₦airaland Forum

Intellectuall01:
In your heart, you know OBI will not win. Look at what you wrote na. It's so obvious.

May God keep us alive to see 2023. It's pointless making unnecessary predictions.

One interesting observation about the Obi tsunami is how no single career politician has thought it necessary to either publicly endorse Obi or decamp to Labour party; not even politicians from the SE. This just clearly paints a picture of how politicians prioritise filling their pockets and bellies than pushing Nigeria forward. God will shame them all in 2023!

How I wish Obi wins without the help of the scoundrels. If that happens, Obi would be under no obligation to appoint career thieves and politicians into cabinet.

Righteousness2:
This is a confused man that has confused and deceived so many people, now boldly getting married to someone's wife, with a confused pastor as his best man.
GOD have mercy on all the people he has confused and rescue them from the Broadway before it becomes late.

How is a divorced woman someone's wife?...


Oh na Righteousness2 be this sef!

LeoDeKing:
Online polls before primaries

The result of the Primary polls you posted simply tells one story - the masses who voted in both polls knew exactly the people they wanted for a better Nigeria. The masses voted for the 2 best candidates in both political parties but at the end the greedy, theiving political delegates voted for their bellies; which is why we ended up with a Tinubu and Atiku in the 2 biggest parties (2 thieving hoodlums that should be in jail).

As Osinbajo chose to fall out, thank God for Obi who braved the odds by treading where no one dared. Whether he wins or not, Nigerians would forever be grateful to Obi for daring to bring hope to the hitherto hopeless 2023 election. Thank God it wouldn't be the useless filthy delegates voting in general elections.

Kasssandra:
To face a national assembly filled with PDP and APC members who will frustrate the hell out of him till he joins either one of their parties.

Presidents don't work in a vaccum. If you are shouting vote Peter Obi, without also working for the victory of Labour Party in the senate, house of reps and governorship as well as state assemblies, you might as well be wasting your vote.

That is how Balarable Musa, governor of old Kaduna state and PRP man, thought he could run the state with NPN members. Till they showed him pepper....

Modifed

If you see the bolded and assume I am telling you that Peter Obi will fail, you better have another think comming.

In civilised countries, there's something called 'independent candidacy'; i.e. a candidate who doesn't belong to a political party. Peter Obi is almost like an indepedendent candidate in the coming election.

Now while we know Nigeria is not exactly a civilised country, may I remind you that this same Peter Obi is already well prepared and experienced in working as an executive without having any single assembly member in his party. He did it and succeeded in Anambra and can do it again on the national stage.

If the wolves in the national assembly likes, let them show him pepper. All he needs is to come up with decisions that are popular with the people. If the legislature tries to go against him, that's when you will understand that the greatest structure any political leader can have is the support of the people.

In summary, I'm not wasting my vote by voting a CREDIBLE candidate!

Okoroawusa:
There is no where in the article that I read here Falae said Peter Obi should be president.

Others can comment on threads without reading the articles but I am not that stupid.

Lol... Okoroawusa don dey play ostrich this early morning... So you didnt see this part of the report?

"However, if you are a fair-minded Yoruba person, you will realise that there are three legs to the political tripods in Nigeria, the Hausa/Fulani, Yoruba and Igbo."

“The first two have been presidents and so, equity requires that the Igbo should be president. So, if you are a fair-minded Yoruba person like I am, then you will vote for the Igbo based on equity.”

The 3 main contenders in the election are Atiku, Tinubu and Obi. Which other evidence do you need to interpret what Falae said?

Self inflicted crisis! God help us!

immortalcrown:
Unbalanced judgement. Hausa and Yoruba staged the war against Igbo while other tribes seized Igbo property. So, Yoruba was not a friend to Igbo during and after the war. Which tribes were in power and reduced the net worth of every Igbo person to 20 Naira? Yoruba and Hausa are the tribes. So, is taking Igbo money not the same as seizing Igbo property?

This one is desperately hanging on to straws to justify his intertribal hatred.

