Whynotthetruth:


Your number point should be for you...

Wasn't this your true owners informed of the withdrawal of $2billion alongside FAAC?...

Kindly quote the law or section of our constitution that was broken by Jonathan/NOI...

Which jurisdiction plz?...smh... FAAC is for revenue sharing while NEC is for economic planning and integration...

Where was the extravagance here?...kindly elucidate...

[b]81. (1) The President shall cause to be prepared and laid before each House of the National Assembly at any time in each financial year estimates of the revenues and expenditure of the Federation for the next following financial year.

(2) The heads of expenditure contained in the estimates (other than expenditure charged upon the Consolidated Revenue Fund of the Federation by this Constitution) shall be included in a bill, to be known as an Appropriation Bill, providing for the issue from the Consolidated Revenue Fund of the sums necessary to meet that expenditure and the appropriation of those sums for the purposes specified therein.

(3) Any amount standing to the credit of the judiciary in the Consolidated Revenue Fund of the Federation shall be paid directly to the National Judicial Council for disbursement to the heads of the courts established for the Federation and the State under section 6 of this Constitution.

(4) If in respect of any financial year it is found that -

(a) the amount appropriated by the Appropriation Act for any purpose is insufficient; or

(b) a need has arisen for expenditure for a purpose for which no amount has been appropriated by the Act,

a supplementary estimate showing the sums required shall be laid before each House of the National Assembly and the heads of any such expenditure shall be included in a Supplementary Appropriation Bill.
[/b]

emmatok:


That's why NOI must be probed, she was with OBJ when those great things happened and she followed GEJ to destroy everything.

Whynotthetruth:


As days go by...you keep proving everybody that says you're smart wrong...smh...

Whynotthetruth:


When you have nothing to say or the logic is above your almajiri brain...you display your violent instinct of cancelling out...Violence is inbuilt in you...

Buhari just like you is a dunce...SWF is in existence just like ECA...

About Revenue generating agencies...an initiative of Jonathan/NOI...which has already been implemented and buhari is re-announcing it again... smh...Just like he sheepishly dissolved a NON-existent NNPC board and you clapped for him...smh...

http://newtelegraphonline.com/fg-orders-closure-of-revenue-accounts-with-banks/

https://www.nairaland.com/2166172/hard-times-banks-mdas-close

Whynotthetruth:


1)FAAC isn't authorized by any law to grant approvals here...

2)ECA isn't recognized by the constitution... hence FG is the sole signatory to it...

3)Yes...it is susceptible to abuse...but unless proved we should avoid blackmail... so far the contentious $2b was used for subsidy payment which is lawful and of national importance...

4)FAAC was set up for federation account not ECA which is NOT known to constitution...SWF & ECA are noble projects for our future and sustainability but constitutionally illegal...

cc barcanista

kaycid77:


Now mumu Tell me what that alternate source is,if supplementary budget is raised where will the funding come from, ....maybe from world bank loan by your thinking, ECA is the 1st source followed by External reserve. Now maybe you dont know what ECA is, Nigerian budget is based on crude sell, if you make excess sell, the excess you did not budgeted for is what is called ECA.... and thats is where u will spend the money from. Yes ECA belongs to FG, SG and LG.... every entity from each Figure knows what is due them and if FG decided to use theirs to pay subsidy why is it a problem.

hush15:


Dear barca, as always I enjoy you constructive criticism. God bless you. While I don't expect people to appreciate the reality on ground, it's however important to try and make them know what they don't understand.

what people don't understand is for such account, without proper documentation, money cannot be withdrawn just anyhow. As long as they didn't refute when the said sum was being withdrawn neither did she pocket it, Nigerians can say all they like. It is all just to make a government that made an effort to look bad.


