₦airaland Forum

Whynotthetruth:
Part of those who enjoyed the oil windfall was Rochas of Imo state...what has he to show for such?...Absolutely NOTHING... and to imagine that amidst such wealth, he led his state to bankruptcy and were subsequently declared insolvent by CBN...and with loads of salary arrears... and you see him too shamelessly saying empty treasury and bailout...and people like abagworo, beremx etc cheer him on while the state is dying or even dead....He even threw to dustbin court injunction in favour of LGA chairmen and went to cause confusion by forming what he called fourth tier government...

joseph1832:
I'm not concern I just want to call your attention to the fact that barcanista threads are usually in politics section, not romance.

adadadon:
You lack respect or courtesy cant you make a statement without being abusive or unruly. It would do your behaviour some good. understandably you want to make a point but no need to go uncouth about that....
because the FAAC was notified does it make IT LEGAL
And no red herrings like most of your arguments opinionate

Zoharariel:
Barcanista; I know u're suffering from chronic attention seeking personality disorder.

Y then did the petroleum marketers hold the entire Country to ransom over their unpaid subsidy claims?

Give us the breakdown analysis of where & how Jonathan got the $250,000 given to each of the Obas during the pre presidential election.

barcanista:
Apologies for the "disrespect". What is your argument? Are you arguing that the FG shouldn't have spent it without "authorisation" by the Governors? If this is your argument then it is a matter between the FG and the States and Not between NOI/Jonathan and the states. Again, it doesn't make it "illegal" as there is NO law that stipulates that the states must agree.

gensteejay:
Your analyses are nice, but are filled with half-truths; the salient points raised therein were tainted by your intent to hide the monumental corrupt practices perpetrated by the last administration. You appear as an intellectual, but your allegiance to PDP tends to make you biased.

As far as I'm concerned, APC and PDP have many negative traits in common: they lack political ideology, and their politicians -most of them- care not about the Nigerian populace.

barcanista:
It is funny how second term Governors are crying "empty treasury". That fourth "tier" or Rochas is a means to siphon public funds WITHOUT being brough to justice.

Mogidi:
Are corrupt people not going scot free lately, the likes of FFK and Timipre comes to mind.

You forgot the inherent problems in our judiciary, FFK and Timpre walked free under this administration. Is Buhari going to jail people with decrees or is he going to use our present jurisprudence?

gensteejay:
Prosecuting corrupt Nigerian politicians was one of the reasons Buhari won the election; many people trust his stance on corruption. But if the Presidency fails in this regard, if corrupt people like FFK, Timipre Sylva,.....and even his henchmen, Tinubu and other APC stalwarts, are not prosecuted and tried fairly in courts, then this inaction will mitigate against the success of his tenure.

However, as a pragmatist, I know he won't be able to prosecute his financiers: the likes of Tinubu and Amaechi.

barcanista:
This is about telling things as they are and not just APC/PDP thing

barcanista:
It is funny how second term Governors are crying "empty treasury". That fourth "tier" or Rochas is a means to siphon public funds WITHOUT being brough to justice.

Whynotthetruth:
Rochas is a conman and a philanthropist too...a big failure in leadership and a man with inordinate and voracious appetite for power and a confirmed authoritarian...

socialmediaman:
Mr Barcanista, keep looking for gullible people to deceive[/], okay? Thank you.

The Table below shows the average oil price average sale in Nigeria since 1999 when Obasanjo became president, till 2014 with Jonathan as President.

Obasanjo's government even with a peak oil sale of about $72 per barrel was able to save $20 billion dollars in the ECA with about $43 billion in the Foreign Reserve. This external reserve peaked to an all time high of $62 billion in 2008 during Yaradua's government, [b]but fall to an all time low of $29 billion in March this year during Jonathan's government.

So tell me, with an average inflation rate of about 12% from 1999 till date, what did Jonathan's government achieve with the highest average oil sale recorded in Nigeria since 1999? Jonathan could not save a dime, he even further depleted Nigeria's Foreign Reserve. He also earned himself the noble dishonourable title of "King of Nigeria's Corruption Empire" for wasting Nigeria's income generation through multiple leakages at the NNPC, FIRS etc.

[]Nigeria's average Crude oil sales since 1999:[/b]

Obasanjo
1999 $23.42
2000 $37.54
2001 $30.68
2002 $29.92
2003 $35.55
2004 $47.04
2005 $60.44
2006 $68.27
2007 $72.98

Yaradua
2008 $100.00
2009 $58.75

Jonathan
2010 $77.10
2011 $91.37
2012 $88.93
2013 $92.40
2014 $85.34


Sources:

http://www.tradingeconomics.com/nigeria/inflation-cpi

http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp

http://thenationonlineng.net/new/excess-crude-account-and-the-controversy-lingers/

Demdem:
So in ur daft state the NASS when looking at the income profile of the FG pokes his nose also into the ECA (money meant for 3 tiers of government ) and makes appropriation based on the figure in there right? u are running mad no doubt.

gensteejay:
Those Governors are hypocrites.

