The Federal Government has once again debunked Rivers State Governor Rotimi Amaechi’s recent allegation that the management of the country’s resources is shrouded in secrecy.

The Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, in a statement issued on Monday in Abuja explained that contrary to the allegation by the governor, the state actually received the sum of N257.6bn within the first 10 months of this year from the federation account.

This, it added, was the second highest amount received by any state government within the 10 months period.

The statement said, “It is obvious that His Excellency, Governor Rotimi Amaechi of Rivers State wants to engage in a politicised debate on the management of the economy. We prefer to focus on facts.

“But we thank him most sincerely for at least admitting that he received N56.2bn. We also commend him for accepting that there was no intention by the Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, not to sign the Water Resources loan from the African Development Bank.

“Please recall that these were the only two issues that he previously raised in his well-publicised comments.

“It is a fact that Rivers State received N56.2bn from the Excess Crude Account which His Excellency identified as the Federation Account.”

The statement argued that the governor could not claim ignorance of the money his state received since monies taken from the ECA were first put into the federation account before being shared.

This, it noted, was the standard practice adding that the total amount states received from the federation account was far in excess of what they got from the ECA.

The statement signed by the Special Adviser to the mimister on communication, Mr. Paul Nwabuikwu said, “Of course, the money is taken from the Excess Crude Account and put into the Federation Account before being shared. That is the standard procedure.

“The total amount that the states receive from the Federation Account is far in excess of what they get from the Excess Crude Account.”

To put the issue in perspective, the total amount which Rivers State has received from the Federation Account between January and October 2013 is N257.6bn which is the second highest among the states, of which the N56.2bn from the Excess Crude Account is a part.”

The state government had in statement signed by the Commissioner for Information and Communications, Mrs. Ibim Semenitari, on Saaturday insisted that Amaechi and the other governors had only made one request for the sum of $1bn to be shared from the Excess Crude Account.

The statement explained that there had been no other request from the governors that funds from the Excess Crude Account be shared among the states.

It described as mischief the suggestion that Amaechi refused to acknowledge that Rivers State had received the sum of N56.2bn from the Excess Crude Account between January and September 2013.

The statement had said, Contrary to the coordinating minister’s claim that ‘Mr. Amaechi was closely involved and actively participated in making requests to the Presidency for the account to be shared for the purpose of augmenting the regular allocations from the Federation Account whenever there was a shortfall, Governor Chibuike Amaechi and his colleague governors have only attended one meeting where one request was made for the sharing of $1bn from the ECA

“Beyond that one meeting, there has been no other meeting where it was decided that money from the ECA be shared among the three tiers of government. There is a position of the National Executive Council’s on the matter of the Excess Crude Account.

“This position is that the savings in the ECA belonging to all the states is not to be touched. Indeed, this is in tandem with the position of the honourable minister that the ECA is savings for the rainy day and not to be shared in the manner she now seems to suggest.”

From: http://www.punchng.com/news/rivers-got-n257-6bn-from-federation-account-says-okonjo-iweala/

Does anyone know why the Right Honourable Rotimi A Amaechi would resort to deliberate distortion and outright LIES
Is this something he learnt from associating with the scammers and fraudsters in the Association of Conmen in Nigeria, ACN who have now metamophorsed into the Arewa People's Congress, APC

I love the way ths mama brings out facts. She's a professor for peace sake.

Waoooo so Amechi has received as much as N257.6bn in 2013 alone?
Can the people in Rivers be explicit to say if Amechi has used this income/fund wisely?

amaechi is just a clown,he cannot even account for his actions
big slowpoke

The young man called Rotimi Amaechi has always been in the know as to how the nation's finances is being run. I'm just alarmed at the way he distorts facts. What is even more alarming is how people swallow his lies (This in itself makes me feel there might not be any hope for Nigeria). I'm sure between now and February 2014, Amaechi would try to throw any amount of dirt he could at GEJ's administration. I urge the President to be extremely careful; they might even make an attempt on his life, these people are becoming very desperate.

