St0la:
We are suffering for the waste and gluttony of the past administration.

The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.

If OBJ could increase the reserves from $3Billion+ to $45Billion and still pay a Paris club debt of $18Billion with an oil price ranging from $16pb to $60pb in his 8 year administration from 1999 to 2007, what exactly is Jonathan's excuse for not building on that especially when crude sold for about $100pb in 4years out of his 5years administration?

Yar'Adua built on the $45Billion inherited from OBJ and took it to $47Billion in less than 3years, while still spending about $16Billion to cushion the effect of the 2008/2009 global financial meltdown.

That Jonathan's regime left only $29Billion in the country's reserves without any tangible infrastructure, should be considered a treasonous offence.

What was the money spent on? The PDP envelope of dollars?

Was it spent to diversify the economy? Then how come an oil crisis has plunged our economy?

How come the Jonathan administration was already borrowing to pay salaries in February, March, and April 2015? This was just 8months into the oil price slump which was even still about $50pb then.

StOla:
We are suffering for the waste and gluttony of the past administration.
The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.
What was the money spent on? The PDP envelope of dollars?

henryutd:
Agreed. It's not the economy that is in confusion. It's you and your master.
How can a Keke napeb mechanic be given Ford fiesta ST200 to trace it's electrical fault which affects the brain box.

eleojo23:

EastGold:
Confused people

Standing5:



@stOla, didn't I tell you?

StOla:
We are suffering for the waste and gluttony of the past administration.

The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.
[b]
If OBJ could increase the reserves from $3Billion+ to $45Billion and still pay a Paris club debt of $18Billion with an oil price ranging from $16pb to $60pb in his 8 year administration from 1999 to 2007, what exactly is Jonathan's excuse for not building on that especially when crude sold for about $100pb in 4years out of his 5years administration?

Yar'Adua built on the $45Billion inherited from OBJ and took it to $47Billion in less than 3years, while still spending about $16Billion to cushion the effect of the 2008/2009 global financial meltdown.

That Jonathan's regime left only $29Billion in the country's reserves without any tangible infrastructure, should be considered a treasonous offence.

What was the money spent on? The PDP envelope of dollars?

Was it spent to diversify the economy? Then how come an oil crisis has plunged our economy?

How come the Jonathan administration was already borrowing to pay salaries in February, March, and April 2015? This was just 8months into the oil price slump which was even still about $50pb then.
[/b]

StOla:


There's nothing that can be done to stave off the harsh economic storm that is gathering. Now is not the time to act, the time for pre-emptive action was 5years ago when the money was flowing in.

Any action taken now to diversify the economy would be for the benefit of those who presently are to young to even know what's going on now.

StOla:

The average Nigerian only cares about the food in his tummy, hence the misdirected anger.
[b]
Maybe Buhari should borrow ideas from Fayose whose people don't bother about infrastructure or economic indices as long as they get their stomach infrastructure. [b]

Standing5:
It takes money to make money they say.

Can the brain of wailing people comprehend this. I wish it could.

Standing5:
It takes money to make money they say.

Can the brain of wailing people comprehend this? I wish it could.

That's the spirit of average Nigerian. Eat today and let tomorrow take care of itself automatically. Just look at Osun's situation. Build few projects today and pay over the next 40 years.

StOla:


I think they actually want him to create money that does not exist, and print some dollars for everyone's vanity.

Don't they get that you have to earn money, and the government that handed over made no provision for such apart from the usual oil earnings that have slumped globally?

Yet when the government goes after those who have robbed the country, even non-politically affiliated suspects, those wailing now would still be the ones to come defend them while condemning the government.

StOla:
We are suffering for the waste and gluttony of the past administration.

tit:


your man is a failure.
stop moaning

Standing5:
Watch how they will swoop on you for this brilliant post. They are only interested in interpreting every outcome of their clueless brother's action against Buhari and APC.
Jonathan was just borrowing to sustain favourable economic indices instead of building up the system to last.

eazydon:
At my backyard in Aba. our own train over here is very real. 2 times in a day it vibrates the ground.


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Nigerians to get loans for locally-assembled cars








From November, Nigerians will be able to purchase brand new cars assembled in the country without having to pay in full for them as the Federal Government’s vehicle acquisition finance scheme would have taken off then.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, made the announcement at a press conference in Lagos on Thursday.

According to the minister, the Federal Government is currently discussing with local and international financial institutions on how to make the scheme achieve the aim of making made in Nigeria cars affordable.

Though the details are still being worked out, our correspondent gathered that the government was encouraging the partner banks to make available loans for vehicle acquisition at not more than 10 per cent interest rate repayable over four years.

