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Nairaland Forum / Nairaland / General / Politics / Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! (5976 Views)
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Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by mistakay: 1:53am On Sep 05, 2010 |
Foolishly thinking that will buy him the love of the governors,think again ! President Goodluck Jonathan has released about $27 billion to governors from the Excess Crude Oil Account (ECA) between January and now, leaving a balance of $450 million in the account. Apparently, this has enriched governors who have started projects that they most likely do not mean to carry far before their tenure is over. http://www.sunday.dailytrust.com/index.php?option=com_content&view=article&id=4515:jonathan-empowers-governors-for-2011&catid=54:lead-stories what a waste 1 Like |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by EzeUche22(m): 1:55am On Sep 05, 2010 |
Chineke! |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 2:02am On Sep 05, 2010 |
IBB people are a pack of damn illiterates! The foreign reserves stand at $39 billion. The Excess Crude Oil Account (ECA) is very different from our foreign reserves. Gedit? The Excess Crude Oil Account (ECA) is not governed by any law. It is effect, an illegal account. The governors demanded it because they were well whithin their rights to do so, afterall, Nigeria has a revenue sharing formula enshrined in law. The governors demanded it and got it, now EFCC is after their arses to find out what they did with all that dosh. QED. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by mistakay: 2:15am On Sep 05, 2010 |
Beaf: The block head that you are! who cares if its foreign or home reserve cant you see the issue here.The man just wasted 27 Billion dollars,it doesnt matter as well if account is legal or illegal ! With regards to Efcc i believe it should have been first come first serve Dame Patience Good luck was caught stealing red handed first! what do you say to that? eediot. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 2:26am On Sep 05, 2010 |
mistakay: Dunce, don't you know how to read? I have already shown you with my first post, that keeping that money from the governors would have been illegal, because Nigeria has a revenue sharing formula which does not recognise that money. So the governors made a fuss and demanded it; they got it; but, now they've got some wickedly heavy stones on their necks and they are crying to the press about EFCC, as if press men will save them. LOLZ!!! Your governor was foolish enough to demand the money. So, let EFFC track down his dumb arse; it was sweet when they were demanding. As they say, "cheap article de run bele!" IBB people are foolish people sha. One day laf go kill pesin for dis NL sha! |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by mistakay: 2:46am On Sep 05, 2010 |
Beaf: So just because the Governors say is illegal so he should start sharing money.Even if its illegal why cant they go to a court of law and seek redress.They would have done that long ago if they believe there is a chance of success.They know he is weak thats why they asked ! The man GEJ is no leader!! |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 2:54am On Sep 05, 2010 |
mistakay: What a silly argument! This is a simple case of "koni man die, koni man bury am!" Its a case of people being clever by half, now their "cleverness" is their undoing. Let EFCC hammer their sorry arses until they cough up the money jare! Hidiots! Jonathan will be rolling on the floor laughing, see the people that were threatening fire and brimstone during the Yar Adua saga now quaking like babies at the name, "EFFCC." Nollywood directors bera start making a new movie. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by mistakay: 3:05am On Sep 05, 2010 |
Beaf: Can EFCC come near a sitting governor.All they can do here is arrest few chairmen and commissioners (villagers) and release them in 2 weeks thats all.Obasanjo tried that with the 3rd term didnt work! It will never work. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 3:36am On Sep 05, 2010 |
mistakay: By the time EFCC arrests the whole govt, the governor will be too busy doing his own typing to get up to mischief. Some bones are just to big to swallow (eg 27 billa)! Good ol' EFCC can also disqualfy candidates from contesting, so by January, they might be cooling off in Gashua. IBB people = Foolish people. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by slap1(m): 6:04am On Sep 05, 2010 |
So releasing the money to governors equals "blowing away"? Has not the call for the sharing of that money been on during the late Yar'Adua's reign? Cheap, tenuous, propagandist strategy! Better go and ask your governors what they did with their share of the money. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by mensdept: 6:13am On Sep 05, 2010 |
