₦airaland Forum

MrDickless:
Which kind news be dis

I'm pissed off for real

Just seems like we're still slaves to this white people

Are you sure you understand what the story is about?

Kfed4ril:
Then you are a dumb urchin if not you do understand,
SLS made a statement last week that Nigeria is the only oil producing country crying this period, and you didn’t understand what he said.
Since PMB came to power Nigeria hasn’t met the opec quota assigned to her for once, and you are saying so Buhari should personally go and drill the oils, but when something like this happened pre 2015, you’d blame the president, now it’s absolve the president of every wrong and blame it on any other Person or thing.
Buhari as the President should put mechanism in place to see that at least we could meet up to the opec qouta assigned to us. Thanks God that NNPC is a limited company now which is out for profit and also owned by the government, why can’t the do something to increase output.
And don’t forget that since the Russia Ukraine war, oil prices has been selling for around $115/barrel.
What is APC’s excuse?

See this dumb retardeen calling someone else dumb because of his desperation to politicise nonsense. Because in your empty skull, russia ukrain war started since 2015 so its Buhari's fault nigeria hasnt made adequate oil revenue since 2015 to shore up the ECA. Obviously this is the senselessness you picked up from your whatsapp group filled with illiterates.... It's a total waste of time and resources engaging with mumus. Farewell!

This seems like damage control. People have either been paid or threatened.

Kfed4ril:
Who’s fault it that? I believe it’s not mine but Buhari and the APC who hasn’t done anything to be increase oil output.
And this your excuse doesn’t hold waters, because Nigeria is currently selling oil at a higher price than projected in the budget, so that should cover up for the shortfall in volume.

What do you mean by 'excuse'? I was simply explaining the meaning of ECA to the hordes of people here who have no clue what it means. Shameful if you couldnt figure that out.

Meanwhile, I guess Buhari should use his hands to go and drill oil for oil companies; and whilst he's at it, he should also fix global oil prices the way he fixes CBN exchange rate. Everything in nigeria is politics.

ezugegere:
And why it so? Who is the Minister of Petroleum?

What's the relevance or link between this your question and the meaning of ECA?

Justiceleague1:
I read all you put down and it still doesn't add up to anything cos for 8yrs running,Nigerians haven't had any cause to be happy or feel secured wherever they are and I remember how you guys lambasted GEJ's govt day and night over insecurity due to the dasuki fraud but now,since more than 7yrs that the APC took over, security has been at its worst and the only thing the govt have given to the people from the ECA, according to folks like you,due to deficits in budget,is nothing but hardship and poverty.

What's the connection between all these your stories and the ECA definition which I gave?

My explanation was purely for educational purposes and would be relevant only for those who genuinely wanted to know why rather than increase, the funds in the ECA are reducing. The explanation wasnt meant for G-E-J vs P-M-B political arguments. Thanks

Justiceleague1:
But how come only this govt had issues with saving and didn't you guys accuse and attacked GEJ of not saving?!

Justiceleague1:
You didn't answer my question and I didn't ask you for that lecture and in addition, how come only this govt had issues with saving and didn't you guys accuse and attacked GEJ for " not saving?!"

The answer to your question is boldly embedded in that "lecture" which you refused to read. But I'll explain it again for your convenience.

Question: Why was GEJ accused of not saving in ECA, but his successor has not been accused?

Ans: Because under GEJ, there was excess crude accruals, but it wasnt saved. Nobody is talking of ECA now cos instead of excess, there has been deficits since 2014.

Maybe you can take time to read and understand this lecture again:

When revenue from crude sales exceeds what's predicted (e.g. because oil price or production volume is more than what was planned), the excess sales revenue is to be saved in the 'excess' crude account (ECA). Conversely, when revenue from sales is less than predicted, accruals in the ECA can be used to augment the budget deficit.

michlins:
educational purposes on political section of nairaland? Who you want deceive?

So suddenly ECA doesn't matter but it mattered when PDP was in power.

What suddenly changed or you found out that corruption took everything

What do you mean by your first sentence? Are you confessing that your presence in the political section of NL is for the sole purpose of propagating ignorance and directionless arguments? Oga, you're alone in that bubble please.

When there's excess oil production revenue, money accrues into the ECA. But when there's a shortfall, the money saved in the account is used to balance the budget deficit (so consequently, the saved amount drops). Since 2014, there's been a deficit in oil sales revenues, which means negative accruals to the ECA. It's surprising that there's even still a dime left in the account.

99% of people commenting here do not understand what the ECA means. If you genuinely want to know what the ECA is about, see an explanation above. But if what you want is an argument or a brawl, then goodluck as you find someone else to do that with.

Justiceleague1:
Ok can you now kindly point to structures that account for that money being spent by this govt?

Do you know what the ECA is or how it works?

Maybe this might help...

