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Jonathan, NOI, Governors And The Excess Crude Account Events - Politics (7) - Nairaland

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Photos Of Buhari With APC And PDP Governors And Aisha Buhari In London / Wike Mocks 5 APC Governors And Amaechi At Campaign / Excess Crude Account Now $2.26bn – FG (2) (3) (4)

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by bobbiekrantz: 11:19am On Jul 09, 2015
barcanista:
@Lalasticlala Ishilove Seun and Obinoscopy : I think this will make for a FP article.


Cc: Whynotthetruth NDPVF Dearpreye Mizmycoli Bizibi Truckpusher Mogidi Firefire Biafranqueen Nigerianvenom Anonimi Komek Idekwum Peppyluv02




One thing with these lying liars(APC) is that they hate statistics..


Their only machinery for destruction is Propaganda..and lies..


They are a bunch of disappointment to the illiterates


grin

9 Likes 3 Shares

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Bevista: 11:20am On Jul 09, 2015
barcanista:
Which document did you read that? How do you think fiscal policies like subsidy are implemented? Did the NASS at any time tell you that the FG broke the laws? Oga make una no de misyarn abeg.
When there is a collusion of fraud, there is generally going to be a conspiracy of silence. It does not mean that there is no infraction of the law. If all the governors and the presidency are on the same page, they can perpetuate illegality without anyone complaining.

Have you not watched many legislative sessions where NASS members complained about spending by ministries and parastatals without appropriation? The CBN and the NNPC are typical examples. How did the presidency spend over N1.6T in 2011 for subsidy payments without appropriation.

Finally, you can make your point politely without referring to my comment as 'misyarning'.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by fisaylab: 11:20am On Jul 09, 2015
barcanista:
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)
www.punchng.com/news/oil-slump-fg-unveils-austerity-measures/

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.
www.businessdayonline.com/2014/12/nigerias-revenue-again-slumps-n36-6bn-as-eca-depletes-to-3-1bn/

The $2 billion Paid To oil Marketers
January 2015

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.
www.premiumtimesng.com/business/175125-nigerias-excess-crude-account-2-45-bn.html

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


The question is,is the spending documented,why crying unnecessarily.your madam shall be investigate wheather u like it or not.

2 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by DeGenius3(m): 11:21am On Jul 09, 2015
nduchucks:
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



please did you really understand what the OP wrote?

seriously, i think you need to really comprehend what he
wrote up there.

just saying though.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by socialmediaman: 11:21am On Jul 09, 2015
Whynotthetruth:


1)Your first problem is that you keep forming Professor ITK without common sense...

2)Show me evidence of the time when our external reserve reached $62billion...

3)Why not open a thread doing budget analysis of Jonathan term if you're smart and believe he's corrupt too...taking cognizance of improved minimum wage(7500-1800) and war against insurgency...

4)Why not borrow a dictionary and check the meaning of "dime"...then come back and see if its same with SWF savings and ECA balance...

5)At government level it is called REVENUE not income... Over sabi dunce like you...

6)I asked you to study NNPC act before mentioning them again... have you done that?...Now what & where are the leakages?...


2. http://www.vanguardngr.com/2015/01/55bn-got-wrong-fg-replies-obasanjo/

If you cant read the complete text, look for the quoted below from NOI:

It stated that the reserve peaked at $62 billion in September 2008 under Yar’Adua when crude prices rose to $147 per barrel before falling to $31.7 billion in September 2011 as the Central Bank of Nigeria had to use much of it to defend the Naira, following the 2008-2009 global financial meltdown.

5.
Income is often considered a synonym for revenue, as both terms refer to positive cash flow. However, in a financial context, the term income almost always refers to the bottom line, or net income.

http://www.investopedia.com/ask/answers/122214/what-difference-between-revenue-and-income.asp#ixzz3fO2AmzEJ

This little puppy below has something for you

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by fisaylab: 11:22am On Jul 09, 2015
barcanista:
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)
www.punchng.com/news/oil-slump-fg-unveils-austerity-measures/

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.
www.businessdayonline.com/2014/12/nigerias-revenue-again-slumps-n36-6bn-as-eca-depletes-to-3-1bn/

The $2 billion Paid To oil Marketers
January 2015

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.
www.premiumtimesng.com/business/175125-nigerias-excess-crude-account-2-45-bn.html

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


The question is,is the spending documented,why crying unnecessarily.your madam shall be investigated wheather u like it or not.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by joseph1832(m): 11:22am On Jul 09, 2015
MizMyColi:


I hope you know you just misyarned?
Do you want me to point it out to you?
Whether I misyarn or not is a question of perspective and should you feel you want to point it out to me, its a matter of choice also.

