Oshiomhole's Baseless Diatribe Against Okonjo-Iweala - Politics (2) - Nairaland
Nairaland Forum / Nairaland / General / Politics / Oshiomhole's Baseless Diatribe Against Okonjo-Iweala (20726 Views)
‘Refusal to Approve N15.37bn Loans Behind Oshiomhole’s Tirade Against Okonjo-Iwe / Press Release: Oshiomhole’s Baseless Diatribe Against Okonjo-iweala / PDP And APC Governors Team Up Against Okonjo-Iweala (2) (3) (4)
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| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by EdCure: 5:46pm On May 28, 2015 |
gabriel212:God bless you for this intelligent appraisal. You can deduce the shallowness of her write-up with the (low) quality of comments so far by her fanatics on this thread. Indeed, the guilty really have no arguement than personal attacks. 3 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by gabriel212: 5:54pm On May 28, 2015 |
EdCure:I had expected her to come up with fact n statistics on how every kobo was spend not all the insults and defensive talks she put up there. afterall Oshio stratum of allegations were very clear. 2 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Nobody: 5:57pm On May 28, 2015 |
he look like 3 foot ugili dark dwarf alien . martian officer from black hole .  |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by saintfizzo(m): 5:59pm On May 28, 2015 |
This up here is not a clear answer to oshiomole's question.... cld he be ryt? |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Nobody: 6:23pm On May 28, 2015 |
saintfizzo: She has done what she know how to do best.. She goes Verbal anytime question is raised about the economy..Its not Surprising... |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 6:35pm On May 28, 2015 |
How come this made front page so quickly? What is going on? |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 6:36pm On May 28, 2015 |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 6:36pm On May 28, 2015 |
Minister of Finance, Dr. Ngozi Okonjo-Iweala Minister of Finance, Dr. Ngozi Okonjo-Iweala The Federal Government withdrew the sum of N395bn in 2013 to fund subsidy on petroleum products, the Fiscal Responsibility Commission has said. FRC said this in its 2013 Annual Report and Audited Accounts which was released recently and obtained by our correspondent in Abuja on Friday. The commission said the withdrawal of the money from ECA to fund the subsidy regime on petroleum products was illegal as it lacked the backing of the law. The summary of transactions in the Excess Crude Account as of 2013 showed that N50bn was used to fund the subsidy regime in the first quarter of the year. In the second quarter, the sum increased to N110bn. ADVERTISEMENT No money was spent on the subsidy from the account in the third quarter of the year, but in the final quarter of the year, the withdrawal leaped to N235bn, making a total of N395bn withdrawal for subsidy funding within the year. The Federal Government created the ECA in 2003 as a buffer against volatility in crude oil prices. Proceeds from the sale of oil above the budget benchmark price are paid into the account which belongs to the three tiers of government. |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Nobody: 6:37pm On May 28, 2015 |
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| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Mogidi: 6:38pm On May 28, 2015 |
Like previous baseless allegations by some Governors, the motive behind Oshiomhole’s attack is clear: to deflect public attention away from the manner in which they have run the finances of their states and make Okonjo-Iweala the scapegoat. If it was meant to intimidate the Minister, it has failed abysmally 3 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 6:40pm On May 28, 2015 |
The Fiscal Responsibility Commission said the use of money from the Excess Crude Account to pay for petroleum products subsidy and Petroleum Equalisation Fund was not justifiable by law. It said, “Funds have been deployed towards payment for petroleum products subsidy and PEF. It is difficult to find justification for this in the Fiscal Responsibility Act 2007.” A tabulation of the inflows and outflows from the ECA for 2013 showed that the fund received a total of N1.01trn while outflows amounted to N1.77trn. This means that the outflows into the account were N757.13bn higher than the inflows in 2013. In percentage terms, the outflows were higher than the inflows by 74.86 per cent. Others transactions on the account in the year included augmentation for the three tiers of government which gulped the sum of N1.07trn; and transfer to Special Intervention Fund, N298.98bn. The report said, “The total inflow into the ECA in 2013 was N1, 011bn while the total outflow from the account was N1, 768.57bn. “It is clear from Section 35 of FRA 2007 that the EC belongs to all tiers of government. Over the years, the three tiers have, in collaboration, drawn down from the ECA under conditions that are not consistent with the prescription of Section 35 (5) of FRA which states that no government in the federation shall have access to the savings made in the ECA, unless the reference commodity price consistently stays below the predetermined oil benchmark price in the budget for a period of three consecutive months.” It also faulted the conditions under which the three tiers of government had regularly withdrawn money from the ECA to fund shortfalls in the money shared by the governments during the monthly Federal Allocation Accounts Committee meetings. It said, “What has typically been the case is that draw-downs occur when there are shortfalls in revenues available for distribution to all tiers of the federation. They are simply used to augment FAAC allocations during periods of revenue shortfalls arising from oil production disruptions due to pipeline vandalism and oil theft. “Incidentally, such augmentation is not consistent with the provisions of FRA 2007 as the three-month window is not respected. The FRC has not been availed with oil price and volume records to enable it determine the extent to which Section 35 (5) of FRA 2007 is being adhered to.” 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Jowonloju(m): 6:41pm On May 28, 2015 |