"I hate Volvos"

But does that mean i shouldnt take the ride if my UBER driver comes in a Volvo?

Very dumb criticism from people scared of the structureless one.

mmsen:
Abandon? No. But prioritize which seems to be a problem for Nigerians in general. People get the governments they deserve.

Like I've said over and over again sir, having a national carrier is important! And setting one up will not stop a serious govt from prioritising other important (or more important as you term it) sectors that need urgent attention. A serious govt will grow all sectors of the economy together without abandoning any aspects.

What do you even mean by "prioritise, not abandon"? Throughout this thread you've run down this project with nasty comments, saying it's useless, a waste of resources, saying it would be mismanaged, inferring that it's a foolish idea from a useless govt etc., yet you say you arent suggesting abandonment?

If you weren't talking "abandoning", then I'm totally confused on what your point really is. Neither I nor anyone here has suggested that govt should carry the entire national budget 100% and sink it into a national carrier while neglecting other weightier needs; the govt is not also doing that. So what exactly is the basis of your sharp criticism of this idea? Politics? sentiments?

The aviation minister who's championing the project also mentioned that target govt input shouldn't be over 5%. How exactly is this amount so damaging that you think it would stop a serious govt from attending to other important issues?

Meanwhile you're very right about that statement, "people get the governments the deserve".

mmsen:
Terrible comparison.

Most Nigerians don't have the means to fly but everyone needs fuel. A refinery would have a wider, stronger effect on the economy than a national carrier.

Flying is also important! MAybe not as critical as the petroleum sector, but it's also very important and serves a vital purpose to the economy.

Developing a country doesnt mean you have to abandon some sectors and focus only on sectors which you think are important. All sectors can and should be carried along.

mmsen:
A functional air transport system is about management of infrastructure, not a national carrier. Nigerian governments have shown an inability to manage an airline or even be silent partners in a national carrier. This is a waste of time and energy for a country with far more rudimentary challenges.

Good thing you're not in leadership then!

Having a national carrier isnt a waste of time; it serves an important purpose and can boost the economy.

Saying it's useless on the premise that it will not be managed properly is just laughable; it's almost like saying Nigerian govt should consider building new refineries because they wouldnt be managed properly when built.

You should rather be clamouring for the management to be strictly concessioned to the private sector for efficient management instead of throwing out the baby with the bath water.

mmsen:
It's a waste of time and resources.

Just Your Opinion!.... It's probably a waste of time and resources only to those who elevate their hatred against the sitting govt above national interest.

To everyone who understands basic economics, the importance of a robust and functional air transport system cannot be overemphasised. A national carrier will be a blessing to Nigeria if it comes to reality and if it's managed properly.

mmsen:
A national airline carrier is no solution to whatever problems Nigeria has with its aviation industry.

There is nothing wrong with Nigeria having a national airline, absolutely nothing wrong with that!

PROUDIGBO:
I’ve seen a lot of lame arguments like the one you just used….that Air Peace didn’t bid for the position! You either know how a bigoted and parochial gov’t, like the one we have now, can work behind the scenes to frustrate certain interests they want to frustrate, or you’re naive and don’t know how things work in Nigeria!

Who will see good food offered to them and refuse if they’re not crazy!? Air Peace has big ambitions being the leading airline in West Africa, and you think they will see an opportunity to be the national carrier and reject it?

I’ll tell you EXACTLY what happened! The supervising ministry set the conditions they knew Air Peace wouldn’t be able to meet….like required number of aircraft; years in business; etc, just to get them out of the way! And since Air Peace is the biggest airline in Nigeria, they were left with no other option but to look abroad! I’m sure they would have tried to get northerner oligarchs and entrepreneurs to form a new airline and bring one of them as a front and face of the business…kinda like they did with MAFAB that appeared overnight out of nowhere and won the second and only other bid for 5-G mobile phone license. However, in this case they must have been constrained by the same conditionalities they dreamt up in order to get Air Peace out of the picture…ie, number of aircraft; years of operation; etc!

