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'Treasury looters' will return 'looted monies' - through 'indications' or 'imaginations' - by The Nation. 'Treasury looters' returning 'looted funds' - Sources - by Premium Times Billions of naira already returned by 'looters' - Presidency - by Saharareporters Where's is the money? Nigeria is broke - Reality - by Buhari |
obailala:That's why those children elected him. They thought he would perform some magic. They recruited them in a jihadi format, radicalized them and set off with empty promises. All along, they never bothered to explain the processes to them. That's why you hear these kids say some nonsense at times, you'll wonder whether they are on drugs. It's pathetic.. |
nanizle:Well, no one knows for sure at this time, you may be right. It is very sad, though. May God protect us and lead our soldiers. |
llaykorn:Is it not better to exercise caution? In the coming days, we'll know the truth. The whole world is not settled right now. Nigerian armed forces need prayers. |
nanizle:Lifeless bodies get decomposed after some hours. |
Happy birthday President Goodluck Jonathan. May you live long to see the confusion in the evil people's camp. |
Check your headline Emma Ujah is Vanguard newspaper correspondent. It shouldn't be credited to him. |
However, the new finance minister, an accountant who cleaned up the books of one of Nigeria’s smaller states, is poorly qualified for the job. Her counterpart in the investment ministry is a respected businessman, but he may lack the clout to stand up to a president with statist leanings.Even the best of The Economist's media favors couldn't help but underscore the gloomy economic outlook. |
And what are the three things that will happen to you if he is not found guilty? High Blood Pressure? |
clintwine:My friend, we have moved beyond these stuffs you wrote up there. If you are still dribbling backwards, it's either you love it that way or your don't have a grasp of the issues. Jonathan initiated TSA, we know. Jonathan didn't have "balls" to implement it, you are entitled to your fantasy. Let's move on to the implementation now, shall we? Buhari has the "biggest balls" in the world now, beautiful. He is surrounded by Michael the Archangel, Gabriel, Uriel and other similar agents, we can see that. They have mopped up money from different MDAs, fact. Except that there is a problem. Monies have been allegedly "stolen" or are being "stolen". And part of those monies have been RECOVERED by the CBN. Anything that is recovered must have been stolen or probably lost or is being owed. That's where we are now. The issue we are dealing with now is the 1% charge by the "stakeholders". Spin doctors said the 1% is shared between the banks, the consultants and the CBN. Hope you get it to this point? They went on to give the sharing ratio as 50:40:10 for Consultants, Banks and CBN respectively. N8.6bn has been RECOVERED from the consultants. We assume that is just the 50% of the charges, based on the sharing ratio by the spin doctors. We are still left with 40% and 10% for the banks and the CBN respectively. Do you understand now? No one is talking of JAMB or IJMB or NECO or NABTEB. Let's leave that one for another day. My question is why did the CBN not similarly RECOVER the banks' share of the 1%? Whether they collected by selling JAMB forms or they collected it with "Kolo" is not material at this point. Congratulations on your earlier banking career. |
clintwine:REACTIONS 1) REMITA deduction from Nigeria's Treasury at source leaves room for fraudulent practice, maybe the kind that brought about this controversy. It is against Nigeria's constitution to deduct Nigeria's money without legislature approval. And then what measures are in place to monitor how much is deducted and when they are deducted? From what we know, it doesn't seem there's any measure in place yet. If there is, the CBN would not have to RECOVER these monies from Systemspecs. 2) Your answer is ambiguous. Please clarify. Spin doctors say 40% of the 1% belongs to banks. Why did the CBN not ask the bank to refund their own share? ANSWER 1) I would rather Nigeria continue to fine-tune any system we agree on. Make it transparent. No system is foolproof. It is execution that matters. This one has not been executed properly. If it was, I doubt if anyone would be able to raise thess kind of issues. I mentioned earlier that all systems have teething problems. I was being very diplomatic; all systems have loopholes that can be exploited. Meanwhile, why is there a problem with Dino Melaye's motion if you postulate that we all can monitor and know where and when mega monies are being stolen? We have agreed to deploy technology (it seems all of us have accepted Jonathan's Goat and Yam Theory afterall) so let's monitor the execution and fine-tune it. 2) Again, a bad or good idea depends on execution. As you can see. This system if care is not taken (if the loopholes are not blocked now) is opened to stealing of "mega proportion" by any president and his few accolades - what happens if/when we have someone like Abacha as president for instance. As you can see, no one knew what was going on until Melaye raised his motion. And it appears only a few people can tell you what is going on at this moment. 3) Yet again, no system of budgeting is foolproof. Politicians use all manner of semantics to fool people, don't be carried away. When the issues with the so-called zero budgeting start emanating, you won't be in Mars. Would zero budgeting have prevented Babatunde Fashola from awarding a website contract for N78m or 2nos borehole for N138m? You evaded that. |
