₦airaland Forum

Desanta:
Rates are PA.
So you actually get 5.1% / 4, for the 91 days tenor.

Yeah, i tot as much.
Thanks

OK. This is coming from someone that is not a guru in anyway.
I am now seriously considering putting a bit of money in T-bills.
To me it looks like the 91 day option is the best.

At 5.1% quarterly, if i roll over everything for 4 quarters (assuming everything remains equal), that translates to about 22% for the complete 365 day (i.e 5.1 compounded over 4 terms of 91 day tenures). But I still have this feeling that i am missing something.

Except if these rates are PA rates

So, gurus pls shed more light as i am about to pull the trigger.

RZArecta:
We thank God and the security operatives for being pro active. In the last dispensation, the president would have been blamed for this exact same scenario but lets move ahead sha. The girls' should be taken for counseling and medical check up. I implore the media especially these crazy bloggers not to reveal the identities of these girls for their own protection and dignity.



ARGUE WITH YOUR ANCESTORS

MTN IS A USELESS NETWORK

Because the ineffectual buffon and his mad dogs would have denied the kidnapp. They would have downplayed it or say its propaganda from the opposition and refuse to take necessary action until election draws near. Of course, by that time the terrorist would have gained ground and become much more difficult to wipe out. That was how diabolical the last administration was.

Anyway, back to the topic: Glory be to God Almighty and many thanks to the security operatives (and special thanks to the Governor)

While this is good, very good for that matter in order to get a shift from relying almost entirely on oil, I'll be a lot happier if this was in agriculture/manufacturing.

Deltagiant:
What Goodluck did for SEners and why they like him is more psychological than infrastructural.

1) During his campaign, he made Nigerians understood you could identify as Igbo and still be electable as president. This is what an Igbo, Odili, was afraid to do months before he Goodluck was thrown up.

2) Since after the war, the Igbo was avoided like lepers from taking commanding positions in the military. He ended it in a big way by appointing two Igbo at the same to head the army and the Navy. The one in the army now has the record as the longest serving Army Chief (COAS) in Nigeria. He did exceptionally well in Boko Haram fight even as he took the credit of introducing the first indigenous Armoured personal carrier, Igirigi, to the force.

3) Goodluck recognised Ojukwu more than others before him. He commissioned a statue of the man with his military uniform and Browning rifle strapped to his back. Named an important road after him.

4) He lifted the post war air blockade of the SE to the world by gazzetting Enugu airport as International and making sure that a foreign airline lands DIRECTLY there before he left office.

5) He introduced Innoson technology into the realms of the Nigerian military apparatchik, Air force included.

6)Among other things not mentioned. He has BIG, non pretentious respect for Ndigbo and it was FULLY returned to him.

This is the same lie that Jonathanians keep telling. That airport was upgraded by the Yar'adua administration and an Igbo group even thanked him.

Akanu Ibiam International Airport: A Letter of Gratitude
http://www.nigerianleadershipcouncil.org/Success-of-Enugu-Airport-Petition.html

A brief history of how it all started.......

Our petition, signed by 2,215 compatriots, was FIRST mailed to President Obasanjo on December 23, 2006. [Here is the petition, http://www.umez.com/Enugu-Airport-Petition.html.] Following the petition, President Obasanjo promised to upgrade Akanu Ibiam Airport to international standard. However, that did not happen before he left office. When he [President Obasanjo] left office, I was contacted by the Chairman of the Senate Committee on Aviation (2007), Hon. Senator Anyim Ude, through one of his PRs, Nnanna Anyim Ude, to resubmit the petition. The petition was immediately resubmitted on Jan 16, 2007 to (a) President Yaradua, (b) Nigerian National Assembly, (c) Southeast Representatives in the Nigerian National Assembly and (d) the Governors of the Southeast Nigeria, namely, Abia, Anambra, Benue, Delta, Ebonyi, Edo, Enugu , Imo, and Kogi.

