₦airaland Forum

Ventura1:
You just mentioned the ECA and not foreign reserves, what depletes the foreign reserves? Also note that for every N2 trillion shared by the states, FG is receiving about N4 trillion.

Tinubu Tackles FG, CBN On Excess Crude Oil Sales Account
Feb 22, 2001




https://www.osundefender.org/wp-content/uploads/2013/09/TINUBU.jpg




The Lagos State Governor, Senator Bola Ahmed Tinubu, yesterday joined issues with the Federal Ministry of Finance and the Central Bank of Nigeria (CB N) over the recent face-off between the different tiers of government on the excess crude oil sales reserve account of US$ 1. 8 billion which is about N198 billion.

Expressing concern at the impression being created that the economy is rudderless, Tinubu argued that the central issue transcends the release or non-release of the fund into the Federation Account.

In his words: “The fundamental issues and principles at stake go much deeper. They are more broadly about the rule of law and the supremacy of the constitution on one hand, and the need for cooperation and coordination in a true federal structure, as a basis for sustaining and strengthening our fledgling democracy on the other hand”.

Governor Tinubu [size=14pt]disagreed with the CBN's position that release of the excess crude reserves to the states and local governments, though legitimate, [/size]would lead to inflation; cause a rundown of the nation's foreign reserves; weaken the exchange rate further and run counter to agreements reached with the IMF.

The Governor contended that "in a period of excess capacity and low purchasing power, there should not be undue inflationary pressures from an injection of funds into the economy. Instead, such a development should be beneficial to economic activity and growth, despite the fact that there are supply rigidities and inefficiencies which would limit the potential benefits”.

On the purported likely impact on foreign reserves, Tinubu argued that "in an import-dependent economy such as ours, it is inevitable that an upturn in the level of economic activity would engender a fall in foreign reserves. This is not necessarily a bad thing. Rather, it would be immoral to appear to be building up high foreign reserves in the midst of grinding poverty”.

He stressed further that if the N198 billion released is matched by an equivalent US$1.8 billion, there should not be a fall in the value of the Naira as the supply of dollars would be in place to match any increased demand”.

Tinubu also said it would be unfair for the federal government to agree unilaterally to commit revenues due to other tiers of government, to an agreement with the IMF or anyone else.

Attributing inflationary pressures in the economy largely to the federal government's overspending and printing of money to finance such expenditure, Tinubu said "It is hardly fair for the FGN to overspend and then seek to correct the inflationary effect on the economy by starving other tiers of government of their rightful funds”.

Stressing that there is no basis for CBN or any authority to flout the constitution and deny states and local governments their own share of the Federation Account, Tinubu noted that "the excess crude reserve account is itself an illegality, carried over from the military era, as there is no provision in the law or the constitution for federally - collected revenues to be diverted to such an account”.

Advocating constructive dialogue on the management of the economy Governor Tinubu said "it is time for us to sit down and dialogue about how to move from where we are now, to where we need to get to, while respecting true federalism in fiscal and other matters”.

From: http://asiwajubolatinubu.com/archives/news/2001/02/22/20010222N01.html

deji68:
Well, u cant spend Foregn reserve, ....it is used to shore up the Naira...

Ventura1:
For those that claims governors were responsible for not saving, Governors only called for sharing fund in the ECA and not the foreign reserves.
The question is what is responsible for the depletion of foreign reserves?

NaijaEfcc:
It is quite possible that Rotimi Amaechi is losing his marbles otherwise why else would he be asking former President Jonathan to account for the $65 billion that former Olusegun Obasanjo left in the Excess Crude Account when there was never any such amount?

Former President Olusegun Obasanjo and the former Governor of the Central Bank of Nigeria who served under his tenure, Professor Charles Soludo are both alive and journalists can take advantage of the Freedom of Information Act signed into Law by former Jonathan to verify from them if there was ever any $65 billion in the Excess Crude Account.

Ventura1:
THE TRUTH

The claim that Obasanjo left $65 billion in the ECA is false.  He left $43.13 billion in foreign reserves (out of which only $9.43 billion in ECA), while Yar’Adua build reserves to peak at $62 billion (out of which $22 billion was in ECA — the highest ever in Nigeria’s history).
GEJ inherit $62 billion and squandered it to $30 billion in foreign reserves and $2 billion ECA, without bothering to build the reserve despite crude selling at higher prices and nothing tangible to justify the spending.

FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013


Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that the states had requested for $2bn to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

aolawale025:
And that's how APC lies would continue to be busted till 2019

otokx:
The man who stood up to the powers that be.
History will not forget you.

Mogidi:
He delivered good governance hence his protégé was unsuccessful in his bid to become governor.
Amaechi is high on grade 1 Buhari urine.


https://www.monorails.org/webpix%203/cnstRivers02.jpg

ijekul:
As the Judicial Commission of Inquiry set up by the Rivers State Government to probe the sale of valued assets of the state and other matters continued its sitting on Friday, the technical consultant to the state on the monorail project, Arcus Gibbs revealed that  he advised former Governor Chibuike Amaechi against continuing with the project.

Managing Director of Arcus Gibbs Nig Ltd, Wiero Viguezang, however said his company gave the advice only after collecting N22.9bn from the Rivers State Government since its services were enlisted in March 1, 2010.

Viguezang spoke when he appeared before the commission to explain the role played by his company in the monorail project being probed by the commission.

While being cross-examined by counsel to the commission, Dr. Zaccheus Adangor, Viguezang, stated that the monorail project was no longer tenable considering the shortfall in the state’s revenue and the inability of its original technical and equity partners, TSI Nig Ltd, headed by the former military administrator of Rivers State, Brig-Gen Anthony Ukpo (Rtd.), to fulfil its obligations to contribute 80 per cent of its equity holdings.

He disclosed that the state owes his company N1.1bn for its services.
He also said the company had in a letter to the Rivers State through the ministry of transport, in April, made a six-point recommendation to the Rivers State on how to unbundle the monorail project in such a way that the state government can salvage some financial benefits out of the N33.9bn so far invested in the project. The monorail project was originally estimated to cost about Euros2250m.

The technical partner had in its sixth point of recommendation suggested to the Rivers State Government to unbundle the monorail project and approach the manufacturers of the mechanical components and rail tracks in Germany and exploit the possibility of reselling components at a lower price to the manufacturers.

He said the company also advised the state government to consider the option of using the monorail facilities for other commercially viable purposes, mentioning the spaces between pillars and surrounding areas of the monorail project, stressing that the area between Azikiwe Road and the UTC axis could be put into very fruitful commercial purpose.
Viguezang also told the commission that his company and the state government had planned to unveil the monorail project last April specifically to mislead the people of Rivers State into thinking that the project, which has gulped N33.9bn, was still on course.

He admitted that his company wrote a memo to the commissioner for transport to arrange the unveiling of the project essentially for media coverage since the project was “technically uncompleted”. 

According to Viguezang, “We actually wrote to the ministry of transport in January, to arrange for the governor to unveil the monorail project in April for the attention and coverage of the media based on the expectation of the people of the state.”

When asked to clarify if the unveiling was to deceive the people of Rivers State into believing that the controversial monorail project was ready, Viguezang admitted; “It was to deceive the people into believing that the monorail project was at last ready”.

The managing director, however, stressed that “apart from the media coverage and public attention that it is expected to generate, the monorail was not technically and commercially ready. Only phase 1a within phase 1 of the project was ready. So, there was no way the public would have been able to use the monorail as at April when we asked the ministry of transport to unveil the project to the media”.

Viguezang admitted that the Rivers State government enlisted services of Arcus Gibbs at the cost of N600 million from March 1, 2010 to December 1, 2010, after the memorandum of understanding (MoU) with TSI collapsed because TSI could not raise revenue to fulfil the payment of its 80 per cent equity share capital.

He stated that part of its role as the technical service provider to the Rivers State government concerning the monorail project was to evaluate and assess the activities of TSI and give an independent opinion to the Rivers State government.


http://www.thisdaylive.com/articles/how-technical-consultants-advised-amaechi-against-monorail-project-after-collecting-n22bn/218811/

Disneylady:
Arsenal are the most useless team I've ever seen

Paperwhite:
Today APC government is using recovered/relooted funds (that Magu said he does not have even an ideal of how much It's while Saraki said goverment officials are stealing same) to fund the budget.
Tomorrow they are using a large chunk of same money for "social investment" of God knows what.Everyday is one nauseating lie or the other from this fraudulent government while the widespread hardship continues to increase in geometric proportion.

MrMaestro:
Lagos is the soon to be the 3rd largest economy in ALL of Africa, and it's just a state. Lagos is about to take center stage to Africa and the world. The flags are a sign of this.

