kaboninc:


Its so easy when we place blames on others and most dangerously on the wrong person.

This issue you just highlighted was the same issue NOI has been shouting, fighting and praying that these politicians will see reasons. Yet it was one of the problems Amaechi had with GEJ in the Governor's Forum.

Its the same issue these ignorant APC goons keep using as a launching pad for the attack on GEJ for 'wasting' the ECA. Now this same Pat Utomi has come up with his own rag-tag analysis. We should ask what did these same Governors do with their own share of the ECA?

See, we do not know what it takes to become a leader until we become one, until we begin to assume a role as a leader and in fact, a very divided, complicated, complex and dynamic society as ours we'll never know or have an idea of how difficult and most times endangering it could be.

Now one question he asked if I am better off as a person in the last four years? My answer to that is YES. How? Roads have been re-constructed and time wastage on roads have been reduced. I ply these roads. Increased economic activity translates to improved bottom line results. Stable exchange rates, stable prices and a single digit inflation rate even in times of low oil prices - I guess he didn't notice it. Reduced food prices as a result of improving Agricultural sector. Crashed cement prices - affordable housing. Improved maternal health, reduced child birth and maternal mortality. As a creative entrepreneur, I get too many options to choose from in seeking grants (loans) from Micro Finance institutions not banks with their high interest rates. Reduced travel time (remodelled, upgraded airports) for international flights into the Eastern part of the country. YES, improved power supply and security especially here in Lagos. And so much more. Oh, increased allowee for Youth Corps members.

So YES, in four years, my life has been better off.

guy u are too funny.

chronique:
You just made a blunder as regards the SWF being illegal. It was actually the ECA under Obasanjo that was illegal as it had no legal back up or regulatory frame work. SWF actually has a legal back up and regullatory frame work,as it went through several readings and debate at the senate and house of reps,before it was passed into law. As a matter of fact,it was the problem arising from saving in the ECA,that led to the creation of the SWF,which after being passed into law,replaced the ECA. As at today,the ECA doesn't exist because it is constitutionally illegal. It has been replaced with SWF which has the backing of the constitution. This is one of the reasons why I always advice and admonish people to learn properly on certain topics so that they don't enup ignorantly passing the wrong information to others who might look up to them for certain things.

You are the one misinforming yourself and spreading ignorance!
1. SWF is a global phenomenon of keeping windfall,excess crude or savings in d oil n gas sector for investment purposes. it boosts a nations chances of attracting foreign investment.
2. When introducing a new policy that affects others directly, it wise to consult concerned entities. Gej didn't carry the governors'along in introducing SWF and hence they took him to court? please read the article below;



