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ECA Further Shrinks From $35.7 Million To $376,000 - Politics (4) - Nairaland

Nairaland Forum / Nairaland / General / Politics / ECA Further Shrinks From $35.7 Million To $376,000 (21086 Views)

Subsidy Payment, ECA Depletion: Ajuri, Misrepresenting Facts - TonyeBarcanista / Tolu Ogunlesi Explains The Shortfall In ECA / Nigeria’s GDP Growth Rate Shrinks From 1.95% To 1.5% In Q2 – NBS (2) (3) (4)

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Re: ECA Further Shrinks From $35.7 Million To $376,000 by Nede: 10:46am On Jul 27, 2022
apache22b:
Peter Obi will not Win
is it your father that would win before? I release you from mental slavery

1 Like

Re: ECA Further Shrinks From $35.7 Million To $376,000 by OmoOshodi(m): 10:47am On Jul 27, 2022
And Fashola was saying rubbish on live Tv


Anybody Anyone planning to vote for APC in 2023.......may Bandits locate you before that election day

3 Likes

Re: ECA Further Shrinks From $35.7 Million To $376,000 by Binancian: 10:52am On Jul 27, 2022
Supremos:
This doesn't concern peter obi. He and his family are already made for life. Stop being stv.pid

He does not know
Obi has nothing to lose if he does not win
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Reference(m): 10:57am On Jul 27, 2022
nedekid:

Exactly.
I said it then, people were saying I don't understand economics, that borrowing to fund infrastructure drives growth. I said how will borrowing to build train eg to maradi will develop the economy? Why not cut expenses manage and the save money to use to fund infrastructure. Exactly what Obi did in anambra state?
Even if we wanted to borrow. Take the money to build petrol refineries. Afterall it is said fuel importation takes all our foreign earnings from crude exports.

When goverments in other climes borrow to fund infrastructure in hard times as a tool of general economic development they target specIfic industries that EXIST and are functioning but have probably fallen on hard times. These infrastructural investments do two things, they help lower cost of production making them more competitive and secondly they create direct jobs where the infrastructure is built by local enterprises or by direct labour.

But when your borrowings are for frontier, exploratory businesses where you have no experience, no track record of successes and on top of that the expenditure is essentially offshore such that materials, men and means will create all the jobs overseas then where is the benefit.

If I wrote a proposal for a loan to establish some high flying business which I had very limited knowledge or experience in when I was employed and earning good salary, that could be considered as risk averse, But if I then lost my job the risk of borrowing to invest in such novelty increases astronomically and it will be better I either wait to get my personal financial situation sorted first or I borrow to invest in what I do know, what I presently do and what guarantees me success.

As a matter of fact no right thinking bank will lend me money for an exploratory, frontier business when I have no income or just scratching for a living. And that is why it is only the Chinese and their cohorts that agreed to give us the money for this sad journey of financial misadventure we have undertaken this past six years. They just do not care about the welfare of the Nigerian people, and that is because they are not a democracy, their own government is a pseudo autocracy where no one cautions them.

The railway has no immediate economic benefit, we have no track record of success in it and its deployment holds scant benefits in job creation or small business stimulus, so why pay top dollar for it when we were in recession, leaving like you say the more important investments of refinery re/development which will have saved the six and a half trillion to be spent on subsidies this year and over 20 trillion spent since 2015.

Where have you seen such madness practiced anywhere else in this world.

3 Likes

Re: ECA Further Shrinks From $35.7 Million To $376,000 by thesolutions(m): 11:03am On Jul 27, 2022
Nnemuka:

Sold to who? it was commercialized not privatised
I do not understand. commercialized, privatized. was it an NGO or a charity organization before?
Have fuel subsidy been removed and who is paying the subsidy if it is still in place. Are they still the sole importer of PMS or have the right been quashed by the government? Were they giving fuel to Nigerians free before that they have to turn around and commercialize it as you said.

