By Ayodele Aminu, 07.27.2010

Governors from the 36 states of the federation are mounting pressure on the Federal Government to share another $3 billion be shared from the savings in Excess Crude Account (ECA).

The governors, THISDAY can reveal, made the demand at the recent National Economic Council (NEC) meeting in Abuja.
Already, the governors, according to sources, are currently mounting pressure that an emergency Federation Account Allocation Comm-ittee (FAAC) be convened to create an avenue to deliberate on how the $3 billion should be shared.

The ECA, which was created by the government of ex-President Olusegun Obasanjo in 2003 when Dr. Ngozi Okonjo-Iweala was the Finance Minister, is where the difference between budget benchmark price for oil and the actual market price is saved.
The ECA, which is currently believed to hold up to $4 billion, is meant to mitigate the effect of boom-bust cycle of crude oil revenue.
Crude oil sales account for over 80 per cent of budgetary revenues in Nigeria and 95 per cent of foreign exchange earnings.

But Nigeria has been lucky since the beginning of this year with average crude oil price hovering between $74 and $77  and currently selling for $78.55 per barrel as at the yesterday as against the budget benchmark of $67, meaning that there has been some accrual to the ECA. Experts have suggested that crude oil price is likely to remain steady at $79 per barrel for the rest of this year.

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.
In 2008, the ECA  dropped to $15 billion.  By end of 2009 it had dropped to $.6.5billion and currently holds about $4billion. President  Jonathan Goodluck had last January acceded to the governors' that $2billion be shared, after which they supported the bid to make him Acting President in the prolonged absence of  Yar’Adua.

He also approved the deduction of N339.627 billion from the account to augment arrears due to the three tiers (Federal, State and Local Governments) last May.   
Some analysts are of the opinion that the latest demand by the governors may be met for political reasons, especially ahead of the 2011 elections.

[size=14pt]PDP. . . share the money [/size]

$3bn converted into #naira=?

philip0906:

$3bn converted into #naira=?

with current Exchange rate that will be
3,000,000,000.00 USD = 450,300,018,310.55 NGN
United States Dollars Nigeria Nairas
1 USD = 150.100 NGN 1 NGN = 0.00666222 USD
Divided by 36 = NGN12,508,333,841.960 each

PDP share the money has usual. Let there be money to chop. They are waiting for it.

the sharing formula continues and nothing to show for it in terms of good roads or power supply

Monkey dey work, baboon dey chop. Some of the states do not a add even a kobo to the national treasury yet their governors are busy clamouring for money to be shared as if it's their birthright. To them that's all '1 9ja' stands for.

I hope it doesnt get shared,
Jonathan as acting presido shared $3 billion thats enough for those idiots

Ewo! kai! but even when they share it, we no dey see the cash for our states interms of good road, healthcentres,shelther, education, Electricity ETC, all we get is nothing!

THE MONEY GOES INTO THEIR PERSONAL POCKETS!!! IDIOTS!

MONTH IS COMING TO AN END AGAIN THEY WILL COLLECT 17% of my salary and call it tax LIARS!
all the enrich thier pockets, MAY THUNDER FIRE ALL OF U GOVERNORS!

and EFCC will do nothing.idiots in power

na election money dem dey find.

They needed 3b to make Jonathan acting president.

They want another 3b to vote him in as PDP Candidate for next election.

this country is so bad! N1 won't be allocated to me neither u, i won't burn my calories commenting on how govs want $b3bn or how Nigeria will turn 50 come Oct 1. nonsense country!

Some of you have said my mind. Share the money

fellow nigerians our problem is not tribal or ethnicity, lets find a way to get rid of these politicians they are dragging us into mud!

look at the amount of money they have been sharing for them selfs, but wait a minute, WHAT ABOUT US!

When lunatics are in power it results to this rubbish, ve always said nigeria is taking backward steps using democratic propaganda

What is the current state of federal roads and infrastructure across the country today? Is JOnathan doing his job or sitting back and waiting for the structures to magically fix themselves?

All then excess money should be used to develop the Niger-Delta because that is where the crude money is coming from.

Chongaiman:

Monkey dey work, baboon dey chop. Some of the states do not a add even a kobo to the national treasury yet their governors are busy clamouring for money to be shared as if it's their birthright. To them that's all '1 9ja' stands for.

suedoh2006:

All then excess money should be used to develop the Niger-Delta because that is where the crude money is coming from.

The answer is true federalism. It will make governors accountable to their people and ensure that all states become productive and set us on the path of development.
With true federalism, sharing loot in Abuja will not exist.

DEY WILL SUN PUT UP
NIGERIA FOR SALE WHEN THEY HAVE FINISHED THE EXCESS CRUDE OIL ACCOUNT

snowdrops:

[size=14pt]PDP. . . share the money [/size]

I want to believe that not only pdp governors are going to share the money. Anyway, what are they going to use the money for?

oluagness:


I want to believe that not only pdp governors are going to share the money. Anyway, what are they going to use the money for?

Don't mind the fools. AC has no governors, abi? Neither does APGA or ANPP, not so?

These bunch of numquarms will not go seel alternative means of revenue generation. One day there will not be oil, I wonder what money they will share then. i still don't support a state government folding its arms and waiting till the end of the month for allocation from Abuja before carrying out govt buissnes.

pdp,,,,,,,,,,,,,,,,,,,,,,,,,
share the money!

PDP, SHARE THE MONEY

During obj´s rule under the ex finance minister NGOZI OKONJO IWEALA the excess crude oil accout had over $56 BILLION US DOLLARS chai!!!! them don reduce and chop am finish to $4billion usd now they want to finally finish the e.c.a money . A beg make una carry go!!! nothing do una, we dey feel una die

niaja is finished long hisss

.

this is just the excess they're talking about, i can imagine how the real thing is being done, i pity my dear fellows in this country. ohhhhhhhhhhhh!!!!!!!!!!!!!God help us and deliver us from these mental and mordern day slavery

thiefs

sadd folks. . . .

What do they mean by "share" , is it to split and alocate it to every state for projects and general infrastructure etc?
or to actually distribute the amount across to the states govornors etc for there personal pockets? , if so they might as well share it to the nigerian public and directly enrich every one, it will go a long way to help the multitude of poor and suffering nigerian masses to sustain themself - at least for some months , no doubt each citizen will get at list N30k