And so what? Is this an attempt to justify the theft and total mismanagement of the treasury. What he received is the statutory allocation for Rivers which is even less than what should be as the federal government has been shortchanging these states. You are not doing Rivers any favour by giving it its statutory allocation.

Amaechi's argument is simple for those who can discern. That oil prices today are over 50% of budgeted means there is no need to draw from the savings from earlier years.

The whole essence of the ECA is to augment shortfalls in periods of low oil prices. Today London Brent is at about $108 per barrel while we budgeted about $79 per barrel. Given this difference, the ECA should be growing and not on the downward.

Where has all the money gone? This government is not able to implement budgets satisfactorily. This means a lot of funds not used should also have been saved. But what we have is the treasury being depleted by a rogue regime.

Ngozi has not answered his questions. She is just throwing figures around to hoodwink those who cannot discern.

Oh Naija.

ballabriggs: And so what? Is this an attempt to justify the theft and total mismanagement of the treasury. What he received is the statutory allocation for Rivers which is even less than what should be as the federal government has been shortchanging these states an giving them less than what is due. You are not doing Rivers any favour by giving it its statutory allocation.

Amaechi's argument is simple for those who can discern. That oil prices today are over 50% of budgeted means there is no need to draw from the savings from earlier years.

The whole essence of the ECA is to augment shortfalls in periods of low oil prices. Today London Brent is at about $108 per barrel while be budgeted about $79 per barrel. Given this difference, the ECA should be growing and not on the downward.

Where has all the money gone? This government is not able to implement budgets satisfactorily. This means a lot of funds not used should also have been saved. But what we have is the treasury being depleted by a rogue regime.

Ngozi has not answered his questions. She is just throwing figures around to hoodwink those who cannot discern.

crap and full of sh.it
here comes the headless noisemakers

fabulous4u:
crap and full of sh.it
here comes the headless noisemakers

Earn your wage, it is what you are paid to do. You need it to live.

ballabriggs: And so what? Is this an attempt to justify the theft and total mismanagement of the treasury. What he received is the statutory allocation for Rivers which is even less than what should be as the federal government has been shortchanging these states an giving them less than what is due. You are not doing Rivers any favour by giving it its statutory allocation.

Amaechi's argument is simple for those who can discern. That oil prices today are over 50% of budgeted means there is no need to draw from the savings from earlier years.

The whole essence of the ECA is to augment shortfalls in periods of low oil prices. Today London Brent is at about $108 per barrel while be budgeted about $79 per barrel. Given this difference, the ECA should be growing and not on the downward.

Where has all the money gone? This government is not able to implement budgets satisfactorily. This means a lot of funds not used should also have been saved. But what we have is the treasury being depleted by a rogue regime.

Ngozi has not answered his questions. She is just throwing figures around to hoodwink those who cannot discern.

Will STOP deliberately Confusing yourself and deceiving others?

The reason for the shortfall in Oil revenue even when there is a $30 difference is cos of significantly lower oil production levels compared to the projected budgeted figures. For instance, why the projected budgeted figures was 2.53mbpd, the actual figures for most of the early part of the year has been as low as bw 1.8-1.9mbpd (only in the last few months has it increased to bw 2-2.2mbpd) cos of such unfortunate occurrence as Oil theft, Oil pipeline shutdown, flooding, etc. So the total actual Oil receipts is actually lower than the projected budgetary Sum, hence the argumentation. Ameachi and every single State Govt know this cos that's why they fight practically every month in their FAAC; that's how someone like me knows it too. Moreover, both the Federal Ministry for Finance and the CBN as well as NBS release these figures openly almost on a money basis. It is currently on their website. Ameachi is only been mischievous and LYING if he now claims he does not know.


By the way, the DEFICITS of the budget is also partly funded by the ECA.

I hope this one makes front page too.

ballabriggs: And so what? Is this an attempt to justify the theft and total mismanagement of the treasury. What he received is the statutory allocation for Rivers which is even less than what should be as the federal government has been shortchanging these states an giving them less than what is due. You are not doing Rivers any favour by giving it its statutory allocation.