So many southerners are either too trusting and naive to understand the games being played at their expense…or they know, but don’t wanna say anything because they feel the ‘okoros’ are getting a worse deal!

Oh I see! Another victim mentality based argument.

"Because I'm black, they made the conditions/ requirements so stringent so I couldn't meet them"

"Because the biggest airline in Nigeria is owned by an Igbo man, the made the conditions so stringent and eventually went out to choose a foreign airline"

The above lines of thought are very widespread; and it's okay if you choose to think that way, i.e. conjuring assumptions and concluding on them. But not everyone thinks that way.

mmsen:
This isn't a solution. If Nigeria wants airlines then build and maintain better infrastructure.

Not sure I understand the relationship between what you just said and the topic of discussion. Solution to what exactly?

Nigeria plans to bring in Ethiopian Air management to manage the proposed Nigeria Air. You say it isnt the solution, that we should "build infrastructure if we want an airline"?

Racoon:
Is it not a big shame and national embarrassment that Nigeria-the so called giant of Africa is soliciting to have the sophisticated Ethiopian Airlines as its national carrier?

Same Ethiopian Airlines that was formed just in the last two decade. Nigeria Airways crumbled. Nigerian National Shipping Line(NNSL) also crumbled. NNPC is a cesspool of endless corruption while the Nigerian Railway Corporation is struggling to breath.

Air Peace was more like a national carrier during the COVID-19 pandemic but parochial interest will not allow the FG to consider it for this role. Meanwhile, after all the lies of investors desperately bidding to be stakeholders by Lai Mohammed, only Ethiopian Airlines was the only interested party? Lie telling Is a disease.

In one sentence you mock the govt that only Ethiopian airlines bidded for the job. In the next sentence you blame the govt for not choosing Air Peace which from your understanding did not even bid for the job.

This is the sort of confusing stance that comes from people hating their country simply because they dont like the political leadership.

Anything that would make Nigeria have a functional airline and national carrier is a welcome development; anything that would make NIGERIA AIR (or whatever they choose to call it) work efficiently is very much welcome.

Only people battling with inferiority complex would think it's shameful for the Nigeria to partner with the management of the most successful airline in Africa.

Lol.. the enemies of Nigeria in confusion already. One second ago ohis fellow claimed the man Obi is too Catholic and will CHrstianise NIgeria. The next second he accuses Obi of belonging to a cult called OOO.

Agboriotejoye:
Good. And let me use an elementary analogy that fits how ECA operates to you.
From your fisherman analysis, you have made the same basic mistake which you keep making by multiplying sales with price to get total revenue at the end of a market day. Well, that's wrong as it gives a false impression of a savings account where you keep excess from your sale at the end of the market.
How ECA works is that for a president who wants to save, it's like a piggy bank. Every extra kobo you make on each sale is pushed into the piggy regardless of whether you sell few or many goods. If the price you had in mind is 25 and you sell for 30, you put the extra 5 into your piggy bank. It doesn't matter whether you're able to sell more or less. That extra should go into the piggy bank.
But like I said before, there's no law mandating any president to maintain the account which is why some of them find it so hard to entrench the financial discipline needed to do that. The biggest culprit is Buhari!! He's just an hypocrite who keeps crying about ECA being emptied whereas he has also refused to grow it!
Jonathan's govt after the brouhaha with the govs instituted the SWF which is backed by law. But even that with its legal framework has suffered under Buhari. That's to tell you Buhari's govt generally lacks good fiscal management and strong financial discipline.
https://punchng.com/swf-will-drop-to-201m-after-150m-withdrawal/?utm_source=auto-read-also&utm_medium=web&amp

I can see the last sentence you made is all you've been desperate to say in the last 24 hours. No one is refuting or arguing the fact that buhari failed with you. But like I said, your desperation to make that statement shouldn't push you to the point of refusing to learn/acknowledge basic economic principles.

Anyway, God knows I've tried to explain the basic ECA concept to you. But if you insist that 'excess revenue' can still be made irrespective of whether the country sells a barrel of crude or not, no more words from me. Good day!

