₦airaland Forum

Putindbutt:
Illiteracy dey worry you, was Tinubu in power on March 2023?. I dey ask again, who sent you people go school?.

solreb:
If you read carefully, the current balance of $473k was reached In Mar 20 23 before the current administration took over and has remained unchanged since then.

jayce232:
From $72.4 million in 2021 down to just $473k in 2025?? Unbelievable!

Bobloco:
Where is the money we were told would be saved from subsidy removal?

004gist:


People that were busy insulting Jonathan, insulting PDP.

16 years of PDP they called rot turn out 1m % better than them

Nigeria in safe hands... For 8 years couldn't ssve penny.

My Reforms are working.. Almost 4 years no koko.


PDP paid subsidy and were able to save.
APC removed subsidy in everything n couldn't save a penny rather they borrowed

malali:
left 20 Billion dollars.

emmyN:
That account was in billions while Jonathan was in office. APC came and destroyed everything.

Bobloco:
Where is the money we were told would be saved from subsidy removal?

Gboom:
Why are you arguing blindly, go to school una go say school na scam
Here you are, you find it difficult to differentiate between March 2023 when Buhari was still in power and April 2025 when Tinubu is

helinues:
Stop wasting your time engaging with that bobloco, he has fixated mindset about political discussion. Nothing you can say that will make sense to him

malali:
Agreed, but looking at things. Oil prices have since recovered post pandemic
So these account should have had increased $$$ in the last 2 years.
And the overall picture doesnt look good. Buhari paid oil and forex subsidies. Nigerians reaped the benefit, by buying cheap petrol and cheap dollars.

Tinubu is not paying subsidy, he is selling crude oil at a higher price than Buhari did and he is borrowing loans from IMF and World bank.
Nigerians are not feeling the impact of any of these measures.

malali:
The latest ECA balance proves beyond debate: this administration is racing Nigeria to poverty at breakneck speed.
In 2021, our Excess Crude Account had $72.4 million.
In 2025, it’s now a pitiful $473,000 — almost completely wiped out. (Mind you, it doesn't reflect that we have not paid oil subsidy and Forex subsidy in 2 years, where are the billions saved from this ?)
Add the mountain of reckless borrowings and it’s clear: Nigeria is being hollowed out financially right before our eyes.

Basicend:
You are still mentioning Buhari at this point?

Do you understand how Tinubu has been able to stabilize the naira within the past few months after it's devaluation?

From what you have written above, it will be challenging for u to gets it's dynamics at this point.

Try and read (search) up Cardozo's CBN's recent monitory policy and it's interventions into FX market processes. Take care.

Anyone could have enacted cardozo's policies. We have saved an average of $30 billion dollars from not paying oil and forex subsidies.
Where is all that money going to and why have Nigerians not felt the impact ?
Buhari had to deal with zero to low oil sales during covid. Oil sale in the last 3 years of buhari;s tenure was dismal.

Tinubu is selling oil at $70-$100 dollars since he cam into power
Tinubu is saving money from not paying oil and forex subsidy.
Tinubu is borowoing from IMF and World bank

Nigerians are worse off than Buhari's tenure !!!!! Tell me Mr Cardozo's monetary policies. Whats really going on ?

malali:
1-Obasanjo paid the Debts
2-Obasanjo arrested and prosecuted people like IG of Police for corruption
3-Obasanjo went after corrupt governors
4-Obasanjo paid the debts, paid the subsidies, built infrastructures and left substantial money in the foreign reserves.

Please do not compare Obasanjo to this current APC disaster.

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”

http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

helinues:
Good news for us here.

Scattering news for some people

anonimi:
If Obasanjo is the best president then why did he abandon the candidate of the party that made him president from prison, to support APC disaster of Buhari that ebilokan claimed for his own turn at worsening things?

Do you think that is because Obasanjo was afraid of Jonathan’s sterling success in just five years and didn’t want him to completely outperform him if he did another four years?

ALTERNATEID:
You’re an illiterate. Do you even understand what Excesd crude account is all about? Is it an account for keeping unpaid subsidies?

You obidients make the loudest noise yet you all are so ignorant about the processes of government. ECA is meant for saving excess proceeds resulting from sales of crude oil. That is, when crude oil prices go above budgeted benchmark, the excess is paid into the ECA.

During the Jonathan era, governors complained about the illegality of the ECA as it has no legal basis. Jonathan in response passed the Sovereign wealth fund act into law and created the NSWIF to manage any excess crude and all national savings. Since then, no kobo has gone into ECA again. The balance has been drawn down to either sovereign wealth fund or to other uses.

I hope you’re now better educated on the subject of discussion.

PressMyButton:
I hope if I send thunder to you, the Moderators and their bots will not come for me. Go home and ask them to teach you the difference between March 23 and May 23. And please, don't mention me again.

Samajogs:
few cowards still roaming the street. Not everyone with clothes is normal

Alliswell248:
Jokers....

Govt has spoilt you with owambe.

Subsidy my foot

I get plenty GP tanks to collect your wailing

Bobloco:
Is there actually any way to verify this claim?"

Phnuel007:
Coward
It’s true that the ECA was originally created to save excess crude oil revenues above the budget benchmark, and that during the Jonathan administration, the Sovereign Wealth Fund (NSIA/NSWF) was established by law to create a stronger, more transparent savings system.