Amaechi's argument is simple for those who can discern. That oil prices today are over 50% of budgeted means there is no need to draw from the savings from earlier years.

The whole essence of the ECA is to augment shortfalls in periods of low oil prices. Today London Brent is at about $108 per barrel while be budgeted about $79 per barrel. Given this difference, the ECA should be growing and not on the downward.

Where has all the money gone? This government is not able to implement budgets satisfactorily. This means a lot of funds not used should also have been saved. But what we have is the treasury being depleted by a rogue regime.

Ngozi has not answered his questions. She is just throwing figures around to hoodwink those who cannot discern.

Lemme try breaking this thing down to the simplest reasoning .
Nigeria estimates to make $500million from oil annually by selling 100million barrels at $5 per barrel . however , it sells the oil at $7 per barrel but is only able to sell 50million barrels (due to crude oil theft, drop in demand as a result of other sellers), translating to a revenue of $350million barrel. Note that $2 for the 50million sold is first transferred to the ECA , i.e $100million is moved to the ECA leaving the Govt with a revenue of $250million to be shared. This is a shortfall of $250million to the federation account despite oil is sold above the projected price .

taharqa:

Will STOP deliberately Confusing yourself and deceiving others?

The reason for the shortfall in Oil revenue even when there is a $30 difference is cos of significantly lower oil production levels compared to the projected budgeted figures. For instance, why the projected budgeted figures was 2.53mbpd, the actual figures for most of the early part of the year has been as low as bw 1.8-1.9mbpd (only in the last few months has it increased to bw 2-2.2mbpd) cos of such unfortunate occurrence as Oil theft, Oil pipeline shutdown, flooding, etc. So the total actual Oil receipts is actually lower than the projected budgetary Sum, hence the argumentation. Ameachi and every single State Govt know this cos that's why they fight practically every month in their FAAC; that's how someone like me knows it too. Moreover, both the Federal Ministry for Finance and the CBN as well as NBS release these figures openly almost on a money basis. It is currently on their website. Ameachi is only been mischievous and LYING if he now claims he does not know.


By the way, the DEFICITS of the budget is partly funded by the ECA.

Close your mouth you liar. Is this rubbish an attempt to justify theft by those you so much adore.

The lowest oil output of oil has gone this year is 2.1 million barrels per day as reported by the NBS and not the 1.8 million as reported by a dubious human.

Now let me even take it that your 1.8 million is true. So a government is losing over 700,000 barrels per day? Then that government should not be existing. It is worse than a dead government.

There is thus no reason why the ECA should be going down at a very fast rate if not for theft all round.

Even at the heat of the Niger Delta crisis with low production, we were still able to save and fulfill our obligations to our lenders.

Today a rogue regime tells us it is handicap about the theft in the Niger Delta. Today a rogue regime tells us we have to draw from savings from earlier years to cover their theft.

t-something:


Lemme try breaking this thing down to the simplest reasoning .
Nigeria estimates to make $500million from oil annually by selling 100million barrels at $5 per barrel . however , it sells the oil at $7 per barrel but is only able to sell 50million barrels (due to crude oil theft, drop in demand as a result of other sellers), translating to a revenue of $350million barrel. Note that $2 for the 50million sold is first transferred to the ECA , i.e $100million is moved to the ECA leaving the Govt with a revenue of $250million to be shared. This is a shortfall of $250million to the federation account despite oil is sold above the projected price .

No! Production has not fallen by 50% and so I will not take your example. Fall in production is still about 10% and so this government should be able to function and not criminally draw from savings.

That's the difference between a Professor and an agbero. #Facts. Gov Agbero Amaechi when will you keep your mouth shut on what you don't know.

amaechi made d worst mistake by engaging this sophiscated woman in an argument o

It is only fo.ols that believe Amaechi. We know that prison awaits him.