Following the resubmission, our Deputy Senate President, Senator Ike Ekweremadu, Senator Anyim Ude, among others, who were inspired by the petition, patriotically seized the moment, and met President Yaradua without delay. Thereafter, President Yaradua promised to upgrade the airport to international standard. Once President Yaradua made the promise, we quickly wrote a thank-you-letter to him. Here is that etter: http://www.umez.com/Thanks-to-President-Yaradua.html

And here is another article:

Date:2007-11-15
http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=37254
Yar’Adua okays Enugu airport’s upgrading
President Umaru Musa Yar’Adua has approved the upgrading of Akanu Ibiam Airport, Enugu, to an international airport.

The Minister of Transportation, Mrs. Diezani Alison-Madueke said on Tuesday that the President’s action was aimed at alleviating the travails of many businessmen and travellers to the zone.

She said the approval would enable the ministry begin a phased programme of major infrastructural upgrading and developments at the airport.

She expressed the hope that the project could be completed within the next few years.

The minister reiterated her earlier commitment to the completion of the Domestic Terminal building at the Mallam Aminu Kano International Airport and said the modernizsing and upgrading of infrastructure at the airport remained a top priority of the Musa Yar’adua administration.

On the Port Harcourt Omagwa International Airport, Mrs. Alison-Madueke has directed the contractors working on the runway, and the lighting system, to expedite action to ensure that the Airport is opened to commercial traffic before Christmas this year

obailala:
I dont hate him but I cant stand the irrational hype he gets from his worshipers when in reality, he was just a failure, a pathetic failure especially when considering the revenue he had compared with the past.

All over the place we keep hearing strange propaganda about how the man was exceptionally wonderful in road construction and bla bla and I keep wondering how such deceit could sink so deep into the hearts of people even long after elections. I just keep wondering where these roads are becuase when I do a little retrospection, even the much vilified obj completed more roads as I can remember but propaganda has totally swept that fact under the carpet.

Oh yes GEJ only fixed a very terrible portion of the road which saves a lot of headache for travellers, he didnt revamp the entire road as you claim because more than half of the road is still bad (i.e. between Ore and sagamu), however, even the useless OBJ completed the dualisation of the asaba to benin road, built a brand new 25km benin bypass (which cuts 2-3hours for travellers by avoiding benin city) and also built a bit of the benin shagamu road stretching almost close to Ore but I dont think he deserves any special praise because he obviously could have done more. So my point is that I find it strange that the very same people who claim obj is an imp are the ones claiming gej is a god for rehabilitating a less than 30km portion of this road.

Once again, I do not hate GEJ, rather I am disgusted by the hype.

Let me refresh their memory:

Ministry of Works spends N274.7b on roads , others
Date:2007-01-11

. . . . . He said under the Obasanjo administration, resources have been applied judiciously in the execution of the projects, with emphasis on economic value of roads, their contribution to national integration, economic development and commercial mobility as the main criteria for project selection.

Ojaba listed some of the dualised roads to include, Ibadan, Ife, Benin-Asaba, Mile 3 Diobua – Port Harcourt Airport road with spur to Eagle Island residential layout, Rivers State.

Others are Benin Bypass dualisation of Kaduna Refinery road, Onitsha, Owerri Road, Abuja – Nyanya, Keffi, Ibadan, Ilorin, Benin, Warri, Lagos, Offa, Abeokuta and Kaduna Eastern By pass.

The ministry spokeman added that some bridges have been rehabilitated and strengthened. Among those are the Niger Bridge in Onitsha, the new Nukkai bridge replaces the one that collapsed in Jalingo, Taraba State in 2005.
Source: http://www.thenationonlineng.net/archive2/tblnews_Detail.php?id=8170

LRNZH:
LOL, So Yorubas are either ethnically motivated to hate NOI or they're very objective to see the how much she failed Nigerians going by your statement.

I am far from being Yoruba but it does not matter. NOI is not worse than say Abba Moro, Dasuki, Metuh or Dokpesi. To be in trust of public funds or in control of the media and in the least, allow such power to be used in the disinterest of Nigerians is the 'tribe' I know I do not support.



