Nigeria’s Excess Crude Account Down To $2.45 Billion - Business (2) - Nairaland
Nairaland Forum / Nairaland / General / Business / Nigeria’s Excess Crude Account Down To $2.45 Billion (18772 Views)
Excess Fresh Tomatoes Floods Calabar Markets / How Can Someone Make Aleast $1 To $2 Daily Pls I Need Help / Banks Start Penalizing Customers Who Withdraw "Excess" Cash (2) (3) (4)
(1) (2) (3) (4) (5) (6) (Reply) (Go Down)
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by DopeAngel(m): 7:59pm On Jan 17, 2015 |
js passing by. i was here |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by DONOCSO(m): 7:59pm On Jan 17, 2015 |
They want to tell us another story again. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:00pm On Jan 17, 2015 |
Airforce1: My friend...this one is not a PDP or APC thing. We have been dependent on oil for too long....now it has come to haunt us well well. It is 1982 all over again....Mr SAP and company are back in Nigeria. 7 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Wolef7(m): 8:00pm On Jan 17, 2015 |
bushdoc9919:Oil is not a curse! Poor leadership is a curse and a major cause of this nation's problem. Note: Oil has brought development to nations, UAE being a good example. 8 Likes 1 Share |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by bodsibobo(m): 8:00pm On Jan 17, 2015 |
chisos!!!!!!! This dastardly administration of cluelessness and ineptitude headed by Jona has no part two. I truly wish them to finish the money in the account and we'll see where they'll turn to........maybe he'll ask CBN to start printing naira en mass....like Idi Amin of Uganda in the days of yore. 3 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by chronique(m): 8:00pm On Jan 17, 2015 |
I'm sure majority of the people who would comment on this topic will not understand anything written there,but will be quick to blame GEJ for the shortfall. 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:01pm On Jan 17, 2015 |
we need a revolution.... youths prepare your minds. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:01pm On Jan 17, 2015 |
Excess Crude Account (ECA) is different from External Reserve Account (ERA). The purpose of the Excess Crude Account is for deposits of funds in excess of the budgetory benchmark i.e when the price of crude oil is beyond the budget price. And the function of that Excess Crude Account funds is to cushion the effect of inflation and marginal fluctuation difference in the event of lower price of crude. This is the account that Rotimi Amaechi of APC has been fighting the Presidency to share the money to Governors. Right now, we should be grateful to Ngozi Iweala for the wisdom to retain the funds, because it is the funds that's used to stabilize the naira, ordinarily, Naira is supposed to lose three-quarter (3/4) of its value, from say 160 to a dollar to 400 to a dollar due to the current fall in price of crude oil to 3/4 of its price. But na this Excess Crude funds that we are using to stabilize the naira in the FX market. We also touch this money to take buy military hardwares that were not budgeted for during the 2014 budget etc. I supposed keep quiet but I have to inform the illiterate APC goons that we know their stock in trade. Their job is to shout out of ignorance. 5 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by dammytosh: 8:01pm On Jan 17, 2015 |
Hahahahahaha Fresh smelly air. And some kids still shouting GEJ till bla bla bla. i don't blame most of them, they collect money from Daddy at home. They have no idea of what the impact of the economic policy of aThe Clueless one has on everybody. 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by baybeeboi: 8:02pm On Jan 17, 2015 |
ukeme nnyin oto Abasi 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by 9jaCrusade: 8:02pm On Jan 17, 2015 |
So this is all Okonjo can produce in this economy? after being chased about by the most clueless one, paid in dollars (someone employed to build the naira, but who insisted on being paid in dollars), given the role of coordinating minister? This is all she can do? I am sorely disappointed. See how these guys are spending billions without a resultant effect upon Nigerians. What if OBJ hadnt saved these monies? What would have happened? Okonjo with all her IMf credentials has once again proven that technologies and degrees without the will are nonsense. Same goes for the clueless one's claim that technology is the solution to corruption. A 50% drop in crude price and all the charade of 6 years come crashing down like a pack of cards. History will judge you people. You will never measure up to any reasonable office again because you are simply not capable. 4 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ChinemeOkpan: 8:03pm On Jan 17, 2015 |
Billyonaire: Who is the illiterate here Mr Billy? 17 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:04pm On Jan 17, 2015 |
ChinemeOkpan:You, my little pricky friend. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:04pm On Jan 17, 2015 |
delvinmaya: olapluto:noted. he paid USD4.5B and we still owed USD5B. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ToyinDipo(m): 8:04pm On Jan 17, 2015 |
May God save us from these leaders. 1billion$ to pay debt no one knew of. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by spott(m): 8:05pm On Jan 17, 2015 |
Oboy! GEJ has finish us ooooo! GEJ government is just too incompetent. Clueless and stupid. GMB for sure! 4 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:07pm On Jan 17, 2015 |
CyberWolf:where you dey before? |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ichidodo: 8:07pm On Jan 17, 2015 |
