barcanista:
It is very clear that you are speaking out of Ignorance. Every month the FG allocates monies to MDAs, pay contractors, pay workers and also earn salaries. All these monies are drawn from the FG Account. Because most times there is shortfall in revenue or due to unforseen circumstannces, even the allocation to the FG is not always enough. Why do you think the FG had to borrow $1b dollars to fund the military last year? Why do you think the FG had to borrow to make up payment of wages and salaries? Do you think monies fall from the sky or there is a Big money somewhere? The FG exhaust every dime in the FG Account because it is meant for that purpose. You will complain if salaries are not paid. Ask Aregbesola or any governor how things are done.

As for crises/emergency, the Sovereign Wealth Fund/ECA is statutorily meant to take care of that and NOT FG share of revenue allocation. You should stop arguinng what you don't know.

The FG Account isn't for safe-keeping! The FG Account isn't for "savings". Why can't you people understand that savings/treasury is the External Reserve and ECA? Is it so hard to understand that the FG Account is not meant to have leftovers but for funding operations of the government? Kai Buharists are ignorant

barcanista:
Yes, during Obj's time we enjoyed increased reserve and ECA. As at May 2007, the gross res“The facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at $43.13bn, comprising the CBN’s external reserves of $31.5bn; $9.43bn in the Excess Crude Account; and $2.18bn in the Federal Government’s savings. The ECA was heavily depleted thanks to the Governors that demanded for its sharing. What is left in ECA is now $2billion dollars. The External reserve is at $30billion remember it was from this fund that the CBN used in defending the falling Naira. The Government had shortfall in revenue and used up the monies in FG Account plus even had to resort ro borrow to make it statutory demand. If you want to blame anyone, blame the Governors for squandering the ECA.

barcanista:
Yes, during Obj's time we enjoyed increased reserve and ECA. As at May 2007, the gross res“The facts are clear and indisputable. At the end of May 2007, Nigeria’s gross reserves stood at $43.13bn, comprising the CBN’s external reserves of $31.5bn; $9.43bn in the Excess Crude Account; and $2.18bn in the Federal Government’s savings. The ECA was heavily depleted thanks to the Governors that demanded for its sharing. What is left in ECA is now $2billion dollars. The External reserve is at $30billion remember it was from this fund that the CBN used in defending the falling Naira. The Government had shortfall in revenue and used up the monies in FG Account plus even had to resort ro borrow to make it statutory demand. If you want to blame anyone, blame the Governors for squandering the ECA.

barcanista:
You don't even understand stuffs. In the 2015 budget, Nigeria has over N1trn deficit as projected. She is meant to borrow N882b or $4.4billion dollars. The government announced that it has already borrowed N447billion to meet up expenditure INCLUDInG workers salaries. Where do you expect the government to get money to make up the deficit? Inasmuch as it is unhealthy for a country to resort to borrowing to pay salaries, it is also FOOLISH to empty treasury jst to avoid borrowing. The borrowing for salaries was even for this year not that it is a recurring exercise. This doesn't negate the fact that we have 30billon dollars in reserve and 2billion dollars in ECA

torkaka:


. . . . . . . .goon, aren't you the same rabid dog that said the FG doesn't have a savings account? . . . . . . . . . .the $2.18bn in your statement is for what? . . . . . . . . . . . . .if the $30bn you refer to is external reserve, then it's safe to say that Buhari is right to have said the treasury is almost empty . . . . . . . . . . . .I am assuming you know what the external reserves are meant for.

. . . . . . . .you are soooo DULL!!!!

Jesusloveyou:
is now, i understand u, so d noise about $30b is d one in foreign reserve, and u are happy about it, from $47b to $30b,i laugh, ECA of $10b to $2b,that is wonderful.

cyril83:



You don't expect reasonable and healthy government to borrow just to pay workers whil having urge sum in her reserve.

sherrylo:


Lord! From $47b to $30b in our foreign reserve and this useless barcanista is here crying to high heavens trying to fool some nairalanders that PMB is lying.

Pls talk about other fg accounts, we know say Gej Don finish nija.

blym4real:
I read an article where a past minister under jonathan administration said the past goverment left over $30 billion for the new government.
I also read an article sometimes ago where the past minister of finance said the government had to borrow money to pay salaries.

My question: How will a government who left over $30billion had to borrow to pay salaries ?

2sex:
Back this up with links to articles and let it hit front page.

Wildrage:


Not just to pay salaries but to also fund a lot of other items in their budget, that's what they call deficit budgeting and as far as I know, America has never balanced her budget in the last 50yrs. It only means the short fall in revenue needed to finance a yearly budget is borrowed either internally or from creditors abroad

blym4real:
I read an article where a past minister under jonathan administration said the past goverment left over $30 billion for the new government.

http://leadership.ng/news/442705/jonathans-minister-sulaiman-faults-pmb-on-empty-treasury-claims

I also read an article sometimes ago where the past minister of finance said the government had to borrow money to pay salaries.

http://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html

My question: How will a government who left over $30billion had to borrow to pay salaries ?

lalasticlala , ishilove

blym4real:


So during the five years rule of jonathan no money was added to the foreign reserve even when we experienced oil boom and the budget benchmark was around $75 per barrel, but crude oil went as high as $115 to $120

Wildrage:


Not just to pay salaries but to also fund a lot of other items in their budget, that's what they call deficit budgeting and as far as I know, America has never balanced her budget in the last 50yrs. It only means the short fall in revenue needed to finance a yearly budget is borrowed either internally or from creditors abroad

blym4real:


you said in your earlier post that a government shouldn't deplete its foreign reserve, but during OBJ and yaradua tenure that was when we had the highest reserve, from your analogy one would expect the reserve to increase under Jonathan administration but instead it was depleted not minding the fact that the administration enjoyed the highest price of crude oil in the history of Nigeria.

udatso:
Barcanista
Any last words?

barcanista:
Illiteracy/ignorance is really a disease. That a country borrows doesn't mean she doesn't have reserves. The $30bn and $2bn left in the External Reserve and ECA are not subject to debate. Nigeria is indebted but we still have monies of $32b in total left in our savings. Kai Buharists o


America is Heavily indebtyed yet she has billions of dollars in reserve. Only a foooolish country will empty her reserve.

CecyAdrian:

Imokay:


You have become sillier since you started moving with wrong crowd, your job was easier when you were on the people's side.

It is that same reserve that you and the daft former minster expect Buhari to start spending to run the country, bah?

Talk about been clever by half

udatso:

He got too many knock out punches from here. It's going to be a while before he recovers.