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What Happened To Our Reserves When Oil Was $120 Per Barrel - Politics (3) - Nairaland

Nairaland ForumNairaland GeneralPoliticsWhat Happened To Our Reserves When Oil Was $120 Per Barrel (4638 Views)

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Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by porka: 5:31pm On Dec 24, 2015
dammytosh:
I am trying to understand what u are defending.

You are the head of family, u save money for a rainy day and your wife and kids said ,

"let us spend it, how will money just be there"

You spent and blame them.

Excess crude oil account was meant to warehouse the extra money we get from crude outside tthe budget price.

So go and read and understand before u defend
Your analogy is unsuitable in this context.

The federal, state and local governments do not have a fiscal relationship like a family unit.

The financial relationships between the tiers of governments is clearly written in black and white, the so-called 'head' does not have any rights to withhold the finances of the other units. This much was well established by the Supreme Court in Lagos/Tinubu vs FG/Obasanjo case.

Nigeria is governed by the constitution and extant laws which does not support any 'husband' from saving any money for the 'rainy day' on behalf of 'wives or children'.

The excess crude account was challenged by the Governors Forum and not a few opinion leaders supported the challenge then. They argued that the constitution of Nigeria does not not have a provision for 'saving for a rainy day' by the FG on behalf of the states and LGs.

In place of that, the FG enacted a law which established the Sovereign Wealth Fund but which must be funded by the contributions of all the tiers of government.

There's absolutely nothing any dictator can do about the 'sharing'. The governors used the opportunity of minimum wage increase (leading to an increase in their wage bill) to justify their 'sharing appetite' which had a wide support among the labour unions and civil society people at the time.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by olabukola: 6:19pm On Dec 24, 2015
omoelesa:
Bros,the majority of the blame still goes to GEJ,he should have put his feet down, that this money mustnt been shared.We all know Gej is a weak man, these governor probaly bullied him into submision.
Putting his feet down against court judgement is bad as well. Its not democratic as we are in democracy. When you want to practice something do it to the fullest. Its against our constitution to save for rainy days perhaps they might as well change the constitution from now on.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by dBard: 6:22pm On Dec 24, 2015
dammytosh:
I am trying to understand what u are defending.

You are the head of family, u save money for a rainy day and your wife and kids said ,

"let us spend it, how will money just be there"

You spent and blame them.

Excess crude oil account was meant to warehouse the extra money we get from crude outside tthe budget price.

So go and read and understand before u defend
I am not defending anyone/ no one But we don't need to be biased in our assertions.
The governors pressurized, threatened, did all sorts, and with the connivance of the media n a lot of you, who argued on different fora for the sharing, got their way.
It is grossly unfair and crass to turn around now to blame the then President, when he was merely succumbing to overwhelming pressure and overlooking the role the others played
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by omoelesa(m): 6:37pm On Dec 24, 2015
olabukola:
Putting his feet down against court judgement is bad as well. Its not democratic as we are in democracy. When you want to practice something do it to the fullest. Its against our constitution to save for rainy days perhaps they might as well change the constitution from now on.
Which court judgement? pls can u post a link to the said court judgement.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by Gbawe: 7:19pm On Dec 24, 2015
olabukola:
Putting his feet down against court judgement is bad as well. Its not democratic as we are in democracy. When you want to practice something do it to the fullest. Its against our constitution to save for rainy days perhaps they might as well change the constitution from now on.
One has to really struggle to refrain from using harsh words against some of the stuff you guys post in the name of making excuses for those you are biased in favour of. So we are to believe GEJ was being "democratic " by letting common criminals and opportunistic marauders loot Nigeria blind while ruining literally millions of lives in the process?

I really feel sorry for Nigeria because we are going nowhere with citizens who do not understand the role and duties of our President to the extent they confuse such with thinking he is there to 'Mumu' while the commonwealth of the people is looted copiously or mismanaged idiotically with zero jnterest in planning or preparing for stringent periods in future . What in God's are you saying ? The law impedes GEJ from curbing excesses that are sure recipes for the ruination of Nigeria? Can you just listen to yourself?
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by stevecantrell: 7:24pm On Dec 24, 2015
vincent10:
when fash and amaechi were dragging and hurling insult at gej for saving for the raining days like this you were sleeping. always blaming your failures on gej.
Hahaha..!

GEJ was saving for the March/April rains of 2015.
He has since blown all the savings on his failed re-election bid.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by igorekpengmail: 7:26pm On Dec 24, 2015
I drank the oil reserve
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by 4Play(m): 8:09pm On Dec 24, 2015
You have to laugh at the sheer audacity displayed by many partisan posters on here. Yes, the GEJ government should have saved more money but GEJ and Yar'Adua undermined Nigeria's long term fiscal sustainability by awarding above inflation public sector wage rises. Under these two, the minimum wage went from 5k to 18k. Nigerians think that our main problem is corruption. In my view, these examples of policy ineptitude are a bigger problem than corruption. It is the reason why, predictably, changing from the corrupt GEJ government to the self-claimed "clean" government of Buhari has not and will not improve lives for the better.

As for the APC propagandists here like Gbawe, people who used to post in support of Aregbesola, hypocritically bemoaning the lack of saving when oil prices were higher, I posted the following in another thread:
-----------------------------------------------------------
Nigeria’s main opposition party said it will scrap the country’s sovereign wealth fund and a separate excess crude account if it wins elections in February.