Surely you don't need me to tell you what to do, do you? grin

anonimi:


See response below.




Hereunder before the 36 states GANGED up and exercised their constitutional rights as JOINT owners of the Federation Account to decide how it should be SHARED:
I can't read the picture you posted. Its not clear. But in essence, I would still want to believe the FG as of then should have held their ground in court and wait for the supreme court judgment, not cower every time these governors take them to court.

And besides, is the Federation account the same as The Excess Crude Account because I don't believe the federation account can be reserved for 'a rainy day'. And I was actually referring to the ECA.
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by StOla: 11:22am On Jul 09, 2015
obailala:

Now something striking was revealed in this your research. So you mean OBJ actually saved ECA funds of up to $20billion? shocked Wow!

OBJ met a nation with a foreign reserve of $5.4billion but he grew this figure to well over $40billion by the time he left office. He also saved ECA funds of $20billion and this same man also paid off Nigeria's external debt of $12billion (after negotiating it down from over $30billion in his numerous foreign trips). Lest I forget, the average oil price in the tenure of OBJ was $38 per barrel as against the $100 per barrel average in the reign of GEJ.

Meanwhile, Obasanjo who achieved the above is the same man we all called (and still call) 'useless thief' and Ota monkey while we go ahead to defend, praise, glorify and immortalise his successors who crashed our entire reserves in a space of 5 years when we had an economic boom. How can any right thinking society do this?... why is the black man like this for God's sake?

I have learnt a lesson in life that it takes you to meet a devil before you can truly identify who the angels are. OBJ deserves an apology from Nigerians.

OBJ is light years ahead of the others.

Yar Adua was impaired by his health, but had a bright outlook and more democratic.

Jonathan was a dunce. An irredeemably irresponsible fellow of the nth order.
His apologists try their best to redeem the irredeemable, but a pig with makeup still remains a pig.

3 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:22am On Jul 09, 2015
obailala:

Now something striking was revealed in this your research. So you mean OBJ actually saved ECA funds of up to $20billion? shocked Wow!

OBJ met a nation with a foreign reserve of $5.4billion but he grew this figure to well over $40billion by the time he left office. He also saved ECA funds of $20billion and this same man also paid off Nigeria's external debt of $12billion (after negotiating it down from over $30billion in his numerous foreign trips). Lest I forget, the average oil price in the tenure of OBJ was $38 per barrel as against the $100 per barrel average in the reign of GEJ.

Meanwhile, Obasanjo who achieved the above is the same man we all called (and still call) 'useless thief' and Ota monkey while we go ahead to defend, praise, glorify and immortalise his successors who crashed our entire reserves in a space of 5 years when we had an economic boom. How can any right thinking society do this?... why is the black man like this for God's sake?

I have learnt a lesson in life that it takes you to meet a devil before you can truly identify who the angels are. OBJ deserves an apology from Nigerians.

But you forgot that there was no railway system working , now good roads, no new industries, no power generation, no agricultural development, more youth unemployment, no new universities etc...the only thing boast of is GSM that even the operators pay to have licence

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by DeGenius3(m): 11:24am On Jul 09, 2015
fisaylab:



The question is,is the spending documented,why crying unnecessarily.your madam shall be investigate wheather u like it or not.


look at u...

you can't even spell words correctly.all you know
is to come here and cry stupidly.

1 Like 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by frisky2good(m): 11:25am On Jul 09, 2015
Come back, your land don appreciate in value.

Emeskhalifa:
Make I book space quickly bcoz I know say dhis wan go reach headquarter grin
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:25am On Jul 09, 2015
StOla:


OBJ is light years ahead of the others.

Yar Adua was impaired by his health, but had a bright outlook.

Jonathan was a dunce. A pig with makeup still remains a pig.

Yea yea Yaradua health depleted the reserve from 20 biillion to 6 billion I get ur point.... Obj saved 40 billion, but nobody ask him how it was reduced to 20 billion

1 Like 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by anonimi: 11:25am On Jul 09, 2015
joseph1832:
Whether I misyarn or not is a question of perspective and should you feel you want to point it out to me, its a matter of choice also.

Surely you don't need me to tell you what to do, do you? grin

I can't read the picture you posted. Its not clear. But in essence, I would still want to believe the FG as of then should have held their ground in court and wait for the supreme court judgment, not cower every time these governors take them to court.

