wirinet:
Sovereign Wealth Funds with crude selling at less than $60 to the barrel? I am sure the writer has no idea what he is talking about.
Sovereign wealth fund is like excess crude account that is used for investment purposes to generate additional income. So where do we get monies to put into the sovereign wealth funds when we hardly make enough to pay salaries, not to talk of money to build infrastructure.
Maybe the report was talking about 2013 when the dollar was overv $100.

Nigeria is worse, only better than Qatar

everything is worst

Very very soon FG go start borrowing cash from Yahoo boys..



I summit with the way d country is trending

kernel001:



Stop discussing issues you aren't knowledgeable about.

First, Nigeria's Excess Crude Account (ECA) is the same as the Sovereign Wealth Fund, meaning they're both one and the same. ... So in summary, the Excess Crude Account is literally a foreign savings account owned by the Nigerian Government.

Sovereign Wealth Fund, is an accrued monies made from selling crude oil above a year budget benchmark.

In theory, excess crude account (ECA)is the same as Sovereign Wealth Fund (SWF),but in practice they are different.
Even though SWF was supposed to replace ECA, it never did. The Jonathan administration maintained the ECA till it handed over to Buhari, and Buhari still maintains the ECA till date. In fact Buhari was accused of withdrawing close to $1.7 billion from the ECA in December.

wristbangle:
Does Sovereign Wealth Fund still exist when there is no excess crude account for the past 4-5years due to low oil price? I need an explanation

There has always been excess crude dividends. Money that goes into the ECA/SWF account is the difference between the price oil was sold for, and the amount at which the budget was prepared. If we prepare the budget on the assumption that oil would sell for $50/barrel and we end up selling at $55/barrel, the extra $5 goes to the ECA/SWF account.

PrecisionFx:


Nigeria is worse, only better than Qatar

Qatar case is understandable, they want to host the next World Cup and are prepared to break the banks to do it.

chronique:


There has always been excess crude dividends. Money that goes into the ECA/SWF account is the difference between the price oil was sold for, and the amount at which the budget was prepared. If we prepare the budget on the assumption that oil would sell for $50/barrel and we end up selling at $55/barrel, the extra $5 goes to the ECA/SWF account.

Thanks for explaining. Unfortunately the margin goes to greedy and useless politicians' pocket

smeag0l:
Sovereign wealth fund is the excess crude account. It was reformed because the excess crude account was not created by law and didn't have any books of deposits and withdrawals. Now, the said ranking was done based on size of assets viz a viz GDP. Our economy is heavily dependent on crude and since crude sold below even our budgetary benchmark, it would be difficult to save extra to install capital assets. This is why we were ranked low,

Abeg who dey produce una

wirinet:
Sovereign Wealth Funds with crude selling at less than $60 to the barrel? I am sure the writer has no idea what he is talking about.
Sovereign wealth fund is like excess crude account that is used for investment purposes to generate additional income. So where do we get monies to put into the sovereign wealth funds when we hardly make enough to pay salaries, not to talk of money to build infrastructure.
Maybe the report was talking about 2013 when the dollar was overv $100.

Isn't it pathetic that you're so ignorant but don't know.

wirinet:
Sovereign Wealth Funds with crude selling at less than $60 to the barrel? I am sure the writer has no idea what he is talking about.
Sovereign wealth fund is like excess crude account that is used for investment purposes to generate additional income. So where do we get monies to put into the sovereign wealth funds when we hardly make enough to pay salaries, not to talk of money to build infrastructure.
Maybe the report was talking about 2013 when the dollar was overv $100.

Isn't it pathetic that you're so ignorant but don't know you are.

wristbangle:


Thanks for explaining. Unfortunately the margin goes to greedy and useless politicians' pocket

Buhari is mismanaging all and still borrowing us away into slavery...Has he saved a Kobo since he came? and crude has always been high above budget benchmark...what infrastructure did he put in place to justify the doubling of our debt portfolio? Corruption just came alive in buhari

wirinet:
Sovereign Wealth Funds with crude selling at less than $60 to the barrel? I am sure the writer has no idea what he is talking about.
Sovereign wealth fund is like excess crude account that is used for investment purposes to generate additional income. So where do we get monies to put into the sovereign wealth funds when we hardly make enough to pay salaries, not to talk of money to build infrastructure.
Maybe the report was talking about 2013 when the dollar was overv $100.

