Jonathan, NOI, Governors And The Excess Crude Account Events - Politics (12)

Jonathan, NOI, Governors And The Excess Crude Account Events - Politics (12) - Nairaland

Nairaland Forum › Nairaland General › Politics › Jonathan, NOI, Governors And The Excess Crude Account Events (43318 Views)

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 8:30pm On Jul 09, 2015

989900:
You and I, ughhh ughh . . . I've figured the line, and I've drawn it, and we've reached that line, and I won't cross it.

Fine, this is a public forum and all, but I still choose those I would go forth and back with (intellectually), with certain standards.

You don't cut it. I'm sorry. Maybe on another day, on another forum, or topic.

#differentwavelengths#differentfrequencies#nohardfeelings

Good to know...thanks...

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 8:36pm On Jul 09, 2015

AZeD1:
Mr Barcanista, i truly understand you have to earn your pay (Man must wack) but your article is a big pile of trash. The whole controversy surrounding the $2 billion withdrawal is who authorized it
NOI in her last press release yesterday said GEJ authorized it for the payments of subsidy, and we know that GEJ cannot unilaterally approve withdrawals from the ECA so why didn't she get approval from the appropriate quarters?

If you decide to go down the route of the ECA account is illegal so no approval was needed , then you should also remember that existing laws stated that all monies accrued to Nigeria be shared by the 3 tiers of government and so by using that money to pay marketers GEJ and NOI breached their law.

From where should subsidy payments come from?

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 8:38pm On Jul 09, 2015

hush15:
This figures reflect actual sales, not benchmark. The difference between sales and benchmark gives what you call excess crude sales.

what actually happens is that budget is built around expected or what we call projected sales which in turns is what is used to derive the benchmark price.

It is possible that Obasanjo saved more cos his bench is somehow much lower than the actual sales. The excess is saved in the ECA account since it is not touch as the benchmark sales already covered the budget with a little extra already. We all know that the cost of governance has increased in the last 10 years plus

For Jonathan, the margin between the benchmark price and the actual price may not be much depending on the budget proposed.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by AZeD1(m): 8:40pm On Jul 09, 2015

Whynotthetruth:
From where should subsidy payments come from?

FG's share and any state and LG willing to donate to the cause.

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 8:56pm On Jul 09, 2015

Bros leave that Joseph matter abeg. You no see say him no get talk?

Whynotthetruth:
You're a stuupid man...weren't you the pig spamming my mention earlier today?...

Barcanista...can you see the mental capacity of people you're reasoning with...Does buhari has any right or authority over allocation to states?...He simply shares the funds and the governor is free to waste same...it is only the state assembly that can impeach him that's if they aren't in his pocket...Since when did Buhari start stating to governors what their constitutional allocations should be used for?...Why should he provide you suit number and link?...search for it if you need it otherwise fuuk off

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 9:05pm On Jul 09, 2015

AZeD1:
FG's share and any state and LG willing to donate to the cause.

...smh... thanks

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by adadadon(m): 9:10pm On Jul 09, 2015

Whynotthetruth:
you asked which law backs ECA?...and I replied you that it is subject to no law hence the action of Jonathan/NOI didn't contravene any law whatsoever... so why the fuss bro?...

the legal authority backing the ECA is not the issue because their is none
thats just RED herring

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 9:24pm On Jul 09, 2015

ocelot2006:
I'm afraid you're the one that needs to open his eyes. Which East-West road or Benin-Ore road did OBJ fix? PLEASE STOP PEDDLING LIES.

So lets get a few things straight:

1) GEJ was responsible for the MASSIVE REHABILITATION AND EXPANSION of our rail network. OBJ built a line or 2 and THAT WAS IT.

2) the Benin-Ore-Shagamu road was LONG ABANDONED by the OBJ administration. I should know cos in Sept 2007 I and my mother, along with hundreds of travellers, had to use a detour bush track through a village cos the road had deteriorated to a level that it wasnt motorable again. That SAME ROAD was totally fixed by the GEJ administratiOkigwe-Umuahia-Abd by OBJ but rehabilitated by GEJ are the East-West road, Okigwe-Umuahia-AbA road, Enugu-Abakiliki-Ogoja road, Yola-Numan-Jalingo road, Jalingo-Wukari-Zaki Biam-Gboko road, Otukpo road, Ikot Abasi-Ogoni road.

