₦airaland Forum

The $2.1billion bailout was sourced from Intervention Funds typically made available by the CBN to revive the nation's economy or in this case to bailout the states from economic catastrophe. The national assembly does not need to approve these funds. Specifically, the N413.7bn ($2.1billion) is sourced from the recent LNG proceeds and the remaining N300 billion is a Central Bank-packaged special intervention fund.

Back in 2010, for example, the CBN, in a bid to revive the nation's ailing economy, had set aside intervention funds amounting to N500 billion, for lending to Small and Medium Scale Enterprises (SMEs) and other critical sectors. The senate did not have to approve the spending because it had no appropriation duty to do so.

In the case at hand, the bailout consists of N413.7billion special intervention funds and the balance of about N250billion to N300billion, which is a soft loan to states.

The Senate has no role in the appropriation of these bailout funds. The Debt Management Office (DMO) is also expected to assist states to restructure over N660billion commercial loans as part of the bailout.

President Buhari's approval of these funds is well within his constitutional authority. Additionally, there is full transparency as both the source of the funds and the recipients have been fully disclosed to the public.

This is a far cry from potential criminal activities wherein, funds were moved willynilly from one NNPC account to the other without accountability.

Make una chill, Change is here to stay.

I wonder whether two-thirds majority of the members of the senate can be secured to removed Saraki from office by a resolution of the Senate.

It appears that Buhari and APC leadership are no longer playing around.

Loudmouth Asari who had been threatening brimstone and fire before Buhari's election has suddenly become an effeminate Dan Daudu whose wife now wears the baban riga in the household. I wonder why Asari himself is not making these pronouncements and chooses to do so while hiding under the skirt of his wife. Criminal Barayi banza.

Historical accounts should be expected to contain contradictions here and there. These contradictions simply mean that the authors of the respective passages were conveying their observations or revelations as honestly as they could. if these contradictions did not exist, one should suspect conspiracy among the authors to deceive people.

The bottom line is, on a personal level, where do you plan to end up in the end? Jannah جنّة (Paradise) or Jahannum جهنم‎(Hell). The choice is yours.

Lets see what rebuttal will be offered to defend this.

[url=lalasticlala]This is FP material[/url]

APC'S leadership under Tinubu and Akande is becoming very questionable.

If Saraki and Dagora do not want to follow the leadership of the party, why not just kick them out of the party and may the chips fall where they may. If Tinubu cannot garner enough support to do that, he should not get anywhere close to BOT chairmanship.

We are witnessing a battle for the soul of APC and I must tell you that many party faithfuls are very uncomfortable with giving Tinubu the control of APC, much like they were opposed to his VP candidacy.

Soon enough we shall see who will win the battle.

May I suggest that folks try not to tribalize this issue please?

Locating a dry port in Kaduna, a centrally located city with proximity to Agric export corporations, make a lot of sense. As we move towards aggressive exportation of agricultural products, exporters will have the opportunity to deliver their goods to the dry port in Kaduna instead of trucking them all the way to Lagos.

All the customs work would be performed in Kaduna freeing up Lagos ports and others to focus on products from the southern part of Nigeria. Similarly goods bound to the northern part of the country will not need to be processed in Lagos or other ports, but would be transported directly to the dry port in Kaduna for customs processing.

This makes economic sense whichever way you look at it. We'll see decongestion in the southern ports, especially Lagos, and an improved efficiency in the entire system.

Whynotthetruth:
Nice day...because I don't waste time on braggarts and empty heads running round circles...byeeeeee

Good bye sir.

Please be on notice that, you people are being watched and all your attempts to put the wool over the eyes of gullible Nigerians will be publicly called out, going forward. Your disgraceful attempts to defend indefensible criminal acts are more than shameful.

Whynotthetruth:
I am ashamed of you...For you to have littered this thread with myopic and ignorant submissions shows how pathetic people are and can happily glory in ignorance...What does it take you to ask someone what bureaucrat here means?...And to think someone lauded your initial post as great analysis, Nigeria is really in deep shiit... smh...

As I told one of your cohorts earlier, you and your sponsors will soon be kicked out of your fraudulently obtained positions and imprisoned, if care is not taken. While in prison, you can use your Einstein brilliance to jail break and also deceive your fellow felons on the meaning of ghost bureaucrats.

Your belief that career bureaucrats in NASS make senate rules without any input from senators or the knowledge of those senators, shows that you are first class expert in these matters.

kelvin100:
Just like I said before, you are still not smart enough.

As they are finding the "bureaucrats" that amended it, they should equally find those that produced standing orders 2003, 2007 and 2011.