Wow, so as most of the road networks in Naija remain the way they were 10, 15, 20 years ago, we actually have "billions" tucked away some where, along with a balance of 450 MILLION left. Na'wah. And it is called Excess Crude Account or so? Does that mean that the money in this account came from "NIGERIA", or just the states like Abia, Rivers, Edo, Akwa Ibom, Delta, Cross River, Ondo, etc. Please enlighten us on the so called revenue sharing agreement, and which leader (or former dictator) initiated this? |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by koruji(m): 8:02am On Sep 05, 2010 |
Get your facts right. 1. As Beaf said, the Excess Crude Account (ECA) and not Foreign reserve - big difference 2. The ECA was demanded by the owners, the different arms of government, and it was given to them - because they saw OBJ's creation of it as illegal 3. How many months has President GEJ spent in office - 4 months? 5 months? How did he blow the money in 8 months? 4. The amount at the begining of 2009 was $20 billion. Yar'adua had no choice but to distribute that money because of diving oil prices. 5. The only problem with the way GEJ allow what was left by the time he took office (way less than $20 billion) to be distributed is that he did not commit most of it to infrastructure. Still, the state governors were told to provide a list of "special" projects for which their shares would be spent. But we know how that goes in Nigeria. mistakay: |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 9:17am On Sep 05, 2010 |
And docile people still rant about a meagre $12B oil wind fall |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 9:27am On Sep 05, 2010 |
ferari90: Your brains must have leaked through your ears! That money was demanded by the governors to develop their states. Any governor that can't account for the money is facing EFCC; the same as IBB will soon do, since he cannot account for our $12.4billion oil windfall. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by ayo84(m): 9:43am On Sep 05, 2010 |
this is a case of too much money,and people dont know what to do with it. we get to hear so much billions and billions in this country ,with little or nothing to show for in infrastructural development/. they all piling up the money for elections. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 10:26am On Sep 05, 2010 |
This is a case of the President of a country placing priority on POLITICS over Good POLICY. To be honest this goes a long way in saying what kind of President Jonathan will be. He will simply be an O'yes!! man who will condone all sorts of corruption just to extend his stay in office. The whole talk about Excess crude account being illegal is an invention of those who want to continue to loot the treasury without having anything to show for it. They simply want the LOOT to go round. What was the point of Excess crude account? Because Nigeria is highly reliant on oil revenue and infact Budget planning is pegged at a certain price of a barrel of oil. Given the volatile nature of the international oil market and the expected gyrations in the price of a barrel of oil. Some in the OBJ economic team decided that the best way to have a sustainable budget is to have an excess crude account where lets say if the budget was pegged at oil to sell at $40 a barrel and it then turns out that at certain times oil does sell at $100 per barrell, the excess money accrued within this period can be put away in a safe so that if at any time oil sells for $25 per barrell we will still have enough money to fund development projects in the budget. (WHAT CAN BE WRONG OR ILLEGAL WITH A CONCEPT LIKE THAT?) No!!! our Governors said. A group of folks who have been know to recieve Federal Allocation and immediately convert them to hard currency so they can ship it to there accounts abroad. Tell me what Governors have used the money they recieved from excess crude account to fund in their various states? Now I hear Jonathan is sending EFCC after State Governors, well if he made less money available to them to squander may be we would have defended our resources at the source. Thats if the whole EFCC excersize has anything to do with corruption rather than politics. O yea they say the constitution has a revenue sharing formula. but they forget that the revenue sharing formula only tells you what percentage each state gets from the money federal Government want to share. It does not say the Federal Government must share at any time all the money in the federation account. Even section 80 of the Nigerian constitution states the following 80. (1) All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation. Which tells me even the Nigerian constitution recognises that Government can set up fund for specific purposes. If Jonathan was a serious person who stands up for his conviction. If they say the legal framework guiding the excess crude account is not strong enough. All he will do is to send a bill to the NASS for the recognition of the ECA under the law. No thats not good for his politics with the Governors and he rather chose to be a boogey man and shared the loot even against the advice of his own economic team. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 10:29am On Sep 05, 2010 |
