₦airaland Forum

wirinet:
Yes the excess crude account is unconstitutional. It is not the sharing of the excess crude account that was the main problem of the governors, it was the unilateral withdrawals by the Jonathan's administration without permission from the governors that caused mistrust between the FG and states. Nobody could trust Okonjo Iweala and Jonathan with their share of federal allocations.

The governors share of the excess crude account is only about 24% while the FG's share is about 52%, why did the FG andnot save some of the FG's share in a special account for the rainy day. Was it the states that was responsible for the FG not being able to save it own share of allocation and still run a deficit budget?

NavierStokes:
I will make a few pointers here, how much was the minimum wage at the time compared to other administrations? How much was the budget say compared to 1999 or earlier? How much was the corpers allowances compared to other administrations? How much was spent by the cbn in defending the naira over the period? Just to add expenses skyrocketed with the price of oil so in the actual sense we can not say that the jonathan administration was hugely at am advantage compared to other administrations. Based on your response and if you are interested, i could give you links to the activities of a one time cbn governor, as well as post a chart showing the comparison of global growth and oil price so you see that they are hugely proportional. (Growth is proportional to spending and other economic activities).

wirinet:
You did not respond to my submission that the main reason the governors were on war path with the FG's creation of the excess crude account was the lack of trust and transparency on the part of the FG. You cannot be comfortable with someone who you mistrust holding your money.

You have a point in explaining the hike in public expenditure under Jonathan, but what you stated is only half the reason. Corruption accounted for up to half of the reason Jonathan was unable to save. There was massive corruption in the fuel and kerosene subsidy regime, so much so that the cost of subsidizing petrol and diesel was almost half our national budget, and it was not budgeted for by the national assembly. Then there was was the import waiver regime where Okonjo Iweala made Nigeria lose hundreds of billions of naira in subsidy waivers for such stupid items like rice, luxury cars and even oil imports. The NNPC could not account for how much crude it sold and how much it remitted. There is customs, NLNG, immigration and even CBN, all these agencies were not remitting money to the FG.

ifelovemi:
You people should STFU, can you honestly tell me what kemi as done wrong since she became the finance minister that warrant you people saying she doesn't have the experience, she is barely 3 month into her tenure and all hell has been let lose from people like you that she does not have the required experience. What did we get from the experience of Ngozi or Soludo in the last 16 years, we are where we are today because of there so call stupid experience.

I think its is high time Igbo people stop this "I better past my neighbor" attitude. For me you are only castigating kemi because she is not from your side, because i don't see what magic anybody could have done in 3 month to turn the fortune of Nigeria overnight as you expect her to do. When we had the opportunity, your lord and experienced Ngozi could not do jack.

So please lets try our local inexperience Minister, since all international experience had failed us.


God bless Nigeria