And besides, is the Federation account the same as The Excess Crude Account because I don't believe the federation account can be reserved for 'a rainy day'.

The Excess crude account is an INTEGRAL part of the Federation Account held in trust by the federal government on BEHALF of all the three tiers of government i.e. including the 774 LGAs and 36 states.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 11:26am On Jul 09, 2015
obailala:

Now something striking was revealed in this your research. So you mean OBJ actually saved ECA funds of up to $20billion? shocked Wow!

OBJ met a nation with a foreign reserve of $5.4billion but he grew this figure to well over $40billion by the time he left office. He also saved ECA funds of $20billion and this same man also paid off Nigeria's external debt of $12billion (after negotiating it down from over $30billion in his numerous foreign trips). Lest I forget, the average oil price in the tenure of OBJ was $38 per barrel as against the $100 per barrel average in the reign of GEJ.

Meanwhile, Obasanjo who achieved the above is the same man we all called (and still call) 'useless thief' and Ota monkey while we go ahead to defend, praise, glorify and immortalise his successors who crashed our entire reserves in a space of 5 years when we had an economic boom. How can any right thinking society do this?... why is the black man like this for God's sake?

I have learnt a lesson in life that it takes you to meet a devil before you can truly identify who the angels are. OBJ deserves an apology from Nigerians.

1)You're the Blackman who lacks critical thinking...so go ahead with your household and apologise to Obj...Do you know the cost of his private university and presidential library alone?...what's his salary and allowance package?

2)What was minimum wage of workers under Obj?...What is it now?...

3)How was fuel queue under Obj? ...How was it subsequently?... Was it a magic or function of extra funding?...

4)How was insurgency under Obj?...How was it subsequently?... Was the war funded and fought catapult and stones?...

let me stop here...just call me after apologising to himundecided

2 Likes 2 Shares

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by cjrane: 11:28am On Jul 09, 2015
We shall see how much the dulllard will leave behind in the ECA. After El rufai and his kids have had their share to enjoy abroad. APC is filled with some of the worst criminals that have been in government since 1999.

2 Likes 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Akinz0126(m): 11:28am On Jul 09, 2015
Abeg somebody should pls clerify me because am confused don't even know whom to believe anymore.
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by sweatlana: 11:29am On Jul 09, 2015
The truth of the matter is apc have nothing to expose about the past administration that will not implicate their core members.

The past administration did very well for Nigeria. GET WAS NOT THE CAUSE OF THE FALL IN OIL PRICES.

It is selfish politicians that want power at all cost that will say GEJ did not do well.

My only problem with GEJ is that he did not prosecute his political enemies like obj.
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by coolladdy: 11:30am On Jul 09, 2015
@ Barcanista, I am amazed by ur conclusion that there was no illegal withdrawal. what do we call a process that do not follow a laid down procedures? NOI and Jonah surely withdrawn the cash illegally without proper approval. U also failed to comment on NOI submission that the FAAC approved the withdrawal but turned around to say it was Jonah when FAAC countered the first statement. Your analysis is bias and baseless.

4 Likes 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:33am On Jul 09, 2015
gensteejay:

They think we're all fools, and some gullible fellows will support whatever trash these politicians say.
When Obj was in power he said in one of his interviews that "leaders at all level failed us". He forgot that he was an incumbent President
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by nduchucks: 11:33am On Jul 09, 2015
Whynotthetruth:


Before you continue with your bogus comment...

1)Which law or section of our constitution said that FAAC must approve ECA funds?...Is ECA even in the constitution or recognized by it?... Why are you people so pathetically dumb...

This post smacks of both intellectual and moral bankruptcy.

In your mind, since there is no section of the constitution which states that FAAC must approve the withdrawal of ECA funds, then it is OK for 2 people, the President and Iweala to withdraw $2billion without due process, and potentially, fraudulently divert some of the funds toward unauthorized use, ko?

By the time the investigations are over, and the money trail is followed, you'll find out that no special laws are needed to prosecute these people for theft, fraud, conspiracy and a host of other crimes. When investigations reveal that some of the money was diverted to fund GEJ's campaign, it'll become clear to you that constitutional provisions or not, your people may be headed to jail.

I'm ashamed of the OP who is also asking for the quotation of the constitutional provision which renders the said withdrawals a crime. The crime here is fraud, theft, embezzlement, betrayal of public trust, money laundering e.t.c. which we do not need special laws to guard against.

The days of robbing the nation of its resources with impunity are over. It is time that some big fish started paying for their crimes or refund the stolen loot, for a softer landing.