MathsChic:
Some days ago, I was at a secondary school in Surulere (across the bridge from the Island) in Lagos for a friend's event where he is educating secondary students about the perils of peer pressure. I honestly wasn't expecting what I saw as the state of this secondary school.
It left me wondering if this was a school or a dump yard. Why in heaven's name are Nigerian leaders looking the other way while the young ones study in this sorry environment?

The attached pictures are what I saw. This is no secondary school. It's a hopeless shanty. I hope this gets to front page and attracts the necessary attention.



www.nairaland.com/attachments/3124804_20151126164323_jpeg933998a57f8c28234ccaa665d2fefc46



www.nairaland.com/attachments/3124836_20151126163829_jpeg3798e0f98a572b323f9b9ab93cf4eb74

CONSTITUTION OF THE
FEDERAL REPUBLIC OF NIGERIA
1999

Fourth Schedule
Functions of a Local Government Council

1. The main functions of a local government council are as follows:

(a) the consideration and the making of recommendations to a State commission on economic planning or any similar body on -
(i) the economic development of the State, particularly in so far as the areas of authority of the council and of the State are affected, and
(ii) proposals made by the said commission or body;
(b) collection of rates, radio and television licences;
(c) establishment and maintenance of cemeteries, burial grounds and homes for the destitute or infirm;
(d) licensing of bicycles, trucks (other than mechanically propelled trucks), canoes, wheel barrows and carts;
(e) establishment, maintenance and regulation of slaughter houses, slaughter slabs, markets, motor parks and public conveniences;
(f) construction and maintenance of roads, streets, street lightings, drains and other public highways, parks, gardens, open spaces, or such public facilities as may be prescribed from time to time by the House of Assembly of a State;
(g) naming of roads and streets and numbering of houses;
(h) provision and maintenance of public conveniences, sewage and refuse disposal;
(i) registration of all births, deaths and marriages;

(j) assessment of privately owned houses or tenements for the purpose of levying such rates as may be prescribed by the House of Assembly of a State; and

(k) control and regulation of -

(i) out-door advertising and hoarding,
(ii) movement and keeping of pets of all description,
(iii) shops and kiosks,
(iv) restaurants, bakeries and other places for sale of food to the public,
(v) laundries, and
(vi) licensing, regulation and control of the sale of liquor.

2. The functions of a local government council shall include participation of such council in the Government of a State as respects the following matters -

the provision and maintenance of primary, adult and vocational education;
(b) the development of agriculture and natural resources, other than the exploitation of materials
(c) the provision and maintenance of health services; and
(d) such other functions as may be conferred on a local government council by the House of Assembly of the State.


Source: http://www.waado.org/nigerdelta/documents/ConstitutionalMatters/1999Constitution/FourthSchedule.html

Bigprick9inches:
When u know that bois make that every few days then u will known that that is change

alexistaiwo:
When you attain some level in life, you realise that there are some more important things than money

Islie:
Omarosa Manigault, a Nigerian who is director of communications for the White House’s office of public liaison, has resigned.

nawtyme:
These zombies claiming buhari is fighting corruption, my question is, why arrest olisa methu and spare Babachir?

Acidosis:
2. Jesus watched as the "Sheeple" widow dropped money for corrupt religious leaders but He did not free the "Sheeple"
- Mark 12:41-

At the time Jesus observed the widow's offering, the treasury was managed by corrupt religious leaders, but Jesus did not free the sheeple widow. Nowhere was it mentioned that Jesus instructed her not to give her last penny! Instead Christ was interested in blessing her seed. Ask yourself, would Jesus partake in the #freethesheeple movement if He and the Apostles were around today?

ElPadrino33:
Rochas : Baba this your daughter fine oh, I think she deserves a statue
PMB : Anything you say ! I trust you to always deliver.

Mexzy4sho:
I feel your pain

ojoagba:
i am so glad this beautiful church is coming at a time when daddy freeze and other demonic agents are attacking the church. in winners too, just last month, papa oyedepo commissioned a one billion naira church structure fully paid by one man at vgc, lagos. when the church was very poor, they mocked by saying "as poor as a a church rat" now God is blessing the church and they are pained. una never see anything. very soon, government of nations will beg churches to fund their budgets.

tungamaje:
I know a bony deeper life friend who contributes each Sunday for their school projects but I am very sure he won't afford to send his children to any of the schools because they are for the rich. Is that not stupidity?

three:
This is not the only thing he does repeatedly

CriticMaestro:
Lie Mohammed and his cohorts in action

policy12:
Naija every year budgeting the same thing..

mountlarry:
Wonderful facts.
Another question we need to ask is what did all the governors do with their share of allocations?
We easy forget them and face GEJ

enshy:
May God use this new wind of prosperty in the Church to bring souls to Himself.

zionmde:
Happy for DLCF though. God deserves the most beautiful structures on earth. The church will keep marching on.