Amaechi controls Ghana economy wt his investments over there. What about his refinery in Ukraine and elsewhere. Amaechi prepare to meet your mates in jail. Ibori is a saint to u.

ubongutioh: That's the difference between a Professor and an agbero. #Facts. Gov Agbero Amaechi when will you keep your mouth shut on what you don't know.

or rather pretends not to know. I assume he would have consulted the minister for finance tutorial before running to the press.

There's a major difference between federation account and excess crude. The federation account is accruable to States willy nilly and has nothing to do with excess crude that has to be an extra income to the States. So if Rivers receives 1trillion from federation account it has nothing to do with the 5billion stolen by the FG.

Abagworo: There's a major difference between federation account and excess crude. The federation account is accruable to States willy nilly and has nothing to do with excess crude that has to be an extra income to the States. So if Rivers receives 1trillion from federation account it has nothing to do with the 5billion stolen by the FG.

You get the issue. She is just all over the place without responding to Amaechi's questions.

Firstly, who agreed and authorised withdrawal of billions of dollars from the ECA, she has not told us. At least we know of the meeting where $1 billion deduction from ECA was agreed after boxing the states into a tight corner. What happened to the rest?

Why are we drawing from savings when oil prices are over $108 per barrel. Is this rogue government telling me it is losing 600,000 barrels per day in oil output? Then the government should not exist. It is as good as useless.

ballabriggs:

No! Production has not fallen by 50% and so I will not take your example. Fall in production is still about 10% and so this government should be able to function and not criminally draw from savings.

I was giving an example and I never said production fell , rather I said demand fell and loss of revenue due to oil theft, and nothing about production.

t-something:


I was giving an example and I never said production fell , rather I said demand fell and loss of revenue due to oil theft, and nothing about production.

That "demand fell" is an artificial creation of rogues. Against all advise, they still sell using their cronies as middle-men. As we can see from the various reports of theft in Nigeria's oil trade.

The summary of everything is that the nations assets and treasury are in the hands of rogues. NNPC sells crude of $20 billion, we see only $7 billion.

That demand fell is not the issue. If demand falls then the price of crude would have dropped badly to less than $80 per barrel. That the price is still over $108 shows there is still a good demand for output. Why is ours different? Simple, ours is in the hands of rogues.

Abagworo: There's a major difference between federation account and excess crude. The federation account is accruable to States willy nilly and has nothing to do with excess crude that has to be an extra income to the States. So if Rivers receives 1trillion from federation account it has nothing to do with the 5billion stolen by the FG.

Yes there is a difference between the two accounts. But that does not negate the fact that the two accounts converge for the purpose of sharing. Unless you didn't read the text. Read again and see how the two account converge. Pay attention to this:

“Of course, the money is taken from the Excess Crude Account and put into the Federation Account before being shared. That is the standard procedure.

Basically, some of the funds received the Federation Account are from the ECA!

ballabriggs:

You get the issue. She is just all over the place without responding to Amaechi's questions.

Firstly, who agreed and authorised withdrawal of billions of dollars from the ECA, she has not told us. At least we know of the meeting where $1 billion deduction from ECA was agreed after boxing the states into a tight corner. What happened to the rest?

Why are we drawing from savings when oil prices are over $108 per barrel. Is this rogue government telling me it is losing 600,000 barrels per day in oil output? Then the government should not exist. It is as good as useless.

You are the one who is over the place on Nairaland trying to defend an obvious goof by Gov Amaechi.
He said $5B is missing from ECA. But the Minister of Finance replied him with evidence of deductions from ECA to Rivers State to the tune of over 56 B. Amaechi has tactically dodged the issue.

PointB:

Yes there is a difference between the two accounts. But that does not negate the fact that the two accounts converge for the purpose of sharing. Unless you didn't read the text. Read again and see how the two account converge. Pay attention to this:



Basically, some of the funds received the Federation Account are from the ECA!

That is wrong. Very very wrong. It justifies the Governor's claim that Nigeria is broke. This means that ECA was illegaly used to complete our shortfalls in income without letting Nigerians and the Governors know. Okonjo needs to resign if she actually did this.

