barcanista:
Since retracing my step back to PDP I vowed to critically investigate issues before taking position. From the very first day that the ECA "controversy" started I have maintained that officers of the immediate past administration have no case to answer.
I had to take my time to do an indepth write-up on the ECA, and linked it with the contentious $2billion. PLEASE read with an open mind...
Pre-Jonathan: Obasanjo Left $20billion In ECA, Yar'adua Left $6.5billion
When late President Umaru Yar’Adua was sworn in on May 29th, 2007, the ECA held $20billion, out of which $5 billion had been pledged by the three tiers of government to the National Independent Power Project (NIPP), which jointly own the account.
2008
The Governors under the unbrella of Nigeria Governors Forum led by Bukola Saraki in 2008 instituted a lawsuit at the Supreme Court against the Yar'adua government calling for the sharing of the $15billion ECA. Yar'adua in 2009 opted for out of court settlement. By end of 2009 it had dropped from $15billion to $6.5billion.
Jonathan Inherited $6.5billion ECA (Pre-NOI Era)
January 2010:
When Jonathan was made "overseer" during the vegetable state of Yar'adua in December 2010, the Governors insisted that the $6.5 billion ECA be shared. In January 2010, President Jonathan Goodluck acceded to the governors' and agreed to share $2 billion from the ECA.
May 2010:
Jonathan also approved additional deduction of N339.627 billion from the account to augment arrears due to the three tiers (Federal, State and Local Governments) in May 2010.
July 2010:
Despite the almost $4billion shared between January and May 2010, the Governors led by Saraki demanded that the left over $3billion ECA be shared.
www.thisdaylive.com/articles/excess-crude-govs-want-3bn-shared/82376/
August 2010
In August 2010 the FG under Jonathan bugged into the demand of the Governors and withdrew the $3billion from the Excess Crude Account, leaving behind a meagre $460 million. The Government of Jonathan however paid $1billion into the Sovereign Wealth Fund (SWF) and shared the $2billion among the three tiers of government
www.vanguardngr.com/2010/08/fg-draws-down-3bn-from-excess-crude-account/
Note that Dr Ngozi Okonjo Iwaela wasn't the Finance Minister as at this time.
The Accountant-General during this period was Alh Ibrahim Dankwambo (the incumbent Gov of Gombe state)
Jonathan's 2011-2015 (NOI Era)
Under Okonjo Iwaela as the Finance Minister the government started having renewed battle with the governors led by APC Hon Chibuike Amaechi (calling for the sharing of ECA).
October 2011
Three years after the Governors settled out of Court with Yar'adua, the Governors led by Amaechi went to Supreme court in October 2011 to demand that the $1billion saved in SWF be shared along with the billions in ECA.
m.thenigerianvoice.com/news/72745/1/govs-sue-fg-ask-s-court-to-block-1b-sovereign-weal.html
March 2012
FG under Jonathan proposed out of court settlement with the Governors to save the SWF and ECA.
www.channelstv.com/2012/03/27/excess-crude-accountfg-asks-state-governors-for-out-of-court-settlement/
May 2012
Despite the out of court settlement, the Governors were so determined to share the money, instituted another lawsuit again two months later asking the Supreme Court to stop the FG from saving $2billion in SWF but instead "share the money".
www.vanguardngr.com/2012/05/sovereign-wealth-fund-govs-ask-s-court-to-abort-fgs-plan-to-withdraw-2bn/
May 25, 2015
N6.21 trillion Shared From ECA Between 2011 and 2014 (May 25, 2015)
According to a report by the Federal Ministry of Finance, the Federal Government’s share from the ECA during the period of 2011 to 2014 was N3.29 trillion while the 36 states received a total of N2.92 trillion. They received N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 in 2014.
www.vanguardngr.com/2015/05/fg-states-shared-n6-21trn-from-excess-crude-account-in-four-years/
Despite the windfall, almost all the governors plunged their states into serious debt.