Agboriotejoye:

People like you are usually very comical with a lot of confidence. See how you've reduced serious economic discussions about fiscal management of an economy to a fisherman selling fish
I don't want to argue any further nor delve into the ridiculousness of your argument.

Let me just share a quote from guardian on what ECA is. Read below and tell me if there's anything like volume of crude oil sale there


https://guardian.ng/news/how-govts-frittered-22b-from-eca-in-12-years/

Here's another from Thisday



https://www.thisdaylive.com/index.php/2022/07/31/eca-and-the-collapse-of-nigerias-financial-buffers/amp/

I hope you can learn appropriately and correct your false analysis based on your baseless assumptions going forward. Learn to get your facts right!
Fisherman. Lol

The reason I used the elementary school fisherman analogy was because I was reminded that not every person commenting on this faceless forum has the capacity to comprehend basic economics. Sometimes if a message must be passed, one has to break things down to a level which even children can understand.

If after breaking down the explanation to elementary school level, he still cant comprehend the relevance of 'sales volume' in calculating 'revenue excess', then this one is clearly a lost case.

Oga you win! I @Obailala misrepresented facts, and I'm sorry for that.... Good night!

Siwel25:
Envy kills oo! Even the legendary Jakande naméd Asiwaju the architect of modern Lagos and was a Tinubu man till death..

Envy? Wow!... Another delusional fellow on the loose!

Londonderry:
The said Sister will have a lot of explanation to make as many will conclude she committed formication. The bible admonishes us to abstain from all appearances of evil. If such practices were allowed by the church, pregnant fornicators will soon start claiming the had artificial insemination.

In all honesty, she doesnt owe the people of the world any explanation. People of the world will always see you as a sinner no matter what; that's why Christ always talked about hypocrites. If she falls into menopause without ever having a child, the hypocrites of the world will still judge and call her nasty names behind her back, saying she's an old cargo who spent her younger days whoring about and couldn't keep a man or have a family.

Personal advice is for her to do whatever pleases her and will give her joy in her old age; she should ignore whatever nonsense the people of the world will say.

NaijaRoyalty:
Only Nigerian politician with clean hands can do this

God save the incoming President of Nigeria, Peter Gregory Obi

Clean hand or no clean hands, no matter how saintly you may think you are, there will always be those who hate you. Mr PO's handlers should start telling him the truth; he currently stands as a major and credible threat to the diabolic order that has held Nigeria down for ages. HE would currently be on the cross hairs of many so it's high time he started considering his personal security.

Agboriotejoye:
Look at your above quotes again. Your initial claim was that there has never been excess. After I told you there was in 2017-18 before now, you said I should go and find out the volumes. Note that I have generally refrained from providing links and source because all these info are publicly available.
You came into this thread to claim that Tonye was "misrepresenting facts" when you never had the facts in the first place. You just came with your own assumptions.
Go and check pls. Nigeria was producing its quota as at 2017-2018 which is what made this govt ask OPEC for an increase in quota then.
You came to "correct" Tonye while you did not even have the facts available. As at 2006, Nigeria was producing below the quota yet was still saving because the price of crude was above the budget benchmark. Again, go and check. That's why I told you that it is a question of will to save not your assumption of "oil price must satisfy us before we can save".
I even gave you a pointer to the fact of increase in budget benchmark in 2019 to show you that if your claim that production volumes did not allow government to meet targets was true, how come it even increased benchmark in 2019? Yet you refused to get it.
Know this for a fact. Production volumes as you claim have nothing to do with saving into ECA. Saving into ECA is about saving the excess of crude sold per time. Production volumes can fluctuate at intervals in a financial year. If it is the aggregate that is expected to exceed a certain amount before savings can be made as you conclude, then there will be no savings because the revenue is shared monthly and everything earned is expected to go into the CRF at the end of a month for sharing. I hope you can understand the picture I'm painting for you. Let's say in January you produce 2.8m, you are not sure whether you will produce 2.3m in February or 2.1 or 2.9. So how do you save when you have to share the revenue in January? You see how impractical your stand is now? It is a false assumption. Savings is made based on sale not on aggregate sale for a year as you assume. Hope you get it now.

