In reference to this thread; Okonjo-Iweala: I Said Governors, NOT Jonathan, Lacked The Political Will To Save which made FP on the 31st of Dec for the 2nd time, I will be giving detailed explanations on why the governors insisted on sharing funds in the ECA.

https://www.nairaland.com/4262159/okonjo-iweala-said-governors-not-jonathan


Excess Crude Account: Governors to charge FG to court.

The governor of the states in Nigeria disagree with the FG over deductions from the Excess Crude Account to offset fuel subsidy.

The Nigeria Governors Forum, NGF, on Thursday said it would return to court to challenge the Federal Government’s deductions from the Excess Crude Account, to offset fuel subsidy payments.

The Chairman or the NGF, Chibuike Amaechi, said this at the forum’s meeting in Abuja.

Mr. Amaechi stated that the NGF unanimously took the decision after long deliberations to get the court to compel the Federal Government to adhere to the provision of the constitution.

“On the Excess Crude Account, forum unanimously decided to head back to court to enforce the Federal Government’s adherence to the constitution,’’ he stated.

The forum at its July 12 meeting threatened to take legal action against the Federal Government for making deductions from the excess crude accounts to offset fuel subsidy. It criticised the continued deduction of oil subsidy from the excess crude accounts, saying the deduction negated the principle of federalism and budgetary provision.

Sovereign Wealth Fund: Govs ask S-Court to abort FG’s plan to withdraw $2bn

ABUJA — Legal tussle over the proposed creation of a “Sovereign Wealth Fund” assumed a fresh dimension, yesterday, as Governors of the 36 states of the federation approached the Supreme Court, asking it to abort plans by the Federal Government to withdraw $2 billion from t

he “Excess Crude Account.” The governors made the request on a day they told a seven-man panel of Justices of the apex court, presided by Chief Justice of Nigeria, CJN, Justice Dahiru Musdapher, why they failed to reach agreement with the Federal Government, regarding its plans to transfer $1 billion from the “Excess Crude Account” to a new account to be known as the “Sovereign Wealth Fund.”

Alleging that the Federal Government has continued to deplete the funds in the “Excess Crude Account” despite the pendency of their legal action, the governors, through their lead counsel, Chief Adegboyega Awomolo, SAN, noted that whereas $20 billion was in the account as at 2008 when the case was entered, they maintained that only $3.1 billion is currently remaining in the account.

The Governors, said their fears that the remaining fund inside the account may be depleted before the conclusion of the suit, was further heightened by a recent advice by the Finance Minister that $2 billion be withdrawn from the “Excess Crude Account” to off-set the burden of debt on the shoulders of the Federal Government.

Read more at: https://www.vanguardngr.com/2012/05/sovereign-wealth-fund-govs-ask-s-court-to-abort-fgs-plan-to-withdraw-2bn/


For those who kept on claiming the governors shared the savings, here is Okonjo Admitting withdrawing money illegally from the ECA claiming Jonathan approved for fuel subsidy after claiming earlier FAAC made the approval.

$2bn ECA fund: Okonjo-Iweala shifts; says Jonathan unilaterally approved withdrawal

The immediate past Minister of Finance, Ngozi Okonjo-Iweala, has shifted the blame on former President Goodluck Jonathan over the controversial withdrawal of $2bn from the excess crude revenue account (ECA) in December 2014.

Following an allegation by the Edo State governor, Adams Oshiomhole, that she unilaterally approved the withdrawal of the money from the $4.1 bn left in the ECA “without authorization”, Mrs. Okonjo-Iweala had dismissed it as “false, malicious and totally without foundation.”

“We want to state categorically that no unauthorized expenditure from the ECA was made under Okonjo-Iweala’s watch in the Finance Ministry,” Mr. Nwabuikwu said in a statement.

“Decisions on such expenditure were discussed at meetings of the Federation Accounts Allocation Committee (FAAC) attended by finance commissioners from the 36 states.

“It is curious that in their desperation to use the esteemed National Economic Council for political and personal vendetta, the persons behind these allegations acted as if the constitutionally recognized FAAC, a potent expression of Nigeria’s fiscal federalism, does not exist.

“But Nigerians know that collective revenues, allocations and expenditures of the three tiers of government are the concern of the monthly FAAC meetings.”

However, Commissioners of Finance and Accountants General from the 36 states of the federation and the Federal Capital Territory, constitutionally recognized as members of the FAAC, on Tuesday distanced themselves from the Minister’s claim.