GavelSlam:
Why should I when I see expansion and new industries such as petrolex springing up?
Why should I when I know every Nigerian knows Kebbi state is a massive rice producer and Lake rice is available in Lagos?
Wetin concern common man with policy when he dey see food chop and place to work?
Receive sense.

Paperwhite:
Don't waste time with this kinds of fella bro.

Bakerdav:
Hummm,how many graduate have you employ into the factory

GavelSlam:
When the US government claims job creation is it for public sector roles?
You IQ is coming to question.

PMBmustGo2019:
Nigeria: Virgin Atlantic May Have Pulled Out of Nigeria, Sacks Nigerian Staff

Quote: "We fought daily battle against government agents who wanted to daily make fortune from us, politicians who saw the government 49 per cent as a meal to seek for all kinds of favour... watchdogs (regulatory body) that didn't know what to do and persistently asking for bribes at any point... Nigerian people are generally nice but the politicians are very insane... that may be irony because the people make up the politicians."
http://allafrica.com/stories/201511090151.html

Honeywell Flour Mills reports 66.27% decline in full year profit
https://trwstockbrokers./2015/08/03/honeywell-flour-mills-reports-66-27-decline-in-full-year-profit/

October
Guinness Nigeria suffers 76% profit decline
http://businessnews.com.ng/2015/10/24/guinness-nigeria-suffers-76-profit-decline/

Lafarge Africa’s profit dips amidst slow sales in Q3
http://thenationonlineng.net/lafarge-africas-profit-dips-amidst-slow-sales-in-q3/

Unilever Nigeria : FMCG Companies Suffer Half-Year Profit Decline
http://www.4-traders.com/UNILEVER-NIGERIA-PLC-8252801/news/Unilever-Nigeria--FMCG-Companies-Suffer-Half-Year-Profit-Decline-21155149/

First Aluminium Nigeria records 21.8 % profit decline
http://worldstagegroup.com/index.php?active=news&newscid=25451&catid=30

AIICO INSURANCE PLC: Decline in profits
http://www.pressreader.com/nigeria/thisday/20151108/281827167647336/TextView

Facts behind Diamond Bank’s 12percent profit decline in H1 2015
http://www.transparentnigeria.com/news_entries/24294/Facts-behind-Diamond-Bank%E2%80%99s-12percent-profit-decline-in-H1-2015

Cadbury Nigeria Records 98% Dip in Nine Months Profit
http://www.thisdaylive.com/articles/cadbury-nigeria-records-98-dip-in-nine-months-profit/222822/

HoneyWell Flourmills Records Profit Decline in Half Year 2015
http://www.bullsnbearsng.com/2015/10/honeywell-flourmills-records-profit.html

PZ Cussons: A corporate giant on the decline
http://newmail-ng.com/pz-cussons-a-corporate-giant-on-the-decline

September
Mobil Oil Nigeria records 39% profit decline
Quote: The financial results of the company for the period ended 30th September 2015 published by theNigerian Stock Exchange today showed that profit before tax fell 33.5 per cent
http://naija247news.com/2015/10/mobil-oil-nigeria-records-39-profit-decline/

August
MTN’s Profit Declines as Sales Fall in Nigeria, South Africa
http://www.bloomberg.com/news/articles/2015-08-05/mtn-profit-declines-11-as-sales-fall-in-nigeria-south-africa

Nestle Nigeria records 50.8% profit decline in Q1
http://nationalmirroronline.net/new/nestle-nigeria-records-50-8-profit-decline-in-q1/

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”

The former president also said he tried his best in fighting corruption, especially in the recovery of funds looted by the late Gen. Sani Abacha and that as of the time he left the government, about $1bn was still to be recovered.

Obasanjo said, “For me, we have no hope if we have no future. I am an optimist as far as Nigeria is concerned. If somebody doesn’t get it all right for now, we will get somebody who will come up and fix whatever is missing. The administration before this had no clue on how to deal with Boko Haram, there is no doubt about that.