I have enough evidence to know your NOI is far from being competent. Nigeria did not benefit from her coordinating the economy. Prof. Soludo is NOI's greatest critic and I will let you find out the details. It is not good at all.
Kemi I am observing keenly to know if she's competent. Time shall tell. But I'd rather an unknown Kemi to a failed NOI as Finance Minister.

LOL. If this comment is in anyway related to me, just go through our posts or write-ups. I am more than his antithesis.

THANK YOU!!
This was the same principle I preached in 2011 when GEJ was contesting. People were saying they didn't want a northerner - they want a southerner. AND THAT WAS PERFECTLY FINE. The problem was why choose a known failure just because we wanted a southerner? There were other southern contestants in the 2011 presidential race. GEJ had as at that time proven well beyond doubt that he was incompetent - Deputy gov of Bayelsa; Gov of Bayelsa; Vice President, Acting President and President. On all these positions, people couldn't point to any meaningful achievement. Yet they still voted for him because he was our son as if he was our only son contesting. There were people like Chris Okotie; Chris Nwaokobia; Ebiti Ndok; Akpona Solomon; Dele Momodu; Iheanyichukwu Nnaji etc. I'd rather vote an unknown candidate to an established failure.

Of course, what do you expect from a certain buffon that is cluelessly ineffectual. No comment even on the positive achievement of his administration. But come to think of it, he is not as ineffectual as people think. If he makes comments (even on his achievements) that will lead to other questions that tougher questions.

With Amodu, I don't even know if this is good news. But surely its good to see the exit of Oliseh. His excuse for resigning is just plain face-saving. Is he new to the happenings in Nigerian football? His years of experience as a player (Particularly the urgly incidents of France 98) and what other coaches hae had to endure (even those that performed far more that Oliseh) should have made him know that this is part of what he has to manage.
I think he just save himself from shame going by the recent poor performances, it is obvious we are not going to qualify under him.

.

scully95:
True, what is the way forward ?

We have had a number of Christian president before GEJ - both from South and North. There were not talks or sentiments about their faith and they practiced their faith to the best of their respective human abilities. The simple reason why their was no acrimony about them practicing their faith is that none of them tried to profit from or take advantage of religious divide in this country.

When a leader that is seeking a second term in office has next to nothing to campaign with other than the opposition is 80% muslims. Then something is terribly wrong. When a serving vice president cannot tell us why we should return him and his boss to Aso rock, but he is busy telling electorates not to vote the opposition simply because their VP candidate has 5000 churches - then you realize how close we were to religious war. Myself and many other Nigerians did not deride GEJ for being a Christian, we only reacted to the diabolic attempt to further put salt on an already painful religious injury that has failed over the decades to heal - especially for me, it got even more annoying and scary their attempt to introduce that intolerance to the only region that is welcoming and hospitable to all faiths and tribes i.e South West.

The way forward is simple, whoever get to the number 1 seat is free to practice whatever faith s/he belongs as long as s/he does not try to profit from it and separate his/her personal religious obligations from official business of governance. Why on earth will GEJ try to persuade imams and muslim leaders (after his attack dogs have demonized them) to convince their members to vote for PDP. Never in the history of PDP has that happened - not under OBJ (southern Xtian) nor Yar'adua (northern muslim).