You and your sponsors will soon be kicked out of your fraudulently obtained positions and imprisoned, if care is not taken. While in prison, you can use your Einstein brilliance to jail break. dolo

rusher14:
If that is the case, are we saying the clerk has the prerogative to adjust as he and his colleagues so desire?

The clerk can adjust the rules to say 2 votes can win you a seat if he so wills?

This clerk and his cohorts must be greater than the National Assembly then.

They are gods unto themselves.

The defense put forward by some tribalistic characters here is laughable. I tire for my cone head brothers.

HzRF:
Lol another ruffian threatening me with ban
Get at it on time

Ike didn't alter the Standing rules
The "bureaucracy" cases did
Go find who's "bureaucracy" is/are
Not ike

SMH.

kelvin100:
The main point is that if you are smart enough, you would have tried to find out who makes those standing order in the senate.

Just like the guy asked you, I didn't understand your argument.

I'm pretty sure that the invitation of Ekweremadu by the police was not frivolous. Once again, by the time all is said and done, the so-called ghost "Bureaucrats" who are responsible for the modification of the Senate rules in favour of the process which produced Ekweremadu as Deputy President, will be produced.

Insha Allah, Ekweremadu, and any other senators found to have had a hand in this matter will be punished. Your days of deceiving Nigerians are over.

victorels:
The only valid point or question that could be asked is "Who are the Bureaucrats?

If you believe that Ekweremadu had no idea who these bureaucrats are nor knew that the Senate rules were modified, yet he freely adopted the said senate rules, then you ought to have your head examined.

Whynotthetruth:
I did bro...but can't understand your argument hence I asked for clarification and to know if you read the original post too...

Please be specific on what you need clarified.

Whynotthetruth:
Really?... how is it weak?

Please carefully re-read my 1st post on this thread. You can ask specific question about anything you do not understand sir, and I'll be glad to offer clarifications where possible. I thought the post was straight forward.

HzRF:
Lol Mumu
Goan ask Akume to provide the 'bureaucracy' that allows him contest in d 6th Assembly

I do not entertain red herrings. I know you are not slow, and you understand that we are talking about senate rules here. If you call me names again I will orchestrate your banning or cyber castration. dolo

Whynotthetruth:
I didn't even understand your argument or point here...kindly explain better plzzzz

The main point was that, the defense presented for the serious accusation is very weak.

Whynotthetruth:
“Let me just explain here that every National Assembly, that is every Senate or House has its Standing Rule/Order as every Standing Rule/Order normally has a life span of four years. So, if you go to the Office of the Clerk to the National Assembly now, you are likely to find Standing Rules/Orders of 1999, 2003, 2007, 2011 and the current 2015. “From the point of the valedictory session of the 7th Senate on 4th June, Senator Ike Ekweremadu, Distinguished Senator David Mark and the rest of other members of the 7th Senate ceased to be senators until the 9th of June, when the 8th Senate was inaugurated; and as usually done, the new senators received new Standing Rule/Order 2015.

So lets examine this defense presented by Senator Ike Ekweremadu:

(1) 7th senate session terminated 4th of June

(2)Within 5days, between 4th and 9th of June, Senate Standing Rule/Order was modified to allow for the process where Ekweremadu emerged as the Deputy President.

(3) Ekweremadu now claims that the rules were modified by bureaucracy.

Ladies and gentlemen, Senator Ekweremadu must believe that we are all fools. He and his cohorts will produce this "bureaucracy" who modified the rules, else they will pay their due price for this crime. If this is Ekweremadu's defense, then I'm afraid he is a goner.

Ekweremadu would have us believe that none of the senators reviewed the rules before the 7th senate session began or at the beginning of the session as customarily done. This is a sign of gross irresponsibility and possibly criminal activity. The days of abusing the Nigerian people and insulting the intelligence of Nigerians with these 419acts with impunity are over.

Very high price will be paid for this crime.

DeGenius3:
please did you really understand what the OP wrote?

seriously, i think you need to really comprehend what he
wrote up there.

just saying though.

Oga, I don't need to read or comprehend the thrash which attempts to defend blatant fraud.

Whynotthetruth:
Before you continue with your bogus comment...

1)Which law or section of our constitution said that FAAC must approve ECA funds?...Is ECA even in the constitution or recognized by it?... Why are you people so pathetically dumb...

This post smacks of both intellectual and moral bankruptcy.

In your mind, since there is no section of the constitution which states that FAAC must approve the withdrawal of ECA funds, then it is OK for 2 people, the President and Iweala to withdraw $2billion without due process, and potentially, fraudulently divert some of the funds toward unauthorized use, ko?