Madam finance minister, u have not answered Gov ameachi's question, you are just dulging the questions. it is not out of place 4 rivers state2 receive over 250 billion for 10 months bcoz rivers state budget for 2013 is over 400 billion. Call ameachi to make an account his ever willing to do dat. please answer his questions....

Dr. Ngozi Okonjo-Iweala - $5 Billion is not missing from the Excess Crude Account- The Rivers State
Government's position
In response to the warning raised by Governor of Rivers State and Chairman of the Nigeria Governors’
Forum, Rt. Hon. Chibuike Rotimi Amaechi, CON, at the 2nd Retreat of the Nigeria Governors’ Forum (NGF)
in Sokoto, drawing the attention of Nigerians to the fact that $5billion is missing from the Excess Crude
Account (ECA), the Coordinating Minister of the Economy and Honourable Minister of Finance Dr. Ngozi
Okonjo-Iweala, put out a rebuttal stating that the claim is “shocking and false”.
The Minister went on to say “the $5billion which Governor Amaechi referred to in his statement has been
shared to the three tiers of government to make up for the revenue shortfalls during the Federation
Accounts Allocation Committee process”. Dr. Okonjo-Iweala also said that “part of this fund also went for
SURE-P payments and the balance for subsidy payments to oil marketers”.
The Rivers Sate Government would like to address the issues as raised by the Honourable Minister:
First, the Rivers State Government wishes to acknowledge as highlighted by Dr. Okonjo-Iweala, that it
received the sum of N56.2billion, for January to September 2013 as statutory allocation from the
federation account.
The federation account is funded from receipts from oil and other sales (with oil accounting for over 90
percent and taxes - VAT- custom duties etc.). When more crude is produced and sold above the quantity
anticipated by the budget for any given year, the funds are by law meant to be kept as future savings in a
stabilization account, also known as the excess crude account.
Contrary to the coordinating minister’s claim, that “Mr. Amaechi was closely involved and actively
participated in making requests to the presidency for the account to be shared for the purpose of
augmenting the regular allocations from the Federation Account whenever there was a shortfall,” Governor
Chibuike Amaechi and his colleague governors have only attended only one meeting where ONE REQUEST
was made for the sharing of $1billion from the Excess Crude Account. Beyond that one meeting, there has
been no other meeting where it was decided that money from the ECA be shared among the three tiers of
government
There is a position of the National Executive Council’s (NEC) on the matter of the Excess Crude Account.
This position is that the savings in the ECA belonging to all the states is not to be touched. Indeed this is
in tandem with the position of the Honourable minister that the ECA is savings for all to be set-aside for
the rainy day and not to be “shared” in the manner she now seems to suggest. The Rivers State
Government finds it curious and very disturbing that our rainy day savings has been “shared” in complete
breach of the known procedure for doing such and in what might be considered an under the table and
clandestine manner.
The appropriate procedure as the Honourable Minster knows is that usually members of the NEC have to
make recommendations to Mr. President should there be need recourse to the Excess Crude account. The
Rivers State Government is certain that its Chief Executive and Governor did not participate in any such
meeting where any such approval was requested or even discussed and given
The second issue is the pertinent matter of the receipts accruing to the Rivers State Government. Since it
is not procedural for states to receive allocation from the Excess Crude Account, it may smirk of mischief
to suggest as the Honourable Minister did that Governor Amaechi refused to acknowledge, “Rivers State
has received N56.2 billion from the Excess Crude Account between January and September 2013.” Neither
Rivers nor any other state would have any inkling that the money received by Rivers State government and
other state governments for that matter were funded from the ECA. According to a communiqué issued by
the office of the Accountant General of the Federation after the June allocation meeting, “ the sum of
N7.617 billion refunded by NNPC and the N35.547 billion from the Subsidy Re-investment Programme