NNPC is still NNPC but it has new owners who shares the profits and pay government tax and dividend as a share holder.

1 Like

Re: ECA Further Shrinks From $35.7 Million To $376,000 by syntekelite(m): 11:03am On Jul 27, 2022
Lol... Buhari the saint...@vulturegrills darling daddy..

Re: ECA Further Shrinks From $35.7 Million To $376,000 by Yankee101: 11:05am On Jul 27, 2022
Buhari happened to naija
Re: ECA Further Shrinks From $35.7 Million To $376,000 by jameshankss(m): 11:08am On Jul 27, 2022
Waiting for someone to feed, clothe and shelter the basic civilian population.

At least keep food prices and diesel prices down.
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Festy4u(m): 11:08am On Jul 27, 2022
Nigerians voted into power a man devoid of corruption my ass! grin

ECA drpleting from about $35 million to $300,000 and nobody knows how the money was spent! undecided
Re: ECA Further Shrinks From $35.7 Million To $376,000 by saintol(m): 11:12am On Jul 27, 2022
Buhari is a national disaster.

1 Like

Re: ECA Further Shrinks From $35.7 Million To $376,000 by purplekayc(m): 11:14am On Jul 27, 2022
Opari

Re: ECA Further Shrinks From $35.7 Million To $376,000 by Richy986: 11:20am On Jul 27, 2022
You are very ignorant if you believe the president can change the current sharing formula. It is beyond the powers of the president and only a constitutional amendment can change it. Stop forcing your clueless candidate on us. Tinubu for President 2023
Penguin2:
Jesus Christ!

$35million dollars depleted to a little above $300,000 in less than one month?

They’ve used sharing formula to finish Nigeria.

You see why sharing formula must be replaced with production formula as is being canvassed by Peter Obi?

If we retain the killer sharing attitude of those we elect into offices as it is today, Nigeria might be declared insolvent.

Please, you are not doing this for Peter Obi but for yourself, your children and your children’s children…

Vote Peter Obi.

If not anything, let’s try something new, please.

Some of us don’t want to japa abeg!
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Enyimbamercedes: 11:20am On Jul 27, 2022
Lol!!!

I’ve not heard much noise from the “patriots”!

What hole have they run into?

Buffoons
Re: ECA Further Shrinks From $35.7 Million To $376,000 by poiZon: 11:25am On Jul 27, 2022
SIMONEKPA7:
grin
Nigeria’s Excess Crude Account shrinks from $35.7 million to $376,655.09
CC
Sarki,Hellanus,Mannavulture griller,Leo and all other zombies your attention is needed
U no remember seunmsg of all zom.... Bees

1 Like

Re: ECA Further Shrinks From $35.7 Million To $376,000 by Ojuntana: 11:30am On Jul 27, 2022
Lol..
At a time oil is selling far above budget benchmark?
How do you reconcile that?

Meanwhile amaechi and Oshiomole are silent
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Nnemuka(f): 11:31am On Jul 27, 2022
thesolutions:


I do not understand. commercialized, privatized. was it an NGO or a charity organization before?
Have fuel subsidy been removed and who is paying the subsidy if it is still in place. Are they still the sole importer of PMS or have the right been quashed by the government? Were they giving fuel to Nigerians free before that they have to turn around and commercialize it as you said.

NNPC is still NNPC but it has new owners who shares the profits and pay government tax and dividend as a share holder.


NNPC is still owned by govt, with govt workers and yes Nigeria still pays subsidy.

https://www.bloomberg.com/news/articles/2022-07-19/nigeria-s-state-owned-energy-firm-starts-commercial-operations

Re: ECA Further Shrinks From $35.7 Million To $376,000 by cp3o: 11:31am On Jul 27, 2022
GamalNasser:
Buharis family must be tried and sent to jail for what their father has done even if it takes Nigeria 20 years

Don't exempt Buhari himself, please.
May God preserve Buhari in long life and sound health so that he receives punishment here on earth for the heartless and nefarious damage perpetrated against an entire nation. In addition, those of us counted unworthy of a decent livelihood or even the right to life by the present junta and their lapdogs, may help arise for us from other quarters. May their desire to see us impoverished and beggarly be overturned so that the reverse becomes the case, in the Almighty name of Jesus the Christ!