If GEJ hadn'tordered that payment and nNigeria came to abrupt stop because Nigerians can't go about their daily activities,maybe that will have solved their problem and all these questions won't arise. Ungrateful Nigerians.....

obailala:
I was specifically referring to the myopic, ethnic sentiment driven people who keep painting GEJ as a saint and OBJ as a devil. Those people (probably you inclusive) should be apologising to OBJ.

As for me, OBJ does not deserve my apology; I still think he was a bad president but GEJ was 100 times worse than whatever OBJ could ever be.

adadadon:


If they were informed, did they approve?
Who are the operators of the ECA?
S81 of the constitution says




All appropriations should be subjected to the national assembly
Mismanagement: http://saharareporters.com/2015/07/05/jonathan-okonjo-iweala-mismanaged-eca-funds-%E2%80%93-frc-boss

Raymond Omachi, the acting chairman of Fiscal Responsibility Commission (FRC) has stated that the past administration led by Goodluck Jonathan and its Finance Minister, Ngozi Okonjo-Iweala mismanaged funds in the Excess Crude Account (ECA). Former Minister of Finance, Ngozi Okonjo-Iweala

Although Omachi did not mention names, he frowned at the practice of the federal government to pay subsidy from the ECA or to share to states from the ECA when available funds are not adequate to meet revenue projections.

He said that the ECA was established in 2004 to protect planned budget against shortfalls due to volatile crude oil prices, but that was not how the funds from the account were spent today.

“If the ECA had been properly managed, in accordance with the FRC act, the country will not have been embroiled in the liquidity crisis being presently experienced,” he said on Sunday in Abuja during an interactive session with the News Agency of Nigeria (NAN).

Omachi said that the FRC Act stated that savings from the ECA should not be accessed until oil price falls below the predetermined level for a period of three consecutive months.

He said that the sum accessed should be limited to the amount that would bring the revenue of government to the level contained in its budget estimates.

Omachi, supported by the commission’s management team, said also that the other acceptable withdrawal from the ECA was to fund capital projects.

He said that over the years, the commission had noticed withdrawal that was contrary to this and had raised alarm severally at the way the ECA was being brazenly depleted.

“In essence, the non-compliance with the relevant sections of the Fiscal Responsibility Act, 2007, is the cause of the financial management problem being experienced by the country in the light of the sliding oil price.

“If the account had been intact, the effect of declining oil price will have been accommodated with the ECA buffer to finance the budget,” he said.

Hajiya Maryam Mohammed, the Commission’s Head, Planning, Research and Statistics, said there was need for synergy between the Federal Ministry of Finance, Budget Office, Office of the Accountant-General of the Federation and FRC.

Mohammed said that this would enable efficient monitoring and control of all revenue generation and expenditure in the country.

She said that it was lack of synergy that has created loopholes where revenue generating agencies practice creative accounting in order to short-change the government.

Speaking, the Head, Monitoring and Evaluation, FRC, Mr Ola Tijanni, said the recommendation of the Orunsaya report and the White Paper approval to scrap FRC was hampering the work of the commission.

“The FRC has been monitoring schedule corporations in the area of preparation of MTEF, rendition of audited accounts and payment of 80 per cent of their operating surplus to the government consolidated revenue fund.

“In 2013, due to acceptance of government to scrap the FRC, remittances of operating surplus rather than increase, dropped drastically as most agencies are no longer disposed to cooperating with the FRC.

“In light of the foregoing, we make bold to suggest that rather than being scrapped, the FRC should be strengthened and empowered to diligently enforce the provision of the FRC Act,” he said.

It would be recalled that Governor Nasir El Rufai of Kaduna state also stated that the ECA was created by the government of Chief Olusegun Obasanjo for the ‘rainy days’.

adadadon:

FG is not the sole proprietor Mogidi actually alluded to it when he brought out the screenshot of the monies being shared from the ECA

Fuel subsidy payment from the ECA backed by which law?

Whynotthetruth:


FG is sole signatory to ECA account...