However, the idea that "no kobo has gone into the ECA since then" is incorrect and misleading for a few reasons:

1. ECA Remained Active After the Sovereign Wealth Fund Was Created:
- Even after the NSIA law was passed in 2011, the ECA continued to receive and disburse funds.
- For example, by 2014, the ECA balance was still around $4.1 billion, which proves it was actively managed and funded even after the Sovereign Wealth Fund started operating.
- If it was truly abandoned, the balance would have been zero or near zero immediately but it wasn’t.

2. Governors Still Negotiated and Received Withdrawals from the ECA:
- Throughout the Buhari years (2015–2023), the National Economic Council (NEC) kept approving withdrawals from the ECA for security funding, state bailouts, budget support loans, and infrastructure projects.
- If the ECA was "dead" after NSIA was created, why were NEC and FAAC still accessing and discussing ECA balances?

3. Poor Savings Discipline Is the Real Issue:
- The real problem isn't whether ECA "legally" exists or not it’s that both federal and state governments lacked the discipline to save.
- Whether through ECA or NSIA, consistent political withdrawals and failure to replenish savings led to the emptying of both accounts.

4. ECA and SWF Serve Different Immediate Purposes:
- ECA was a more flexible, easily accessed stabilization account (political tool).
- NSIA (Sovereign Wealth Fund) is more structured, investment-driven, and long-term with strict rules about how money can be invested or withdrawn.
- Even today, the NSIA exists and is growing, but the ECA was supposed to still act as a short-term fiscal buffer. Both could have been funded separately if there was enough political will.

Summary:
- ECA was not abandoned after the NSIA law it remained in use for years.
- The reason there’s no money in the ECA today is due to withdrawals and lack of fresh savings, not because it became illegal or obsolete.
- Blaming Jonathan’s creation of the Sovereign Wealth Fund ignores the real issue: government after government spent without saving.

malali:
The latest ECA balance proves beyond debate: this administration is racing Nigeria to poverty at breakneck speed.
In 2021, our Excess Crude Account had $72.4 million.
In 2025, it’s now a pitiful $473,000 — almost completely wiped out. (Mind you, it doesn't reflect that we have not paid oil subsidy and Forex subsidy in 2 years, where are the billions saved from this ?)
Add the mountain of reckless borrowings and it’s clear: Nigeria is being hollowed out financially right before our eyes.

Buhari paid oil subsidy,Forex subsidy and had poor revenue during COVID from low crude oil sales, despite issuing free palliatives all over the country.

Fast forward to Tinubu, Tinubu is not paying oil subsidy, he is not paying Forex subsidy, his oil sales are better than Buharis, he is making more money. He is not issuing palliatives. He is still borrowing more money from IMF and World Bank.

But Nigerians are worse off. Despite an administration with more advantages than Buhari's bad administration

KillahPriest:
Goodluck Jonathan and aunty Ngozi have eaten all our yams e gba mi oooooo [b]

Ndi sophisticated hypocrites can't open their rotten mouths again except it's to abuse a private citizen because of 20k stipends. Nigerians should brace up and BUY AS MUCH FOOD AS POSSIBLE NOW

Bobloco:
Is there actually any way to verify this claim?"

Phnuel007:
Coward
It’s true that the ECA was originally created to save excess crude oil revenues above the budget benchmark, and that during the Jonathan administration, the Sovereign Wealth Fund (NSIA/NSWF) was established by law to create a stronger, more transparent savings system.

However, the idea that "no kobo has gone into the ECA since then" is incorrect and misleading for a few reasons:

1. ECA Remained Active After the Sovereign Wealth Fund Was Created:
- Even after the NSIA law was passed in 2011, the ECA continued to receive and disburse funds.
- For example, by 2014, the ECA balance was still around $4.1 billion, which proves it was actively managed and funded even after the Sovereign Wealth Fund started operating.
- If it was truly abandoned, the balance would have been zero or near zero immediately but it wasn’t.

2. Governors Still Negotiated and Received Withdrawals from the ECA:
- Throughout the Buhari years (2015–2023), the National Economic Council (NEC) kept approving withdrawals from the ECA for security funding, state bailouts, budget support loans, and infrastructure projects.
- If the ECA was "dead" after NSIA was created, why were NEC and FAAC still accessing and discussing ECA balances?

3. Poor Savings Discipline Is the Real Issue:
- The real problem isn't whether ECA "legally" exists or not it’s that both federal and state governments lacked the discipline to save.
- Whether through ECA or NSIA, consistent political withdrawals and failure to replenish savings led to the emptying of both accounts.

4. ECA and SWF Serve Different Immediate Purposes:
- ECA was a more flexible, easily accessed stabilization account (political tool).
- NSIA (Sovereign Wealth Fund) is more structured, investment-driven, and long-term with strict rules about how money can be invested or withdrawn.
- Even today, the NSIA exists and is growing, but the ECA was supposed to still act as a short-term fiscal buffer. Both could have been funded separately if there was enough political will.

Summary:
- ECA was not abandoned after the NSIA law it remained in use for years.
- The reason there’s no money in the ECA today is due to withdrawals and lack of fresh savings, not because it became illegal or obsolete.
- Blaming Jonathan’s creation of the Sovereign Wealth Fund ignores the real issue: government after government spent without saving.

Bobloco:
Where is the money we were told would be saved from subsidy removal?