(SURE-P); formed part of the total distributable revenue for the month.” The communiqué confirmed that
the gross revenue for the month was N863.026 billion.
This was higher than the N590.777 billion received in May by N272.249 billion. It said very
unambiguously, “the higher revenue was a result of increased crude oil production due to the completion
of pipeline repairs in some terminals. There was also a significant increase in non-oil revenue during the
period due to the receipt of accumulated arrears on companies.”
The Rivers state government therefore finds puzzling the suggestion by the Honourable Minister that the
savings for 2012 has been used to fund the budget for 2013.
For the purposes of clarity and for avoidance of doubt, the Rivers State Government may respectfully
request the Honourable Minister to shed more light on the following,
· How much oil does the country produce per day?
· Clarification that the benchmark price for oil in the 2013 budget is $79?
· Is it a fact that crude oil was sold at prices that hovered around $110 per day throughout the year?
· How much exactly has Nigeria earned from its oil sales in 2013 and what percentage of the budget is
funded by these receipts?
The position of the federal government has been that there are shortfalls in production but does this
position also take into cognisance the over $30 differential between the benchmark price of $79 and the
actual sale price which averaged $110 per barrel during the period. The position of the Rivers State
Government is that the differential of over $30 should have been enough to fund the shortfall in
production? Unfortunately there has been no accounting for this huge differential. Perhaps the Honourable
minister may assist us in putting this in better perspective.
Governor Amaechi’s position in Sokoto was that the ECA is being managed like a piggy-bank contrary to
provisions of the law and in a manner that does not allow for transparency and accountability. A position
which the Honourable Minister’s rebuttal now seems to confirm, as can be noted in the third issue she
raised in her response.
According to her, the SURE-P is being funded from the ECA. But the President in his broadcast had stated
that SURE-P, “is designed to manage and reinvest the Federal Governments share of the savings from the
partial reduction of subsidies on petroleum products.” It was not and is not meant to be that SURE-P is to
be funded from ECA nor can the Federal Government unilaterally withdraw money from the ECA to balance
payments to oil marketers. Indeed the statement of the accountant general of the federation previously
quoted lays credence to this position – “ N35.547 billion from the Subsidy Re-investment Programme
(SURE-P); formed part of the total distributable revenue for the month.” It has been the understanding of
the Rivers State Government that SURE-P is funded from the extra money realised from the pump price of
petroleum, which Nigerians protested against when the pump price of fuel was raised. Is the Honorable
Minister telling Nigerians that the SURE-P is now being funded from the ECA! Might it then be true as was
recently suggested in the National Assembly that over N500billion of SURE-P money may be missing?
The Government of Rivers State holds the office and person of the Honourable Minister in high esteem, but
as a government we owe the 5.6 million Rivers people whose mandate we hold a responsibility of
accountability. The issues raised by Governor Amaech were raised purely out of concern for the need for
accountability and safeguarding the wealth of “future generations of Rivers people.” It is for this purpose
and to this end that we most respectfully seek clarification of the following.
· How much oil does Nigeria produce?
· Where is the differential between the oil pump prices?
· What price is our oil being sold for?
· How much have we earned from our crude oil sales in the last year?
· What percentage of budget 2013 does our crude oil sales revenue fund?
· Can the Honourable Minister assist in shedding more light on the subsidy savings since the reduction in
petroleum subsidy?
As a government that is also a major stakeholder in the administration, we believe that answers to these
very pertinent questions would put paid to whatever false or misleading information may have been put
out or peddled in the public domain.
Signed
Ibim Semenitari
Commissioner of Information and Communications,
Rivers State