Sovereign Wealth Fund divides Governors’ ForumMay 23, 2012by Tunde Odesola, Ifeanyi Onuba; Chukwudi Akasike, Femi Makinde and Ozioma UbabukohRivers State Governor, Rotimi Amaechi| credits: File copyThe Nigeria Governors’ Forum is dividedover the setting up of the Sovereign Wealth Fund by the Federal Government,investigations have revealed.Finance Minister, Dr. Ngozi Okonjo-Iweala, in an interview withThe Wall Street Journalon May 11 in Ethiopia, said the fund would begin operation in the next few months.The minister spoke in spite of a case at Supreme Court, where the state governments were challenging the legality of the Excess Crude Account andthe central government’s transfer of$1bn from the account to the SWF.Sources said the take-off of the SWF was being threatened by the hard stanceof states governed by opposition parties.A source said, “There is a serious problem now as regards the Sovereign Wealth Fund because the state governors have come out to reject it. So as it is now, we don’t know what the next step will be for the Federal Government.“Already, the take -off of the fund has been politicised and some of the governors especially the ones from ACN (Action Congress of Nigeria) are vehemently kicking against it. I know fora fact that a recruitment process for the management of the fund has been concluded but I don’t know what the specific next step for the take-off of the fund is.“The position of the governors is that the law setting up the SWF is inferior to the constitution and based on this, their argument is that all money accruing the to federation must be shared.”Osun State Governor Rauf Aregbesola, an ACN governor, who spoke through the Commissioner for Inforrnmation andStrategy, Mr. Sunday Akere, said the plan by the FG was executive lawlessness.He said, “Osun and 28 others states went to the Supreme Court to challenge the FG for manipulating the excessive crude fund and non remission of money due to the account.“The state demanded that the should pay to the local government councils and states all dues to them without any deduction.“What the Finance Minister, Dr Ngozi Oknjo-Iweakla, is doing is inconsistent with the rule of law. Why must the FG act unilaterally on an issue before the highest court in the land?”Another ACN governor, Kayode Fayemi of Ekiti State objected to the planned implementation of SWF.Fayemi, who spoke with one of our correspondents through his Commissioner for Information, Mr. Funminiyi Afuye, said it was the FG’s insistence to go ahead with the commencement of the SWF despite that governors had taken the case to court showed that the FG did not believe in therule of law.He said, “It is an indication that the FG does not believe in the rule of law. The government is yet to convince Nigerians.“My governor will not support what will undermine the commonwealth of Nigerians in general and Ekiti people in particular. The governors have taken thecase to court but the Federal Government is insisting on going ahead with the implementation of fund. The governors are not in support of the sovereign wealth fund.”But the Director-General of the Nigerian Governors’ Forum, Mr. Asishana Okauru, said the governors were not in disagreement with the Federal Government on the SWF.The NGF is dominated by the Peoples Democratic Party governors, who are 23, compared to ACN five, the All Progressive Grand Alliance’s two; the Conference for Progressive Change, one and the All Nigeria Peoples Party, three.Okauru, who spoke in a telephone interview with one of our correspondents, said though the governors had issues on the funding of the SWF, the situation had changed since then.Also, the Enugu State Government said it would not take a personal decision to support or object to the implementation of the Sovereign Wealth Fund.The state government spoke through Governor Sullivan Chime’s ChSief Press Secretary, Mr. Chukwudi Achife.He said, “Governor Chime cannot have an independent opinion whether to support or kick against the implementation of the SWF.

Babacele:
1. Amaechi n co started saving before the clueless one stopped giving them full allocation. so where is the money?
2. The SWF was illegal as there was no law or agreements setting it up. Besides federal government gets about 52% of all allocations while d remaining are shared by the states n LGs. so why can't the fed government save its share?
3.fiscal indiscipline and corruption are the hallmarks of this administration. maybe you can explain the missing $20b, $1.3trillion subsidy scam, pension funds, oduagate, 400k oil barrel being lost to bunkering daily e.t.c

The jonathan don fail too much. Gosh!

omenka:
I keep asking myself how we ended up with a guy like Jonathan. Intellectually, the guy is just too damn handicapped. He seems to be absolutely ignorant of the least requirements of leadership, let alone, possess same. Then what baffles me even more is how anyone with a brain of a human could support a guy like this to preside over the affairs of a state.

The quote above summarises all there is to the person Jonathan.

What do you expect from an accidental president.

Splashme:
[size=13pt]1) Pat Utomi was handed the popular Volkswagen Nigeria and he run it aground

2) Same Pat Utomi managed Platinum bank. The bank was weak and forced to merge with Habib to become Bank PHB. Even the Bank PHB, where is it now? We are now hearing of Keystone bank owned by new owners because Patitos gang could not manage it properly.

3) My point is, 'talk is cheap'. Nigerians love to criticise alot especially while outside of government. Pat himself could not manage very minute aspects of the economy to profitability. If Okonjo, Reuben Abati etc where not in govt there would probably be criticising too[/size]

Examine the quality of the message and leave the messenger alone! This is a typical Nigerian syndrome I am beginning to get fed up with.

chronique:
You just made a blunder as regards the SWF being illegal. It was actually the ECA under Obasanjo that was illegal as it had no legal back up or regulatory frame work. SWF actually has a legal back up and regullatory frame work,as it went through several readings and debate at the senate and house of reps,before it was passed into law. As a matter of fact,it was the problem arising from saving in the ECA,that led to the creation of the SWF,which after being passed into law,replaced the ECA. As at today,the ECA doesn't exist because it is constitutionally illegal. It has been replaced with SWF which has the backing of the constitution. This is one of the reasons why I always advice and admonish people to learn properly on certain topics so that they don't end up ignorantly passing the wrong information to others who might look up to them for certain things.