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

CecyAdrian:
Trash

barcanista:
I no know why Imo state return that man to power.

barcanista:
Now you understand. The Governors are trying to be clever by half. They are very much aware of all these things. Imagine Governor Dankwambo who was the Accountant General before his ascension to Governor of Gombe state in 2011 is part of this crying groups. Look at Samuel Ortom of Benue state that was a Minister under GEJ up till late December. Imagine Oshiomole that has been part of this sharing since 2008/2009. Na wa o

Mogidi:
[s][/s]

Get someone to translate your meaningless rant to understandable English.

barcanista:
@Lalasticlala Ishilove Seun and Obinoscopy : I think this will make for a FP article.


Cc: Whynotthetruth NDPVF Dearpreye Mizmycoli Bizibi Truckpusher Mogidi Firefire Biafranqueen Nigerianvenom Anonimi Komek Idekwum Peppyluv02

nagastat:
The crux of the matter is that the FAAC did not approve of the withdrawal.
Its as simple as that!
What instrument of the procedural laid down laws were invoked to warrant the release of the funds.
She said ex president Jonathan ordered it!
Are such orders from the president not usurping the code of conduct and due process.
FAAC didn't approve and their non approval was circumvented.

P.S @ OP, you seem to me a very naive character. Embrace common sense! It would do you good!

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.

2008/2009
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/

Jonathan/NOI Grew ECA From $450m in 2010 to $9billion in 2012
As at August 2010, the ECA stood at meagre $450million. However, the NOI/GEJ increased this money to $9billion at the end of 2012.
www.cp-africa.com/2012/12/03/nigerias-excess-crude-account-eca-more-than-doubles-in-one-year-as-it-rises-to-about-9-billion/

Let me also add that ALL the monies shared from ECA between the period of December 2010-December 2014 were generated by the Jonathan'an administration. Also the leftover $2billion is to the credit of Jonathan's administration.

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.
www.businessdayonline.com/2014/12/nigerias-revenue-again-slumps-n36-6bn-as-eca-depletes-to-3-1bn/

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

Mogidi:
Barcanista's articles, the only articles read by Femi and Garba.

Wow!!
What an article.
I heard from reliable sources on Twitter that when Femi Adesina visits Nairaland he only comes to read barcanista's article.
Judging from the above, its in his interest to read barcanista's article.




cc: Femi Adesina, Garba Shehu.

adadadon:


[s]How does this change the fact that Okonjo Iweala did not follow due process/Formal procedure or receive authorization while withdrawing the money to pay for subsidy ??
[b]Finance commissioners from the 36 states of the federation have denied granting approval for the withdrawal of $2 billion from the Excess Crude Account (ECA) as alleged the former minister of finance and coordinating minister of the economy, Dr Ngozi Okonjo-Iweala.
Okonjo-Iweala had last week said that the Federation Account Allocation Committee (FAAC) approved the withdrawal of $2 billion from the ECA.
However, the Forum of Commissioners of Finance, a body comprising finance commissioners from the 36 states who are members of the FAAC, in a statement yesterday, said it was unaware of such approval, adding that the FAAC does not have powers to grant such approval.

“We wish to state unequivocally that the FAAC does not have the authority to approve withdrawals from the ECA and therefore could not have approved the withdrawal of the sum of $2 billion from the Excess Crude (Foreign) Account. According to the law setting up the FAAC, which pre-dates the ECA, it cannot approve withdrawal and has not done so in the past. If anything the FAAC, as records of it meetings indicate, had often queried the activities on the ECA, and therefore did not decide any withdrawal,” the statement reads in part.

The commissioners stated that “indeed, the FAAC noted and observed accordingly the withdrawal from the ECA of a total sum of $2 billion in December.
“The then minister of finance and chairman of the FAAC when asked during the plenary of the FAAC meetings of the respective months explained that the former president gave approval for the withdrawals from the ECA to pay oil marketers subsidy claims as they had threaten to stop importing petroleum products. [size=32pt]According to her, he further explained that this action will be ratified by NEC.[/size]”[/b]
http://www.punchng.com/news/eca-faac-faults-okonjo-iweala-denies-approving-2bn-withdrawal/

barcanista:
Yar'adua inherited $20billion ECA nobody asked him or any of his ministers why the ECA dropped to $6.5 billion. Jonathan inherited $6.5billion and managed to leave behind $2billion despite the fact that the governors were so much on his neck. The explanation of the ECA under Jonathan is not a secret affair. Can that be said of Yar'adua and Obasanjo? Can that be said of the Governors?

Mogidi:
Barcanista's articles, the only articles read by Femi and Garba.

Wow!!
What an article.
I heard from reliable sources on Twitter that when Femi Adesina visits Nairaland he only comes to read barcanista's article.
Judging from the above, its in his interest to read barcanista's article.




cc: Femi Adesina, Garba Shehu.