“You may not like the way he (Buhari) is fighting corruption. I fought corruption. We recovered over $1.25bn from Abacha and his men. We didn’t make noise. Also, we recovered £100m and about N30m and those who were helping us, the lawyers and the rest said there was still at least $1bn to be recovered at that time. I put it in my handover notes. But rather than encourage scrupulous persons, we had another spate of corruption.”

Obasanjo added that fighting corruption would not be effective if it did not translate to better life for the citizens.

He said, “Fighting corruption is not a one-day or a one-regime affair. If where we left it, they continued, we would have gone far. For me, the questions are: Is corruption being fought? And if it is being fought, is it being effectively fought? Are we getting the desired results? And if we are getting the desired results, what impact is it having on our society and on our nation?”

Other speakers at the event included Nigeria’s Permanent Representative to the United Nations, Prof. Joy Ogwu, and the Associate Vice-President, Research, McMaster University, Canada, Prof. Bonny Ibhawoh.

They both said if Africa was to experience any development, leaders must match their words or policies with action.


http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

PMBmustGo2019:
Nigeria: Virgin Atlantic May Have Pulled Out of Nigeria, Sacks Nigerian Staff

Quote: "We fought daily battle against government agents who wanted to daily make fortune from us, politicians who saw the government 49 per cent as a meal to seek for all kinds of favour... watchdogs (regulatory body) that didn't know what to do and persistently asking for bribes at any point... Nigerian people are generally nice but the politicians are very insane... that may be irony because the people make up the politicians."
http://allafrica.com/stories/201511090151.html

Honeywell Flour Mills reports 66.27% decline in full year profit
https://trwstockbrokers./2015/08/03/honeywell-flour-mills-reports-66-27-decline-in-full-year-profit/

October
Guinness Nigeria suffers 76% profit decline
http://businessnews.com.ng/2015/10/24/guinness-nigeria-suffers-76-profit-decline/

Lafarge Africa’s profit dips amidst slow sales in Q3
http://thenationonlineng.net/lafarge-africas-profit-dips-amidst-slow-sales-in-q3/

Unilever Nigeria : FMCG Companies Suffer Half-Year Profit Decline
http://www.4-traders.com/UNILEVER-NIGERIA-PLC-8252801/news/Unilever-Nigeria--FMCG-Companies-Suffer-Half-Year-Profit-Decline-21155149/

First Aluminium Nigeria records 21.8 % profit decline
http://worldstagegroup.com/index.php?active=news&newscid=25451&catid=30

AIICO INSURANCE PLC: Decline in profits
http://www.pressreader.com/nigeria/thisday/20151108/281827167647336/TextView

Facts behind Diamond Bank’s 12percent profit decline in H1 2015
http://www.transparentnigeria.com/news_entries/24294/Facts-behind-Diamond-Bank%E2%80%99s-12percent-profit-decline-in-H1-2015

Cadbury Nigeria Records 98% Dip in Nine Months Profit
http://www.thisdaylive.com/articles/cadbury-nigeria-records-98-dip-in-nine-months-profit/222822/

HoneyWell Flourmills Records Profit Decline in Half Year 2015
http://www.bullsnbearsng.com/2015/10/honeywell-flourmills-records-profit.html

PZ Cussons: A corporate giant on the decline
http://newmail-ng.com/pz-cussons-a-corporate-giant-on-the-decline

September
Mobil Oil Nigeria records 39% profit decline
Quote: The financial results of the company for the period ended 30th September 2015 published by theNigerian Stock Exchange today showed that profit before tax fell 33.5 per cent
http://naija247news.com/2015/10/mobil-oil-nigeria-records-39-profit-decline/

August
MTN’s Profit Declines as Sales Fall in Nigeria, South Africa
http://www.bloomberg.com/news/articles/2015-08-05/mtn-profit-declines-11-as-sales-fall-in-nigeria-south-africa

Nestle Nigeria records 50.8% profit decline in Q1
http://nationalmirroronline.net/new/nestle-nigeria-records-50-8-profit-decline-in-q1/

paradigmshift:
u re the one lying and the thunder from oba palace and from ringroad will strike you. lucky built that factory n so many others but hate with not allow that midget oshomole to give him credit. oshiomole stole Edo blind n did nothing. clap for yourself mugu