1 Like 1 Share

Re: ECA Further Shrinks From $35.7 Million To $376,000 by poiZon: 11:38am On Jul 27, 2022
When other countries r benefiting from the high cost of crude oil due to ukraine-russian war, e come be like say na our country them dey use a s battle field.
Akpabio was bragging that Niger delta is noe peaceful, he didn't let the dumbo president to know the cause of the peace. We now have more militants sabotaging crude production than before.
Those militants the Gej govt gave contracts to secure oil installations at a more profound fee was cancelled by buhari, Noe the same boys are wrecking havoc in the creeks with connivance of Nigerian security personnel...
Re: ECA Further Shrinks From $35.7 Million To $376,000 by SIMONEKPA7: 11:48am On Jul 27, 2022
poiZon:

U no remember seunmsg of all zom.... Bees
Make i edit add that chief zombie
Re: ECA Further Shrinks From $35.7 Million To $376,000 by thesolutions(m): 11:54am On Jul 27, 2022
Nnemuka:
[/b]

NNPC is still owned by govt, with govt workers and yes Nigeria still pays subsidy.

https://www.bloomberg.com/news/articles/2022-07-19/nigeria-s-state-owned-energy-firm-starts-commercial-operations

How is that commercialization. Government pays subsidy to it firm NNPC to still do what they have been doing. How do government pay them the subsidy? will it be through NMDPRA or central bank or is NNPC paying itself subsidy from crude oil export. Note that they still have the sole right to importation of fuel. So this is not commercialization. It is transfer of wealth from government to individuals.

Government want to commercialize NNPC, It only need to allow them buy and sell like other marketers and sustain it staff from profits it makes. this will result to cut in wastage and mismanagement.

But you know that can never happen. That is why they are still the sole importer of fuel and exporter of crude. That is not commercialization. What government has done is give them free hands to manage the resources the gain from crude oil export and that is not good.

1 Like

Re: ECA Further Shrinks From $35.7 Million To $376,000 by emmaodet: 11:54am On Jul 27, 2022
Penguin2:
Jesus Christ!

$35million dollars depleted to a little above $300,000 in less than one month?

They’ve used sharing formula to finish Nigeria.

You see why sharing formula must be replaced with production formula as is being canvassed by Peter Obi?

If we retain the killer sharing attitude of those we elect into offices as it is today, Nigeria might be declared insolvent.

Please, you are not doing this for Peter Obi but for yourself, your children and your children’s children…

Vote Peter Obi.

If not anything, let’s try something new, please.

Some of us don’t want to japa abeg!

grin grin

You no wan japa abi?
What this statement means is that nigeria as a country does not have any shock absorber.
It can't withstand any emergency shock. The future is scary and not rosy.
It menas a drop in crude oil price at the international market will instantly have a reverbrating effect in nigeria, no emergency funds to cushion the dollar demand/dollar supply shortage which means another round of massive devaluation not so far in future.
Any fall in revenue generated for the country, be it drop in crude oil price or drop in oil production for whatever reason, it will be a massive suffering.
Politicians are bad managers and are not meant to manage a country.
I don't know who set-up countries to fail like this.
We all know no reasonable company will use politicians as the management of their respective companies, so why are we using that model for countries?
Re: ECA Further Shrinks From $35.7 Million To $376,000 by GamalNasser: 11:55am On Jul 27, 2022
cp3o:


Don't exempt Buhari himself, please.
May God preserve Buhari in long life and sound health so that he receives punishment here on earth for the heartless and nefarious damage perpetrated against an entire nation. In addition, those of us counted unworthy of a decent livelihood or even the right to life by the present junta and their lapdogs, may help arise for us from other quarters. May their desire to see us impoverished and beggarly be overturned so that the reverse becomes the case, in the Almighty name of Jesus the Christ!