“We’re going to put a stop to them,” Lai Mohammed, a spokesman for the All Progressives Congress, or APC, said in an interview in London yesterday. “The sovereign wealth fund and the excess crude account are illegal.”
http://www.bloomberg.com/news/articles/2014-09-30/nigeria-s-opposition-wants-to-scrap-sovereign-oil-funds

You cannot today bemoan Nigeria's financial illhealth and lack of savings when in words and in deeds, you did not make any provisions for oil prices crashing. To the contrary, at both the national and state levels, APC ran state governments and made pronouncements that seemed to assume that oil prices will always remain high.
---------------------------------------------------------------

Do people ask why it's only up to the FG to have a rainy day fund when states and local governments collect almost half of government oil revenues? Why didn't Kemi Adeosun, ex finance commisioner for Ogun state, prepare her state's finances for such an eventuality?

Very few people, apart from yours truly, who post on Nairaland were making regular posts 2 or 3 years ago bemoaning the lack of sufficient government savings to guard against oil prices crashing. The Naija mentality was "the money is there" and it seemed like Nigerians could not forsee an oil price crash. It is the reason why APC's official public position was against excess crude account and SWF. Now that the folly of this position is apparent, the same people want to pretend that they are any different from GEJ.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by jstbeinhonest(m): 8:12pm On Dec 24, 2015
EternalTruths:
The earlier you forget about SS/SE oil wealth and focus on your Cocoa and Solid minerals in your region the better for you. cool
SE oil wealth?,you are a joke.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by omolami: 9:06pm On Dec 24, 2015
Our gullible state governors refused GEJ to save the money. They took FG under Gej to court demanding that such savings is not known to Nigeria's Constitution. They insisted that excess money must be shared among the states,. The court/ judiciary as we know agreed because the governor's bribed them Such excess money is what suppose to be excess crude oil account and surveraign acct. Today the governor's gave stolen all the money .No one can account for what. they did with it. They even got external loans along with their embezzlement. This the country. called ZOO.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by Ilaje44(m): 9:14pm On Dec 24, 2015
olawalepopoola:
The yorubas have a wise saying that goes thus "ti omode subu, yio boju weyin, be agba ba subu, yio wo iwaju" meaning "if a young person falls down, he will look at the back, if an elderly person likewise falls down he will look forward"
Ashipa owe niyen o. Bayi l'owe na ti lo: Ti omode ba subu, a boju wo iwaju, ti agba ba subu, a boju wo ehin. A wo ehin lati mo ibi ti o ti f'ese ko.

A child falls and looks forward.
When an adult falls, he looks back, to know where/what he tripped on.
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by EternalTruths: 9:20pm On Dec 24, 2015
olabukola:
Putting his feet down against court judgement is bad as well. Its not democratic as we are in democracy. When you want to practice something do it to the fullest. Its against our constitution to save for rainy days perhaps they might as well change the constitution from now on.
God bless you

They think Jonathan is Buhari who disobey court rulings cool
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by EternalTruths: 9:22pm On Dec 24, 2015
omolami:
Our gullible state governors refused GEJ to save the money. They took FG under Gej to court demanding that such savings is not known to Nigeria's Constitution. They insisted that excess money must be shared among the states,. The court/ judiciary as we know agreed because the governor's bribed them Such excess money is what suppose to be excess crude oil account and surveraign acct. Today the governor's gave stolen all the money .No one can account for what. they did with it. They even got external loans along with their embezzlement. This the country. called ZOO.
Don't mind them

They think we have forgotten how Amaechi fought against savings angry
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by olawalepopoola(op): 11:58pm On Dec 24, 2015
OrlandoOwoh:
OP, the Yoruba proverb you posted and its interpretation are wrong. Like Orlando Owoh put it in his song, "Mo Beru Aye, Aye Le," it's "b'omode subu, a f'oju wo waju, agba ba ko'se, a f'oju w'ehin a mo ibi to f'ese ko." (When a child falls, he looks his front, but when an elder hits his leg against an object, he stops to see the object).

@topic, if we, like the elder, look backward, we'll realise that parts of the economic problems of today are vestiges of Jonathan's policies.
Sorry I am an Oyo man, Orlando na Ifon/Owo man! So it is possible we say it differently, but it has the same meaning. Anyways good comment
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by olawalepopoola(op): 12:05am On Dec 25, 2015
I am really impressed as OP for the kind responses of each and every commentator! In fact it show the ingenuity in Nigerians. For those abusing PMB we must know that he is the cause for our present predicaments! Therefore we must be patient with him to move this nation forward
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by AfroBlue(m): 1:06am On Dec 25, 2015
old news, let's try and keep up with what the looters pillaged .


Nigerian leaders paint dubai red
By Daniel Alabrah

Sunday, December 11, 2011 Daily Sun

• Ex-VP, MILAD, Governors buy up choice properties

Burj Al Arab Hotel in dubai...The most luxurious hotel in the world

• The billions they spend on helicopter cruise, Amani Club

Corrupt Nigerian leaders have found a safe haven in dubai, one of the seven emirates in the oil-rich United Arab Emirates (UAE), for stashing away their loot. The spendthrifts among them have also devised ways to satisfy their celebratory appetite at the drop of a hat. Sunday Sun investigation during a recent visit revealed that with tightening of the noose on slush funds in the Western world, some smart Nigerian leaders turned their focus to the delectable tourism city and business hub.

http://www.sunnewsonline.com/webpages/news/national/2011/dec/11/national-11-12-2011-001.html
Re: What Happened To Our Reserves When Oil Was $120 Per Barrel by LouisVanGaal(m): 4:29pm On Jan 29, 2016
...It is well..; PDP ruined this nation with their greed
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