THIS IS WHAT WE KNOW... Dino Melaye raised a vital motion on the implementation of TSA. N25B was alleged to have been paid to the consultants handling the TSA. At no point did Dino Melaye mention Systemspecs or any company. The Senate raised a committee to investigate the implementation of TSA. REMITA we are told is the system for implementing TSA. CBN days later acknowledged monies were illegally deducted from Nigeria's account. CBN said monies illegally deducted have been ordered recovered, they said the amount is N8.6bn CBN said Buhari asked them to call for refund. Ayo Fayose alleged that Buhari and his party are deducting Nigeria's money to recoup their party's elections "investments". Ayo Fayose wonders how a single company (or a set of companies - comprising less than 15000 individuals max) would be allowed to deduct 1% of Nigeria's money leaving over 140m other Nigerians with 99%. Ayo Fayose wonders why the charges can't be negotiated downward to 0.1% (or less). Ayo Fayose said he won't be party to "looting" Nigeria's treasury. Systemspecs writes to the president explaining why the money should be returned back to them. Lai Mohammed denied the amount deducted from Nigeria's treasury and not the deductions. Lai Mohammed's figure of total revenue collected (N1.2trn) is different from the CBN's (N1.4trn) and different from the senator's allegations (N2.5trn). QUESTIONS 1) How did Systemspecs, a private company, authorized to deduct money (service charge) directly from Nigeria's treasury? 2) (i) If Systemspecs' share of the deal is 50% of the 1% commission, (ii) If the revenue collected so far is N1.2trn (according to Lai Mohammed) or N1.4trn (according to the CBN) or N900bn (according to Tonyebacanista) (iii) If 1% of N1.2trn is N12bn; of N1.4trn is 14bn; of N900bn is N9bn how did Systemspecs come about the N8.6bn they refunded? 3) If Systemspecs' share so far is the amount it refunded to the CBN (i.e. 50% of 1%) then the total 1% would be N17.2bn, and the total revenue collected would amount to N17.2trn. 4) Why has the CBN not demanded a refund from the banks? 5) If a system is to curb leakages in the system why is it difficult to get accurate figures. Why is the figure changing from one commentator to another. COMMENTS From the foregoing, it is clear no one has yet called for the scrapping of TSA. It is also clear that the implementation of TSA has some serious issues (all new systems do have teething problems.) It is in the best interest of all the citizens that these issues are resolved and the TSA goes into full swing. Denying that nothing is amiss or blackmailing the whistle-blowers will further reinforce doubts and entrench insinuations. FOOD FOR THOUGHTS For those people disparaging Ayo Fayose; Would this TSA have prevented Babatunde Fashola from awarding a website contract for N78m or 2nos boreholes for N138m? |
CCsurplus007:NEPA bill to the rescue. |
Premiumtimes is developing some balls these days. Has the alliance collapsed? |
ruffbamreal:Ha ha ha ha ha ha ha. You sincerely believe Fayemi would have won the last election? Fayemi didn't even win his local government, were there soldiers there too? Maybe that one was edited by the media too. Making someone win an election is opened to different interpretations. Could he be referring to how Jonathan ensured that 'foreign' monies from Lagos and Rivers States were prevented from being used to compromise the electorates and corrupt the electoral process? I thought you would simply mention one Ekiti politician who you think can defeat Fayose in a free and fair election. |
ruffbamreal:Ogbeni, in a free and fair election, no politician alive, can defeat Fayose in Ekiti. He would win with extremely wide margin. |
Have they set up any panel to look for Buhari's missing certificates that he 'kept' with the Secretary of the Military Board? |
sammhi:They might tell you that FEC meetings are unnecessary. |
lanrefront1:There you go - probably not... PROBABLY NOT. "Does a similar thing" is used in the context of the judgment not going the way you and the Punch would seem to prefer, i.e. that Saraki is hurt by 'fire and brimstone'. What if he was not convicted as you people are seemingly trying to predetermine? Your argument on the New Administrative Law on stay of precedings is neither here nor there. Some other senior lawyers have argued differently. For every 'compromised' River State electoral tribunal chairman that was changed by the NJC, there is a Yobe State electoral tribunal chairman that is untouched/untouchable by the NJC. You don't determine anyone's history. History is perception. It's subjective, it depends on who is writing it. Someone's hero is another person's villain. A former chief justice who gave James Ibori a clean bill of health despite a glaring evidence that he was previously convicted is now enjoying a blissful romance with the 'progressives'. |
It's blackmail. Punch should show maturity. What happens is the new panel does a similar thing? Will they call for disband of the whole supreme court? Media bully is inimical to good justice system. |
georgeidoni:Those are private transactions. Public transactions add a little volatility to its operations because of the political risks. And even at the level of private, there are various alternative platforms customers can explore, which make the cost competitive. On ATM, you don't begin to pay "charges" until the fourth withdrawal for instance. WAEC, NECO etc are not everyday transactions. POS have a cash-back initiative, where you get back some money for using your debit card to a certain level in a month. The last administration introduced online printing of NYSC call-up letters for a fee (the N4000 was/is clearly outrageous, and was rightly condemned at the time), but you could also get your call-up the traditional way if you don't want to print online. AND THEN we were told that this TSA arrangement would block leakages and save costs. Why is it incurring this HUGE COST now? |