When there's excess oil production revenue, money accrues into the ECA. But when there's a shortfall, the money saved in the account is used to balance the deficit to fund the annual budget (so consequently, the saved amount drops). Since 2014, there's been a deficit in oil sales revenues, which means negative accruals to the ECA. It's surprising that there's even still a dime left in the account.

michlins:
whose fault is it that we a re producing less than required crude

What does this question have to do with the meaning of ECA?... My statement was meant strictly for educational purposes (for those who genuinely care to know why funds arent accruing in the ECA); my statement wasnt for the purpose of political arguments, thanks!

Desusi:
Maybe the man of God is telling lies to win appointment?Why defending what is not.?? Mennnnn,call a spade a spade.

Just like the multitude commenting here, I dont think Papa understands what the ECA is about or how it works.

Bishopwizzy:
Let's say there is no excess sales, then why the rapid reductions.. Continue defending evil.

Khaleefa1804:
even though what happened to the money in the ECA?

Simple answer - It was spent!

When there's excess oil production revenue, money accrues into the ECA. But when there's a shortfall, the money saved in the account is used to balance the deficit (so the saved amount drops). I'm surprised there's even still a dime left in the account.

brandsoncharlie:
Did Nigeria Started drilling crude oil TODAY?, you people have too much excuses on your hands.

My statement was only meant for educational purposes; not for political arguments.

A lot of people dropping comments, including the pastor (unfortunately) do not know what ECA means, or how it works.

LadyExcellency:
Who ordered exploration in Northern Nigeria instead of the East and costal areas?

Buhari squandered Nigeria's opportunity and goodwill to expand crude oil drilling but ethnicity and bigotry wouldn't allow Buhari chose the best for the country.

What has this got to do with ECA?

Adakintroy:
Let him do it first. Let him kill kanu and let igbos be Nigerians then I know we are one.

For now you guys are two faced.

Lol... joker!.. vote whoever you like and stop losing sleep over others.

Adakintroy:
Obi need to renounce Biafra as well as all igbos and pledge his/their allegiance to the green white green. Only then can he/ they be considered in eight yrs time.

Even if Obi comes out publicly and renounces, denounces and even insults all Igbos, you will not still vote for him. So save this your tribal sentiments for your fellow tribalists.

How can there be money accruing in the ECA when Nigeria is barely selling less than 50% of its projected oil volume?

Igbojew:
First of all call your parents and entire generation senseless idiots and other abusive names.Back to the topic,you think you people can do brave Igbos that live in the North anything when crisis start,maybe you are still banking on minority trubes you murderous Fulani uses to fight proxy war against brave Igbos but this time great Igbos will decimet you coward Fulani people in your parasitic religion and guess what,other agrieved m

tribes in the Northern region you your terrorists Fulani brothers have been killing their people will take you people pound of fresh.What is happening to you Fulani people in every South East region is just a test of what will happen in doze when Jubrin the fake Buhari leave Aso Rock next year because your people will be edengered species in the whole Nigerians..................I am that Igbojew the table shaker

Just imagine the idiot thinking I'm fulani because I called out the killing of innocent people...

I repeat it loud and clear, YOU and every other person directly or indirectly supporting the murder of innocent northerners in Igboland and thereby foolishly placing the lives of Igbos in the north at risk, you are all capital IDIOTS and your days are numbered!

Igbojew:
Oga you are the one that is reasoning stupidly.Igbos said they dont need your murderous people in their region and you are here comparing hardworking Igbos in the North with your Fulani Herdsmen/Bandits that are on killing spree all over Nigeria............ I am that Igbojew the table shaker

Who is the 'Igbos' you talk about? You mean a handful of senseless idiots like yourself glorifying the murder of innocent people over your ethnic bigotry?

If northerners begin to retaliate the madness, do you realise there are 100 times more Igbos in the north, complete with properties and investments running into billions? But how can I even expect a retarded brain to factor this in when he cant even tell his right from his left? *spits*

etrouble:
He is NAD. What are Nigeriens doing in Igbo land. They can live with you in Katsina, but coming to Igbo land is passing their boundaries.

What sort of stupid reasoning is this? Do you realise there are 100 times more Igbos living in Katsina and ever across the border in Niger?

femiasaolu2014:
Efe is that you?

Th*nder fire you. Bleached goat

Lol... it's like efe snubbed this filthy prick; that clearly explains his bitterness and frustration.

But guy, on a serious note, this sort of mannerless gutter attitude cant win you even a she-goat, let alone a human. Go and work on yourself cos your attitude stinks of immaturity and foolishness.

By the way, this is a friendly advice, not an insult.

femiasaolu2014:
Yes just like your mother is mixed race too?
Oponu.

You will bleach with your hard-earned money yet will be ashamed to boldly say you are bleaching.

Abeg avoid me.

I said I do not think a person bleached cos I've always known her as light skinned, and you go beserk insulting me?

I said "I think her mum is mixed race", and it triggers you so much to the point of insulting me and even involving my mother?

Do you know me from somewhere? How old are you please and are you mentally okay? Was it necessary for you to expose your mannerlessness and stupidity over a simple and harmless comment I made?

