₦airaland Forum

Redoil:
Let me pity ur ailing condition as an automatic zombie and ur bad janjawe.edian life by answering kwestion 4.
When okonjo and gej were crying blood telling nigeria to save for the hard times ahaed some of ur captians of zombie and ur janjawee.dian 5 star generals who are ameachi the air lord fashole the tomboy of tinubu who spent $85 million to buy an already existed site $150million in digging a borehole, oshiomole the go and die governor with opolo eye who spent over $200million marrying an ethiopian goddess, took gej to court and and shouted corruption of which you koboko69, gbawe the slum the dweller, beremx, omenka, passingshot, delgardo, demdem and all scam change agent were shouting kworruption. I pity you. Apc change

paschu:
At times I wonder if you guys think with your behind, otherwise, even a baby should know that a fraudlent person would not be calling for blockage of financial leakages, let alone going to court to push for it, if she was all out to steal money. But why won't you call her names when you have a hard time thinking clearly even in common simple terms.

chiomzy86:
Yes he wants magic because that's what APC promised during their presidential campaign..

byrron:
If only you dug dipper down to year 2012

http://www.channelstv.com/2012/04/13/fg-blame-governors-for-depletion-of-excess-crude-account/


FG blame governors for depletion of excess crude account
Channels Television.
Updated April 13, 2012


The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has accused the state governor’s demand for distribution of the nation’s resources and opposition to the establishment of the Sovereign Wealth Fund, as the reasons for the depletion of the Excess Crude Account (ECA).

She noted that the withdrawal and sharing of the monthly allocation has depleted the excess crude account to just about $3.6 billion as against over $20 billion, saved in the reserve account in 2006.

The Minister warned that if the price of crude oil drops, the nation has no cushion for the economy because $3.6 billion is not enough to take the economy to any length of time.

Dr Okonjo-Iweala made these revelations at the first civil society forum organised by the Ministry of Finance on Thursday in Abuja.

According to the Minister, “the ECA and the Sovereign Wealth Fund (SWF) are very important, but we have the state governors saying no, we will only allow $1billion. In fact, we managed to get that, and now, they said it is illegal; and so, the country is not able to save in the ECA and we have left today in that account only about $3.6bn.”

“Every month, because they (the governors) say it is illegal, we have been dipping hands into it (ECA). Instead of moving that money into the sovereign wealth account, it is being shared until it is almost at the bottom” she said, adding that “the argument about the legality or illegality is a moot point because we have spent almost all the money.”

She further explained that “what that means is that should the price of oil drop today, we have no cushion because $3.6bn for this economy is not enough to take us to any length of time, and that was what I told them at the governors’ forum during the National Economic Council meeting the last time.” The governor’s forum is currently challenging the constitutionality of the Sovereign Wealth Fund in the court.

She also allayed fears that $1billion SWF would be mismanaged by the Federal Government, pointing out that the Sovereign Wealth Act which establishes the Fund adequately provides for accountability in its management.

Noting that fiscal federalism has created problems for the management of the Nigerian economy, Dr Okonjo-Iweala declared that “Nigeria, because of fiscal federalism cannot save.”

“The constitution says the President should manage the economy for the benefit of everybody. The decision to save is also part of the management of the economy for the benefit of the people of Nigeria. Every state can save but the Federal Government can save for all Nigerians. The governors can insist on accountability in the management of the SWF as a guarantee against their apprehension” she opined.

Emphasising the need for more savings, she noted that the crisis in Europe and the United States where about 60 per cent of the country’s crude oil is sold has made it difficult for the government to depend solely on oil revenue.

“This country depends on a product that is sold internationally and whatever happens there affects us. That is why we need to have savings. Sixty per cent of our oil is sold to the US and Europe, and these countries are facing big economic problems. For instance, the US has an unemployment rate of eight per cent; Spain, 24 per cent; and India, 9.9 per cent.

“So, if 60 per cent of our oil is sold to them, then we have a problem and any country that has great volatility such as ours will always have problem, and this will lead to crisis in the economy.”

Removal of fuel subsidy

The Minister also gave an indication that subsidy on petroleum products might be completely removed next year, noting that since the policy had failed in other major oil producing countries, its stoppage would enable the government to develop other key sectors of the economy..

Arguing that the complete withdrawal of fuel subsidy may be the answer to the protests by the governors over the current deductions from states monthly allocations, she stated that “on the basis of the fiscal responsibility and corruption, we found out that this subsidy cannot be sustained by the country, even Ghana that has just found oil has phased out the payment of subsidy because it found out that it could not sustain it. So, we must find other ways of solving this problem and cushioning this economy because we are still paying that subsidy, only that it is now partial.”

She added, “I subscribe to the subsidy phase out and I will tell you why. Nigerians have refused to acknowledge the fact that we are subsidising neighbouring countries like Niger and Chad, and we are allowing money to get to some corrupt people; but of course, there are genuine importers.

