Account is JOINTLY owned by the

- 774 LGAs
- 36 states and
- the federal government.

9jatatafo:


You mean she withdrew the funds without the number citizen's consent? How come she has so much powers?

maupe:

You ply the Apapa Oshodi expressway everyday and you still complain about the "failure" of GEJ.
You watched as Nigeria's economy grew by 6% and yet you mocked the President's economic team
You bought fuel consistently, without queing and yet you blamed him for subsidy payments.
President Jonathan, was no lee kuan Yuew, given, but he was pretty close to that.
Dont worry, Paul Nwabuikwu, will help clarify her statement tomorrow.

anonimi:


The Ebola Owu was a useless mini dictator while Jonathan was a democrat.
The Federation Account is JOINTLY owned by the

- 774 LGAs
- 36 states and
- the federal government.

tbaba1234:


A "mini dictator' that saved us from a crisis in 2008 by saving is better than a democrat that lacked the political will to save, causing us to go through an economic crisis.

OBJ had the leadership to manage the governors pressure, GEJ didn't.

tbaba1234:
A "mini dictator' that saved us from a crisis in 2008 by saving is better than a democrat that lacked the political will to save, causing us to go through an economic crisis.

OBJ had the leadership to manage the governors pressure, GEJ didn't.

Africa does NOT need strong men. It needs strong INSTITUTIONS.
~ Barack Husein Obama, POTUS

...F A C T.. C H E C K ...

'Obasanjo and Atiku in 8 years built one UNIVERSITY each for themselves....Bells and ABTI.
They built NONE for Nigerians.

Jonathan and Sambo in 4 years built 14 (FOURTEEN) new universities for all Nigerians.
NONE for themselves.

NOTE: OBJ and ATIKU are now consultants/sponsors/piloters/members of APC....



www.nairaland.com/attachments/2023224_106334837960003637540871239247822158463153o_jpega322806fc65b78cc91e1dd619380fecb

Sourced from: https://www.nairaland.com/2146237/why...ive/4#30711260

boujaye:
f NOI truly said so, then she is right. Amaechi and co, never wanted the Excess Crude Oil reserved to be saved, they will go to court and be over ruled "share the money". Today everybody suffers the repercussion.

jojomario:
Even a member of a past government blaming the former boss. It shows how clueless the the former president was to see beyond the present.

Codes151:


Have u served? Go and finish school! I u have, start again! She wasn't blaming GEJ... Re read. Or STFU. U and ur likers

gifsCEC:


Fortunately for both of us, NOI who wore the shoes and knew where it pinched doesn't hold your view.

Her verdict is simply LACK OF POLITICAL WILL.

That's the one I chose

dukie25:
[size=13pt]The facts remain:[/size]
Governors Fashola and Amaechi went to court demanding our savings be shared, today they're both ministers.
NOI did allude to the role played by those govs in the unadulterated version of her speech . I read her full speech.

amazon14:
Amechi and you see your life? Let's save for raining day you don't agree .now we are all suffering it

ChikezieU:
and what is politcal will plus the substance sorrounding it

TheGoodJoe:


Where did I talk of Petrol? You are just trying to evade the fact that the economic figures were fake.

If you want to celebrate importing Petrol, please do. I am waiting to celebrate us building refineries.

ba7man:
How could we save when GEJ was dashing out yams to all and sundry?

Oil bunkering m illitants were being awarded multi billion Naira contracts left and right.

Mass looting was going on around him but he chose to defend the actions.

A f00l that sees Politicians and political affiliates buying private jets as a sign of a prosperous economy.

Do people think PEJ didn't know what she was saying when she said "The money we are sharing will go around" or some daft statement like that.

The Governor's saw all that and demanded their share of the loot or else, no one would have the guts to approach GEJ for money the way they did.

anonimi:


The 36 governors who did not mismanage, please tell us what they had to show for it.
Thanks.

modath:


Una don start bah?

NOI talked about LACK OF WILL , check the meaning & "USAGE" before trying to engage in discuss far above your comprehension....

Amaechi, The all powerful arm twisted the 52% federal share out of Hero IB's control as well?

Like the ECA is even constitutional...

Abegiii, exit stage left with your Amaechi induced Paranoia.......