Oga I'm not the source of your frustration; take your foolishness elsewhere!

femiasaolu2014:
Is this not Efe Irele who was a video vixen in Adekunle Gold "Sade" music video?

How she turned from dark skin to light skin is a modern day spectacle.

She's always been light skinned. I think her mum is even mixed.

These 2 seem like they already had something with each other in real life... Probably why the movie scene looked natural.

THe point he made is well noted; Nigeria's export level is abysmally small and needs massive improvement else the dollar scarcity and Naira slide will persist till the Naira becomes as worthless as used tissue.

If una like, make una dey chase the correctness or exactness of figures spoken off head.

uncleck:
This war still dey?

I wonder oo!

ivolt:
Read the headline again: Jonathan's Government Awarded $1.96bn Kano-Niger Republic Rail Line In 2013

BTW, even if Lord Lugard had designed the project himself, a smart person wouldn't consider that an excuse
for executing it.

It is funny that you think that making vague statements is the same thing as awarding a contract and applying for loans.
In your world, our current financial system will not exist.


Unfortunately, I cannot help you any further if you can't grasp the obvious difference.

In the Nigerian political context, 'making a promise to build', 'signing a contract or MOU to build', even budgeting actual funds for a project is as useless as the letter 'P' in the word 'Psychology' if the actually building/executing of the project does not take place.

Since 2015 (if not since 2013), we've been hearing about how one contract after another or MOU or whatever term they call it has been signed for the construction of the Lagos - Calabar coastal railway. If these projects have not been executed, then they dont count as anything.

I see the point you're trying to make though; you're simply trying to cherrypick who you want to criticise. Your point is duly noted.

teepain:
Exactly what it is, especially when you consider that ASUU has been on strike for several months and the economy is in a mess to the extent that the FG borrows to pay salaries as revealed by the erstwhile acting Accountant General.

I'm not an expert in governance or foreign relations so it may look like poor prioritisation to me. But apparently it's just Nigeria's foreign policy. We've always done it, and will definitely keep doing it. In the last 5 years, Nigeria has donated vehicles and cash to Benin Republic, Cameroon, Guinea-Bissau, Niger etc. In same period, Nigeria has received donation of vehicles and cash worth 100 times more from foreign countries, so this may not be a big deal afterall.

Meanwhile regarding the comparisons with ASUU, N1.14bn will not solve the ASUU issue; even 500 times that amount wouldn't be sufficient to solve the ASUU problem.

ivolt:
Wrong comparison.


That is the exact quote. Which means no plan, study or anything os substance was done
regarding the "awarded" project.

Jonathan did nothing to further the "hope".

Buhari already applied for loans, it is China that delayed because they are not sure we can pay back.
Now, the government is aggressively looking for other sources of funding, have awarded contracts and have begun
preliminary work.
https://punchng.com/contractors-begin-preliminary-work-on-1-9bn-kano-niger-republic-rail-line/
https://www.vanguardngr.com/2021/12/kano-maradi-corridor-amaechi-meets-german-financing-advisory/

You can now see why the comparison makes no sense.

It's the same thing. Both promised to build, both didnt build. No need for this by fire by force criticism of 1 party over the other.

The reason both governments even thought about it was because this extension of the rail line from Katsina to Maradi has always been a part of the railway modernisation masterplan which was designed since the OBJ days. OBJ signed contracts and MOUs for this, GEJ signed contracts and MOUs, and now Buhari is doing same, but somehow the nozzle of your gun is pointed at Buhari alone cos he applied of a loan for it?

teepain:
There is a huge difference between what Obasanjo did. OBJ gave a loan to Ghanaian authorities while PMB outrightly donated for these vehicles to the Nigerien Authorities in a period that the Nigerian economy is facing a lot of challenges. It is really annoying.

Nigeria has always given money to neighbouring west African countries. Niger isnt the only one, it isnt the first and wouldnt be the last. About 2 years ago, same Nigeria also donated vehicles to Benin Republic for elections.

Not an expert in governance or foreign relations, so it may seem like misplaced priority to me. But apparently it's always just been a part of Nigeria's foreign policy.

ivolt:
Another "Jonathan made me do it" Fake news.
Nowhere in that article was a contract awarded.

The deceptive OP even added the "$1.96 billion" phantom cost for a project that was never officially considered.

If you think I am wrong, kindly provide the contract documents, the companies involved and the budgetary allocation.

Jonathan said "I will build...", Buhari said "I will build..." At the end, none of them built anything.

So how come only 1 person takes the missiles in all these?

UselessBuharist:
Shut your mouth before Buhari happen to your generation. May your generation starting from you be blessed with all the evil buhari has done to Nigeria

What has my 'asking what the vehicles are meant for' (a vital question which any smart person should ask first), got to do with politics of buhari or the gibberish you just typed up there?

The problem with most people is that emotions drown your reasoning and common sense.