knightsTempler:
We Wailers Are Honourable: Thinking of a million things I could have used to attack Buhari for this.
Men must have honour and chivalry and respect others religion. Justice Omo Agege who sentenced Anini and Osunbor and Iyamu to death was a known Olokun worshipper. His son, a devout Catholic as all his children are, is now Senator of Delta Central. Not once did this great great justice religion come up for debate. The only leader ever derided and lampooned for his christian religion was GEJ. The funny thing is that a pastor and VP aspirant Tunde Bakare attacked GEJ for kneeling down on the altar to be prayed for and bessed by Adeboye. Now Buhari has pulled the dress our wardrobe allowance bought him and gone naked in another man's land. Bakare is not there to tell us of the spiritual implication of a Nation's leader stripping naked in another country and bowing with forehead to the floor. GEJ kneeling in Nigeria is worse than Buhari going naked and touching forehead to floor in Mecca.
Again, I point to the fact that Buhari is well within his right to practise his religion and we encourage him to seek spiritual guidance. The point we continue to make is that many Nigerians are hypocrites and as minorities, we are badly treated in this entrapment called Nigeria. The cards are stacked unfavourably against us. The Fulanis are masters and like ARegbesola is behind in this picture, so are many (not all) Yorubas mere stooges and vassals to these Fulanis.
Nigeria must apply same rules to everyone, despite tribe, religion, region and how many his people are.
Again, we hope Allah answers all the GOOD prayers of Buhari that he may have the wisdom to rule Nigeria in peace.

What is honorable in trying to change history? You conveniently left out the part where GEJ and his gang were busy playing victim card with religous politics. Nigerians merely reacted to their fo0lish satanic antics that left us more divided than ever. Let me refresh your memory a little:
You guys used clichés like "Boko haram is a northern islamic tool to get back to power" to get sympathy from the Nigerian Xtian communities to get behind GEJ while completely ignoring the fact the he was the CnC and failed woefully at his pry responsibility.

Have forgotten the "jesus of otueke" episode? Where Okupe tried to compare GEJ with Jesus? Thank God for the sensible Nigerian Xtians, that move failed woefully.

Have you also forgotten that episode when FFK said 80% of APC governors are muslims - trying (but thanks fully he failed) to insite religious acrimony in SW

Many Nigerians have not forgotten the episode when Sambo campaigned that northers should not vote for APC because the Osinbajo has 5000 churches?

We will never forget GEJ administration as the most divisive, hammering on religious/ethnic fault lines just to come back to power. By the special grace of God, we will not have another buffon like him again.

I have been asking this question since 2012 from people like you but you guys have not been able to provide answer till now"

gists:
Try and use your brain for once. So its because gej is a xtian abi? keep playing the victim card while he mortgage the future of your kids and dia kids. I guess all the muslims also hated and were anti obj for all his 8-yr tenue.

My conclision as at 2014 which has been confirmed

gists:
.....
We have had christian presidents in this country but our security has never been this bad and hatred for one another has never been this pronounced/obvious. The truth is no other administration has heightened religious/ethnic divides in this country than the gej administration. I pray and hope that there will be a change in the occupants of aso rock come 2015

Optimixim:
u see the in-depth of your myopic disease. I asked you a question, you have messed your self up sir. All transmission system voltage can be identified by the following factors: the number of rings on the insulation disc, the length of the insulation, the shape of the grid, the number of lines running through the grid sir. Hahahahaha olodo. I pity persons like you who don't know that they are olodo! Pls go and learn I am busy with engineers sir. Olodite.

https://en.m.wikipedia.org/wiki/Overhead_power_line. Open the link sir and stop this your cheap advert ok. Back to work olodite

Better! If you knew this before why did you ask the fo0lish question and you call yourself a NEPA staff. OR can safely assume you just checked on the net? If that is the case, I am happy I have forced you to read.

As a professional in the engineering field, I have interacted with many discipline engineers (mechanical, civil, electrical, pipeline, chemical, telecoms) and I can talk reasonably well in many of the disciplines. So most times, I know when someone makes a nonsensical statement like yours.

Optimixim:
what determines the power is not the voltage sir rather the transmission transformer power which have a designation for the transmission line which denotes the power. Note i never said power is unlimited rather i made a simple point with-respect to OP's comment and grievances. i will not argue further with you . i worked with Nigerian Nepa for five years. look at my picture and enjoy. BTF can you identify voltages on power line by just looking at the grid? i pity you and your university theory. come and learn learner..... i rest my case for technologists.