obailala:The reverse is the case my friend. APC is not defending, APC is passing the buck. APC should simply cooperate with the Senate. They should carry these evidence to the Senate and explain their own side. It is the Senate that is investigating this apparent non-appropriated deductions from Nigeria's account. APC spent the better part of its opposition years conjuring figures, some as imaginary as it could be. Together with its friends in some government agencies then, APC brought out outrageous figures on things like petroleum subsidy, "missing" $49.8b from NNPC etc. The past government did not try to cover up. They set-up investigative panels. The Senate and the House of Representatives also did same. Government officials obeyed the summons. Both the accused the and the accusers met face to face. Some people were arrested and charged to court where necessary. The NNPC "missing" money is still a mystery even with Buhari as the president. Serious governments don't pass the buck like APC is doing currently. Running a government is a serious business; than motor park discussion where people are ask to go to elementary school as if that would make people stop asking questions. Questions have been raised at the Senate sitting. The senators were unanimous in their desire to get to the root of the matter. APC government should cooperate with them. Who signed the documents and every other issues should be addressed at that level. Is smack of fraudulent cover-up tactics to attempt to smear your way out of a "fraud" like this. Jonathan's government signed TSA, ok. Jonathan's government was not in-charge of arbitrary deductions of Nigeria money by private companies. Even if it is N1, Nigerians must ask questions. If Buhari and his friends are not "stealing" N25B daily, who is? Why did they call for refund of N8.6B from Systemspec? If Systemspecs' own share of the deal is 50% who gets the other share? Who are the commercial banks? Let APC government unveil the TSA deal(s) in the interest of transparency. Remove all ambiguity. If you can celebrate the success of your "New Muhammadu in town", you should be matured enough to acknowledge Muhammadu's shortcomings. |
DaBullIT:Zombie. Open your eyes very well. |
Holyman3:That's Buhari style. That's what he did in 1984. Soldiers were asked to break-in to people's shops and they looted the wares in the name of price control. He operates 5th century economic model. Watch out, they might soon send soldiers to break malls and distribute groceries for free. |
DaBullIT:Kachikwu is Buhari's minister and junior minister. Kachikwu takes directives from Buhari. 1984 deja vu. |
rusher14: As long as you are not the person who killed this man, it's better you don't defend any 'suspect'. The report says herdsmen have been terrorizing the community, hence the villagers suspect them. You only need to visit Plateau State to have an idea of what Fulani herdsmen can do. That was the same way some people said Fulani don't do kidnapping when Pa Falae was kidnapped. |
Is this how a minister of finance of any country in the world talks? Forget about oil, bla bla bla... What then happens to the minister of oil, who happens to be Buhari himself? Forget about him too? Oh, we should forget about all the revenue from oil then? What percentage of 'diversification' does she want to achieve in a month, a year, medium term, long term? Every administration in Nigeria would want to diversify the revenue base. The last administration was doing something with McKinsey and Company on expansion of non-oil tax base, how is she going to utilize that? What is she going to do differently? What about jobs? What about stimulating investments? You can't just be taxing companies that are not producing or that are barely producing. And you can't fine your way out of fiscal quagmire. What about spending, recurrent and capital expenditure, what is her plan in that regard? What about the most pressing duty/function right now - 2016 budget? What is she doing about it, when is it going to NASS? Or are they doing it behind her back? Does she know that November is winding down already? There are too many things people are expecting from a finance minister than swearing-in ceremonial stories. What is the value of that sheet of paper she wanted us to hear to the economy? |
ODUBEZE:It's all about MIND CONTROL. For his worshippers to take their minds off the biting economic hardship. From the current fuel scarcity and general lack focus of his government. |
agabusta:Where's the contract they signed? From what we know so far, the contract did not talk about arbitrary deduction from Nigeria's account. The controversial 1% is to be paid by government, they are not to dip their fingers into Nigeria's pulse and deduct in the name of contract. If that is what the contract says, it's an illegal contract. It's in conflict with provisions of Nigeria's constitution. All monies should be remitted to the Federation Account and shared by the three tiers of government. Consultants and sundry contractors are to be paid from what is appropriated. Buhari did not have a choice. He was already in trouble with the NASS who are probing the illegal deduction. It is an impeachable infraction. In a democracy, the legislature has the power of the purse. |
Khez:Charge Dasuki to court. Let's hear more revelations. Let's hear how the money was spent/shared? |
doctokwus:Charge him to court. Ali Ndume's case is still in court and he is still functioning as an APC party stalwart. . |
Gbawe:What about those who deducted Nigeria's money and were merely asked to return the money (reluctantly), when will they be charged? Where did they derive the authority to deduct Nigeria's money from Nigeria's account without appropriation? |
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