It has been passed into law by the FEDERAL GOVERNMENT unilaterally and the states have taken the matter to court as UNCONSTITUTIONAL. We await the ruling on that. Let us put ALL THE FACTS on display.
Now one would imagine that a responsible government would maitanin the status quo and wait for the supreme court to rule before allocating over$1 billion as it has done.

The SWF has the same problem as the ECA .It gives the FG a power that the constitution does not give it i.e the power to set a benchmark price for crude oil So even if the SWF is not abrogated that question of who sets the benchmark is not answered. Ultimately both are Unconstititutional. To say it is legal is missing the point the FG has made a law it does not have the power to make. It is no different from if the FG makes a law to change the Capital of Anambra state to Onitsha and saying it went through 100 readings. The FG does not have that power as the constitution is very clear on what should happen. The Constitution CANNOT be changed by LAWS rather amendments to the
Making a law is not a short cut to a constitution amendment.For one arm to unilaterally seek to change the status quo is strange.The FG is not the FATHER of the states.Specifically with regard to what should happen to money entering the Federation account the FG does not have power to legislate on money that does not BELONG TO IT i.e the SHARE of the States.
The benchmark can only apply to the FG budget
If this is constitutional what is to stop states setting another benchmark and starting their own wealth funds making deduction from LG funds

omenka:
I keep asking myself how we ended up with a guy like Jonathan. Intellectually, the guy is just too damn handicapped. He seems to be absolutely ignorant of the least requirements of leadership, let alone, possess same. Then what baffles me even more is how anyone with a brain of a human could support a guy like this to preside over the affairs of a state.

The quote above summarises all there is to the person Jonathan.

You have said it all!

I am tired of this country.
Everything is just like film trick.
Nigerian politicians' case is like someone with fully charged phone battery dragging charger with someone with only one bar on their phone.

"Who is fooling who aashuaaaally?" Rev father Mbaka.

Change2015:


And in your bitterness have you noted that INEC has said it has no problem with Buhari’s qualifications and that any aggrieved parties may use the courts as they are constitutionally entitled. And by the way a diploma from the USA war college is indeed superior to a wasc certificate but that would be of little interest to you! Education is more than getting the piece of paper, as clearly demonstrated by Jonathans incompetence.

#change
#GMB
#APC

my broda, the highest form of incompetence is the in ability of a person who said to v sat for waec but could not be able to produce his or her result man.
series of lies all because of one result. my good frnd, u may not agree but is the highest form of corruption insult to education and clueless that is what i can define buhari.

This man is right to some extent, but judging from his antecedence in the management of banks in Nigeria, it will be hard to accept all his recommendations.

No,you're the one who is wrong here. Question is: did it go through reading? Was it passed into law? Answer to both is yes. The governors cannot decide it is unconstitutional;it is only the court that can decide that. So on the strength of this arguement,I am right and you are wrong. So long as the court hasn't said it is illegal and unconstitutional,it stands. In law,it is not what you feel or think about a matter,that counts. It is what the courts decide,that counts. Until the court rules otherwise,it stands.

Babacele:
You are the one misinforming yourself and spreading ignorance!
1. SWF is a global phenomenon of keeping windfall,excess crude or savings in d oil n gas sector for investment purposes. it boosts a nations chances of attracting foreign investment.
2. When introducing a new policy that affects others directly, it wise to consult concerned entities. Gej didn't carry the governors'along in introducing SWF and hence they took him to court? please read the article below;