Kaiiii....
So all these while I've been wasting my time arguing with a person who doesnt know the difference between 'sales revenue' and 'sales price'? Wow! What a shame!

Oga Sir, 'Sales Revenue' is not a function of only sales price; it's a function of 'sales price' and 'sales volume.' I know I'd probably need to repeat this like 50 times before he understands it.

Primary School Example:
A fisherman plans to catch and sell 10 fishes at N100 each.
Sale Price = N100
Sale Volume = 10 fishes
Projected or Planned Sale Revenue = 10 x N100 = N1000

If the fisherman eventually catches 10 fishes and sells them at N150 each instead, his sales revenue is 10 x N150 = N1500 (i.e. revenue excess of N500 due to higher sale price).

Likewise if he catches 15 fishes instead and sells them for N100 each, his sales revenue is 15 x N100 = N1500 (i.e. revenue excess of N500 due to higher sale volume).

So now let's make it similar to our ECA discussion. If the fisherman catches only 5 fishes and sells them for N150 each, his sales revenue would be 5 x N150 = N750 (i.e. a revenue shortfall or deficit). In oherwords, despite selling at a higher price of N150, the fisherman did not make excess revenue.

In summary, selling at a higher price does not automatically translate to excess revenue. Same with the ECA scenario; selling oil at prices higher than benchmark does not automatically translate to excess crude revenue. Since 2015 till date, Nigeria has overall not made excess oil revenue to acrue the excess into the ECA; it's either the average oil prices dropped too low (below benchmark) or the average oil ouput was below target (I used the term 'average' to avoid unnecessary arguments).

You urgently need to work on your comprehension, elementary arithmetic and basic understanding of economics. I did not misrepresent facts, rather I pointed out a fact which Tonyebarcanista either deliberately or inadvertently failed to acknowledge in his analysis.

I've gone out of my way to break this down as much as possible such that even a child can understand it. But if you stilll choose to hold onto your logic which I highlighted in RED, then may this be the end of our discussion!

Agboriotejoye:
Do yourself a favour and get properly educated on the matter.
You first claimed crude price has not exceeded benchmark for the past few years. I corrected you that it actually did between 2017-2018. You have not checked what our bpd was in that period but you're clutching on straws in a presumptuous manner that I should find out for you.
My question to you is why did you make such a sweeping statement on crude oil price you were not certain of initially? It is intellectual dishonesty.
I already proved to you that saving in Excess crude account is not just about bpd it is more about the will to save from the govt. Since you're making excuses for ECA, how come SWF too has not grown but instead depleted? What's the excuse for that too?
If you want to engage me further, find out yourself if Nigeria was producing its quota between 2017-2018. That's how to argue not just arguing on conjectures when you don't have the facts.
The facts are that ECA started when crude price was $45.
All your excuses for low production with the exception of covid have always existed yet ECA grew.
Crude price exceeded budget benchmark in 2017-2018
Crude price has been exceeding budget benchmark since 2021-2022.
Find out about the bpd of 2017-18 yourself and you'll see how short on facts you are.
Goodbye

Wow wow wow! Wonderful! Could it be that I've been conversing all along with an illiterate who cant read or comprehend simple English?

Where exactly did I @Obailala claim that oil price has never exceeded oil benchmark? Please show me where I said that!

All through this thread I have pointed out that oil price exceeding benchmark isn't the only condition that determines accruals into the ECA; I have severally pointed out the same thing to you over and over and over again that whilst oil price may have exceeded benchmark, that Nigeria's oil output volume has been way below the target which consequently means we've been having oil revenue deficits (instead of excess). How on earth can this elementary concept be too difficult for an adult to comprehend?

You're running about in circles trying to 'win' a political APC vs PDP or GEJ vs PMB argument. Oga, I'm not here to argue with you; I am here to educate you on why money cannot go into the ECA - Money goes into the ECA only when there is excess revenue from crude sales. That has not happened in a very long time so therefore, you cannot expect money to go into the ECA, PERIOD!!!

