Paddy lo, I am for true federalism, where there is a structure of how money should be shared from the federation account. We already have that structure in place and I detest spending of money by executive dictatorship. Yes the money should be shared without with holding/diverting any amount until the sharing or spending formula is revised and backed by law. Anything short of that is criminal and dictatorship.

No federal government will engage in reckless gambling of common wealth on foreign investments when the local economy is suffering. Unitary governments may do that but not a federating body.

No one has the right to freeze local or state government funds from the federation account, even if there was a ton of evidence that the money was being misappropriated by the state governors and local government chairmen. We have a structure for dealing with theft and the judiciary should be empowered to deal with those.

If the aim of the SWF is to create a foreign investment platform for the government, I strongly oppose the idea. The federal government should first of all create an asset management bureau if there is none already, reconcile all its assets and investments, identify all the liabilities and invest in our own economy for added value.

Beaf, our unique National situation is unbearable corruption that is real and not imagined . You , as well as most other Nigerians , know that. Many economist , if they then look at Nigeria's situation , may rightly feel the SWF is here at the wrong time since there is a real danger that it can , and most likely , will be exploited by corruption.

If the SWF is non-existent because it has not been 'birthed' by appropriate law , what is the rush to take money out of the ECA to be deposited in a non-existent fund ? Those things hint at the corrupt and partisan use , by a highly corrupt system , of policies and schemes that are used effectively througout the World as per how transparency is , first and foremost , a foregone conclusion.

Is it easier to push for a new law to back a new account or to create a law to give force to an existing account, which already has a structure ? Who says that we need to create an account for investment purposes anyway ?

A federal government has no business investing tax payers money in overseas companies with no solid investment in the country. If the country had a lot of money to spare, they would divest their foreign reserve into two or three currencies and bonds from reliable countries like USA .

May I remind those talking about Dubai that Dubai is an emirate which controlled by a few families who own the wealth of the land, therefore they can afford to invest their money in whatever way they deem fit, even to the point of near bankruptcy.

Is it not laughable that you would on one hand say that ECA is not backed by law (which I agree with) and on the other hand try to justify the withdrawal of money from that account for the purpose of funding an account that is not yet in existence ? An account which might not make it past the first hearing at the houses of assembly. The tail does not wag the dog neither does the cart drive the horse. What's the hurry ? Why not wait until the law backing SWF come into force before withdrawing money to fund the SWF ? You accept that the money rightly belongs to the federating units, but you advocate the spending/with holding of that money by executive fiat/dictatorship.

If the purpose of the SWF was to able to fund federal investments in companies like google, barclays, et al; Some of us would rather see any excess money invested in our downstream economy, funding local projects and acquiring stakes in local technological industries who are not able to expand their business due to funds, but are keen to exchange a stake in their companies for funds. Furthermore, who says that those foreign companies might not go burst soon after the investments ?

If we hear say CBN Governor says, is he a fake economic analyst?

$9 billion according to CBN Governor in reserves . . . interesting!

Sanusi, at the end of MPC meeting in Abuja, on Monday, said the drop in external reserves to $37.63 billion on June 23 was as a result of the shortfall of $25 billion in the nation’s foreign exchange earnings in 2009.

He blamed the steady fall in foreign exchange earnings on low oil prices and crisis in the Niger Delta.
However, Sanusi said the MPR would remain unchanged at six per cent as a result of the stability in exchange rate and continuing under-performance of monetary aggregates since the beginning of the year.

According to him, developments in interest rates structure indicated that the retail lending rates were still relatively high, though they were declining.

How sure are you that we still have $40 billion in our reserves? Last check, it was down to about $9 billion or so.

@marcus1234

I noticed that in all your posts you do no longer that a line and have maintained that style since your created your account. it is either Yes, I like it, Cool, Good, No, Not bad, nuttin etc

I find it interesting that's all, how do you manage

If their is money in the Coffers is that Proof that OBJ did not loot profigately ?

It is not me alone doing the comparison . It is local and International economic experts. Their is no need for the setting up of the SWF ,in the opinion of many experts, if the correct 'tweaks' can be carried out to the ECA.

na_so:

Gbawe, abeg hope say u know the difference between our foreign reserve and dis ECA fund sha? i just dey ask  o no vex 

My Brother , I never "talked" of $20 billion . It is the report that mentions $20 billion and even then a minimally educated person reading the article can see the article does not try and blame Jonathan for the depletion of the entire $20 billions .

Nontheless , world financial experts are right to question how Jonathan has , more or less, profligately depleted the  rainy day funds that was especially useful in keeping Nigeria running recently at a time where economic  uncertainty still reigns and the Global financial crisis should , realistically , still be a powerful warning to sensible nations of the usefulness of reserve funds !!!!.

I am no lawyer but I believe that the same can be done with the Excess Crude Account to nullify the need for an entirely new fund that serves the same purpose. It is the same way Jonathan's purchase of new Planes appear reckless when Aviation experts posit that faults to any of the existing planes can be fixed especially as the Presidential fleet is essentially still new and adequate .

It will be particularly difficult for them to defend Jonathan on this occasion. That Jonathan is amassing campaign funds, to the detriment of National coffers , is now obvious to all but the most die-hard fan of Mr.President.

This is a scam no one can defend . It is cynical looting by Jonathan and his camp/advisors. OBJ raided the PTDF (along with everything else that could be looted) , sacked Okonjo-Iweala and conducted himself in an entirely reckless manner just to gain funds for an unpopular third term Project . Jonathan is doing precisely the same and intelligent Nigerians are seeing through him.

The excess crude account is , more or less, a national "rainy day"account. Taking $1 billion out of it to go and deposit in , essentially,  another identical and newly created "rainy day account" that is only different to the excess crude account in name alone ( i.e "Sovereign weath fund" is the clearest sign that this is campaign funds for "do-or-die" Jonathan . What , at this moment , is the rush to establish savings (Sovereign Wealth Fund) that serves essentially the same purpose as the excess crude account?

It the Sovereign Wealth fund is yet to take off, why take out $1 billion from the excess crude account to be deposited in the Sovereign Wealth fund "later" ? The corrupt and desperate actions of Jonathan are becoming more obvious as Mr. President gets more agitated by the realisation , as many of us correctedly Predicted , that he can only buy , and not win, next Years general election.  

you are as daft as they come. ode sue sue.
who is talking about evolution theories here?
i say, when was the time we blacks lorded it over others?

you are as lousy as your font

the question is:
when was the time sub-saharan africans were ahead of any other race?
good you knw that north africans were better at a stage. and asians too.
but, what about blacks? when? or is this due to some inherent factors?

Ileke-IdI:

Mo ti reply comment e. check it

Paddy mi, ko si nkankan . Iwo n ko?

Ah. . mo wa pa. . .mo easy bi sunday morning. . .

Hit me up on FB if u free. . .

Dude shut up!! . . . .  You take pride in jabbering.

sharrrrap my friend whats the meaning of that?. Every Nigerian has the right to contest for presidency on any political platform .This is why Nigeria will Never move forward. Free and fair Indeed!!!!! .If JEG is that Popular as some people made us to believe why not let the people decide? Now you are happy that Atiku is out of the way and you dont see anything wrong with that as far as GEJs project is on course .I pity you ,
FYI GEJ is worse than ATIKU and IBB put Together .

ATIKU and IBB should go form their own party too and contest

no one is stopping them

but u cant just decamp your way in and out of a party as the wind blows

The president is the head of the party

In AMERICA OBAMA is the head. . thats how its is

GEJ is the head of the PDP. . .and the sooner u realize it the better. . .