Jk210:We do not need Oshiomole to know that NOI failed GEJ AND Nigerians. 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 6:42pm On May 28, 2015 |
ADVERTISEMENT In a covering note to the report, Chairman of Fiscal Responsibility Commission, Mr. Victor Muruako, said the agency had helped the government to recover N336bn from Ministries, Departments and Agencies. He also lamented that the country was losing much money through pipeline vandalism. Muruako said, “Crude oil projections for 2013 were 2.53 million barrels per day while actual figures averaged 2.3 million barrels per day leading to a shortfall of about nine per cent. This has been blamed on oil theft and pipeline vandalism that resulted in the loss of about 300,000 – 400,000 barrels per day. “In addition, the government’s revenue from oil sales has been declining in recent years as a result of the changing structure of business arrangements (e.g. from joint ventures to production sharing contracts) and this quantity shock continues to impact on the level of external reserves and ECA. “In the period under review, the commission intensified its efforts in monitoring the scheduled corporations in the areas of preparing their budgets, rendition of audited accounts and payment of 80 per cent operating surplus to the Federal Government. “In its five years of existence, the FRC has been instrumental in getting scheduled corporations to pay over N336bn into the Consolidated Revenue Fund of the Federal Government.” Muruako added that the safest guarantee against imprudence in the management of national affairs, especially fiscal affairs, remains openness and inclusion for which the Federal Government established the commission |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by merry02(m): 6:45pm On May 28, 2015 |
Oshomole should face his state affairs nd new wife nd stop ranting like a saint... 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by philips70(m): 6:46pm On May 28, 2015 |
Jk210: Exactly what she did with Soludo's. This woman is a crook and also went ahead to employ another crook in the person of her Delta north brother, Nwabuiku who always defend her even when there is no attack. Meanwhile all the defense are so hollow that they always have no bearing with the issues at stake. Imagine the other day she was accused of depleting ECA, she tried to bamboozle Nigerians with how much federal allocation the state governors have received. What's the relationship between ECA and federal allocations to state. Read the long and well articulated issues Oshiomole raised and read this rebuttal. The lying party is just visible to those kids who just played Channels kids cup. Awon ole! 2 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by dandoki: 6:47pm On May 28, 2015 |
Olamitisoji:Ngozi wahala. Tief tief girl that must rot in jail Yale or no Yale. |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Pakingzzz(m): 6:48pm On May 28, 2015 |
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| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by klax(m): 6:50pm On May 28, 2015 |
Don't take this man called Oshiomole serious the touch of his little brat is making him developIng brain convulsion. At the moment he is in another planet. |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by alotofgrace(m): 6:54pm On May 28, 2015 |
Olamitisoji: Oga if u don't have anything to say....go and look bush. Are u a member of NEC? If not go and get sense. First it was Sanusi, then Charles Soludo, then Fashola, now it's Oshiomole!!!! Could it be possible that they're lying ? You suppose dey wear glasses for mouth. Let a member of NEC come out and counter him then we listen. So people just wan popular by all means 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by 190theclown: 6:57pm On May 28, 2015 |
We all know oshiomole has eaten that money wen e carry money marry new wife buy new private Jet for her people na today? 2 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by winterfell007(m): 7:02pm On May 28, 2015 |
people need to understand that the Excess Crude Account, the Sovereign Wealth Investment fund were opened to save the excess dollar bench marked from the sale of crude. these savings were extremely important to protects from shocks like what we are xperiencing now with the sharp drop in crude oil prices. i could remember when GEJ gave NOI approval to commence the scheme, such plans were vehemently opposed by the factional chairman of NGF, Rotimi Amaechi and his bands of renegade and even threatened a legal actions against the FG. Now we can all see how oil price drop significantly affected not just Nigeria but other OPEC members. the little we saved, the government demanded that we shared recklessly among themselves. Now everyone seems to blaming the FG 4 not doing enough to protect them. no one seems to question the profligacy that were manifest at the state level. To me, i place the blame on the state govt. for not seeing the need of saving for the rainy days. God bless Nigeria 7 Likes 1 Share |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 7:06pm On May 28, 2015 |