Sovereign Wealth Fund divides Governors’ ForumMay 23, 2012by Tunde Odesola, Ifeanyi Onuba; Chukwudi Akasike, Femi Makinde and Ozioma UbabukohRivers State Governor, Rotimi Amaechi| credits: File copyThe Nigeria Governors’ Forum is dividedover the setting up of the Sovereign Wealth Fund by the Federal Government,investigations have revealed.Finance Minister, Dr. Ngozi Okonjo-Iweala, in an interview withThe Wall Street Journalon May 11 in Ethiopia, said the fund would begin operation in the next few months.The minister spoke in spite of a case at Supreme Court, where the state governments were challenging the legality of the Excess Crude Account andthe central government’s transfer of$1bn from the account to the SWF.Sources said the take-off of the SWF was being threatened by the hard stanceof states governed by opposition parties.A source said, “There is a serious problem now as regards the Sovereign Wealth Fund because the state governors have come out to reject it. So as it is now, we don’t know what the next step will be for the Federal Government.“Already, the take -off of the fund has been politicised and some of the governors especially the ones from ACN (Action Congress of Nigeria) are vehemently kicking against it. I know fora fact that a recruitment process for the management of the fund has been concluded but I don’t know what the specific next step for the take-off of the fund is.“The position of the governors is that the law setting up the SWF is inferior to the constitution and based on this, their argument is that all money accruing the to federation must be shared.”Osun State Governor Rauf Aregbesola, an ACN governor, who spoke through the Commissioner for Inforrnmation andStrategy, Mr. Sunday Akere, said the plan by the FG was executive lawlessness.He said, “Osun and 28 others states went to the Supreme Court to challenge the FG for manipulating the excessive crude fund and non remission of money due to the account.“The state demanded that the should pay to the local government councils and states all dues to them without any deduction.“What the Finance Minister, Dr Ngozi Oknjo-Iweakla, is doing is inconsistent with the rule of law. Why must the FG act unilaterally on an issue before the highest court in the land?”Another ACN governor, Kayode Fayemi of Ekiti State objected to the planned implementation of SWF.Fayemi, who spoke with one of our correspondents through his Commissioner for Information, Mr. Funminiyi Afuye, said it was the FG’s insistence to go ahead with the commencement of the SWF despite that governors had taken the case to court showed that the FG did not believe in therule of law.He said, “It is an indication that the FG does not believe in the rule of law. The government is yet to convince Nigerians.“My governor will not support what will undermine the commonwealth of Nigerians in general and Ekiti people in particular. The governors have taken thecase to court but the Federal Government is insisting on going ahead with the implementation of fund. The governors are not in support of the sovereign wealth fund.”But the Director-General of the Nigerian Governors’ Forum, Mr. Asishana Okauru, said the governors were not in disagreement with the Federal Government on the SWF.The NGF is dominated by the Peoples Democratic Party governors, who are 23, compared to ACN five, the All Progressive Grand Alliance’s two; the Conference for Progressive Change, one and the All Nigeria Peoples Party, three.Okauru, who spoke in a telephone interview with one of our correspondents, said though the governors had issues on the funding of the SWF, the situation had changed since then.Also, the Enugu State Government said it would not take a personal decision to support or object to the implementation of the Sovereign Wealth Fund.The state government spoke through Governor Sullivan Chime’s ChSief Press Secretary, Mr. Chukwudi Achife.He said, “Governor Chime cannot have an independent opinion whether to support or kick against the implementation of the SWF.

omonnakoda:
Probably you did not read or did not understand what you read.

The Federal Government receives about 54% of the oil revenue so why did they not apply thi so called benchmark to their own share. Even with the bench mark in place in the budget which is the law the FG has been breaking the law by sharing the ECA when the governors take their share. Yes the governors are ENTITLED to take their share but there should still be 54% of it remaining WHERE IS IT?
Instead the FG has spent it all and BORROWED at an unprecedented rate. NO GOVERNMENT in our HISTORY HAS BORROWED AS MUCH AS THE FG in the last 4 years. No Government has enjoyed as much oil revenue. No Government has had as much money as this government.
Where is it?

Finally what has the FG done to diversify its sources of revenue?
I am sorry we cannot blame the governors and if we must the FG MUST TAKE 54% OF THE BLAME

You talk as if your brain has been locked...I swear.

The Federal (and not Federation) budget is customarily design and developed around a benchmark of our major source of revenue which in this case, is crude oil. In fact, a budget has an expected income components which must explicitly specify expected source of income with a provision for estimates as actual figures are not usually realised. More so States Governments design their own budget based on income from the Federation Account, Internally Generated Revenue and any other income stream. In making provision for their 'pie' from the Federation Account, they also put the benchmark on crude oil so as to avoid misunderstandings. Ask that State Governments should make their budget estimates public for robust analysis.

