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|Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 6:46am On Jul 09, 2015|
Since retracing my step back to PDP I vowed to critically investigate issues before taking position. From the very first day that the ECA "controversy" started I have maintained that officers of the immediate past administration have no case to answer.
I had to take my time to do an indepth write-up on the ECA, and linked it with the contentious $2billion. PLEASE read with an open mind...
Pre-Jonathan: Obasanjo Left $20billion In ECA, Yar'adua Left $6.5billion
When late President Umaru Yar’Adua was sworn in on May 29th, 2007, the ECA held $20billion, out of which $5 billion had been pledged by the three tiers of government to the National Independent Power Project (NIPP), which jointly own the account.
The Governors under the unbrella of Nigeria Governors Forum led by Bukola Saraki in 2008 instituted a lawsuit at the Supreme Court against the Yar'adua government calling for the sharing of the $15billion ECA. Yar'adua in 2009 opted for out of court settlement. By end of 2009 it had dropped from $15billion to $6.5billion.
Jonathan Inherited $6.5billion ECA (Pre-NOI Era)
When Jonathan was made "overseer" during the vegetable state of Yar'adua in December 2010, the Governors insisted that the $6.5 billion ECA be shared. In January 2010, President Jonathan Goodluck acceded to the governors' and agreed to share $2 billion from the ECA.
Jonathan also approved additional deduction of N339.627 billion from the account to augment arrears due to the three tiers (Federal, State and Local Governments) in May 2010.
Despite the almost $4billion shared between January and May 2010, the Governors led by Saraki demanded that the left over $3billion ECA be shared.
In August 2010 the FG under Jonathan bugged into the demand of the Governors and withdrew the $3billion from the Excess Crude Account, leaving behind a meagre $460 million. The Government of Jonathan however paid $1billion into the Sovereign Wealth Fund (SWF) and shared the $2billion among the three tiers of government
Note that Dr Ngozi Okonjo Iwaela wasn't the Finance Minister as at this time.
The Accountant-General during this period was Alh Ibrahim Dankwambo (the incumbent Gov of Gombe state)
Jonathan's 2011-2015 (NOI Era)
Under Okonjo Iwaela as the Finance Minister the government started having renewed battle with the governors led by APC Hon Chibuike Amaechi (calling for the sharing of ECA).
Three years after the Governors settled out of Court with Yar'adua, the Governors led by Amaechi went to Supreme court in October 2011 to demand that the $1billion saved in SWF be shared along with the billions in ECA.
FG under Jonathan proposed out of court settlement with the Governors to save the SWF and ECA.
Despite the out of court settlement, the Governors were so determined to share the money, instituted another lawsuit again two months later asking the Supreme Court to stop the FG from saving $2billion in SWF but instead "share the money".
May 25, 2015
N6.21 trillion Shared From ECA Between 2011 and 2014 (May 25, 2015)
According to a report by the Federal Ministry of Finance, the Federal Government’s share from the ECA during the period of 2011 to 2014 was N3.29 trillion while the 36 states received a total of N2.92 trillion. They received N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 in 2014.
Jonathan/NOI Grew ECA From $450m in 2010 to $9billion in 2012
As at August 2010, the ECA stood at meagre $450million. However, the NOI/GEJ increased this money to $9billion at the end of 2012.
Let me also add that ALL the monies shared from ECA between the period of December 2010-December 2014 were generated by the Jonathan'an administration. Also the leftover $2billion is to the credit of Jonathan's administration.
Despite the windfall, almost all the governors plunged their states into serious debt.
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 6:46am On Jul 09, 2015|
The Contentious $2 billion
November 17, 2014
As at October 2014 the balance in the ECA was $4billion. While announcing government austerity (as a result of the sharp drop in oil price) in November, the former finance Minister made it clear that the FG will tap $2billion from the ECA.
“We will work in such a way that we won’t deplete the ECA because we have to leave something for next year but we might go to tap about a half of it ($2bn) or slightly less than half to be able to meet expenditures that are crystalising at the moment that we need to make.”(Ngozi Okonjo Iwaela Nov 2014)
ECA Balance As At November and December 2014
At the end of November 2014 the Accountant General of the Federation informed FAAC and Nigerians that the ECA was $3.11billion and in January 17 2015 the balance was announced to be $2.4billion. $1 billion was deducted in November and another in December 2014. The Governors were well aware including Mr. Adams Oshiomole.
The $2 billion Paid To oil Marketers
The Minister in January 2015 clearly stated that the reduced $2billion went to the oil marketers as part payment for outstanding PMS subsidy bill. Remember that the government of Jonathan through Okonjo Iwaela had pre-informed the FAAC that $2billion will be deducted from the ECA in November.
When the GEJ's government made the said announcement in January this year nobody said a word. Yesterday Madam NOI said the Former President approved the withdrawal of the $2billion to as part of subsidy payment, is it not in line with the FG position in November 2014? Was Oshiomole sleeping all these period? Why then will Gov Oshiomole ask NOI how the money went like he was in exile between 2008 and 2014?