By the time the investigations are over, and the money trail is followed, you'll find out that no special laws are needed to prosecute these people for theft, fraud, conspiracy and a host of other crimes. When investigations reveal that some of the money was diverted to fund GEJ's campaign, it'll become clear to you that constitutional provisions or not, your people may be headed to jail.

I'm ashamed of the OP who is also asking for the quotation of the constitutional provision which renders the said withdrawals a crime. The crime here is fraud, theft, embezzlement, betrayal of public trust, money laundering e.t.c. which we do not need special laws to guard against.

The days of robbing the nation of its resources with impunity are over. It is time that some big fish started paying for their crimes or refund the stolen loot, for a softer landing.

What the OP itemized is essentially not germane to the recent question of whether GEJ and Iweala broke the law by withdrawing $2bn Excess Crude Fund without FAAC approval as required by law.

The OP's submission is nothing but red herring and irrelevant to the criminal activities of GEJ and Iweala - the illegal withdrawal of the said $2billion.

By the time all is said and done, madam and GEJ will have to give an account of which companies got paid and how much. We'll also find out how much of that money was used to finance GEJ's election. Barawo banza

atlwireles:
The most liquid 5-year bond yield rose to 15.01 percent on Wednesday, up from 14.20 percent two weeks ago, when the central bank introduced new rules and close to its pre-election quote of 15.5 percent in March.

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http://businessdayonline.com/2015/07/stocks-fall-to-3-mth-low-as-naira-weakness-persists

eeyah, how sad. pele o

www.nairaland.com/attachments/2047673_manochefablabla_gif67aaa7a8079946b7eceb1afb2b1aa9a5


Lookup the meaning of red herring.

INTROVERT:
The source I don't trust.

If you do not trust that source, here is an independent source which has earned world-wide trust.

reuter: Reserves stood at $31.89 billion on July 7, up from $29.1 billion at the end of June but still below $37.3 billion a year ago, Emefiele told lawmakers.

Source

Onward movement towards recovery.

anonimi:
I hope this story is NOT true.

There is nothing unbelievable about this story and only a blind man or one in denial would be oblivious to the fact that GEJ's campaign was financed by these kinds of illegal withdrawals.

I hope you'd agree with me that, if this story turns out to be true, both GEJ and Iweala should be prosecuted. Lets put tribalism and politics aside for a minute - acts such as these should not go unpunished. It is slowly becoming clearer why PEJ was urging her supporters to vote for her husband because she does not want her husband in prison.

I sincerely hope GEJ would clear this up ASAP, else he may be the first past head of state to go to jail.

This road hazardous vehicle should be impounded and it's operator fined for driving a motor vehicle without proper permits and road worthiness.

As long as there is no sentence including prison terms for this ex Governor, it is not yet uhuru.

I can imaging the judge fleeing.


www.nairaland.com/attachments/229503_ROFLMAODog_gif3fa44b12f55ba64fc785c3a5794ba92e

Its about time that the Army released innocent children, fathers, and bread winners back to their families. These people's human rights have been abused long enough - in saner societies, the government will compensate them for illegally imprisoning them.

The real BH culprits and commanders are still out there causing havoc, when will they be captured and paraded for all to see?

Lets be patience until details of the alleged forgery become available before we reach erroneous conclusions.

If indeed the Deputy Senate President forged senate rules on his way the powerful position, he must resign with immediate effect or face trial and the humiliation of imprisonment.

The era of criminality and blatant abuse of power is over.

We are patiently watching.

anonimi:
Those reasons are not obvious to me oh. Any chance to help a brother?

As for our JagbaJantis, will his harassment of Gani at Igbosere be one of those reasons, by chance?

I think you are a closet Buhari suporter who shares in the President's anti-corruption ideals. Come out of the closet and support change openly.

anonimi:
You are a confirmed and certified troublemaker. Make our JagbaJantis nor catch you oh. My hand nor dey

You are the real trouble maker who is using a fake document to spread lies against Tinubu.

My own stance is simple, neither Tinubu nor Atiku will ever rule this great country, for obvious reasons.

I suspect that when the Americans were making their list of Nigeria's power brokers to invite, they did not consider Tinubu or Kashamu.

tetraman:
Someone mentioned the green mamba. It seems to be the one.

Trust me, that was not a green Mamba. If it was, the OP may not have had the opportunity to tell this story.

What the OP killed is a non venomous snake called the Natal green snake. This snake eats frogs and geckos, and was probably looking for geckos in the OP's house. This snake poses no harm to humans.


https://www.biodiversityexplorer.org/reptiles/squamata/serpentes/colubridae/images/3028977077_4fa8db19b8_o.jpg https://www.biodiversityexplorer.org/reptiles/squamata/serpentes/colubridae/images/001662-1.jpg