So if your expectations exceeds your estimated expenditure, you get a surplus otherwise its a deficit. If a deficit and its very important that some projects be executed, you can then consider other sources of funds which can be from your savings or loans or unexpected sale of assets (like privatisation) or anywhere at all.

Savings in this case can be from the ECA. The ECA is not a Federal Government's sole property but the Federation's which includes other tiers of government (States and Local). So once in a while, in order to augment for shortfalls either due to dwindling income (as in this case, crashing price of crude oil), the funds from the ECA will be used. So the savings belongs to the entire Federation.

It is a normal practice for government and even private institutions to retire matured debt obligations by taking another debt. That is borrowing Peter to pay Paul. So for the first time, this government has made provision in the budget to retire recurring debts. You talk about Fed Gov debts. Your question should be: is it healthy or toxic? How about States' debt (or you don't know States borrow)?

I do not see you as someone who wants to learn or acquire knowledge else how will you be asking what steps the government is making to diversify her sources of income? Are you really from this world or Pluto? I won't give you a hint because you're just......

You ask of the 54% share of the Fed Gov. That share was also used to fund the budget too. It is people like you who take it that the Federal budget is for the entire Federation. Ask specific questions without of course, a pre-determined mindset. All tiers of government borrow for one reason or the other. Questions you should be asking are what is government's effort on reducing recurrent expenditures as this takes more than 60 percent of the entire budget and these expenditures must me met else...you know the outcome; for what purpose is government borrowing, the terms and conditions, the mode of pay back, the capacity and capability to pay, the penalty for a default, and if there can be alternative source of funding for that project. Do you know that most States actually borrow to pay salaries?

Ask GMB these questions and ALL Governorship candidate. Also ask this present government (all tiers) about their loan obligations.

Oh...I saw him on Channels TV talking but, please help me relay his messages as my TV tried all its possible best to transmit what it heard but......e just quench!

omonnakoda:

It has been passed into law by the FEDERAL GOVERNMENT unilaterally and the states have taken the matter to court as UNCONSTITUTIONAL. We await the ruling on that. Let us put ALL THE FACTS on display.
Now one would imagine that a responsible government would maitanin the status quo and wait for the supreme court to rule before allocating over$1 billion as it has done.

The SWF has the same problem as the ECA .It gives the FG a power that the constitution does not give it i.e the power to set a benchmark price for crude oil So even if the SWF is not abrogated that question of who sets the benchmark is not answered. Ultimately both are Unconstititutional. To say it is legal is missing the point the FG has made a law it does not have the power to make. It is no different from if the FG makes a law to change the Capital of Anambra state to Onitsha and saying it went through 100 readings. The FG does not have that power as the constitution is very clear on what should happen. The Constitution CANNOT be changed by LAWS rather amendments to the
Making a law is not a short cut to a constitution amendment.For one arm to unilaterally seek to change the status quo is strange.The FG is not the FATHER of the states.Specifically with regard to what should happen to money entering the Federation account the FG does not have power to legislate on money that does not BELONG TO IT i.e the SHARE of the States.
The benchmark can only apply to the FG budget
If this is constitutional what is to stop states setting another benchmark and starting their own wealth funds making deduction from LG funds

You are just like the guy I quoted!

Indeed the benchmark ONLY applies to FG's budget. Like you do not even understand how the government works. If you must know, the CONTROL OF ALL MINERAL RESOURCES is vested in the Authority of the Federal Government. Get this clear. Don't you think it will be suicidal for State Governments to put a benchmark on a commodity they do not control? In fact, what if we our major source of income wasn't crude oil, don't you think there will be some kind of 'benchmark'? Do you know the meaning of 'benchmark' in this context?

Secondly, read my post above.

Thirdly, in case you think you know, the FG and States have been going back and fourth on this issue of ECA with the court - remember the planned out-of-court settling?

Fourthly, open your eyes and brain. They are half closed!