barcanista:
.

DeGenius3:


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.

kaycid77:


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

Whynotthetruth:


[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$2billion was withdrawn for national emergency...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 56billion

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]...

StOla:




.

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.

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/

Whynotthetruth:


1)Some of you are just so dumb that you're sometimes better off ignored...

2)Your screen grabbing of barca chats and storing same shows how much of meaning your life has...and what a significant role barcanista plays in your life...

3)Is subsidy payment one off thing

4)Which of the Obas accepted he was given money?...Don't you know that by implication you're saying that your Obas has no moral stance as they can be bought over hence their subjects can't be better too...

5)Common sense is still a tall dream with folks like you...

PassingShot:

What did FG do with her own share of the money during the crude windfall (peaked at $130)? Is it not disheartening that FG had to borrow to pay salaries in March and April?

Whynotthetruth:


You remember that Oil price peaked under Jonathan and NEVER remember minimum wage peaked too under him by over 150% increase...and he had to confront your terrorist Muslim brothers...

dustydee:

Please how much was the total amount accruable to the ECA during GEJs tenure?

kaycid77:


NO, paris club helped pay(forgive) the dept Nigeria, only pay 2 billion USD was paid by OBJ, and immediate OBJ also borrow $3 billion from the same club...SMH

PassingShot:

@ emboldened, the FG opted to settle out of court so that they could continue to operate the illegal accounts as a means to continue their looting of the money there. It's simple and straight-forward. Had they not settled out of court, the accounts would have been ordered closed and all monies shared once and for all. That way, no future money will be kept there and that means no future money to steal.

Zoharariel:
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.

barcanista:
Thanks my oga. I just did that. Long time

PassingShot:

Who has left out governors out of this? The issue at hand now is that of FG. That of governors continue to receive attention as well and it is more up to each state's successor to probe his predecessor.

GEJ, NOI, Madueke and their cohorts are criminals. Pure and simple!

glogirl:
Barcanista,
You make it sound like the governors got the entire funds. The sharing formula of 53% to FG, 26% to the 36 states and 21% to all local goverments still applies to all funds withdrawn from the ECA.
It does appear that the federal government will gladly acceed to share the money IMHO.

barcanista:
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?

Whynotthetruth:


Show me any evidence where you have opened a thread to criticize Ajumobi or Tinubu?...pathetic liar like you

Zoharariel:
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.

Mogidi:

The article is for "discerning minds"

barcanista:
We will have to do plus and minus to get that. If the FG and states shared N6.21trn, and the FG still spend $2bilion and left $2billion in savings, that should tell how much was saved by GEJ's government between 2011 and 2014 (until the drop in oil price).

Remember as at August 2010 the ECA was meagre $450m

Whynotthetruth:


Since buhari didn't scrap the unconstitutional account(ECA & SWF); it all means from your logic that he's planning too to steal, loot and siphon funds from it...

sammhi:

can you provide proof that GEJ gave the obas $250,00 or you are just quoting these 'beer parlour gist'. give your proof of the money ? to include names of the obas...
Barcanista has given you explanations with proof..one fool was asking how did the ECA went from 20 to 6.5..he just told you with proof that the govs hoodwink Yardua to spilt the 15bn $.....
maybe you are politician...if not I pity you..politicians are thieves and liars. Don't just follow what they tell you.....investigate and know why they are saying what they say..most times for selfish gains

hush15:


This figures reflect actual sales, not benchmark. The difference between sales and benchmark gives what you call excess crude sales.

what actually happens is that budget is built around expected or what we call projected sales which in turns is what is used to derive the benchmark price.

It is possible that Obasanjo saved more cos his bench is somehow much lower than the actual sales. The excess is saved in the ECA account since it is not touch as the benchmark sales already covered the budget with a little extra already. We all know that the cost of governance has increased in the last 10 years plus

For Jonathan, the margin between the benchmark price and the actual price may not be much depending on the budget proposed.

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

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

Whynotthetruth:


Thanks for behaving like a gentleman and I will address you same way...

1)NO LAW allows for Jonathan to obtain approval from FAAC before withdrawals from ECA...if anything at all, ECA is alien to the constitution... it is not known to that document hence governors always use court to blackmail presidents into sharing such funds in ECA...It is a morally justified account but unconstitutional too...thanks bro

barcanista:
We will have to do plus and minus to get that. If the FG and states shared N6.21trn, and the FG still spend $2bilion and left $2billion in savings, that should tell how much was saved by GEJ's government between 2011 and 2014 (until the drop in oil price).

Remember as at August 2010 the ECA was meagre $450m

kaycid77:


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