5 Likes 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by veraponpo(m): 11:33am On Jul 09, 2015
socialmediaman:
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 noble dishonourable title of "King of Nigeria's Corruption Empire" for wasting Nigeria's income generation through multiple leakages at the NNPC, FIRS etc.

Nigeria's average Crude oil sales since 1999:

Obasanjo
1999 $23.42
2000 $37.54
2001 $30.68
2002 $29.92
2003 $35.55
2004 $47.04
2005 $60.44
2006 $68.27
2007 $72.98

Yaradua
2008 $100.00
2009 $58.75

Jonathan
2010 $77.10
2011 $91.37
2012 $88.93
2013 $92.40
2014 $85.34


Sources:

http://www.tradingeconomics.com/nigeria/inflation-cpi

http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

http://thenationonlineng.net/new/excess-crude-account-and-the-controversy-lingers/

You forgot to also state that Obasanjo was able to pay off the balance of our debts after the Debt Relief granted by the Paris Club and other creditors. He paid the balance of $15b before saving the ECA of $20b yet the prices of oil then did not reach the peak it got to under Yar'adua and Jonathan.

Jonathan should be jailed.

2 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by IamforGod: 11:34am On Jul 09, 2015
Hmmmmm



Alll this mathematics is too much!

I sha know there's a difference between good and bad.

The economy was good before NOI came and nw it's not only bad its worse.

Considering the fact that she works or worked at world bank my expectation was to see a better nigeria financially or leave it the way it was

NOI u nor try at all

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by AZeD1(m): 11:34am On Jul 09, 2015
Mr Barcanista, i truly understand you have to earn your pay (Man must wack) but your article is a big pile of trash. The whole controversy surrounding the $2 billion withdrawal is who authorized it
NOI in her last press release yesterday said GEJ authorized it for the payments of subsidy, and we know that GEJ cannot unilaterally approve withdrawals from the ECA so why didn't she get approval from the appropriate quarters?

If you decide to go down the route of the ECA account is illegal so no approval was needed , then you should also remember that existing laws stated that all monies accrued to Nigeria be shared by the 3 tiers of government and so by using that money to pay marketers GEJ and NOI breached their law.

4 Likes 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by StOla: 11:35am On Jul 09, 2015
kaycid77:


But you forgot that there was no railway system working , now good roads, no new industries, no power generation, no agricultural development, more youth unemployment, no new universities etc...the only thing boast of is GSM that even the operators pay to have licence

Where is the better railway now or good road network?

Did OBJ not hand over 4000MW of electricity? Are we not still discussing the same 4000MW of electric power?

More youth unemployment in Obasanjo's regime?
Please tell us you were glued to cartoons then, so the more enlightened ones can educate you.

Do you know how many jobs were created due to the GSM introduction? Do you know how many related jobs were created in ICT and ICT/ mobile phone retail?
Do you know how many families have been fed on just the sales of recharge cards?

The operators that paid to have GSM licenses, have employed thousands. The related service firms have employed thousands.

Civil servants started buying cars again since the mid 1980s, and started building houses on land already acquired in the 1980s.

People had jobs in banks with car loans and good health care insurance. Not the sorry excuse called a bank job today,working as a contractor.

The same OBJ regime paid off a $12B debt after getting a n $18B debt waiver, and still saved more in the bank.
The economic achievements of OBJ is yet to be rivalled, despite a higher government income.

4 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:37am On Jul 09, 2015
fisaylab:



The question is,is the spending documented,why crying unnecessarily.your madam shall be investigated wheather u like it or not.
Everything is documented. You can confirm from Ministries of Finance and Petroleum, and CBN
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Jesusloveyou: 11:38am On Jul 09, 2015
barcanista:
Oga are y you Okay? You no hear say the EcA rose to $9billion as at December 2012? How you think say money de take enta ECA? Pls no de ask mumu question jare www.cp-africa.com/2012/12/03/nigerias-excess-crude-account-eca-more-than-doubles-in-one-year-as-it-rises-to-about-9-billion/

Mogidi abeg help me explain to this our brother.
hmm, enjoy ur fun,as u are deceiving ur fellow saTANist, i only point out ur contradiction because u never mention $9b in ur trash, and how d acc increase to $9b from $6.5b in 2012 after d last $3b was share by saraki in 2011, depleted another $4b in 2014, in d same 2014 share $4b, in 2015 fund subsidy. Stop deceiving d public with ur contradicting trash, my concern is d $30b that suppose to be in that account.

