The 16 years rhetorics of the saintly APC: matter arising. HIstory of Excess Crude Account ECA Obasanjo left $20 billion Rotimi Amaechi, Babatunde Fashola led by Bukola Saraki in 2008 instituted a lawsuit against the Yar'adua government calling for the sharing of the $15billion ECA. Yar'adua in 2009 opted for out of court settlement. By end of 2009 it had dropped from $15billion to $6.5billion. Okonjo Iweala was not finance minister. Money was disbursed by Accountant General Alhaji Ibrahim Dankwambo. YarAdua Left $6.5 billion = Jonathan Inherited $6.5billion ECA Governors insisted that the $6.5 billion ECA be shared. In January 2010, Jonathan acceded to the governors' and shared $2 billion from the ECA. Despite the almost $4billion shared between January and May 2010, the Governors led by Bukola Saraki demanded that the left over $3billion ECA be shared. In August 2010 the FG under Jonathan bugged and withdrew the $3billion from the Excess Crude Account, leaving behind a meagre $460 million. Ngozi Iweala Era 2011 - 2015 Under Okonjo Iwaela as the Finance Minister the government started having renewed battle with the governors led by Chibuike Amaechi. In October 2011 Babtunde Fashola set up a team of SAN, threatened and demanded that the $1billion saved in Sovereign Wealth Fund be shared along with the billions in ECA. Jonathan proposed out of court settlement. Despite the out of court settlement, the Governors were so determined to share the money, instituted another lawsuit again two months later asking the Supreme Court to stop the FG from saving $2billion in SWF but instead "share the money”. Between 2011 to 2014 federal government took N3.29 trillion while the 36 states received a total of N2.92 trillion. They received N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 in 2014. Government Grew ECA From $450m in 2010 to $9billion in 2015 As at August 2010, the ECA stood at meagre $450million. However, the NOI/GEJ increased this money to $9billion at the end of 2015. Now here are the key players. Rotimi Amaechi (APC/South South) is your Minister of Transport. Babatunde Fashola (APC/South West) is your Minister of Power, Works and Housing Busola Saraki (APC/Middle Belt) is your Senate President. Alhaji Ibrahim Dankwambo (PDP/North East) is Governor of Gombe State. Wake up from party and regional affiliation, Join the revolution. From North to south, West to East our current leaders are all vampires sucking the blood that flows throw all of us from 1966. This is about our collective future.

Don't forget the zombies

Amaechi is 100% the Problem. Amaechi is Ishmael(Dog) of the North. That dog brings Fulani Herdsmen to the South.

Eziokwu! Tell me something!
I beg to disagree with you. The main issue is lack of honesty and transpiracy, instituting corruption and lack of political will to drive a better transformational agenda.

When leaders are not sincere that is what you get.

Governor Babatunde Fashola of Lagos State, yesterday, said state governors’ opposition to the Sovereign Wealth Fund, SWF, and the Excess Crude Account is borne out of distrust for the Federal Government’s ability to judiciously manage the funds and utilise it for the purpose it was meant for. - See more at: http://www.myfinancialintelligence.com/content/why-govs-oppose-sovereign-wealth-fund-%E2%80%93-fashola#sthash.KWl3fPAn.dpuf

The forum’s Chairman and Governor of Rivers State, Chibuike Amaechi, said on Tuesday in Abuja that the body would seek “a final resolution from the Supreme Court” on all matters relating to the controversy. http://www.premiumtimesng.com/news/117710-governors-declare-final-readiness-to-tackle-jonathan-over-excess-crude-account.html

Some governors, who felt the ECA was unknown to the constitution kicked against the continuous building up of the ECA when Dr. Goodluck Jonathan was in the saddle.They were always pushing that monies be shared from the account to the three tiers of government.

It got to a point that the 36 states’ governors dragged the Federal Government to court on the matter. The case has not been decided by the Supreme Court till date.

The Federal Government and the state governors reached a consensus in 2009 to withdraw about $5.5 billion from the ECA. The withdrawal was invested in Independent Power Projects with the states as shareholders. They (state governments) have share certificates as proofs of their stake in the projects.

The reserves are also used to settle both public and private sector foreign currency obligations, including the importation of goods and equipment for the power sector. http://thenationonlineng.net/excess-crude-account-and-the-controversy-lingers/

[s]

ticker:
The 16 years rhetorics of the saintly APC: matter
arising.
HIstory of Excess Crude Account ECA
Obasanjo left $20 billion
Rotimi Amaechi, Babatunde Fashola led by Bukola
Saraki in 2008 instituted a lawsuit against the
Yar'adua government calling for the sharing of the
$15billion ECA. Yar'adua in 2009 opted for out of
court settlement. By end of 2009 it had dropped
from $15billion to $6.5billion. Okonjo Iweala was
not finance minister. Money was disbursed by
Accountant General Alhaji Ibrahim Dankwambo.
YarAdua Left $6.5 billion = Jonathan Inherited
$6.5billion ECA
Governors insisted that the $6.5 billion ECA be
shared. In January 2010, Jonathan acceded to the
governors' and shared $2 billion from the ECA.
Despite the almost $4billion shared between
January and May 2010, the Governors led by
Bukola Saraki demanded that the left over
$3billion ECA be shared. In August 2010 the FG
under Jonathan bugged and withdrew the $3billion
from the Excess Crude Account, leaving behind a
meagre $460 million.
Ngozi Iweala Era 2011 - 2015
Under Okonjo Iwaela as the Finance Minister the
government started having renewed battle with
the governors led by Chibuike Amaechi.
In October 2011 Babtunde Fashola set up a team
of SAN, threatened and demanded that the
$1billion saved in Sovereign Wealth Fund be
shared along with the billions in ECA. Jonathan
proposed out of court settlement. Despite the out
of court settlement, the Governors were so
determined to share the money, instituted another
lawsuit again two months later asking the
Supreme Court to stop the FG from saving
$2billion in SWF but instead "share the money”.
Between 2011 to 2014 federal government took
N3.29 trillion while the 36 states received a total
of N2.92 trillion. They received N966.6 billion in
2011, N816.3 billion in 2012, N859.4 billion in 2013
and N282.8 in 2014.
Government Grew ECA From $450m in 2010 to
$9billion in 2015
As at August 2010, the ECA stood at meagre
$450million. However, the NOI/GEJ increased this
money to $9billion at the end of 2015.
Now here are the key players.
Rotimi Amaechi (APC/South South) is your
Minister of Transport.
Babatunde Fashola (APC/South West) is your
Minister of Power, Works and Housing
Busola Saraki (APC/Middle Belt) is your Senate
President.
Alhaji Ibrahim Dankwambo (PDP/North East) is
Governor of Gombe State.
Wake up from party and regional affiliation, Join
the revolution. From North to south, West to East
our current leaders are all vampires sucking the
blood that flows throw all of us from 1966. This is
about our collective future.

[/s]

TRASH


OP learn to be dispassionate and objective when writing. Just because u have a preconceived objective doesnt mean u shld come here to tell half truths and lies. First of all it was the governors of the 36 states that instituted action for the sharing of the ECA and not just amaechi or fashola. Moreso the issue on ground is about what did fg use its own share of the ECA for?? How did the money dissappear?? Even more importantly, the persons u tried to paint black are not the ones that ended up begging for bail out from fg. Which means they were able to manage their own share of the ECA well.
OP stop telling lies this early morning o! Jonathan remains the architect of our predicament. Stop looking for whom to blame. He shld tell us where he got the money to give Metuh and Dasuki!

I knew that everyone one of them was going to be defending himself.

Pfft