[s]From where do you expect subsidy money to come from because it is a national project...[/s]

[s]And I don't know how many times this would he said here...for it to enter your head...ECA is not subject to any law whatsoever...[/s]

OrlandoOwoh:

It's unfortunate when she is about or being prosecuted, some fools will cry she is being witch-hunted. They did it in the case of Stella Oduah, Buruji Kashamu, etc. Nigeria's problems, like Thambo Mbeki put it, are Nigerians.

adadadon:


If they were informed, did they approve?
Who are the operators of the ECA?
S81 of the constitution says




All appropriations should be subjected to the national assembly
Mismanagement: http://saharareporters.com/2015/07/05/jonathan-okonjo-iweala-mismanaged-eca-funds-%E2%80%93-frc-boss

Raymond Omachi, the acting chairman of Fiscal Responsibility Commission (FRC) has stated that the past administration led by Goodluck Jonathan and its Finance Minister, Ngozi Okonjo-Iweala mismanaged funds in the Excess Crude Account (ECA). Former Minister of Finance, Ngozi Okonjo-Iweala

Although Omachi did not mention names, he frowned at the practice of the federal government to pay subsidy from the ECA or to share to states from the ECA when available funds are not adequate to meet revenue projections.

He said that the ECA was established in 2004 to protect planned budget against shortfalls due to volatile crude oil prices, but that was not how the funds from the account were spent today.

“If the ECA had been properly managed, in accordance with the FRC act, the country will not have been embroiled in the liquidity crisis being presently experienced,” he said on Sunday in Abuja during an interactive session with the News Agency of Nigeria (NAN).

Omachi said that the FRC Act stated that savings from the ECA should not be accessed until oil price falls below the predetermined level for a period of three consecutive months.

He said that the sum accessed should be limited to the amount that would bring the revenue of government to the level contained in its budget estimates.

Omachi, supported by the commission’s management team, said also that the other acceptable withdrawal from the ECA was to fund capital projects.

He said that over the years, the commission had noticed withdrawal that was contrary to this and had raised alarm severally at the way the ECA was being brazenly depleted.

“In essence, the non-compliance with the relevant sections of the Fiscal Responsibility Act, 2007, is the cause of the financial management problem being experienced by the country in the light of the sliding oil price.

“If the account had been intact, the effect of declining oil price will have been accommodated with the ECA buffer to finance the budget,” he said.

Hajiya Maryam Mohammed, the Commission’s Head, Planning, Research and Statistics, said there was need for synergy between the Federal Ministry of Finance, Budget Office, Office of the Accountant-General of the Federation and FRC.

Mohammed said that this would enable efficient monitoring and control of all revenue generation and expenditure in the country.

She said that it was lack of synergy that has created loopholes where revenue generating agencies practice creative accounting in order to short-change the government.

Speaking, the Head, Monitoring and Evaluation, FRC, Mr Ola Tijanni, said the recommendation of the Orunsaya report and the White Paper approval to scrap FRC was hampering the work of the commission.

“The FRC has been monitoring schedule corporations in the area of preparation of MTEF, rendition of audited accounts and payment of 80 per cent of their operating surplus to the government consolidated revenue fund.

“In 2013, due to acceptance of government to scrap the FRC, remittances of operating surplus rather than increase, dropped drastically as most agencies are no longer disposed to cooperating with the FRC.

“In light of the foregoing, we make bold to suggest that rather than being scrapped, the FRC should be strengthened and empowered to diligently enforce the provision of the FRC Act,” he said.

It would be recalled that Governor Nasir El Rufai of Kaduna state also stated that the ECA was created by the government of Chief Olusegun Obasanjo for the ‘rainy days’.

989900:


If by any chance you were a legal counsel solicited to represent the immediate past administration in this case, you will surely guarantee they go to jail!

I want to bother to list your errors, but it's rather a lost cause bothering.