The Federal Government had on January 1, 2012 removed subsidy on petrol, leading to an increase in price from N65 per litre to N141. The removal led to social unrest and protests, which forced the government to reduce the price from N141 to N97 a litre.


YOU CAN FOOL SOME PEOPLE BUT DEFINITELY NOT EVERYONE.

NOI warned you all 4 yrs ago about the implication of sharing your excess revenue instead of saving and diversifying such funds but your governors said No and these same governors are the ones asking about the same money they shared and pretending as if they were not the ones that brought Nigeria into this present economic crises it is experiencing, they even went to court demanding that money should be shared instead of saving.

NIGERIANS HAVE BEEN SUFFERING FROM COLLECTIVE AMNESIA SINCE 1914, TRUTH SEEMS TO BE ABHORRED IN NIGERIA AND I HONESTLY DONT KNOW WHY.

koboko69:
[size=15pt]Brace for tougher times ahead, Okonjo-Iweala tells Nigerians[/size] -NOV 2014

http://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html

Another brainwashed ignoramus is on the loose

THE AIM OF DIGGING UP THIS ARTICLE:

Pleae note: Madam Okonjor made this assertions in November 2014.

1. This is to remind the Wailing Wailers who keep attacking the current minister of Finance that the ex Finance Minister whom they so much believe in and whom they believe would have been a messiah sounded the alarm of a very tough economy ahead even when oil was still as high as 76usd per barrel. Do I need to remind anyone the price of oil per barrel now?

2. The ex Minister of Finance only saw a need to block revenue leakages when Oil prices started dropping low. Was any action taken after her suggestion? No!!! Rather, despite the dwindling oil prices, CBN became am ATM to allies of the president, where raw Dollars/Naira where withdrawn/tansferred under the guise of phantom projects, bogus subsidy claims, arms procurements. Etc. Now we are suffering of dollar crunch.

Who came on board to block the leakages? The new Sheriff off course, President Buhari.

3. If at $76/per barrel, Madam Okonjor was already ringing bells, why do the Wailing Wailers expect a booming economy from a government which is less than a year in office, and currently selling oil at $28 per barrel? Rather than wailing, they should rather support the government in steps taken to move Nigeria forward.

4. Madam Okonjor needs to explain to Nigerians why Nigeria was not saving for the dry season when oil was sold well above $100 per barrel. What happened to all the revenues generated when oil was booming? We only had booming economy on papers, ordinary Nigerians never felt a booming economy under her watch.

To the Wailing Wailers:

President Buhari have succeeded in blocking a lot of revenue leakages, and is driving seriously for non oil revenue generations as it is evident in the changes made in the Nigeria Customs, FIRS, and the appointment of learned scholar Dr. kayode Fayemi as the minister of Solid minerals.Etc

We have also seen efforts to recover stolen money even though some term it political witch hunting. The almost dead EFCC whose duty was reduced to chasing Internet fraudsters popularly known as Yahoo boys have suddenly rosen up to their responsibilities. Fraudsters like Olisah Metuh, Dansuki and the likes are already feeling the heat.

Efforts to recover stollen money is also a form of blocking revenue leakages.

The fact remains that APC led government can not correct the 16 years rot of PDP in less than a year and it is illogical to blame the current economic woes on the newly elected president. Only the blind will not see President Buhari is really working to make Nigeria great again.

SO FAR SO GOOD, PRESIDENT BUHARI IS PERFORMING ECONOMIC MIRACLES, HE HAS NOT EVEN BORROWED TO PAY ANY SALARIES

God bless the Federal Rubublic of Nigeria

NB: I am a die hard APC supporter with No Apologies!!!!

smicc:
The only reason I will continue to blame madam NOI is that she refused to resign even when she noticed the monumental corruption taking place under GEJ as the finance minister.Though she may not be part of it directly but she was an accomplice. Don't let of forget that the reason Ameachi and co opted for sharing the fund was because Jonathan and his finance minister were illegally withdrawing from the ECA without due approval/consent of the states - this is tantamount to stealing. In my opinion,ROI has already foreseen what is happening to our economy now so it is not new to us.We should just support PMB as he is God sent to sanitize this nation.
That does not mean there should not be opposition but they should be constructive. And not this type of PDP opposition because PDP has failed Nigerians. How I wish APGA or KOWA party could rise up to the occasion ,I swear I would join them. Though I was a GEJ supporter but when he started messing up I switched to APC. If my Sai Baba start to mess up(which I doubt judging from the steps he has been taking since assuming office) I will switch to a credible opposition but not PDP.

koboko69:
Spare me all this long tales. She kept caliami g selfless service to the Nation but was paid in dollars. The honourable thing to do was to resign if she so much believed in integrity she keeps singing of rather than being part of the system that collapsed Nigeria. As at 2012, we had PDP governors as the majority. Out of 35 states how many opposition were in other states?