3) As at 2002/2003 I visited the Egbin Power station as part of a field trip for engineering students. I vividly recall that while Marubeni Japan was hard at work, the OBJ administration could only fix TWO out of SIX turbines at the thermo power plant. There were a few pluses though: OBJ brought in then ENRON(now AES) with their 7 gas powered plants on 7 barges. He equally initiated the NIPP program, even though he built about 2-3 power stations with ZERO gas supply. Overall power generated NEVER exceeded1,200MW, despite the BILLIONS OF NAIRA pumped in. Under GEJ's watch, GEJ not only added new phases to the existing power plants built by OBJ, he also built and commissioned FAR MORE power plants than his predecessors COMBINED, provided our gas supply syatem via the Gas Revolution initiated by his govt, modernized and expanded our Transmission grid with new substations and power lines constructed (you can see part of these lines along the road linking Abuja city to the airport), was responsible for the construction of new distribution substations and massive distribution of transformers, unbundled and privatiEd PHCN, outsourced MGT of TCN to a reputable Canadian Utility Firm (Manitoba Power). Overall it paid off cos it was under the GEJ administration that power generated peaked at almost 5,000MW (the HIGHEST level recorded in this nation's history). Even when power level dropped to +2300MW due to sabotage of the gas pipelines, it was still far higher than what OBJ produced. You enjoy additional hours of power supply not because of OBJ, but because of GEJ.

Do keep in mind that while all these occured, same GEJ administration was fighting a raging Insurgency. All these are NOT paid for with air.

So PLEASE get your "facts" straight before you post.

Thanks bro...I wanted to take on that obailala: and he ran saying he has no strength for me but he has strength to spew lies and jargons...even basic issues as election were not allowed under Obj...PDP got its negative reputation thanks to Obj impunity...

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by biafranqueen: 9:30pm On Jul 09, 2015

ocelot2006:
I'm afraid you're the one that needs to open his eyes. Which East-West road or Benin-Ore road did OBJ fix? PLEASE STOP PEDDLING LIES.

So lets get a few things straight:

1) GEJ was responsible for the MASSIVE REHABILITATION AND EXPANSION of our rail network. OBJ built a line or 2 and THAT WAS IT.

2) the Benin-Ore-Shagamu road was LONG ABANDONED by the OBJ administration. I should know cos in Sept 2007 I and my mother, along with hundreds of travellers, had to use a detour bush track through a village cos the road had deteriorated to a level that it wasnt motorable again. That SAME ROAD was totally fixed by the GEJ administratiOkigwe-Umuahia-Abd by OBJ but rehabilitated by GEJ are the East-West road, Okigwe-Umuahia-AbA road, Enugu-Abakiliki-Ogoja road, Yola-Numan-Jalingo road, Jalingo-Wukari-Zaki Biam-Gboko road, Otukpo road, Ikot Abasi-Ogoni road.

3) As at 2002/2003 I visited the Egbin Power station as part of a field trip for engineering students. I vividly recall that while Marubeni Japan was hard at work, the OBJ administration could only fix TWO out of SIX turbines at the thermo power plant. There were a few pluses though: OBJ brought in then ENRON(now AES) with their 7 gas powered plants on 7 barges. He equally initiated the NIPP program, even though he built about 2-3 power stations with ZERO gas supply. Overall power generated NEVER exceeded1,200MW, despite the BILLIONS OF NAIRA pumped in. Under GEJ's watch, GEJ not only added new phases to the existing power plants built by OBJ, he also built and commissioned FAR MORE power plants than his predecessors COMBINED, provided our gas supply syatem via the Gas Revolution initiated by his govt, modernized and expanded our Transmission grid with new substations and power lines constructed (you can see part of these lines along the road linking Abuja city to the airport), was responsible for the construction of new distribution substations and massive distribution of transformers, unbundled and privatiEd PHCN, outsourced MGT of TCN to a reputable Canadian Utility Firm (Manitoba Power). Overall it paid off cos it was under the GEJ administration that power generated peaked at almost 5,000MW (the HIGHEST level recorded in this nation's history). Even when power level dropped to +2300MW due to sabotage of the gas pipelines, it was still far higher than what OBJ produced. You enjoy additional hours of power supply not because of OBJ, but because of GEJ.

Do keep in mind that while all these occured, same GEJ administration was fighting a raging Insurgency. All these are NOT paid for with air.

So PLEASE get your "facts" straight before you post.

Charge them school fees for this my Dear!

3 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by biafranqueen: 9:34pm On Jul 09, 2015

francizy:
Whynotthetruth and barcanister be giving some lying liars one hell of a day...

Nna man I'm telling you hahahah!

2 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 9:57pm On Jul 09, 2015

The same shameless leaders are stil chanting for change under apc.