Abeg go seek refund for your school fees ...no allow them take Kobo...you deserve 100% refund...

NaijaCelebrity:
Just In: IMF ranks Nigeria second worst in the world in use of sovereign wealth fund

The International Monetary Fund has ranked Nigeria as the second worst country in the world in the use of sovereign wealth funds.

According to the Fiscal Monitor report released on Wednesday, Qatar was the only country worse than Nigeria on the index.

The Bretton Wood institution said the index was compiled using the corporate governance and transparency scores of the sovereign wealth funds and the size of assets as a percentage of 2016 GDP of the countries considered.

More to follow…



Source: http://www.ngg.ng/2019/04/10/just-in-imf-ranks-nigeria-second-worst-in-the-world-in-use-of-sovereign-wealth-fund/

All these copy copy blogs. This news was lifted verbatim from THE CABLE.

This is how à functional illiterate working as a BMC responds.

They are referencing how the money was used not how much is domiciled there.

Although I doubt you can understand what I just wrote, I'm hoping that some of the ignorant ones who liked your post can have a rethink.

wirinet:
Sovereign Wealth Funds with crude selling at less than $60 to the barrel? I am sure the writer has no idea what he is talking about.
Sovereign wealth fund is like excess crude account that is used for investment purposes to generate additional income. So where do we get monies to put into the sovereign wealth funds when we hardly make enough to pay salaries, not to talk of money to build infrastructure.
Maybe the report was talking about 2013 when the dollar was overv $100.

Before nkọ

Does it mean no one knows what this Soveriegn wealth fund is, this is a fund that was separated from excess Crude acct. for the sake of investment that will gain interest. like saving it in Us treasury at 1% per year, then every year the nation adds to it. Or use it to grow a non oil sector investment in another foreign country like buying utility bonds in foriegn countries which their economy is not dependendent on Oil.
The returns (Returns I mean not the capital) from such investments is what we should now use to develop The Non Oil Sector Like fintech or Nollywood or tourism.
But what did Nigeria do with theirs squander it on n Elephant projects in Nigeria so we rated second toworst country.

Okonjo wanted to save more and invest more

Guess who stopped her in court?

Ameachi. He said "share the money"

And Buhari has no idea that our reserves can make money instead of sitting in Anerican banks doing nothing

ibietela2:


That's the restructuring na

.


Yes it is. But Restructuring is a disappearing abracadabra of Nigeria to Buhari and Macan.

BiafraIsFree:


Remove Biafra states from that your list.


If I may ask, WHO IS A NIGERIA?

.


A Plebiscite of a single constitutional State demanding full independent from Nigeria will command more support from the US, UK, UN, EU, AU etc than Biafra.

Sleyanya1:


...But who'll arrange it? The same thieves stealing the money

.


Any or a combination of States in Nigeria can by a Referendum seek for hers or their full security, safety and progress control.
Just present your Referendum to NASS, copy UN, UK, US, EU, AU etc

Racoon:
Next level of anything worst with a dullard on seat.Lets see who the government will blame now.

I bet you don't know the meaning of sovereign wealth fund

Cargoed:
Does it mean no one knows what this Soveriegn wealth fund is, this is a fund that was separated from excess Crude acct. for the sake of investment that will gain interest. like saving it in Us treasury at 1% per year, then every year the nation adds to it. Or use it to grow a non oil sector investment in another foreign country like buying utility bonds in foriegn countries which their economy is not dependendent on Oil.
The returns (Returns I mean not the capital) from such investments is what we should now use to develop The Non Oil Sector Like fintech or Nollywood or tourism.
But what did Nigeria do with theirs squander it on n Elephant projects in Nigeria so we rated second toworst country.

I am surprised that most of these guys screaming illiterate are so ignorant, it's shocking. They only read headlines and form an opinion, which they hold for life.
As I said the SWF was supposed to replace the ECA, (which is illegal according to the constitution), it never did. The ECA is still in operation till date. The government makes contributions into the SWF from the ECA. Excess crude sales does not directly go into the SWF. Buhari could never have withdrawn money from the SWF in December as he was accused of doing. There are laws governing operations of the SWF, there are non governing ECA.

These people are so arrogant in their ignorance.

