Beaf:

IBB people are a pack of damn illiterates! The foreign reserves stand at $39 billion.
The Excess Crude Oil Account (ECA) is very different from our foreign reserves. Gedit?

The Excess Crude Oil Account (ECA) is not governed by any law. It is effect, an illegal account. The governors demanded it because they were well whithin their rights to do so, afterall, Nigeria has a revenue sharing formula enshrined in law. The governors demanded it and got it, now EFCC is after their arses to find out what they did with all that dosh. QED.

mistakay:

The block head that you are! who cares if its foreign or home reserve cant you see the issue here.The man just wasted 27 Billion dollars,it doesnt matter as well if account is legal or illegal ! With regards to Efcc i believe it should have been first come first serve Dame Patience Good luck was caught stealing red handed first! what do you say to that? eediot.

Beaf:

Dunce, don't you know how to read? I have already shown you with my first post, that keeping that money from the governors would have been illegal, because Nigeria has a revenue sharing formula which does not recognise that money. So the governors made a fuss and demanded it; they got it; but, now they've got some wickedly heavy stones on their necks and they are crying to the press about EFCC, as if press men will save them. LOLZ!!!

Your governor was foolish enough to demand the money. So, let EFFC track down his dumb arse; it was sweet when they were demanding.
As they say, "cheap article de run bele!"

IBB people are foolish people sha.

One day laf go kill pesin for dis NL sha!

mistakay:

So just because the Governors say is illegal so he should start sharing money.Even if its illegal why cant they go to a court of law and seek redress.They would have done that long ago if they believe there is a chance of success.They know he is weak thats why they asked ! The man GEJ is no leader!!

Beaf:

What a silly argument! This is a simple case of "koni man die, koni man bury am!"
Its a case of people being clever by half, now their "cleverness" is their undoing. Let EFCC hammer their sorry arses until they cough up the money jare! Hidiots!
Jonathan will be rolling on the floor laughing, see the people that were threatening fire and brimstone during the Yar Adua saga now quaking like babies at the name, "EFFCC."

Nollywood directors bera start making a new movie.

mistakay:

Can EFCC come near a sitting governor.All they can do here is arrest few chairmen and commissioners (villagers) and release them in 2 weeks thats all.Obasanjo tried that with the 3rd term didnt work! It will never work.

mistakay:

Foolishly thinking that will buy him the love of the governors,think again !

President Goodluck Jonathan has released about $27 billion to governors from the Excess Crude Oil Account (ECA) between January and now, leaving a balance of $450 million in the account. Apparently, this has enriched governors who have started projects that they most likely do not mean to carry far before their tenure is over.

http://www.sunday.dailytrust.com/index.php?option=com_content&view=article&id=4515:jonathan-empowers-governors-for-2011&catid=54:lead-stories

what a waste

ferari90:

And docile people still rant about a meagre

$12B oil wind fall

80. (1) All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.

RUNNING NEWS – REVENUE ALLOCATION FORMULA





Guardian
January 25, 2005

Federal Govt gets more in new revenue formula * Raises derivation fund board

From Alifa Daniel, Abuja


THE Federal Government has consolidated its grip on the Federation Account with a new revenue formula presented to the legislature by President Olusegun Obasanjo.

If approved by the National Assembly, the Federal Government will receive 53.69 per cent of disbursed funds from the Federation Account while states will get 31.10 per cent and local councils 15.21 per cent.

Prior to April 2002 when the Supreme Court voided the old revenue sharing formula, the Federal Government received 48.5 per cent, states, 24 per cent; local councils 20 per cent and special funds, 7.5 per cent.

Both the Federal Government and states are gainers under the new arrangement. The councils had their allocations depleted by 4.79 per cent.

The central government’s allocation went up by 5.19 per cent while the states’ share rose by six per cent.

There is however an innovation in the bill. It is a proviso that states, through their legislatures, establish a State Derivation Funds Board to manage the 13 per cent derivation fund.

President Obasanjo had two weeks ago sent the bill to the National Assembly, where he gave the details of the new revenue sharing formula.

A copy of the executive bill for an act to prescribe the formula released by the National Assembly yesterday stipulated that the 53.69 per cent of the Federation Account shall be allocated in such a manner that the Federal Government would exclusively retain 47.19 per cent.

The balance of 6.5 per cent meant for the National Priority Services Fund would be held in trust by the Federal Government for the three tiers of government including the Federal Capital Territory, which is treated as a state.

The fund will be distributed to General Ecological Fund (1.5 per cent); Solid Minerals Development Fund (1.75 per cent); National Agricultural Development Fund (1.75 per cent) and National Reserve Fund (1.5 per cent).

Of the 31.10 per cent allocated to the state governments and the FCT, an horizontal sharing formula is to be employed on the basis equality of states (45.23 per cent); population (25.60 per cent); population density (1.45 per cent); internal revenue generation effort (8.31 per cent); landmass (5.35 per cent); terrain (5.35 per cent); rural roads and inland waterways (1.21 per cent); potable water (1.5 per cent); education (three per cent) and health (three per cent).

The sharing arrangement for states and the FCT would be subject to other indices determined by the Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC).

Regarding the 15.31 per cent set aside for the 774 councils, the bill also provided horizontal sharing formula.

The President, however, dropped the equality status among the councils in the bill. He explained that the action was to discourage states from indiscriminately creating councils.

The formula gave population (30.83 per cent); population density (6.45 per cent); internal revenue generation efforts (13.31 per cent); landmass (10.35 per cent); terrain (10.35 per cent, rural roads and inland waterways (6.21 per cent); potable water (6.5); education (eight per cent) and health, (eight per cent).