Pig is always a pig.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by ocelot2006(m): 10:08pm On Jul 09, 2015

Whynotthetruth:
Thanks bro...I wanted to take on that obailala: and he ran saying he has no strength for me but he has strength to spew lies and jargons...even basic issues as election were not allowed under Obj...PDP got its negative reputation thanks to Obj impunity...

My brother, the BLATANT LIES from that boy got to me. OBJ "fixed" Benin-Ore road?! After he and Mr. Fix it siphoned over N500 Million with ZERO/ZILCH/NADA to show for?! ABSOLUTE RUBBISH!!!

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by billyG(m): 10:08pm On Jul 09, 2015

[quote author=barcanista post=35651846]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[/quote
who be this big fuul?na ECA dem dey take pay 4 oil subsidy b4,anytime they stole money dem go take oil subsidy payment cover am,subsidy don become a Black hole,when d probe start make u go represent ngo baby 4 court as SAN,shishi dem no go giv u.l hope this bandwith we u dey waste okonjo don pay u for it?

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by joseph1832(m): 10:12pm On Jul 09, 2015

Whynotthetruth:
If I ignored you and you couldn't live a day since then without my mention even calling me out in Romance section...then I need to oblige you some humanitarian service by giving you some educational attention... back to topic plzzzz

Nigger please!!!. Don't act like you're all important cos you a mofo. And go give your fellow pundits your bitttch ass educational attention, its not needed by me.

I just want your punk ass to continue ignoring me while I mention your moniker the way I see fit!. After all, that's what you said you'll do. So do it. tongue

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by ocelot2006(m): 10:20pm On Jul 09, 2015

@ barcanista, well done. Please school these idiotas with FACTs. Don't mind them. Even the Governors they celebrate can't pin jackshyte on NOI cos that strong lady perforated their accusation with solid proof. No wonder they just kept blabbing aimlessly while the NOI went on to be honoured by the Prestigious Yale University. It's only useless APC supporters who can't use their DAMN brains that swallow the crap these Governors are spewing, all in a bid to divert attention from the crass ineptitude of the current administration that can't even wipe its own bum.

"Fraud!! Fraud!!". Oya backup your useless claims with proof. What rule did the GEJ administration break with respect to withdrawals from the ECA? Useless APC twats and buffoons.

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by ocelot2006(m): 10:22pm On Jul 09, 2015

biafranqueen:
Charge them school fees for this my Dear!

Madam i'm giving them free scholarship to enable them fill their empty coconut heads. Ignorance is truely dangerous.

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by francizy(m): 10:43pm On Jul 09, 2015

obailala:
I was specifically referring to the myopic, ethnic sentiment driven people who keep painting GEJ as a saint and OBJ as a devil. Those people (probably you inclusive) should be apologising to OBJ.

As for me, OBJ does not deserve my apology; I still think he was a bad president but GEJ was 100 times worse than whatever OBJ could ever be.

Apologize to who or what? That devilish beast that joined those past military vultures to milk Nigeria dry (including the billions of dollars he milked during his military regime, one of which Buhari assisted him with) and plunged Nigeria into eternal woes that GEJ's governance couldn't even be felt well enough. OBJ, along with his past military croonies, were the worst thing to happen to Nigeria.

#spits! angry

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by amakasul(f): 11:36pm On Jul 09, 2015

FAAC is the sole authority to approve payment or withdrawal from ECA, not GEJ.

Since FAAC has denied granting any approval, any depletion of ECA was therefore unauthorised misuse of public funds.

Okonjo-Iweala, being a financial officer, knew better than to pander to illegal order of GEJ.

Given your avid support for GEJ, you are the last person to speak on the matters of Nigeria's missing billions of dollars.

Furthermore, the suspects are capable of speaking for themselves.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by tola9ja: 11:59pm On Jul 09, 2015

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.

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by naso2(m): 1:17am On Jul 10, 2015

obailala:

Now something striking was revealed in this your research. So you mean OBJ actually saved ECA funds of up to $20billion? Wow!

OBJ met a nation with a foreign reserve of $5.4billion but he grew this figure to well over $40billion by the time he left office. He also saved ECA funds of $20billion and this same man also paid off Nigeria's external debt of $12billion (after negotiating it down from over $30billion in his numerous foreign trips). Lest I forget, the average oil price in the tenure of OBJ was $38 per barrel as against the $100 per barrel average in the reign of GEJ.

Meanwhile, Obasanjo who achieved the above is the same man we all called (and still call) 'useless thief' and Ota monkey while we go ahead to defend, praise, glorify and immortalise his successors who crashed our entire reserves in a space of 5 years when we had an economic boom. How can any right thinking society do this?... why is the black man like this for God's sake?