Abagworo:

That is wrong. Very very wrong. It justifies the Governor's claim that Nigeria is broke. This means that ECA was illegaly used to complete our shortfalls in income without letting Nigerians and the Governors know. Okonjo needs to resign if she actually did this.

clearly u don't even know what the ECA account is meant for, is better you first of all understand what the ECA account means and the purpose of establishing the ECA account,then u would understand what the finance minister is saying

'
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.

Above is the meaning of ECA and why it was establised. The $5 billion ameachi claimed was missing was shared between the three tiers Of govt due to budget deficits at all levels of government in Nigeria and the steep drop in oil production due to oil thieft that forced a lot of oil companies to short down production this year. And of which ameachi and his government has accepted they received 62 billion from

taharqa:

Will STOP deliberately Confusing yourself and deceiving others?

The reason for the shortfall in Oil revenue even when there is a $30 difference is cos of significantly lower oil production levels compared to the projected budgeted figures. For instance, why the projected budgeted figures was 2.53mbpd, the actual figures for most of the early part of the year has been as low as bw 1.8-1.9mbpd (only in the last few months has it increased to bw 2-2.2mbpd) cos of such unfortunate occurrence as Oil theft, Oil pipeline shutdown, flooding, etc. So the total actual Oil receipts is actually lower than the projected budgetary Sum, hence the argumentation. Ameachi and every single State Govt know this cos that's why they fight practically every month in their FAAC; that's how someone like me knows it too. Moreover, both the Federal Ministry for Finance and the CBN as well as NBS release these figures openly almost on a money basis. It is currently on their website. Ameachi is only been mischievous and LYING if he now claims he does not know.


By the way, the DEFICITS of the budget is partly funded by the ECA.

thank you. Some peeps are cursing themselves with lies to score points. Thank you bro.

ballabriggs:

That "demand fell" is an artificial creation of rogues. Against all advise, they still sell using their cronies as middle-men. As we can see from the various reports of theft in Nigeria's oil trade.

The summary of everything is that the nations assets and treasury are in the hands of rogues. NNPC sells crude of $20 billion, we see only $7 billion.

That demand fell is not the issue. If demand falls then the price of crude would have dropped badly to less than $80 per barrel. That the price is still over $108 shows there is still a good demand for output. Why is ours different? Simple, ours is in the hands of rogues.

You are drifting to another topic. I would say we stick to facts we can prove so that we have a healthy conversation. Everyone knows that NNPC are rogues yet no one is able to provide clear cut evidence nor names, or is it everyone in NNPC that are rogues? We all claim NNPC is stealing funds, can you prove with clear cut evidence how much is actually stolen? You see why I said we should stick to facts ?

Lastly please could you ask Mr Amaechi this question ,
Since he claims he was aware of $1billion being shared, why didn't he just ask where was $4billion , instead he still added the $1billion which he participated in sharing amongst monies allegedly stolen ?

taharqa:

Will STOP deliberately Confusing yourself and deceiving others?

The reason for the shortfall in Oil revenue even when there is a $30 difference is cos of significantly lower oil production levels compared to the projected budgeted figures. For instance, why the projected budgeted figures was 2.53mbpd, the actual figures for most of the early part of the year has been as low as bw 1.8-1.9mbpd (only in the last few months has it increased to bw 2-2.2mbpd) cos of such unfortunate occurrence as Oil theft, Oil pipeline shutdown, flooding, etc. So the total actual Oil receipts is actually lower than the projected budgetary Sum, hence the argumentation. Ameachi and every single State Govt know this cos that's why they fight practically every month in their FAAC; that's how someone like me knows it too. Moreover, both the Federal Ministry for Finance and the CBN as well as NBS release these figures openly almost on a money basis. It is currently on their website. Ameachi is only been mischievous and LYING if he now claims he does not know.


By the way, the DEFICITS of the budget is partly funded by the ECA.

Using the daily production you posted, have you bothered to calculate if there's considerable drop in revenue vis-a-viz the souring oil prices?

Abagworo:

That is wrong. Very very wrong. It justifies the Governor's claim that Nigeria is broke. This means that ECA was illegaly used to complete our shortfalls in income without letting Nigerians and the Governors know. Okonjo needs to resign if she actually did this.

How exactly is it illegal? Are the governors the finance minister? Does the economic team need the say so of the governors to do their job? What role does Nigerians play in disbursement of funds from the ECA or the Federation Account other than the usual shout of corruption and thieves, such as you are doing now?