In Section Two, sub-section six of the bill, the President states: “The allocation made to a council shall not form part of the allocation of a state government or the FCT and no state government nor the FCT shall distribute or redistribute the funds so allocated to the councils in any manner other than as specified in subsection (5), that is the horizontal formula for councils of this section.”

The bill retained the 13 per cent derivation fund for states but created a State Derivation Fund Board to handle the money from resources exploited in such states.

The vertical sharing formula allows the state government to get 60 per cent, councils 30 and host communities 10 per cent.

The bill also stated that the 60 per cent of the derivation funds specified in subsection (1)(a) shall be shared among states concerned based on the production quantum of the national resources while the 30 per cent for councils shall be shared on a horizontal basis, thus giving 50 per cent based on production quantum, equality (20 per cent), population (20 per cent) and self help projects (10 per cent).

On the 10 per cent meant for the host communities, the bill directed that it should be shared using a formula prescribed by the State Houses of Assembly and in the case of Abuja, as prescribed by the National Assembly.

To ease the management of the derivation fund, the bill said: “Each state or the FCT to which derivation funds are payable from the Federation Account shall, by a law of the state House of Assembly or an Act of the National Assembly, establish a board to be known as the State Derivation Funds Board or in the case of the FCT, the Federal Capital Territory Derivation Funds Board, as the case may be in this Act referred to as “the Board”.

The board has power to monitor and ensure that all projects to be executed with the derivation funds are properly executed;

* ensure that the derivation funds are expended only in the manner prescribed by the law of the House of Assembly or in the case of the FCT, by an Act of the National Assembly; and

* carry out such other functions or exercise such powers as may be conferred on it by the law of the House of Assembly of that state.
It further stated:

“There is hereby established for the federation, a fund to be known as the National Priority Services Fund into which shall be paid an amount equivalent to 6.5 per cent from the share of the Federal Government from the Federation Account as specified in section 2(1)(b) of this Act;
“The National Priority Services Fund established under subsection (1) of this section shall consist of four sub-component funds as specified in section 2(2) of this Act.

“Each sub-component of the National Priority Services Fund established pursuant to subsection (1) of this section shall be administered by the respective management committees established under section 16 to 19 of this Act.”

80. (1) All revenues or other moneys raised or received by the Federation (not being revenues or other moneys payable under this Constitution or any Act of the National Assembly into any other public fund of the Federation established for a specific purpose) shall be paid into and form one Consolidated Revenue Fund of the Federation.

4 Play:

Good response from Mikeansy. It's the triumph of politics and corruption over the national interest. This man will turn out to be the worst President we've had since Shagari. Because he's taken over in extra-ordinary circumstances, his power base is not strong which means he feels he needs to bribe his way to gain loyalty.

Gbawe:

Indeed . Mikeansy has done a good job showing that Jonathan will always play politics rather than do what is best for Nigeria. His capitulation to the Governors , when he knows they are blatantly looking for retirement funds (outgoing Governors) and campaign funds (Governors seeking re-election) , is an example of a leader , as you surmised , who will always be easily blackmailed to act against the best interest of Nigeria because most Politician have identified his desperate need to buy support and "endorsement" . Now that the Governors are showing "chop your dollar " deviousness (i.e collecting bribe and yet failing to support Jonathan) , as I predicted many Politicians would be doing , Mr.President want's to hound them with the EFCC !!!

Beaf:

This is logical mayhem!
The above is the definition of a contradicting spaghetti. In the very same breadth, you are saying he is easily blackmailed, while at the very same time, he is blackmailing people with EFCC! Damn!

IBB people = Foolish people.

let the governors face EFCC, they demanded their right and got it. Now, lets know what they did with the money. The only people scared of EFCC are the thieves. 27 billa, nobi moi moi, it was given to enhance accelerated development, but thank God EFCC can disqualify criminals from reelection. Some of these dudes might be cooling off as early as January.

Beaf:

This is logical mayhem!
The above is the definition of a contradicting spaghetti. In the very same breadth, you are saying he is easily blackmailed, while at the very same time, he is blackmailing people with EFCC! Damn!

IBB people = Foolish people.

let the governors face EFCC, they demanded their right and got it. Now, lets know what they did with the money. The only people scared of EFCC are the thieves. 27 billa, nobi moi moi, it was given to enhance accelerated development, but thank God EFCC can disqualify criminals from reelection. Some of these dudes might be cooling off as early as January.

Beaf:

Your brains must have leaked through your ears!
That money was demanded by the governors to develop their states.
Any governor that can't account for the money is facing EFCC; the same as IBB will soon do, since he cannot account for our $12.4billion oil windfall.

ferari90:

I have always known that this unrepentant liar called SUYA , Beaf or Beans is a product of a gang despoil

if not how do you explain his numerous gaffe and Militant way of addressing issues.
The fact is JONATHAN had a certain amount of money in his custody and he blew it away
thinking it will help his ill conceived political ambition.
I don't care if the Governors gave him his complete cut(Obj and anenih style) or not
my point is [size=14pt]why go gaga over $12b[/size] when about $27B was blown away withing a very short period of time.

I am begining to think that criminals and condemned  beings like  the late S Gorge was one of the gang
members that contributed the spermatozoa that brought you(Beaf) into existence.

, Anu Nketa like you,

Beaf:

What a pathetic clown!
Governors demanded money that was legally theirs, but [size=33pt]IBB stole $12.4billion![/size]
Do you still want to know the difference?

IBB people = Foolish people.