To help cure their ignorance (that's if it is even curable), here is a punch editorial of current abuse of the ECA.

FG’s serial abuse of Excess Crude Account - January 18 2019

JUST like its predecessors, the Muhammadu Buhari administration has become entangled in the Excess Crude Account controversies. Contentiously, the savings account plunged dramatically at the tail end of 2018 to less than $1 billion, according to the latest official figures. For the administration, the frivolous abuse is a poor advertisement of its mantra to fight corruption and enthrone rectitude in national life.

In truth, there is more than meets the eye in the operation of the ECA, eliciting legal and integrity questions about its raison d’être. At the beginning of 2018, oil traded for $69 per barrel. Nigeria’s major source of income later hit $81pb last October, well above the $51pb budget benchmark for the year. With this, the ECA, which, by regulation, can only be drawn down after a shortfall in oil prices for three consecutive months, was thus expected to accrue significantly. Oddly, it did not.


Instead, temporarily, it jumped to $2.09 billion last October; it trended up to $2.31 billion a month after. The catch is that, by December, it had plummeted to $631 million, the Federal Account Allocation Committee, which distributes incomes to the three tiers of government, stated. It means that about $1.68 billion was withdrawn in just one month. Such stealthy withdrawals from the ECA are not new.
Read the full editorial here -
https://www.google.com/amp/s/punchng.com/fgs-serial-abuse-of-excess-crude-account/amp/

orisa37:
.


Yes it is. But Restructuring is a disappearing abracadabra of Nigeria to Buhari and Macan.

Hahahahahahahahahahahahaha, don't mind them they know what they are doing.. Using that tactic on non educated and naive Nigerians.

The benefits of a restructured Nigeria is unlimited

Yankee101:
Okonjo wanted to save more and invest more

Guess who stopped her in court?

Ameachi. He said "share the money"

And Buhari has no idea that our reserves can make money instead of sitting in Anerican banks doing nothing

Amaechi stopped okonjo iweala from saving FG’s money in court? Abeg link me to the case and the judgement.

wirinet:
Sovereign Wealth Funds with crude selling at less than $60 to the barrel? I am sure the writer has no idea what he is talking about.
Sovereign wealth fund is like excess crude account that is used for investment purposes to generate additional income. So where do we get monies to put into the sovereign wealth funds when we hardly make enough to pay salaries, not to talk of money to build infrastructure.
Maybe the report was talking about 2013 when the dollar was overv $100.

Excuses

ibietela2:


Hahahahahahahahahahahahaha, don't mind them they know what they are doing.. Using that tactic on non educated and naive Nigerians.

The benefits of a restructured Nigeria is unlimited

Abeg educate us on what you mean by "Restructuring"

wirinet:

Abeg educate us on what you mean by "Restructuring"

Listen to interviews and make research on Restructuring/true federalism

ibietela2:


Listen to interviews and make research on Restructuring/true federalism

OK. Link me to the interviews and research on restructuring and true federalism. I want to know your own idea and concept of what it means.

This is a USELESS news story...

It appears all that the IMF report did was to list the size of the SWF of each of the relatively few countries that has one against the size of their GDP. That is NOT a ranking, but merely a list (data), and thus the use of the term “worst” is INAPPROPRIATE (perhaps deliberately deceptive). For instance, it is NOT a measurement/ranking of return on investment, corporate governance indices, transparency, etc. By way of analogy, it is akin to listing countries by population in Africa and saying that Nigeria is “ranked as the best”!

Of course, unless Nigerians are prepared to support a constitutional amendment or law that mandates that a portion of revenues accruing to the Federation Account, instead of being shared among the three tiers of governments, must be contributed to the NSIA (SWF) for savings/investment in trust for future generations, the competing demands on the treasury will ensure that size of our SWF will remain relatively minuscule in relation to our GDP. We hardly need the IMF to tell us that which we already know.

This whole thing has nothing to do with restructuring, I think the National Assembly has also acted badly on what SWF should be both accounted for and decision on where it should be invested in vote
d for.

That's what a real democratic country does with their funds.

This SWF if properly invested should over- take ECA.
With $1bill SWF I can tell them how to make at least 4% a year without involving any asset that has to do with Oil.

SWF should never be invested in Nigeria or
Any Oil dependent country or Business.
It's money for the next generation. When Oil finally dries up or is not needed.