[size=18pt]FG may place embargo on excess crude account [/size] | Print | E-mail Written by Gbola Subair, Abuja Monday, 24 May 2010 AS the Federation Account Committee, (FAAC), members reconvene in Abuja today ,the federal government may place an embargo on the sharing of Excess Crude Account and put a ceiling on the amount of revenue to be shared monthly According to the Economic Confidential magazine, President Goodluck Jonathan is facing a dilemma over agitation for release of funds from the Excess Crude Account (ECA). He is in a delicate situation, as a President, to either approve the release of funds from the account as demanded by governors and local governments chairmen or consider placing embargo on the funds for now as advised by his economic and monetary experts. The Economic Confidential magazine had gathered that two statutory institutions that were responsible for monetary and fiscal policies in Nigeria, had warned President Jonathan from succumbing to blackmails or demands for the release of funds from ECA, saying that the states and local governments could utilise other statutory and VAT allocations to generate more revenue internally. The constitutional bodies point out that “any arbitral release of funds from depleted Excess Crude Account, without saving at this critical period would have negative consequences on the economy in the next few months.” The governors have despatched their finance commissioners and accountants general to Abuja to attend the reconvened meeting of the Federation Account Allocation Committee (FAAC), which would be chaired by Finance Minister of State, Mr Remi Babalola, on Monday May 24, 2010. The last meeting of May, 14, 2010 was aborted due to protests from some states. Economic Confidential gathered that based on the advice by some economic experts President Goodluck Jonathan last Wednesday May 19, 2010 held a meeting with top officers in his economic team on the political and economic implications of succumbing to pressure from other tiers of government. http://www.tribune.com.ng/index.php/news/5766-fg-may-place-embargo-on-excess-crude-account |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 10:31am On Sep 05, 2010 |
You know Politics has overtaken economics when a President no longer listens to his own economic team of experts on economic issues. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 10:47am On Sep 05, 2010 |
RUNNING NEWS – REVENUE ALLOCATION FORMULA http://www.nigerianmuse.com/20061228122222zg/nm-projects/revenue-allocations-to-nigerias-federal-state-and-local-governments/running-news-revenue-allocation-formula/ |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 10:51am On Sep 05, 2010 |
The revenue sharing formula only says what percentage of "disbursed" funds any tier of Government gets. It does not say Nigeria must share all the money she makes. There can not be anything illegal about saving for tomorrow!!!!! section 80 of the Nigerian constitution also makes the point that Federal Government can set up speciail funds for specific purposes. All Jonathan needed to do was to send a bill to NASS to recognise the ECA and not to decimate that account. The choice to decimate the account rather than strengthen it legally tells you a lot about the character of the man. The choice to put politics ahead of economics even against the advice of his economic team tells you a lot about Jonathan. Jonathan goodluck is all about political calculations even if it promotes corruption, he has no convictions and will never stand up for what is right. see section 80 of Nigerian constitution below: 80. (1) All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by otokx(m): 11:25am On Sep 05, 2010 |
This sounds like cheap propaganda |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by 4Play(m): 1:04pm On Sep 05, 2010 |
Good response from Mikeansy. It's the triumph of politics and corruption over the national interest. This man will turn out to be the worst President we've had since Shagari. Because he's taken over in extra-ordinary circumstances, his power base is not strong which means he feels he needs to bribe his way to gain loyalty. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 2:34pm On Sep 05, 2010 |