2 Likes 1 Share

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:41am On Jul 09, 2015
barcanista:
When Obj was in power he said in one of his interviews that "leaders at all level failed us". He forgot that he was an incumbent President
Lol
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:42am On Jul 09, 2015
Demdem:


Protection seeker has open another dubious thread. Subsidy claims paid from ECA grin grin grin
He earlier claimed the below..........




And we asked him...........




He didnt respond, he instead repeated his stupidity..........




He was again asked............




He responded with even a more foolish post..................




Seriously, only an eternal Fool takes the Protection Seeker serious. grin grin grin

The real FOO.L here is you, you have refused to decipher all he has explained.... if NASS agree with FG that the subsidy Bugdet be 300 billion, and by omission and commission it increase to 500 billion as the case has always been where do you think the executive will get the money to balance then extra...ECA of course nama
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by joseph1832(m): 11:43am On Jul 09, 2015
anonimi:


The Excess crude account is an INTEGRAL part of the Federation Account held in trust by the federal government on BEHALF of all the three tiers of government i.e. including the 774 LGAs and 36 states.
Good. And it is that integral account that is kept for 'rainy day' that the FG allowed itself to be thwarted by the State governors. So if you ask me, if there wasn't any rainy day, the FG should have gone to court! Not allow the state governors arm twist them.

The fact that the then FG easily settled out of court and share the ECA speaks volumes....
Re: Jonathan, NOI, Governors And The Excess Crude Account Events by socialmediaman: 11:44am On Jul 09, 2015
veraponpo:


You forgot to also state that Obasanjo was able to pay off the balance of our debts after the Debt Relief granted by the Paris Club and other creditors. He paid the balance of $15b before saving the ECA of $20b yet the prices of oil then did not reach the peak it got to under Yar'adua and Jonathan.

Jonathan should be jailed.

Thanks for the reminder. The PDP supporters are trying so hard but Nigerians know better, i mean, when did a spade become a cutlass?

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:44am On Jul 09, 2015
AZeD1:
Mr Barcanista, i truly understand you have to earn your pay (Man must wack) but your article is a big pile of trash. The whole controversy surrounding the $2 billion withdrawal is[b] who authorized it[/b]
NOI in her last press release yesterday said GEJ authorized it for the payments of subsidy, and we know that GEJ cannot unilaterally approve withdrawals from the ECA so why didn't she get approval from the appropriate quarters?

If you decide to go down the route of the ECA account is illegal so no approval was needed , then you should also remember that existing laws stated that all monies accrued to Nigeria be shared by the 3 tiers of government and so by using that money to pay marketers GEJ and NOI breached their law.
Oga read the article again (and again) you will understand. Which law did GEJ and NOI breach? Can you point out the law? Did the GEJ and NOI use the money to buy "akara" or they used it for subsidy on behalf of Nigerians? Anyway, which law was breached?

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 11:45am On Jul 09, 2015
PassingShot:

When I read the OP's half-truths, I always shake my head in disbelief.

How on earth can a sane person justify why $2 bn was taken fraudulently from the ECA without the agreement of joint-owners? Were the governors not right after all, for going to courts to stop the FG from operating the illegal accounts knowing fully well that GEJ/NOI were stealing from it?

Again, what happened with all monies earned by Jona when crude sold for $130 per barrel that they needed to "steal" from the SWF and ECA?

barcanista, you are a huge shame for trying to defend this fraud. You must be very corrupt in your soul to come up with this nonesense.

[b]Whenever I see a lost soul, I remember that you're among...and have refused sheepishly to look the side of reason...That you come from a lineage of corrupt people doesn't mean that you call and see others as corrupt too...

$2billion was withdrawn for national emergency... Was any law broken?...Kindly state it here...so how is it fraud?...or is subsidy payment now fraud?...then that means in mere 30days according to Punch newspapers, buhari has looted over 56billionundecided

Constitutionally, NEC is for economic planning not money sharing as you sheepishly say here...While FAAC is for revenue sharing from federation account...ECA is not known to any law in Nigeria...

Were these co-owners duly informed of withdrawals for such national emergencies? YES...did they protest?...No...why the sudden alarm?...to still keep such half smart pathetic souls like you in their pocket...

How come Jonathan was able to pay workers 1800 while Obj and co paid less(7500)...Was the money from where?...In prosecuting the war against your Muslim colleagues, wasn't it money that was going?...If Jonathan wanted to loot like your local leaders, would he has funded SWF?...Even ECA too?...Buhari government would be the person enjoying the dividends of SWF by 2017 while the initiator is receiving insult from his cows like you[/b]...

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