Mrs. Okonjo-Iweala’s reaction had given the impression that the commissioners and other members of FAAC were part of the decision to approve the controversial withdrawal.

In disowning Mrs. Okonjo-Iweala, the FAAC members, under the aegis of the Forum of Commissioners of Finance, described her explanation as “misleading and far from the fact”, pointing out that the law that established the Committee, which existed before the creation of the ECA, did not allow them to approve such withdrawals.

“FAAC did not and could not have approved, nor took the decision to withdraw the sum of Two Billion U.S. Dollar ($2,000,000,000.00) from the Excess Crude Account,” the commissioners explained.

“If anything, FAAC, as records of it meetings indicate, had often queried the activities on the ECA, and therefore did not decide any withdrawal.”

The commissioners, however, accepted that FAAC had “noted and observed” the withdrawal of $2 bn from the ECA in December 2014.

When they drew the attention of the then Minister of State for Finance, Bashir Yuguda, to their finding that the withdrawal was made without the consent of the states, the commissioners said the Chairman of FAAC had explained during plenary session and subsequent meetings that approval came from the former President, Goodluck Jonathan, “to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products.”

The commissioners said Mr. Yuguda “further explained that this action will be ratified later by NEC (National Economic Council), apparently confirming the allegation that the withdrawal was actually carried out before the mandatory approval by the governors.

https://www.premiumtimesng.com/business/186365-2bn-eca-fund-okonjo-iweala-shifts-says-jonathan-unilaterally-approved-withdrawal.html

From the above, is it not logical for governors to ask for their share of the money since every time they meet, it is discovered that some illegal deductions have been made.

If moderators of all sections are keeping money with mynd44 and sicover anytime they meet, lalasticlala have deducted some money from the saving claiming mynd44 approved it, will the other moderators be willing to keep saving?
Be honest!

[b][/b]

We implore Mohomodu Buhary the serial failure to try and deliver at least 5% of his fraudulent campaign promises.

GEJ now a history and going back to why or why not on the ECA is waste of human capital and sign of joblessness.


Buhary time counts down.

Lol

But Buhari is had made deduction from the ECA to offset N26/liter subsidy (that he doesn't know what it means) and also $1billion to settle boko haram?

why has no governor spoken against buhari's tyranny?

https://www.channelstv.com/2012/04/13/fg-blame-governors-for-depletion-of-excess-crude-account/


https://www.premiumtimesng.com/news/headlines/204809-pressured-squander-18bn-excess-crude-saving-jonathan.html


http://www.hopefornigeriaonline.com/20billion-excess-crude-account-eca-disappeared/


OP, easy...


the funds had already been going down long before GEJ could influence it.


Governors were sharing this money, how many of then saved?


if an 'alien' comes to earth & lands in Nigeria, it will think Nigeria came into existence in 1999 or 2011...


the present situation of Nigeria is akin to a wife who claimed her husband was frivolous...

the husband earned N100 a day, but spent only N20 on the wife & allegedly frittered the rest. but the wife had a good roof over her head, ate well & always looked fresh, but the wife said the husband was a useless man.


in comes another man, he tells the wife, if you leave your husband, I will build you the biggest mansions, buy the finest cars, take you on trips around the world & fulfil all your heart desires. I promise never to cheat you.


the wife, enamored by the promises, leaves her husband & marries the new man.

however, as soon as they are married, the new husband can't provide anything for the woman & life becomes horrible.


when the wife complains, the new husband says, I earn only N40 a day, so u don't earn as much as your former husband to make life good for you, bear with me.

but the wife argues that her former husband spent just N20 on her & her life was fairly comfortable.


the new husband says, because your former husband didn't give you any inheritance, that is why you are suffering.

after a while, the new husband starts earning N50, but life in the family gets worse & the woman complains again...

the new husband replies, can't you see I am saving money?

the wife asks, for what? why save when we are dying of hunger, the house is collapsing, the few properties I took from my former husband have been destroyed... what exactly are you saving for?


the new husband replies, I am saving so that I can brag to my friends that I have saved money.

Excerpts from your write up:

-When they drew the attention of the then Minister of State for Finance, Bashir Yuguda, to their finding that the withdrawal was made without the consent of the states, the commissioners said the Chairman of FAAC had explained during plenary session and subsequent meetings that approval came from the former President, Goodluck Jonathan, “to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products.”

-The Governors, said their fears that the remaining fund inside the account may be depleted before the conclusion of the suit, was further heightened by a recent advice by the Finance Minister that $2 billion be withdrawn from the “Excess Crude Account” to off-set the burden of debt on the shoulders of the Federal Government.