YOU SHOULD BE SACKED!!
And I seriously mean that!! If you cannot identify the voltage level by looking at the lines. Half almajiri education from gej university is worse that disease. No wonder our electricity industry is this messed up if people like you are the ones managing our technical issues. This is even common knowledge that many non-technical people know that are different poles (with different heights) for distribution and transmission. And you a supposed NEPA/PHCN staff cannot tell the voltage level by mere looking at the pole/lines.
I thought I was talking to a learned person - no wonder your initial post betrayed you even when you tried to sound brilliant.

Dudeweedlmao:
Lol, because the naira started gaining ground against the dollar doesnt mean the USD IS CRASHING
OMG.

Sorry. My bad. Of course the USD is still very strong. I meant to ask him/her if its Ubah's body language that bossted the naira. I was expecting him to say tangible steps/actions that Dr Ubah took. But all he had to say is he threatened to expose (not that he even exposed them sef ).

Liberty90:
I know you are yoruba...nothing an Igbo man does for you is commendable. I will help your hateful mind...Dr. Ifeanyi Ubah threatened to expose those behind the artificial spike, they immediately went underground or suspended their illicit activities.

Is it a coincidence that Naira all of a sudden started to make gains after Dr. Ubah's threat? Why didn't the gain happened all these while before his threat? Common sense...use it!

In other words, it is Dr Ubah's body language that has crashed the dollar right? clap for yourself.
And you have also indirectly confirmed what some of us has been saying .... that the fall of the naira is artificial due to some illicit underground activities and not because the Nigerian economy is as bad as you people were trying to paint.

Optimixim:
I term this your post trash in electrical transmission line, there are some areas where double line doesn't need to go to a particular local, if the 33kva is for industries, why can't it handle residence, the industries run inductive loads(motors) which have a high starting current, yet the line handles the load effectively, let me ask: do you know why voltage is stepped so high in a transmission line? When the voltage is high, the current gets lower, there by heat generation will be at minimal.

Power = voltage X current

Heat =(I^2)R

You see the consumer is not the fault sir. If enough power is generated, the cables can handle as millions of volts as possible with low current kept constant, the whole nigeria will be powered. If you are in doubt, I will prove. Our presidiot mama mmadu bu garri ( somebody's mama is garri) is as dumb as his maloooo!

Prof. It just show how ignorant you are. You tried to sound brilliant but your post betrayed you. So in you own wisdom, powerlines don't have capacities or limits? Can you just keep adding streets/estates/communities to it? While this particular case may not have been overload problem, you can't rule it out as well as disturbances/faults on the line caused by them. Ask yourself why then do we need the 11kV lines at all? Why don't we all connect to 33kV or 132kV lines or better still why don't we connect to the 330kV since these lines are (according to you) "power unlimited" and have power flowing though them more reliably that the 11kV lines. Surely the conductors have enough capacity to handle the current and the voltage at this level is even higher - thus reducing the heat.
What they fail to teach you in numerous gej universities (glorified kindergarten) is that there is classification and separation of consumers. No sane PHCN official will connect you to these lines just because you want to have steady power or because the line can carry the load. Some are dedicated for transmission, some are dedicated for industrial consumers and the other for rest of us.

With all the heavy load the industries use as you pointed out, how many times have their transformers or other equipment failed compared to the numerous transformer and other explosion on consumer lines. Forget the fact that many of the industries run of generators, ask yourself how many times have you heard Guiness, Cadbury, Nestle, 7UP, Dangote etc have to shut down production because of a fault that was caused by another manufacturer on their distribution line?