AlPeter:
do you guys fail to read or you just can't read. I really don't seem to understand your points. Can the governors stop the FG for setting benchmarks for expenditures or his this one of you wailers usual conjectures. When Okonjo spoke about savings who were in the majority was it not PDP? How many APC governors were there? Where they up to 15? Could the state governors stop the FG from saving part of it's allocations? Oga abeg second base

nd07:
Point Of correction. APC governors & senators were more because that was when defection to APC was at its peak.

byrron:
U should have spared me all ur 2014 long tales post ab initio which i countered with a well documented facts of 2012 which you deliberately skipped and now tagged tales by you because it humbled you and expoused your malicious intention of misinforming the gullibles.

Your response above is so ludicrous because it lacked substance and a complete drift from the subject In question which u Initiated.

You are so subjective to the extent of refusing to ackowledge that u and all your governors were warned In 2012 about the effects of gluttony on the economy without saving but you all decided to play the ostrich and here u are referencing 2014 which suited your bias but deliberately skipped 2012 which expoused how economical you are with the truth.

I'm not interested on your opinion on how the then minister of finance made u feel rather im fact based.

The short essay above from you as your response to me for furnishing you with a verifiable information on the warnings of 2012 from the then minister of finance Is just so hilarious.

Do have a great day wherever u are.

AlPeter:
oga ade, na wa for you ooooo. Whose job is it to diversify the economy, the governors or NOI? The governors gave a clear reason for suing the FG, they said NOI and the FG were pilfering. How's the account was being depleted at alarming rates were there no sales during that period? Am sure if you were the governors you would've don same

madridsta007:
The 'illegal deductions from the Excess Crude Account' was the argument they used in the court.

Rolings:
MUMU you constructed all this grammar just to agree with me that thou she suggested it she didn't have the balls to actually implement it and as a minister of for that matter. She refused implementing a policy that would have brought Nigeria lots of money but she decided to look the other way shamelessly . She didn't need a court order all she needed was a focused president which shet never got in Gej .

Incorrect1:
Nice comment from a first class Idiat with a myopic sense or reasoning.
APC zombie.

Incorrect1:
Nice comment from a first class Idiat with a myopic sense or reasoning.
APC zombie.

koboko69:
[size=15pt]Brace for tougher times ahead, Okonjo-Iweala tells Nigerians[/size] -NOV 2014

http://www.premiumtimesng.com/business/171145-brace-tougher-times-ahead-okonjo-iweala-tells-nigerians.html



THE AIM OF DIGGING UP THIS ARTICLE:

Pleae note: Madam Okonjor made this assertions in November 2014.

1. This is to remind the Wailing Wailers who keep attacking the current minister of Finance that the ex Finance Minister whom they so much believe in and whom they believe would have been a messiah sounded the alarm of a very tough economy ahead even when oil was still as high as 76usd per barrel. Do I need to remind anyone the price of oil per barrel now?

2. The ex Minister of Finance only saw a need to block revenue leakages when Oil prices started dropping low. Was any action taken after her suggestion? No!!! Rather, despite the dwindling oil prices, CBN became am ATM to allies of the president, where raw Dollars/Naira where withdrawn/tansferred under the guise of phantom projects, bogus subsidy claims, arms procurements. Etc. Now we are suffering of dollar crunch.

Who came on board to block the leakages? The new Sheriff off course, President Buhari.

3. If at $76/per barrel, Madam Okonjor was already ringing bells, why do the Wailing Wailers expect a booming economy from a government which is less than a year in office, and currently selling oil at $28 per barrel? Rather than wailing, they should rather support the government in steps taken to move Nigeria forward.

4. Madam Okonjor needs to explain to Nigerians why Nigeria was not saving for the dry season when oil was sold well above $100 per barrel. What happened to all the revenues generated when oil was booming? We only had booming economy on papers, ordinary Nigerians never felt a booming economy under her watch.

To the Wailing Wailers:

President Buhari have succeeded in blocking a lot of revenue leakages, and is driving seriously for non oil revenue generations as it is evident in the changes made in the Nigeria Customs, FIRS, and the appointment of learned scholar Dr. kayode Fayemi as the minister of Solid minerals.Etc

We have also seen efforts to recover stolen money even though some term it political witch hunting. The almost dead EFCC whose duty was reduced to chasing Internet fraudsters popularly known as Yahoo boys have suddenly rosen up to their responsibilities. Fraudsters like Olisah Metuh, Dansuki and the likes are already feeling the heat.

Efforts to recover stollen money is also a form of blocking revenue leakages.

The fact remains that APC led government can not correct the 16 years rot of PDP in less than a year and it is illogical to blame the current economic woes on the newly elected president. Only the blind will not see President Buhari is really working to make Nigeria great again.

SO FAR SO GOOD, PRESIDENT BUHARI IS PERFORMING ECONOMIC MIRACLES, HE HAS NOT EVEN BORROWED TO PAY ANY SALARIES

God bless the Federal Rubublic of Nigeria

NB: I am a die hard APC supporter with No Apologies!!!!