If the Governors are saying that FAAC needed to make approval before deduction then why didn't they mentioned it in November 2014 when FG informed them of the proposed withdrawal?
I want to appeal to Nigerians to watch this APC administration very carefully. They are aware that they have NOTHING to offer and are determined to hoodwink Nigerians via baseless accusations and propaganda to make up for their own failure. If the Govs have any case against the FG withdrawal of $2billion without their authorisation, they should face the FG and Not officers of the government. Government is a continuum, Dr Ngozi Okonjo Iwaela has no case to answer.
God Bless Us All
Ramadan Kareem To Muslim Faithfuls
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by adadadon(m): 6:47am On Jul 09, 2015|
How does this change the fact that Okonjo Iweala did not follow due process/Formal procedure or receive authorization while withdrawing the money to pay for subsidy ??
[b]Finance commissioners from the 36 states of the federation have denied granting approval for the withdrawal of $2 billion from the Excess Crude Account (ECA) as alleged the former minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala.
Okonjo-Iweala had last week said that the Federation Account Allocation Committee (FAAC) approved the withdrawal of $2 billion from the ECA.
However, the Forum of Commissioners of Finance, a body comprising finance commissioners from the 36 states who are members of the FAAC, in a statement yesterday, said it was unaware of such approval, adding that the FAAC does not have powers to grant such approval.
“We wish to state unequivocally that the FAAC does not have the authority to approve withdrawals from the ECA and therefore could not have approved the withdrawal of the sum of $2 billion from the Excess Crude (Foreign) Account. According to the law setting up the FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past. If anything the FAAC, as records of it meetings indicate, had often queried the activities on the ECA, and therefore did not decide any withdrawal,” the statement reads in part.
The commissioners stated that “indeed, the FAAC noted and observed accordingly the withdrawal from the ECA of a total sum of $2 billion in December.
“The then minister of finance and chairman of the FAAC when asked during the plenary of the FAAC meetings of the respective months explained that the former president gave approval for the withdrawals from the ECA to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products. [size=32pt]According to her, he further explained that this action will be ratified by NEC.[/size]”[/b]
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by HungerBAD: 6:47am On Jul 09, 2015|
Barcanista wetin you don go GOOGLE comot again? King of GOOGLE.
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by IdisuleOurOwn(m): 6:48am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Emeskhalifa(m): 6:48am On Jul 09, 2015|
Now wey e don hit fp like dhis, make I comment
Google aiding Barcanista since bfr Noah was orderd to build an ark
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 6:48am On Jul 09, 2015|
It is also important to Note the following....
1. The two Governors that led their colleagues to demand for the sharing of the ECA since 2008 are APC members (Bukola Saraki and Rotimi Amaechi).
2. The Accountant General of the Federation (AGF) pre-2011 was Ibrahim Dankwambo, the incumbent Governor of Gombe state.
3. The ACN/CPC/APC Never said anything against the Governors. In fact, their members was at the forefront for the sharing of the ECA. Not even Buhari or Lai Muhammed supported the FG. Where were they?
4. APC Governor Samuel Ortom of Benue state was a Minister between 2011 and late 2014 under GEJ's administration. Was he sleeping when all these were going on?
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by adadadon(m): 6:49am On Jul 09, 2015|
Lets all address the issue the Attention seeking op has raised
When did the Executive start unilaterally making subsidy payments without subjecting such to the approval of the National assembly.
So madam okonjo iweala and Ex-president goodluck jonathan have started spending vast amounts of money on subsidy payments without approval of NASS........
7 Likes 1 Share
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by keyzid: 6:50am On Jul 09, 2015|
I dey laugh in Swahili. Nigeria Governors don't know more than "Share it, share this, share that, share them" wetin sef" This was the share saga they were heating up till it was approved only to come back to accuse the past gov't of leaving an empty treasury! I hope they don't end up sharing the whole nation wealth. Selfish selfless mindless I.diots with no tangible and futile agenda to offer to the nation. Pres. Buhari, I hope you have seen sha you are into now. Share it ooo and share it all, all your propaganda act before you were elected are already coming down to hunt for you.
1. 5000naira/ month for Jobless youths
2. Free Lunch meal for primary schools.
4. Regulation of oil price.
5. Public declaration of asset.
6. Corruption fighting
7. End of BokoHaram terror reign with in 2months..... The list is just too endless.....
You made every Nigerian believe the past ADM doesn't even exist at all... Politicized the nation's development out of self gains...
I tell you, if PDP is a corrupt party, APC is no better... Rather, they are worst. Coz who you should fair the most is the green serpent under green grass. It's about time their real self started unveiling....
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by IdisuleOurOwn(m): 6:53am On Jul 09, 2015|
I think i need to grab my calculator, this kind figure way I dey see eh!
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 6:55am On Jul 09, 2015|
Being a long time
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by dondo83(m): 6:56am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Truth234(m): 6:56am On Jul 09, 2015|
The analysis you did just show the level of misappropriation of past administration but before I get to that I have these questions how was Obasanjo administration able to saved $20 billion in ECA and yet all Yar'adua led Jonathan administration was doing is depletion of the ECA without replenishing?