God dey!!!!! |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Gbawe: 3:42pm On Sep 05, 2010 |
4 Play: Indeed . Mikeansy has done a good job showing that Jonathan will always play politics rather than do what is best for Nigeria. His capitulation to the Governors , when he knows they are blatantly looking for retirement funds (outgoing Governors) and campaign funds (Governors seeking re-election) , is an example of a leader , as you surmised , who will always be easily blackmailed to act against the best interest of Nigeria because most Politician have identified his desperate need to buy support and "endorsement" . Now that the Governors are showing "chop your dollar " deviousness (i.e collecting bribe and yet failing to support Jonathan) , as I predicted many Politicians would be doing , Mr.President want's to hound them with the EFCC !!! |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by seanet03: 4:05pm On Sep 05, 2010 |
propaganda |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 4:53pm On Sep 05, 2010 |
Gbawe: This is logical mayhem! The above is the definition of a contradicting spaghetti. In the very same breadth, you are saying he is easily blackmailed, while at the very same time, he is blackmailing people with EFCC! Damn! IBB people = Foolish people. let the governors face EFCC, they demanded their right and got it. Now, lets know what they did with the money. The only people scared of EFCC are the thieves. 27 billa, nobi moi moi, it was given to enhance accelerated development, but thank God EFCC can disqualify criminals from reelection. Some of these dudes might be cooling off as early as January. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Gbawe: 5:13pm On Sep 05, 2010 |
Beaf: I have been trying to work out who it is you remind me of so much . Now I see that it is clearly Aondoakaa !!!! |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by OYBMEND: 5:18pm On Sep 05, 2010 |
Beaf: This guy has officially lost it. I was expecting a half literate response but obviously his head has gone. By the way 1. the current Governors have immunity up to May 29 2011 so Jonathan and EFCC can not do jack by January. 2. EFCC or ICPC or CCB have no power to disqualify a political candidate. Only a recognised court of law can. The supreme court said so. 3. It is not the right of Governors to demand what they like from the Federal Government. It is not up to a state Governor to decide what the Federal Government can share. That is surely beyond their jurisdiction. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 5:20pm On Sep 05, 2010 |
Beaf: I have always known that this unrepentant liar called SUYA , Beaf or Beans is a product of a gang despoil if not how do you explain his numerous gaffe and Militant way of addressing issues. The fact is JONATHAN had a certain amount of money in his custody and he blew it away thinking it will help his ill conceived political ambition. I don't care if the Governors gave him his complete cut(Obj and anenih style) or not my point is why go gaga over $12b when about $27B was blown away withing a very short period of time. I am begining to think that criminals and condemned beings like the late S Gorge was one of the gang members that contributed the spermatozoa that brought you(Beaf) into existence. , Anu Nketa like you, |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Beaf: 5:25pm On Sep 05, 2010 |
ferari90: Dimwit. What a pathetic clown. You can hide behind a foul mouth, the fact is that your boss is a desperate thief and murderer who will lose the next elections. Governors demanded money that was legally theirs, but [size=33pt]IBB stole $12.4billion![/size] Do you still want to know the difference? IBB people = Foolish people. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by Nobody: 5:29pm On Sep 05, 2010 |
Beaf Please what section of the Nigerian constitution says the money in the excess crude account or any money whatsoever in the Federation account belongs to the State Governors and must be spent at the demand of the Governors. Please once again let us keep it clean and respectful. I just wanna learn something new. |
Re: Jonathan Blew Away $27 Billion Foreign Reserve In 8 Months! by seanet03: 5:31pm On Sep 05, 2010 |
Beaf:No matter how you try to convince INGRATES like ferrari90, they wil not change, he is just like the OVER-RECYCLED Yakkassai who believes the North owes the Niger Delta nothing, despite the clear fact that without the oil from Niger Delta, Northern Nigeria will Just be a pathetic and barren land, Even ibb makes his money from illegally aquired money from Niger Deltas oil money. without Niger Deltas oil, NORTHERN NIGERIA IS ANOTHER CHAD REPUBLIC IN THE WORLD ALL BARREN WITHOUT PRODUCTIVITY |
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