Amen Amen Amen
Re: ECA Further Shrinks From $35.7 Million To $376,000 by descarado: 11:56am On Jul 27, 2022
As long as they refuse to do the right thing or vote the right person, Sri Lanka will be better than Nigeria soon.
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Glycosunde: 12:01pm On Jul 27, 2022
I had to read and reread the figures many times because I thought I was reading the figures wrongly or that the Op wrote it wrongly. WTF!!! How can 37 million become less than 400k in a space of a month? Just how can? And we still have people especially the youths still wanting to foist these sharing-formula politicians on us. When Peter Obi was reeling out figures and statistics in stating that the country was going broke and couldn't survive sharing anymore, many people insulted him and branded him the statistics man. I hope you all can see for yourselves now. This isn't coming from Peter Obi and like he has always opined we cant keep on sharing. We need to move from a sharing to a production nation
God bless Nigeria
God bless Nigerians
God bless our incoming President, Peter Obi

MEANWHILE: My household, friends and I are all OBIdients


VOTE MASSIVELY FOR PETER OBI. 2023 ASO ROCK is POssible

1 Like

Re: ECA Further Shrinks From $35.7 Million To $376,000 by Makowonda: 12:11pm On Jul 27, 2022
ECA was about $75million not too long ago,it dropped to $35million and miraculously dropping to just above $300k in one month?The only thing that can cause such a drastic financial depletion is corruption.Or maybe they have used the money to "buy" weapons at Kuje prison so as to run away and leave the weapons for terrorists the next time they attack the "correctional facility" again.Nigeria is dead and in a grave hole,na to use shovel cover am na'im remain.
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Fujiyama: 12:20pm On Jul 27, 2022
Madeu:
Difference between Yoruba man economic acumen and a Fulani economic acumen.
Obasanjo started ECA and grew it to robust amount for future generations to have something to rely on.
But a typical Muslim and a Fulani don't care about the future.
We are doomed.
We need another Yoruba economic understanding to come in 2023

^^^
cheesy

Yet more nonsense.

Give the specifics and not this tribal nonsense.

Only simple minded folk will fall for this.
Re: ECA Further Shrinks From $35.7 Million To $376,000 by TheGift: 12:34pm On Jul 27, 2022
Re: ECA Further Shrinks From $35.7 Million To $376,000 by ZombieTAMER: 12:34pm On Jul 27, 2022
apache22b:
Peter Obi will not Win

They're stealing your money and you are concerned about Peter..

Shame on your lineage
Re: ECA Further Shrinks From $35.7 Million To $376,000 by Babyface33: 12:39pm On Jul 27, 2022
Am not sure this report is correct .
Re: ECA Further Shrinks From $35.7 Million To $376,000 by maste: 12:53pm On Jul 27, 2022
THE MONEY HAS BEEN SHARED BETWEEN THE BANDITS, UNKNOWN GUN MEN AN MR INTEGRITY'S FAMILY MEMBERS AND FRIENDS. THEY HAVE BORROWED SO MUCH MONEY TO FUND THEIR WAR CHEST BUT THEY WILL FAIL. LEAVE THE FOOLISH AFONJA DECENDANTS. THEY ARE THE WEAK LINK IN THE CHAIN. THAT CHAIN HAS BEEN BROKEN FROM THE TRUE NIGERIANS.
Re: ECA Further Shrinks From $35.7 Million To $376,000 by MotiveU(f): 1:19pm On Jul 27, 2022
apache22b:
Peter Obi will not Win
But tinubu thief will win
Re: ECA Further Shrinks From $35.7 Million To $376,000 by frog12: 1:48pm On Jul 27, 2022
these governors no show pity to the money grin grin grin grin

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