The point is, they connected to 33kV line which is for of all illegal - except if that is what was planned and installed for that community otherwise I can bet they have either somehow introduced series faults or caused some overload on the line (which the OP will not be aware of)

The truth is most of them just want PMB to devalue the naira so they can turn around and blame him for ruining the currency.
I am yet to see any of them telling us what we stand to gain by devaluing the naira with this our present scenario. They just want to say GEJ left the dollar for PMB at N199 and now PMB has killed it at NXXX. As if that will bring GEJ back

Do As I Say.......
...... Not As I Do

lwisee:
As I'm writing this I'm sweating profusely,I've been practically angry at everyone since I came back from work.
For the past six years, I've not experienced terrible power failure like this.Our transformer picks supply from a 33kv line,which make us have at least 15 hours supply of electricity everyday,except if there is a major fault.
Then,N500 petrol can remain in my generator for 3 months,I hardly switch it on because I also have inverter.
I came back from work,I was told we only have 15 minutes power supply since morning.
Nowhere to buy petrol, I have tried and tried,the heat is damn too much.
I decide to sit outside and it seems some force command the air not to blow.

Price of food stuff has increased sharply,what kind of Country is this.Why is the word Buhari synonymous with suffering.
I just remembered that our president did not handle any personal successful business since he left office as a head of state.
Look at his cattle farm,the cows be like something wey get AIDS.

Frankly speaking, some people are like that,they are failure personified.
I pray it won't be the case this time around because it involves all of us.

I don't even know what to type again.I just tire

@the bolded.
YOu are part of the problem. You are not supposed to take power from the 33kV line. That set of powerlines is reserved for industries. The bulk of the faults on electric installations come from end users (i.e residential users) . You individual consumers have brought down that line with so many faults (which is typical of residential lines). Other reason could be that that line has been overloaded. It was supposed to serve heavy loads from the industries and it now has to carry more load than it was originally designed for. Also note that your community may not be the only one connected to that line. Other near-by communities too will be encouraged to do the same illegal connection thereby compounding the problem.

So, face the consequence of your action and the PHCN official that connected you to the industrial line should be prosecuted.

Exactly my thoughts but far better articulated than I could have done.

From my layman understanding, CBN does not have enough forex to do this. And I think that's what causing the scarcity. Besides, something tells me that move will backfire big time - except CBN have REALLY BIG reserve.

abacrested:
The federal government has abandoned the Enugu - PH express road started by the administration of Gej. This is despite the fact that it is one of the busiest highway in the country and the fact that it is the main road that connects SS AND SE . The past administration completed more than 40 %of the project which is the only major project the south east is getting for 6 yrs .
We expected this administration to at least finish this project to show common sence and prove they are better than the previous one . seeing the budget for the ministry of works it realy shows that indeed there is a gang up against the people of this zone.
Why is there so much hatred for the SE by the yorubas and the north?it is getting too glaring even in this forum, all you See here is total rejection of anything (whether good or bad )that comes from SE. I don't want to include the SS because they are always SS when it comes to oil and are ibos whenever it's time for politics especially during appointment.
Finally,even Amechi who made us believe buhari loves the SS more than the north east could not persuade Apc to finish a road that leads to his state, he's rather working hard to cancel a university in delta state . why can't he emulate Fashola that gave the SW more than half of his ministries budget. It goes a long to tell you how foolish Amechi is that he does not understand the politics of nigeria.

Looking for trouble with this JAMB question
If the past GEJ administration that the SE gave 100% support and vote could only complete 40% of the road project in 6yrs, what percent completion do you think the road will get in this new PMB administration that got 5% votes from SE?
You don't sow corn and expect to harvest yam. BUT that is not to say I support neglect of any region. Fashola should behave himself and work equally (as much as possible) in all the regions.

Which one is secret reporter again

Children of hate will let hatred for anything north becloud their sense of reasoning.
A simple google search for Audu Ogbe would have prevented you from showing your ignorance/stup1dity in public.
The ministers were appointed about three months ago. That's a looong time to do a simple research before posting trash on public forum.

holllandis:
You are full of garbage your statement is incomprehensible

It can't be understood by d0llards!

I am not bother at all about the threat that Nigeria will burn. The guys is just trying to raise a scare in my opinion. But, in as much as I want all the witches that stole our yam to be hunted, I also don't want anything that will lead to some cases being swept under the carpet. That will mean we have legalized corruption.
Let not the efcc bite more than they can chew. Things can be done in gradual steps. There are a number of pending cases and no one has been convicted yet. I think some people should have commenced their jail sentence by now - no matter how small the jail term is.