Sincere9gerian:

My dear, I dey o. I just dey watch as the so called govt of "change" don transform to govt of confusion.
Meanwhile, we're enjoying your handwork. Well done!

barcanista:
Hahahha they are even confused. Today they say one thing, tomorrow they withdraw it. Baba said he's old and his performance won't be optimal (he had no idea anyway). The next thing his spokesman came out and said "the older one becomes the more effective his capacity will be"

Whynotthetruth:


smh...Coming from someone who could not stitch correct sentence and spellings together...smh...

joseph1832:
Guy debate well joor! I wonder who appointed you a teacher here!. Yeye!.

barcanista:
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?

Whynotthetruth:


Is their anything instructive or coherent in his post to attend to?...Absolutely nothing... So he should rather go back to learn his spellings and sentence construction... maybe in future we can debate...As for now, his classes are more important...

Cc. 989900 : Your moniker shows you're learning your numbers...Ask your teacher to shift attention now to sentence construction and spelling checks...

obailala:

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

bobbiekrantz:





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

joseph1832:
So for your mind now you be teacher? In Fela's words "Teacher no teach me nonsense", "teacher teacher no be lecturer be your name".

Whynotthetruth:


smh...Coming from someone who could not stitch correct sentence and spellings together...smh...

Whynotthetruth:


smh... I think your people have proven from independence till now through their voting pattern and politics that they value nobody outside their region hence qualify more to be described with those words of yours as myopic ethnic biased people...

Those same people that see Jonathan as saint and term Obj a devil voted massively for Obj against their son;Ojukwu in 1999 & 2003...while your people rejected him for Falae & co...SW has voted along ethnic line since independence till date unlike those they hypocritically and falsely accuse and term bigots...facts are sacred bro...SW are the chief bigots in Nigeria and fortunately their voting pattern confirms this 100%...

Thank God for a Jonathan...If Obj was better how come;
1)FOI that allowed us to know financial deals of government was rejected under him...

2)How come votes never counted under him...

3)How come political assassination was prominent under him...

4)How come bribing and bastardization of morals of NASS was rife under him...

5)How come innocent villagers were wiped out through government instructions under him...

6)How come fuel queues that were common under him disappeared...

7)How come opposition candidate and individuals were murdered indiscriminately...

How come corruption was institutionalised under him...check our rating under him in world corruption index...and compare with others especially Jonathan...

9)In what terms was he better than Jonathan plzzzzzzzz...unless you're missing the flow of blood of innocent people

10)Even roads in his region... Benin/Ore...Lagos/Ibadan...Apapa/Oshodi were all under construction under Jonathan... so what exactly was Obj doing?

Whynotthetruth:


Face topic...BTW I love teaching and teachers...

obailala:
I have no strength to argue this further with you. By the way, you have just proven one of the ethnic reasonings I talked about; you have automatically assumed I am yoruba because I said GEJ was a horrible leader. Sorry, I am also from the SE but my reasoning doesnt have to conform to the general reasoning for me to be a proper son my father. Good day!

barcanista:
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.

989900:


You're nothing but a 'lost cause' 'my dear' (and I do not mean that in a bitter way).

And, sincerely you need to calm down a little, as it's apparent you keep confusing yourself, more like some delusion.

1. While I'll humbly take to grammatical correction(s) as no one is beyond that; I'd appreciate it whence it's genuine, and coming from an individual who is sure of what they imply they know—you don't even know how to use ellipses properly, nor construct a proper sentence, yet you want to correct my grammar?

2. If you have a problem with any part of it, and are sure of it, you should have just pointed it out; any half-witted-nobody can make random non-specific inference—it's a given.

3. I've gone through most of your comments (which are not precisely grammatically correct, nor objective), and pedantic would be making that an issue, when there are more serious things to talk about.

4. Your gloss still does not negate the fact that, you lack the aptitude to make a substantive case for the alleged mismanagement/embezzlement of funds. And not only that, some parts of your comments (of course some are correct) would actually guarantee the accused persons spend some jail time.