Your analysis emphasized how the $6.5 billion ECA left by Yar'adua administration was shared you didn't mention how much was generated in revenue during GEJ administration, all you did was analysis how they shared what was left of Yar'adua administration. You said you will be objective and critical of the situation, please I will like to know why was GEJ administration sharing what was left of our ECA when oil price peaked above $100 for the first time?
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Zoharariel(m): 6:57am On Jul 09, 2015|
Barcanista; I know u're suffering from chronic attention seeking personality disorder.
Y then did the petroleum marketers hold the entire Country to ransom over their unpaid subsidy claims?
Give us the breakdown analysis of where & how Jonathan got the $250,000 given to each of the Obas during the pre presidential election.
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by ddippset(m): 6:57am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by disloman(m): 6:58am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:00am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:01am On Jul 09, 2015|
plot of land 4 sell
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by kamair237(m): 7:02am On Jul 09, 2015|
To much information for ma brain to process...
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:02am On Jul 09, 2015|
IdisuleOurOwn:Make your calculator no crash o
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by socialmediaman: 7:04am On Jul 09, 2015|
Mr Barcanista, keep looking for gullible people to deceive, okay? Thank you.
The Table below shows the average oil price average sale in Nigeria since 1999 when Obasanjo became president, till 2014 with Jonathan as President.
Obasanjo's government even with a peak oil sale of about $72 per barrel was able to save $20 billion dollars in the ECA with about $43 billion in the Foreign Reserve. This external reserve peaked to an all time high of $62 billion in 2008 during Yaradua's government, but fall to an all time low of $29 billion in March this year during Jonathan's government.
So tell me, with an average inflation rate of about 12% from 1999 till date, what did Jonathan's government achieve with the highest average oil sale recorded in Nigeria since 1999? Jonathan could not save a dime, he even further depleted Nigeria's Foreign Reserve. He also earned himself the
Nigeria's average Crude oil sales since 1999:
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by nduchucks: 7:10am On Jul 09, 2015|
What the OP itemized is essentially not germane to the recent question of whether GEJ and Iweala broke the law by withdrawing $2bn Excess Crude Fund without FAAC approval as required by law.
The OP's submission is nothing but red herring and irrelevant to the criminal activities of GEJ and Iweala - the illegal withdrawal of the said $2billion.
By the time all is said and done, madam and GEJ will have to give an account of which companies got paid and how much. We'll also find out how much of that money was used to finance GEJ's election. Barawo banza
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:13am On Jul 09, 2015|
It is funny how the same people tried to do a U-turn by accusing officers of the immediate past administration
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Mogidi: 7:14am On Jul 09, 2015|
Barcanista's articles, the only articles read by Femi and Garba.
What an article.
I heard from reliable sources on Twitter that when Femi Adesina visits Nairaland he only comes to read barcanista's article.
Judging from the above, its in his interest to read barcanista's article.
cc: Femi Adesina, Garba Shehu.
25 Likes 5 Shares
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by dBard: 7:16am On Jul 09, 2015|
Concise write up as usual, but one question that begs answering@ barcanista, if d FAAC didn't approve d withdrawal of d amount, then wasn't her withdrawing it a contravention of d set rules
Personal opinion tho, I find these attacks on NOI quite suspect.and a case of character assassination. If dre are proven allegations, then let d needful be done , else........
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by CecyAdrian(f): 7:17am On Jul 09, 2015|
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Firefire(m): 7:19am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:19am On Jul 09, 2015|
nduchucks:Which law was broken? Oga NO law was broken and it appears like you have comprehension issues. There was nothing like "illegal" withdrawal, I challenge you to state the relevant laws that was broken. Did all that happen in one day? Were the Governors smoking weed when about a billion was withdrawn in November and another in December? Were they in Limbo when it was announced in January? Payment of subsidy claims isn't a secret deal...The Ministry of Finance, Petroleum and CBN have the documents. Buhari should ask the Permament Secretaries and CBN Gov. If your Governors are unsatisfied they should Go To Court
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:22am On Jul 09, 2015|
|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 7:25am On Jul 09, 2015|
dBard:I will rather you say "FG Withdrawal" and not NOI withdrawal. There are NO laid down rules with respect to ECA withdrawal. Only the FG that is signatory to the account. While we all agree that the monies belong to the federation (FG, SGs and LGs) we also need to be reminded that the withdrawal was precipitated on National interests- Part payment of subsidy claims. The states should direct their complains to the FG. NOI did not withdraw the money for her own use neither did she act on a personal capacity. The governors are mischief makers.
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|Re: Jonathan, NOI, Governors And The Excess Crude Account Events by keyzid: 7:25am On Jul 09, 2015|
barcanista:Why won't they accuse the past administration? By doing so, their APC sympathizers will feel sorry for their acces not knowing that we Nigerians are watching them closely.
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