Billyonaire:Bang on time! I could swear i saw APC e-goats angling to decieve unsuspecting nuetrals before this comment came out.... |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by olapluto(m): 8:08pm On Jan 17, 2015 |
Billyonaire:By your logic, sir, oil prices went up many times in the last 4 years, why did the naira not appreciate in value? Jonathan's net contribution to the excess crude account is negative almost 80B USD. DO you realise that GEJ and Okonjo Iwahala have been depleting that account even in the days of high crude oil prices? Simply put, GEJ has not saved, he has spent OBJ's savings, and he has even borrowed on top. All these despite having being very lucky with high oil prices over 4 years. 10 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by delvinmaya(m): 8:08pm On Jan 17, 2015 |
Advertico: Essentially to you, we didn't pay up the USD5B?? He he he. Smh |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by UnknownT: 8:08pm On Jan 17, 2015 |
Airforce1:Just stick to celebrities thread especially any wizkid thread 7 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by bodsibobo(m): 8:09pm On Jan 17, 2015 |
Billyonaire: @Kobo o naire So your postulation above justifies the rate at which the account is plunging........God, you Janathanians make me sick. Help yourself and read olapluto's post above!!!  3 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:11pm On Jan 17, 2015 |
Omo this one na die be this. Jonathan is destined to bankrupt Nigeria - Tunde Bakere The excess crude account stood at over $20 billion when Yar'Adua took over in 2007 but his administration regularly dipped into the account. Relatively high oil price meant the money in the ECA remained at $20.1 billion at the end of 2008. The account has a balance of $20 billion as at January 2009. By December 2009, Former President Umaru Yar’adua had reduced the Account to $7.8 billion. Then in February 2010, Jonathan Goodluck, then Acting President asked Federal, States and Local governments to share $2 billion from an earlier balance of $6.2 billion, leaving about $4.1 billion in the account. In March 2010, he approved the disbursal of a further $1 billion from the country's windfall oil savings, leaving about $3.1 billion in the account. The move brings to $3 billion the total amount of Nigerian oil savings that Jonathan approved for disbursal to the country's 36 states and government agencies in one month! Read More: http://www.elombah.com/index.php/articles/daniel-elombah/3918-now-that-president-jonathan-has-decimated-the-excess-crude-account-v15-3918 2 Likes |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ApexTitan(m): 8:12pm On Jan 17, 2015 |
As usual it's those who have very little understanding of how finance at this level works that will shout the loudest here. PDP and APC are both responsible for the situation the country has found itself in. The funds from ECA was disbursed to both PDP and APC states. This is also an opportunity for the opposition to inform Nigerians how they intend to do things differently than the incumbent leaders, tell Nigerians how their plans will be better than what is in place. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:12pm On Jan 17, 2015 |
delvinmaya:nt really. |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by mentorandfriend(m): 8:12pm On Jan 17, 2015 |
Chi zos!!! |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Etinosajay(m): 8:12pm On Jan 17, 2015 |
ichidodo: What's Nigeria's foreign reserve please? Don't insult me, i'm just asking to know 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by redcliff: 8:13pm On Jan 17, 2015 |
Udmaster: industrialization is the most important thing Nigeria with all the manpower we have can invest in an be a force to reckon with... |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Etinosajay(m): 8:13pm On Jan 17, 2015 |
Advertico: Bros, he did. Read about it on google 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:15pm On Jan 17, 2015 |
Wolef7:  I hereby serve you....BUSHDOC'S MAXIM OF ECONOMIC DEVELOPMENT!(Copyrighted material...so no copy copy). Oil economies that are prosperous have two things (or one of two things). 1.SMALL POPULATIONS.....eg..UAE has 9 million people...and produces 800000 barrels more than Nigeria per day.(Nigeria has 170million peoples. You do the math). 2.DIVERSIFIED ECONOMIES....UAE has a diversified economy. Norway...which has 11 million people and is the number 2 oil producer (the Saudi of the West...some people call it)...has a strong industrial economy as well. You are right somewhat....our leaders should have diversified ages ago....even now. But the thing is...when you Nigerians talk about economic development...it is always in terms of how the national cake must be shared...not how existing resources can be used for industrial development. We do not have to build the Nuclear bomb....but we can build smaller scale solutions to our local problems....like a decent manual grinder for our village women...and grow from there. 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:17pm On Jan 17, 2015 |
Udmaster:this is very is very important 1 Like |
| Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 8:17pm On Jan 17, 2015 |
Silence please Looting in progress  4 Likes |
(1) (2) (3) (4) (5) (6) (Reply)
Top Ten Richest People In Nigeria 2017 (forbes) / Cash Shortage Hits Banks, Overnight Lending Rate Jumps / Amazon To Open African Headquarters In South Africa
(Go Up)
| Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 59 |