I have learnt a lesson in life that it takes you to meet a devil before you can truly identify who the angels are. OBJ deserves an apology from Nigerians.

on the grounds of what is constitutionally correct, do you know that it was illegal for OBJ to help the states and local governments save excess revenue in ECA? Obj could do that because he had zero respect for the rule of law. Uwais once said that he wished the he had the constitutional powers to jail obj. How could a sitting president disobey a supreme court ruling?

Lagos state kept placing advertorials in the print and electronic media that it was wrong for FG to help the states save their money.

Una dey here dey turn OBJ to hero.

The issue at hand is if $2b was stolen. I am happy people are not talking about stealing again but due process in the payment of the money. make una relax. tell una man to leave this wild goose chase and start working.

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Re: Jonathan, NOI, Governors And The Excess Crude Account Events by vivaciousvivi(f): 9:59am On Jul 10, 2015

barcanista:
Sweetheart, how are you? Long time

I am good. thanks

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 10:14am On Jul 10, 2015

vivaciousvivi:
I am good. thanks

Where have you been hiding?

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by vivaciousvivi(f): 10:35am On Jul 10, 2015

barcanista:
Where have you been hiding?

My brother, na work o. I have missed a lot on nairaland. I just rush in to read the front page and rush out again. You? Still wielding the fast dwindling torch for PDP I see.

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 10:45am On Jul 10, 2015

vivaciousvivi:
My brother, na work o. I have missed a lot on nairaland. I just rush in to read the front page and rush out again. You? Still wielding the fast dwindling torch for PDP I see.

Should I wield you instead? PDP's torch is shinning...brighter than even the brightest star. grin

Ýou just abandoned me sad

...Hope work is going on smooth with you?

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by vivaciousvivi(f): 10:55am On Jul 10, 2015

barcanista:
Should I wield you instead? PDP's torch is shinning...brighter than even the brightest star.

Ýou just abandoned me ...Hope work is going on smooth with you?

Oh really ? @PDP comment.
Work is all good.
Cheers! cheesy

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by joseph1832(m): 11:01am On Jul 10, 2015

barcanista:
Should I wield you instead? PDP's torch is shinning...brighter than even the brightest star.

Where is it shining from? Otuoke abi? tongue

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Nobody: 11:02am On Jul 10, 2015

vivaciousvivi:
Oh really ? @PDP comment.
Work is all good.
Cheers!

Yes Darl... grin

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Jesusloveyou: 11:48am On Jul 10, 2015

barcanista:
You said ECA is "illegal" by law and you are asking me to bring "relevant" laws?

As you rightly said there is NO laid down procedure that NEC or any body should "make approval" before the FG can make withdrawal. In fact, the FG is sole signatory of that account. Agreed that the money belongs to all ties of government, it still doesn't make the action of the FG "illegal". Are you aware that the states also protested the savings of the SWF? Why didn't you call ffor GEJ's or NOI's head for SWF? Did the government of Jonathan used the $2billion to buy "Akara" for themdelves? Did they subsidize themselves or Nigerians? Were you expecting them to borrow to make the payment? Abi you want make them use their own money take pay for subsidy?

what happen to d fund appropriated for subsidy scam, it is dis fraud commit by gej that make many state not to pay salary. Gej is a scammer, he can't follow due process. Can't u see how govt suppose to behave,d way buhari is handling everything with care and due process.

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Jesusloveyou: 11:53am On Jul 10, 2015

Whynotthetruth:
From where should subsidy payments come from?

it should come from ur head, or was it not appropriated for? Nonsense.

2 Likes

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Jesusloveyou: 12:09pm On Jul 10, 2015

biafranqueen:
Charge them school fees for this my Dear!

charge sch fees for d rubbish, that is how u saTANist destroy our educational system

1 Like

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 12:48pm On Jul 10, 2015

Jesusloveyou:
it should come from ur head, or was it not appropriated for? Nonsense.

Prof How far?

Re: Jonathan, NOI, Governors And The Excess Crude Account Events by Whynotthetruth(m): 12:54pm On Jul 10, 2015

amakasul:
FAAC is the sole authority to approve payment or withdrawal from ECA, not GEJ.

Since FAAC has denied granting any approval, any depletion of ECA was therefore unauthorised misuse of public funds.

Okonjo-Iweala, being a financial officer, knew better than to pander to illegal order of GEJ.

Given your avid support for GEJ, you are the last person to speak on the matters of Nigeria's missing billions of dollars.

Furthermore, the suspects are capable of speaking for themselves.

I love your grammar but detest your points because they are far from reality and constitutionality...
What's the constitutional function of NEC?
What's the constitutional function of FAAC?
What's the constitutional stance on ECA?

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