I think opening too many cases with no conviction till date may lead to some cases being swept under the carpet - And that is dangerous as it may lead to rubber stamping corruption. The recent supreme court judgments effectively making inec card readers worthless in election is bad enough (the 2019 election is free for all). We can't afford to add legalize corruption to that.

Congrats to Innoson, congrats to Nigeria. I have always said the Igbos stand the best to profit from PMB's government cos of their industriousness - if only they will not allow fo0lish hatred blind them to this awesome opportunity.
BTW many ipobs will not say this news is another propaganda now oo!
But if/when FG come out tomorrow and say this has helped Nigeria to save $xx billion, it is then they will say its another propaganda and ask dumb question come it has not brought down the black market price of the dollar
Bunch of confused inconsistent miscriants

The boundary line is very obscure. If not for pride between the sons/daughters of the soil of both states, the two states should be merged.
People live in Sango and work in Lagos; people live in Mowe/Arepo/Makogi and work in VI. So no shaking the investors are still at "home"

obasiken:
The state allocations did not increase infact it reduced though it was attributed to fall of crude oil price. PMB even had to bail out some states.

To the issue of TSA , the minister has to also explain what she means by mopped up. Money was simply transfered from the account of the ministies to the cbn central account.

But my fear is budget implementation cos the contractor has to apply to the cbn through the ministry to get paid. Has the CBN employed new staff to carry out the job of over 100 account departments in different ministries?

Per the bolded:

Cash going to states from FAAC rising on fear of Buhari
Published On: Mon, Aug 10th, 2015
The surprise thirty-two per cent jump in Federal Account Allocation Committee (FAAC) disbursements to the three tiers of government in June was a result of a more transparent reporting of the federation’s gross revenues BusinessDay can report.

The unexplained rise at a time of a continued fall in international crude oil prices left many analysts wondering but investigation by BusinessDay has showed that the transparent reporting method imposed by the two-month old Buhari administration meant that revenues that were hitherto unaccounted for, had to be brought into the collective pool for sharing.

The total disbursable fund for June amounted to N539bn or $2.71bn, up by 32 per cent from the level for May.

The statutory allocation, the largest element of the payment, brought an increase of N162b or the equivalent of $810m on May revenues.

A state like Edo, for instance saw its June allocation rise significantly, by more than N500m and governor Adams Oshiomhole who confirmed the development was unequivocal that the additional funds would not have come in if government agencies were left to account for their revenues in their old ways.

“I can tell you that my state got much more than it would normally get and this additional funds came because they (federal agencies) could no longer hide or cook their books”, the governor told BusinessDay in Ndola, Zambia, on the sideline of the commissioning of the 1.5MT cement plant build by Dangote Cement.

The governor, who is one of those selected by the National Economic council to beam a searchlight on the irregularities in flows into FAAC, added, “we are already seeing the benefit of the attitude of the Buhari administration to our collective resources and this is welcome, especially because we have just started and their scope for getting better. We all can now see that the days of impunity are gone.”

Governor Oshiomhole’s explanation has helped to shed light on the jump in the federal allocation disbursement.

In its August 5 daily note, FBN Capital had said, “we struggle to explain the marked increase in the allocation which is predominantly derived from the oil industry.”

On Friday, FBN Capital welcomed the recovery in foreign reserves, which rose $2.5bn in July to $31.5bn on a 30-day moving average basis.

FBN Capital said the increase in reserve couldn’t be explained by just the savings from the ban on 41 items, which hitherto accounted for about $900m in FX utilisation per month, on the basis of figures for Q1.

Analysts at FBN Capital said, “we have to look elsewhere for additional explanations for the pick up in reserves in July.”
http://businessdayonline.com/2015/08/cash-going-to-states-from-faac-rising-on-fear-of-buhari/