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Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters - Politics - Nairaland

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Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Nobody: 7:12am On Feb 01, 2013
Nigeria removes $1 bln from oil savings to give governors

Reuters – Wed, Jan 30, 2013


View Photo



Reuters/Reuters - Nigerian President Goodluck Jonathan gestures during an interview with Reuters at the Presidential Villa in Abuja January 26, 2012. REUTERS/Afolabi Sotunde

ABUJA (Reuters) - Nigerian President Goodluck Jonathan approved the removal on Tuesday of $1 billion from the country's oil savings to distribute to state governors for unspecified projects, one of the governors said after a meeting with him.

The withdrawal leaves $8.242 billion in the Excess Crude Account (ECA), Nigeria's mechanism for oil savings, Rivers state governor Rotimi Amaechi said after the meeting.

Finance Minister Ngozi Okonjo-Iweala has been on a drive to boost savings for Africa's second largest economy, doubling the balance in the ECA over a year before this withdrawal.

Economists have welcomed Nigeria's improved savings levels, but cautioned that there is nothing in place to stop them being rapidly depleted, as has happened in the past.
Jonathan and his team will be hoping this latest handout appeases the state governors, who have threatened to take the federal government to court over what it says are unconstitutional withdrawals from the ECA.

The governors are also in court trying to block the expansion of a Sovereign Wealth Fund (SWF) launched last year, which was supposed to replace the ECA and which has greater safeguards to prevent savings being removed. It will now run alongside the ECA with an initial sum of just $1 billion.

The SWF would in theory help Nigeria better manage its oft squandered oil funds by putting them out of the reach of its political elites, but without the governors' full support it is unlikely to take off.

State governors are among Nigeria's most powerful figures, some of them controlling budgets that are larger than those of other African countries.

Savings are usually depleted to pay for patronage just before elections and economists worry that if the SWF is not in place before a 2015 presidential vote, this will happen again.

http://news.yahoo.com/photos/match-interview-nigeria-president-photo-055418303--finance.html
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by denzel2009: 7:23am On Feb 01, 2013
He is like a computer virus.
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by bedford101(m): 7:24am On Feb 01, 2013
grin
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Nobody: 8:07am On Feb 01, 2013
This seems like a giving out salary to me
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Nobody: 7:32pm On Feb 01, 2013
Nigeria is finished.
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Nobody: 11:03pm On Feb 01, 2013
Funny Nigerians will not comment on important issues just as this.
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by otokx(m): 11:10pm On Feb 01, 2013
KingOfThisnDat: Nigeria is finished.
on the contrary Nigeria is just starting.
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Maxymilliano(m): 5:34am On Feb 02, 2013
KingOfThisnDat: Nigeria is finished.

The money is to be shared by the 36 State governors, not the Presidency.

Follow the link below and you'll get a clearer picture of what the money is meant for.

http://premiumtimesng.com/news/110715-governors-demand-release-of-one-billion-dollars-from-excess-crude-account.html
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Nobody: 5:38am On Feb 02, 2013
Maxymilliano:

The money is to be shared by the 36 State governors, not the Presidency.

Follow the link below and you'll get a clearer picture of what the money is meant for.

http://premiumtimesng.com/news/110715-governors-demand-release-of-one-billion-dollars-from-excess-crude-account.html

Are you ok? Did you read the crap in the link you posted?
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by Nobody: 6:02am On Feb 02, 2013
i hope t.a orji collected his own immediately, cuz i heard there is a new hotel he wants to buy at umuahia
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by gbadexy(m): 7:46am On Feb 02, 2013
The presido is not that corrupt but he is just weak as SFG insinuated.
The governors are the bigger thieves that arm twists him and leave him to face the consequence.
Re: Nigeria's President Splits $1billion With Governors----Yahoo News/Reuters by anulaxad(m): 9:40am On Feb 02, 2013
KingOfThisnDat:

Are you ok? Did you read the crap in the link you posted?


LOOOOOOL NIGERIA,SUFFERING AND SMILING cheesy cheesy cheesy cheesy

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