Your answers are in your article

Questions:

-What was the price of petrol compared to now?
-What is the nations debt accrued in 2014 compared to 2017?
- What did the Governors do with the eventually shared ECA and still could not pay salaries.

you guys are are a very big joke. is this an attempt to redirect peoples mind from the recent fulani massacre in benue state
gej have come and gone and let it be like that.
mention one federal project buhari have started and finish then commission if you cant then big sense fall on you and the evil minions trying to paint buhari a big saint.

he started by blaming Nigerians

he then blamed gej

he latter blamed IBB

he blamed Dasuki

he blamed rats

and he blamed God






who are we giong to blame next



i pity Nigerian for having people who reasoning like this
if you think the problem of nigeria is due to bad followers click like
if you think the problem of nigeria is due to bad leaders click share

Esseite:
Excerpts from your write up:

-When they drew the attention of the then Minister of State for Finance, Bashir Yuguda, to their finding that the withdrawal was made without the consent of the states, the commissioners said the Chairman of FAAC had explained during plenary session and subsequent meetings that approval came from the former President, Goodluck Jonathan, “to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products.”

-The Governors, said their fears that the remaining fund inside the account may be depleted before the conclusion of the suit, was further heightened by a recent advice by the Finance Minister that $2 billion be withdrawn from the “Excess Crude Account” to off-set the burden of debt on the shoulders of the Federal Government.

Your answers are in your article

Questions:

-What was the price of petrol compared to now?
-What is the nations debt accrued in 2014 compared to 2017?
- What did the Governors do with the eventually shared ECA and still could not pay salaries.

the guy is a big joke and clown combined take him and his fellow BMC evil minions seriously at your own headache
in benue which omekalives comes from fulani people are sending his kitts and kinsmen to extinction and he is on line singing and dancing praising bubu and his forty gangs of thieves
who are we to blame

Firefire:
We implore Mohomodu Buhary the serial failure to try and deliver at least 5% of his fraudulent campaign promises.

GEJ now a history and going back to why or why not on the ECA is waste of human capital and sign of joblessness.


Buhary time counts down.

You said that Buhari is a serial failure, but I am not certain that anyone in your family is qualified enough to be Buhari's gateman. Post your father's achievement, let's all compare with Buhari's.

2cato:
you guys are are a very big joke. is this an attempt to redirect peoples mind from the recent fulani massacre in benue state
gej have come and gone and let it be like that.
mention one federal project buhari have started and finish then commission if you cant then big sense fall on you and the evil minions trying to paint buhari a big saint.

he started by blaming Nigerians

he then blamed gej

he latter blamed IBB

he blamed Dasuki

he blamed rats

and he blamed God






who are we giong to blame next



i pity Nigerian for having people who reasoning like this
if you think the problem of nigeria is due to bad followers click like
if you think the problem of nigeria is due to bad leaders click share

Lol. So if we are saving money together, and u keep withdrawing without my knowledge to pay for some claims that could be lies, like paying ur school fees, because u claimed to to use for school fee, that justifies you stealing?
What legality does Okonjor have to withdraw money from the ECA to pay subsidies?
Why not also explain how subsidy claims of just less thab 300bn jumped to trillions in a period of 2 years? Did cars on the roads and generators or whatever triple or what?

2cato:
the guy is a big joke and clown combined take him and his fellow BMC evil minions seriously at your own headache
in benue which omekalives comes from fulani people are sending his kitts and kinsmen to extinction and he is on line singing and dancing praising bubu and his forty gangs of thieves
who are we to blame

Tell me what sense u have made to this thread, other from masturbating as usual. At least the person u quote made an effort to massage is folly....u have done nothing!

[s]

2cato:
you guys are are a very big joke. is this an attempt to redirect peoples mind from the recent fulani massacre in benue state
gej have come and gone and let it be like that.
mention one federal project buhari have started and finish then commission if you cant then big sense fall on you and the evil minions trying to paint buhari a big saint.

he started by blaming Nigerians

he then blamed gej

he latter blamed IBB

he blamed Dasuki

he blamed rats

and he blamed God






who are we giong to blame next



i pity Nigerian for having people who reasoning like this
if you think the problem of nigeria is due to bad followers click like
if you think the problem of nigeria is due to bad leaders click share

[/s]

Face the topic.

It was ok when the PDP mod pushed the thread about governors not willing to save to FP just because of my thread.
Why are u crying now that i have made an expose of the hypocrite blaming the governors?