In your desperation for an argument, you mentioned the following today:
- Customs revenue:- Customs revenue excess does not go into ECA and is irrelevant to what we're saying here.
- You mentioned a lack of will to save: - Whether the govt has a will to save or not, money cannot go into ECA if there isnt excess oil revenue.
- You mentioned SWF: SWF is not the same thing as ECA; it's not what this thread is talking about; stop pushing arguments all over the place.

LAstly, after you finally acknowledged that oil production volumes may be affecting ECA accruals, but in your desperation, you felt the need to point out that Buhari was responsible for the low oil producton volume. Oga, I'm not arguing or refuting that with you (if that's what's making you lose sleep). But that wasn't the point of this argument; the point I just want you and Tonyebarcanista to note is that money cannot be expected to accrue into the ECA when production volumes and oil revenues are critically low. End of Discussion!

Agboriotejoye:
You know what your problem is? You don't understand the idea behind ECA.

And you're thinking crude oil is the only source of government revenue. So you think of it as something that must meet all demands before some can be saved. Have you asked yourself why not excess customs duty account or excess VAT account? Why excess crude? It is because past govts understand the impact of the dollar accruing from crude on our economic stability.

Go and check again. Customs claimed to exceed its revenue target in 2017-18. Same with FIRS. Same with crude. Yet you believe the government has no reason to save because according to you without even confirming, govt must have produced below projected BPD in 2017-18. If that was the case, can you then explain why Buhari's govt increased budget benchmark to 60 in 2019? At least without even checking the production volumes, I already gave you that fact. If your revenue did not meet target last year, does it make sense to increase it(target) the following year?

Like I said, the purpose of ECA is to save the excess that comes from crude sales. A govt that wants to or, sees the need to, will save while one that doesn't will simply not. That's why even this year, at over 100, a kobo is still not being saved and you present the excuse of low production.
I drop my pen.

Lol... In all of this, he still cant comprehend the link between the ECA and the volume of crude produced/sold. He's still running in circles talking about crude prices and benchmark and $60 and $100... And then he chips in revenue from Customs; biko what is the business of Customs revenue eith Excess CRUDE Account?

This is what you get when people emotionally just want to force an argument where none is necessary. They run atound in circles trying to make 1+1 = 3.

drlateef:
You are the one in delusion because you can’t face reality. As I told you, we have the evidence existing till today. You are the one completely out of reality and you have no insight into your problem. So you really need treatment.

Lol... Oga wants to show me evidence that Tinubu made Lagos the 'Centre of Excellence'... Seems like the matter is stronger than I initially thought. Please show us the evidence you have.

Agboriotejoye:
Why don't you check it out? The facts are publicly available. 2017 average crude price was 50 while the budget benchmark was 42, while that of 2018 was 65 for budget benchmark of 51. The govt responded by increasing budget benchmark to 60 in 2019 due to the massive difference in 2018. That's why I told you that it's an initiative of the govt to save in ECA or not. OBJ at $40 created ECA. Buhari at $65 chose to increase benchmark the following year instead of looking to improve on ECA.
Throughout 2017-2018, ECA hardly improved.
So what's your excuse this time around?
It's simply a matter of economic management capability.
You just keep rehashing these excuses. Insecurity especially in the Niger Delta is not a new thing. Neither is vandalism. Yet some governments were able to save in ECA. Drop in production level is a challenge govt has to deal with. It's not a factor beyond its means to control. The price and OPEC quota is beyond its means but not production level. So giving excuses for low production level is a very weak and self-defeatist argument.
If Ajuri is right as you say, then you can't blame GEJ for sharing ECA or OBJ for spending $16bn on power etc. Everyone can generate their excuses for failure. It's whether the excuse is tenable or not that matters.

