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What “missing” N11.56trillion Excess Crude Fund Can Do For Nigeria / Two Generals Purportedly Express Shock Over Jonathan’s Boko Haram War Politics / Abiola's Family, Oyegun Express Shock, Dissapointment At UNILAG Protests (2) (3) (4)
|States Express Shock At ‘missing’$1 Billion Excess Crude Fund by dotG(m): 4:50pm On Dec 17, 2014|
STATES Financecommissionershave expressedshock at the alleged disappearanceofthe sum of$1 billionfromthe Excess Crude Account (ECA) fundbetween last monthand yesterday.
FinanceMinisterofState, Ambassador BashirYuguda, at the end ofthe FederationAccounts AllocationCommittee(FAAC) meetingtold reportersthat the ECA balance was $3.1 billionas at yesterday, down fromthe $4.1 billion level last month.
But ina quickreaction,the Chairman ofFinanceCommissioners’Forum, Mr. TimothyOda,h saidstates werenot aware that the saidamount ($1 billion) had been drawn downand distributed among the three tiersofgovernment.
Odah said: “States are not aware ofthis$1 billionwithdrawalfromthe ECA. We were justhearing about the informationas you people asked the question. Nobody has briefedus about the withdrawal.Ifwe were aware ofthe development,we would have asked the question.Now that we have heard, we are goingto demand explanationofthe whereaboutsof the $1 billion.”
The developmentcame as the three tiersofgovernmentdistributed the sum ofN628 billionbeingstatutory revenue and VAT collectionsfor November.
A breakdown ofthe figuresindicatedthat mineraloilrevenue generated the sum ofN383.147 billion,down fromthe N420.035 billioninthe previousmonth; non-mineral oilrevenue was equally downby N1.495 billion,failingto N115.162 billionaway fromthe N116.657 billionthe previousmonth.
VAT equally dropped to N58.213 billionfromN64.452 billionthe previous month. The revenue as usual was distributed inlinewiththe revenue sharing formula of52.68 per cent for the Federal Government;26.72 to the states and 20.60 per cent to the local councilsinadditionto the otherbeneficiaries fromthe accountlikethe nineoilmineralproducingstates and revenue generatingagenciesofthe FederalGovernment.
Meanwhile,FinanceMinister,Dr. NgoziOkonjo-Iweala, was yesterday at the FAAC to appeal for moreprudence on the part ofthe states because of the current slideinthe fortunes of the country and advisedthemto be moreimaginativeaimedat creatingmore avenues of revenue generation.
She spoke to journalistsshortly after the closed-door meetingwiththe FAAC members: “ As you know itisthe end ofthe year, we are presenting the budget; we are laying the budget tomorrow.And I wanted to share with the honourable commissionersof finance,the accountants general underthe able chairmanshipofthe honourable ministerofstate finance.Someofthe reasons behindthe parameters that we put inthe budget, because as you knowitdoesn’t only affect the federal governmentbut also the states. But I want you to knowthisisnot the firsttimewe are meeting.We had already met inEnugu and we had already discussedthe difficult situation that was comingup. So today was just for us to exchange viewswiththe commissionerson what we should do at both federal and state level to help manage the situation.
“Once we make adjustment at federal level, at state level they also have to make adjustments. So that was what we discussed;what mightbe the type ofmeasures, so that we all assure a softlanding even for our states and we agreed that we willput together,we willworktogether. Each state has itsown peculiarity;some have more IGR than others;somehave higher recurrentthan others, we take itstate to state to try and see what do we need to do, we at federal level want to be of assistanceto the extent we can. So it’sthat kindofconstructivemeetingthat we had.
“You knownaturally withthe states, we willbe lookingat, again just likewe didat the federal level short term and long term, inthe short term those who have the capacity,infact all ofthemshould look towards raisingmore internallygenerated revenue. But inthe mediumterm we willalso look at tax policy, issueslikethe VAT. You know governors already rose fromtheirlast nationaleconomiccouncilto say that they willlikethe VAT to be looked at.”
“Thisisa matter whichhave to be taken to the NationalAssembly. But you knowthat ifwe are able to make a movementon th VAT itwillbenefit the states more. The federal governmentonly gets 15% ofthe VAT but the states gets the rest. And we are desirousto see that they have a better timeofit.So theseare someofthe issuesthat we put on the table and discussed.How would we go about it,you knowinthe comingmonth.
“We are not increasingityet. I was asked a question,what are the measures we could look at. You know tha the measures we already announced whichwould be announced inthe budget tomorrow willhave to do withsomeluxury surcharges that we are puttingon and someofthe longer or medium term measure that we put on the table we willlook at because NationalAssembly isalso involved.You know someofthe measures willbe very specific ate the budget presentationtomorrow but each state willhave to look at such circumstances.And all we are sayingiswe are ready to workwithyou, we are ready to support you and we can ifsomeofthem are doingwell the way we are sharingideasthey can also share withus.
“We put our mindstogether that iswhat we are discussing.We also discussedsomevery good thingshappeninginthe economy whichwillcushion the impactby the way. When you look at pricesand again I willrepeat this tomorrowfor the budget, you saw that inflation has comedown. According to nationalbureau of statistics 7.9% agriculturepricesinmost places are eitherholdingsteady or have even dropped. I willsay more about this tomorrow.Thisisone ofthe sound pointswithin the economy wherefor the average Nigerian,thisgovernmentis... Try to do thingsina manner that will not affect the average Nigerianand the fact that the diversification ifthe economy ... Agricultureisworkingand we are gettingmorefood and prices Re reasonable. It isa very sound point.”
|Re: States Express Shock At ‘missing’$1 Billion Excess Crude Fund by Iroh88(m): 5:04pm On Dec 17, 2014|
All of these anomalies will be remedied come valentine next year.
Shame on mr Stealing is not Corruption.
|Re: States Express Shock At ‘missing’$1 Billion Excess Crude Fund by otokx(m): 5:51pm On Dec 17, 2014|
|Re: States Express Shock At ‘missing’$1 Billion Excess Crude Fund by Raddie(m): 6:42pm On Dec 17, 2014|
One billion dollars missing!
Na ten naira ni?
These guys are just rogues - all of them.
At times I just can't help but wonder if thes guys are nigerians.
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