barcanista:
The Contentious $2 billion
November 17, 2014
As at October 2014 the balance in the ECA was $4billion. While announcing government austerity (as a result of the sharp drop in oil price) in November, the former finance Minister made it clear that the FG will tap $2billion from the ECA.
“We will work in such a way that we won’t deplete the ECA because we have to leave something for next year but we might go to tap about a half of it ($2bn) or slightly less than half to be able to meet expenditures that are crystalising at the moment that we need to make.”(Ngozi Okonjo Iwaela Nov 2014)
www.punchng.com/news/oil-slump-fg-unveils-austerity-measures/
ECA Balance As At November and December 2014
At the end of November 2014 the Accountant General of the Federation informed FAAC and Nigerians that the ECA was $3.11billion and in January 17 2015 the balance was announced to be $2.4billion. $1 billion was deducted in November and another in December 2014. The Governors were well aware including Mr. Adams Oshiomole.
The $2 billion Paid To oil Marketers
January 2015
The Minister in January 2015 clearly stated that the reduced $2billion went to the oil marketers as part payment for outstanding PMS subsidy bill. Remember that the government of Jonathan through Okonjo Iwaela had pre-informed the FAAC that $2billion will be deducted from the ECA in November.
www.premiumtimesng.com/business/175125-nigerias-excess-crude-account-2-45-bn.html
When the GEJ's government made the said announcement in January this year nobody said a word. Yesterday Madam NOI said the Former President approved the withdrawal of the $2billion to as part of subsidy payment, is it not in line with the FG position in November 2014? Was Oshiomole sleeping all these period? Why then will Gov Oshiomole ask NOI how the money went like he was in exile between 2008 and 2014?
If the Governors are saying that FAAC needed to make approval before deduction then why didn't they mentioned it in November 2014 when FG informed them of the proposed withdrawal?
I want to appeal to Nigerians to watch this APC administration very carefully. They are aware that they have NOTHING to offer and are determined to hoodwink Nigerians via baseless accusations and propaganda to make up for their own failure. If the Govs have any case against the FG withdrawal of $2billion without their authorisation, they should face the FG and Not officers of the government. Government is a continuum, Dr Ngozi Okonjo Iwaela has no case to answer.
God Bless Us All
Ramadan Kareem To Muslim Faithfuls

HungerBAD:
Barcanista wetin you don go GOOGLE comot again? King of GOOGLE.

IdisuleOurOwn:
I think i need to grab my calculator, this kind figure way I dey see eh!

keyzid:
I dey laugh in Swahili. Nigeria Governors don't know more than "Share it, share this, share that, share them" wetin sef" This was the share saga they were heating up till it was approved only to come back to accuse the past gov't of leaving an empty treasury! I hope they don't end up sharing the whole nation wealth. Selfish selfless mindless I.diots with no tangible and futile agenda to offer to the nation. Pres. Buhari, I hope you have seen sha you are into now. Share it ooo and share it all, all your propaganda act before you were elected are already coming down to hunt for you.
1. 5000naira/ month for Jobless youths
2. Free Lunch meal for primary schools.
3. $1=#1
4. Regulation of oil price.
5. Public declaration of asset.
6. Corruption fighting
7. End of BokoHaram terror reign with in 2months..... The list is just too endless.....
You made every Nigerian believe the past ADM doesn't even exist at all... Politicized the nation's development out of self gains...
I tell you, if PDP is a corrupt party, APC is no better... Rather, they are worst. Coz who you should fair the most is the green serpent under green grass. It's about time their real self started unveiling....

~IG@KHAYZEED.

nduchucks:
What the OP itemized is essentially not germane to the recent question of whether GEJ and Iweala broke the law by withdrawing $2bn Excess Crude Fund without FAAC approval as required by law.

The OP's submission is nothing but red herring and irrelevant to the criminal activities of GEJ and Iweala - the illegal withdrawal of the said $2billion.

By the time all is said and done, madam and GEJ will have to give an account of which companies got paid and how much. We'll also find out how much of that money was used to finance GEJ's election. Barawo banza

dBard:
Concise write up as usual, but one question that begs answering@ barcanista, if d FAAC didn't approve d withdrawal of d amount, then wasn't her withdrawing it a contravention of d set rules

Personal opinion tho, I find these attacks on NOI quite suspect.and a case of character assassination. If dre are proven allegations, then let d needful be done , else........



'Nuff said

barcanista:
It is funny how the same people tried to do a U-turn by accusing officers of the immediate past administration