So after all I've hammered on the influence of oil volume, you still came back to tell me about how oil price was $65 in 2018?.... You just proved what I suspected all along; you haven't bothered to read anything I wrote all along, you've just wanted to make an argument, an APC vs PDP argument. I give up!

obailala:
Whether the ECA is backed by law or not is inconsequential and irrelevant to the point we're making. The idea behind the ECA is that excess oil revenue will accrue into the account but since there hasn't been any excess revenue, you cant expect funds to accrue into the account from thin air. You keep saying that in 2018-19 there was excess; are you suggesting that in this period Nigeria made more money from crude sales than was bpredicted in the budget? Would be pleased to know where you got that info from; kindly share your source... and please whilst showing us how oil price was high, also do well to show us the volume of oil produced in the period.

LIke I said before, there are several reasons Nigeria's production volume is far below target and these include, vandalism, insecurity, Covid19 effects, govt failure etc. But the point which I will keep repeating until you accept it is that the ECA accruals are a function of oil price and oil volume (it's not dependent on only oil price). If oil price is 20% higher than the benchmark but production volume is 30% less, there will be no excess. THis is basic mathematics and you can't twist this fact with your APC vs PDP politics.

drlateef:
They are talking reality. You are the delusional one. We have the evidence of his achievements. It’s not audio like Peter Obi.

LIke I said before, ascribing Lagos' Centre of Excellence status to Tinubu is clearly a form of delusional disorder; I just dont know what type it is (maybe our psychiatrists can help us).

And lest I forget, people suffering from this quite often believe it is the rest of the world that has the delusion problem; so I'm not surprised at your comment.

Agboriotejoye:
That's not true. In 2018-2019, there was excess based on budget benchmark and the ECA did not improve. Go check it.
Excess crude sales going into the ECA is not backed by any law. It is an initiative. A president can decide to put money in it or decide to not put any. There's no law mandating a president to do so.
That's the point of the story and why you can make excuse of crude production too low for the present govt. Crude production is the govt's responsibility through NNPc. You can't use failure to do your job as an excuse why you're not making money. That's my point.

Whether the ECA is backed by law or not is inconsequential and irrelevant to the point we're making. The idea behind the ECA is that excess oil revenue will accrue into the account but since there hasn't been any excess revenue, you cant expect funds to accrue into the account from thin air. You keep saying that in 2018-19 there was excess; are you suggesting that in this period Nigeria made more money from crude sales than was bpredicted in the budget? Would be pleased to know where you got that info from; kindly share your source... and please whilst showing us how oil price was high, also do well to show us the volume of oil produced in the period.

LIke I said before, there are several reasons Nigeria's production volume is far below target and these include, vandalism, insecurity, Covid19 effects, govt failure etc. But the point which I will keep repeating until you accept it is that the ECA accruals are a function of oil price and oil volume (it's not dependent on only oil price). If oil price is 20% higher than the benchmark but production volume is 30% less, there will be no excess. THis is basic mathematics and you can't twist this fact with your APC vs PDP politics.

Agboriotejoye:
And that's why I'm pointing out to you that ECA does not have any legal framework that says you can only put money in it when you exceed certain parameters. It is an initiative of OBJ to save excess coming from crude oil based on budget benchmark. Crude oil production is not just conjured. It is a function of govt business development in the oil sector. So you can't excuse govt based on crude production it set by itself. Your excuse of pipeline vandalism and covid is not tenable. Pipeline vandalism is not a new phenomenon in Nigeria. We're also not talking about the covid period here.
Ajuri also failed to put into account that Excess crude account was depleted by the agitations of the governors. He also failed to put into perspective that in the first 8 years of PDP govt, oil price never exceeded $65? You can't pick and choose who to debunk and say you're not getting into the argument of who is worse between PDP and APC.
Ajuri pushed a narrative the op is countering. You alluded to the fact that APC is a failure, then claimed what Ajuri said it's the whole truth which is obviously not.

Excess crude sales revenue is what goes into the ECA (that's the simple idea behind the ECA). In the last few years, there hasnt been any excess, rather we've had deficits; so you cant expect revenue to accrue into the ECA when there isnt an excess. This is the summary and TRUTH of the whole story; it doesnt matter whether it is Ajuri or Tonye that said it.