Aganga said, “The government is working on an affordable vehicle acquisition scheme, which will be launched in four months’ time. We are looking at an affordable interest rate of not more than 10 per cent against the current interest rate regime in the banks, which is over 20 per cent.

“We are currently engaging local and international financial institutions to provide the funds. People should be able to pay over four years at 10 per cent. We are still discussing; we have not yet finalised the details.”

However, the minister ruled out the option of the government providing the seed fund for the scheme, explaining that the banks would rather fund it, but that the government was working with them to reduce the interest rate payable on the vehicle acquisition loans.

The attraction for the banks, according to him, is that the scheme will represent a commercial opportunity for them, as many Nigerians will be able to buy brand new vehicles assembled in the country, with the multiplier effect of more citizens being employed by the assembly plants.

Aganga gave an assurance that the local vehicle manufacturers and assemblers had enough capacity to meet the expected upsurge in demand for new cars and would not increase the prices of their products.

According to him, the Nigerian Automotive Industry Development Policy will create thousands of direct and indirect employment opportunities by ensuring the revival of moribund vehicle assembly plants in the country and will raise the standard of living of the citizens.


More from: http://www.punchng.com/business/business-economy/nigerians-to-get-loans-for-locally-assembled-cars/

StOla:
We are suffering for the waste and gluttony of the past administration.

The only administration that could not increase the foreign reserve despite selling crude at very high prices, instead it depleted what the OBJ regime saved despite lower oil prices then.

If OBJ could increase the reserves from $3Billion+ to $45Billion and still pay a Paris club debt of $18Billion with an oil price ranging from $16pb to $60pb in his 8 year administration from 1999 to 2007, what exactly is Jonathan's excuse for not building on that especially when crude sold for about $100pb in 4years out of his 5years administration?

Yar'Adua built on the $45Billion inherited from OBJ and took it to $47Billion in less than 3years, while still spending about $16Billion to cushion the effect of the 2008/2009 global financial meltdown.

That Jonathan's regime left only $29Billion in the country's reserves without any tangible infrastructure, should be considered a treasonous offence.

What was the money spent on? The PDP envelope of dollars?

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


[img]http://cdn1.vanguardngr.com/wp-content/uploads/2015/09/412x247xOkonjo-Iweala-e1442838220305.jpg.pagespeed.ic.nz-K0adxSv.webp[/img]



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

[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

eleojo23:


Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps
like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

Under Jonathan, minimum wage for federal workers was increased from 7000 to 18000, where did the extra money come from?

Under Jonathan, the FG was paying billions of naira monthly to subsidize petroleum products whose prices kept rising as the price of crude oil rose. A subsidy he tried to remove but was vehemently resisted by the citizens.

Under Jonathan more power
stations costing billions of dollars were completed and made operational.

Under Jonathan old and dilapidated railways were brought back to life (PH Enugu) and brand new standard guage ones (Abuja kaduna ) were also built. These cost billions of dollars to build.

Under Jonathan, perennial death traps
like Benin Ore road were rebuilt, these cost billions of dollars.

Under Jonthan, 9 new Federal universities were built, OBJ built none.

Under Jonathan some university
lecturers began earning bigger salaries. Where did the money come from?

Under Jonathan, billions of naira was injected into the amnesty program (initiated by Yaradua). This was done to ensure uninhibited flow of oil. The money came from somewhere.

Under Jonathan our military which had been deliberately abandoned for many years was revamped with billions of dollars to fight boko haram. That money came from somewhere

Bolustic:
You don't need to distort facts and palpable history in order to defend the Hero,

Tell me more, I'm sure you are not aware the FG under GEJ had to borrow around 437 billion naira to pay May salaries last year.

Spare us this subsidy trash, how did subsidy payment of about 250 billion yearly under Yaradua become trillions under GEJ in just 3 years.

Haba, and Nigeria is still in darkness, ok name the power plants that were started and completed by GEJ and let me bust your phoney claims.

Oga, GEJ had not thought of becoming a governor when Abuja-Kaduna rail line was started by OBJ, Buhari completed it.

What of Lagos-Ibadan Express Way sir?

Why build new universities when our first generation universities have dilapidated infrastructures? In fact, none of them is in the top 1000 globally.

How come ASUU went on strike for close to a year under him?

The billions that made Asari, Tompolo and other criminals overnight billionaires at the expense of the majority of the ND people?

Are you kidding me? GEJ Dasukified monies meant for the above purpose.

alphamodel1:
[s]Adeosun should go and consult wit Ngozi Okonjo Iwuala on how to run an economy. Nigerian economy is far bigger than her. This is not a time for trial and error approach, not a time for just to talk the talk but to do the talk![/s]