winterfell007:The excess crude account started before GEJ got there and he met over $10 billion there now he has emptied it. Obasanjo left $35 billion there He DID NOT give approval for that at any rate why must he do it for the states why not save the FG's share |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by hercules07: 7:12pm On May 28, 2015 |
omonnakoda: This is the question that needs to be asked, why not give the states their due and save your part, why cry more than the bereaved, NOI is nothing but a failure, it is people who have chopped or those who think their tribe person can not do wrong that will defend her. |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Nobody: 7:15pm On May 28, 2015 |
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| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by winterfell007(m): 7:18pm On May 28, 2015 |
omonnakoda: Obj didn't save $35billion, what he saved was $50 billion. and that was in our foreign reserves. there's a difference btw ECA and foreign reserves. foreign reserves are used to facilitate Nigeria's trade. Excess Crude Account was officially opened by GEJ's govt. 4 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 7:21pm On May 28, 2015 |
winterfell007:You think you know but you know nothing. Foreign reserves are not savings .They do not belong to the Government and are not government funds not to talk of savings.Foreign reserves are Central Bank funds. Government cannot spend foreign reserves. They belong to ANY PERSON who has a naira note in his pocket and is used to pay for imports. Those with half knowledge are always the most dangerous. please be quiet!! Obasanjo started the Excess crude account stop making noise and a fool of yourself http://leadership.ng/news/399876/excess-crude-account-obasanjo-questions-use-35bn 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by DonDiego(m): 7:27pm On May 28, 2015 |
She says the ECA was shared among the three tiers of govt and you are there still rubbing your eyes trying to figure it out. Folks like you will be given tonnes of fact and yet you'll still be there scratching your head in bewilderment. Well, the fault obviously isn't that of NOI. Jk210: 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by omonnakoda: 7:29pm On May 28, 2015 |
Excess Crude Account AAA | DEFINITION of 'Excess Crude Account' A Nigerian government account used to save oil revenues above a base amount derived from a defined benchmark price. The Excess Crude Account was established in 2004, and its objective is primarily to protect planned budgets against shortfalls due to volatile crude oil prices. By delinking government expenditures from oil revenues, the Excess Crude Account aims to insulate the Nigerian economy from external shocks. INVESTOPEDIA EXPLAINS 'Excess Crude Account' Surging crude oil prices led to the Excess Crude Account increasing almost four-fold, from $5.1 billion in 2005 to over $20 billion by November 2008, accounting for more than one-third of Nigeria's external reserves at that time. By June 2010, the account had fallen to less than $4 billion due to budget deficits at all levels of government in Nigeria and the steep drop in oil prices. In 2010, Nigeria's National Economic Council approved a plan to replace the Excess Crude Account with a national sovereign wealth fund. Switch to a platform built by traders, for traders CMC Markets offers an award-winning* platform with competitive pricing and 24-hour support. Trade CFDs or spread bet on shares, indices, commodities & FX. Find out more. Losses can exceed deposits. Click here *Best Online Trading Platform-Shares Awards 2014. Read more: http://www.investopedia.com/terms/e/excess-crude-account.asp#ixzz3bSX5ytEc Follow us: @Investopedia on Twitter 2 Likes |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by mkdboy: 7:31pm On May 28, 2015 |
Can he make public the total amount of money he received so far and how he spent it? 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by DonDiego(m): 7:33pm On May 28, 2015 |
The real shallowness, like her rebuttal indicated, is with a governor who every month sent his commisioner of finance to the FAAC meetings in Abuja and who afterwards received in full his state's share of the ECA and who is afterwards showing his amnesia by claiming he does not know how the money was shared. Oshiohmole should take up the minister's challenge and publish for the benefit of all Edo people the full details of incomes and expenditures of his govt since he became governor. At least the FG has consistently done its own bit. EdCure: 3 Likes 3 Shares |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by kritikali(m): 7:33pm On May 28, 2015 |
SHARIAREPORTERS: U lack sense and thought..the likers of ur post inclusive. 1 Like |
| Re: Oshiomhole's Baseless Diatribe Against Okonjo-Iweala by Guyman02: 7:35pm On May 28, 2015 |
But even Osho Baba did not deny collecting the published amount. Lets put politics aside and ask what the Govs did with their allocation. Everyone just focuses on the FG leaving out the local Govt Chairmen and State Govs. I hope we wont make the same mistake by focusing on Buhari and forgetting the Chairmen and Govs. 1 Like |
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