₦airaland Forum

IsraeliAIRFORCE:
All APC Presidential Candidates were better and had more experience in democratic governance than Buhari.

Buhari best potential would've better served Nigerians if he is appointed and given free hand to oversee ICPC, EFCC and CCT without political interference.

Buhari don't even have the capacity to allow his ministers to rise to their full potentials.

I disagree, I think the ministers will perform.

I do not think we had good candidates, at all. Buhari was the best of bad options. Many people will not even go and vote if an Atiku was presented.

IsraeliAIRFORCE:
Why are you trying so hard to separate between leaders of PDP 16 years of so-called failed government?

Is like APC is trying to so hard to redefine PDP Government to mean JONATHAN's Administration

Oga, I am not APC spokesman, I speak for myself.

In my opinion, OBJ had the best economic team and the best results. GEJ did not consolidate on the state OBJ left Nigeria in.

Both of them failed in the developmental aspect.

tbaba1234:
No, Jonathan enjoyed the highest average oil prices. I have never mentioned Yaradua.. Between 2011 to 2014 we had consistently high oil prices.

Obasanjo had up and downs in Oil prices but under Jonathan oil prices stayed high almost through out.

Unfortunately, the records disprove what you said as obviously the oil prices started FALLING during Jonathan's tenure leading to pressure by the 36 state governors as JOINT owners of the Federation Account on the ECA in 2013, not so

FG, States, LGs Share N568.4 Billion for Oct



[img]http://cdn1.vanguardngr.com/wp-content/uploads/2015/09/412x247xOkonjo-Iweala-e1442838220305.jpg.pagespeed.ic.nz-K0adxSv.webp[/img]



Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that [size=14pt]the states had requested for $2bn[/size] to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

IsraeliAIRFORCE:
All APC Presidential Candidates were better and had more experience in democratic governance than Buhari.

Buhari best potential would've better served Nigerians if he is appointed and given free hand to oversee ICPC, EFCC and CCT without political interference.

Buhari don't even have the capacity to allow his ministers to rise to their full potentials.

Please sir, how can a self-confessed YAM-eater be in charge of ICPC, EFCC and CCT?
How
Did I miss something?



www.nairaland.com/attachments/3206894_tmp30566fbimg1450529509545914443311_jpeg4c3407a2efe4a93f64218f856abf9b9a



www.nairaland.com/attachments/3191654_1239200310207040029852596885005702579760607n_jpeg655e00798ae6d4674d9087bb4277b198

anonimi:
Unfortunately, the records disprove what you said as obviously the oil prices started FALLING during Jonathan's tenure leading to pressure by the 36 state governors as JOINT owners of the Federation Account on the ECA in 2013, not so

False..

oga, google is your friend

http://www.infomine.com/investment/metal-prices/crude-oil/all/

Look at the relative consistency of oil prices between 2011 and 2014.

Excess crude account is a different conversation.

tbaba1234:
False..

oga, google is your friend

http://www.infomine.com/investment/metal-prices/crude-oil/all/

Look at the relative consistency of oil prices between 2011 and 2014.

Excess crude account is a different conversation.

The graph on the link you provided tells a very DIFFERENT story showing that oil prices peaked before 2010 and dropped after that at the beginning of Jonathan's tenure and dropped again halfway into it.
Moreover the oil revenues are JOINTLY owned with the

- 36 states and
- 774 LGAs

of the Federation, not so


[img]http://www.infomine.com/ChartsAndData/GraphEngine.ashx?z=f&gf=110537.USD.bbl&dr=max[/img]

anonimi:
The graph on the link you provided tells a very DIFFERENT story showing that oil prices peaked before 2010 and dropped after that at the beginning of Jonathan's tenure and dropped again halfway into it.
Moreover the oil revenues are JOINTLY owned with the

- 36 states and
- 774 LGAs

of the Federation, not so


[img]http://www.infomine.com/ChartsAndData/GraphEngine.ashx?z=f&gf=110537.USD.bbl&dr=max[/img]

I am not talking about a single oil peak, I am talking about consistent oil prices.

You do understand the meaning of 'average' oil prices right. Abi you can not read a graph? By may 2010, oil prices were rising again..

Between 2011 and 2014 , oil prices were above 100 dollars consistently. That means that government's revenue was consistently high. 4 out of 5 GEJ years, we had relatively high prices.

This means that the government made more earnings from oil than any of the previous governments consistently.

Obj suffered low oil prices of $38 in 2008, it did not affect the country as much because he had accumulated money in the reserves.

When oil prices crashed at the end of GEJ tenure, there was nothing to cushion the shock. I am sorry but that is a failure of leadership.

tbaba1234:
I am not talking about a single oil peak, I am talking about consistent oil prices.

You do understand the meaning of 'average' oil prices right. Abi you can not read a graph? By may 2010, oil prices were rising again..

Between 2011 and 2014 , oil prices were above 100 dollars consistently. That means that government's revenue was consistently high. 4 out of 5 GEJ years, we had relatively high prices.

This means that the government made more earnings from oil than any of the previous governments consistently.

Obj suffered low oil prices of $38 in 2008, it did not affect the country as much because he had accumulated money in the reserves.

When oil prices crashed at the end of GEJ tenure, there was nothing to cushion the shock. I am sorry but that is a failure of leadership.

In 2012, Nigeria's co-ordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has warned over the depletion of Nigeria's Excess Crude Account, which currently holds only $ 3.6 billion. Speaking at a forum with civil society organisations in Abuja, Dr. Okonjo-Iweala, blamed demands by governorsâ for equitable distribution of the Nigeria's resources as the main reason for the depletion of the Excess Crude Account and that the current value of the account, $3.6bn, cannot sustain the country if there is an economic crisis. She said, The Excess Crude Account and its successor, the Sovereign Wealth Fund (SWF), are very important, but we have the state governors saying no, we will only allow $1bn. 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 Excess Crude Account and we have left today in that account only about $3.6bn. Every month, because they say it is illegal, we have been dipping hands into it. Instead of moving that money into the sovereign wealth account, it is being shared until it is almost at the bottom. 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.I told them that their argument about the legality or illegality is a moot point because we have spent almost all the money. She also stated that fiscal federalism creates problems for the management of Nigeria's economy, saying 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." It is difficult getting governors to agree to $1bn savings for the SWF. We had the state governors saying they can only allow $1bn, now they say it is illegal and the country is not able to save.

http://ngex.com/news/public/newsinfo.php?nid=9252

N6.21tn was the total savings from the Excess Crude Account (ECA) which could have cushioned the economy in case of foreseen crude oil price fall, but on the insistence of the governors it was shared by 36 state governments between 2011 and 2014.

http://www.informationng.com/2015/05/how-fg-states-shared-n6-21tn-from-eca-in-4-years-okonjo-iweala.html

Is it that you do not read or research because your accusations are baseless

Pidggin:
Is it that you do not read or research because your accusations are baseless

Rehashed claims, Obasanjo faced similar pressure and stood his ground and Nigeria was better for it. One of the reasons given for the shared ECA was the mismanagement by government where money disappears without any explanation.

IF ECA was shared, what about the foreign reserves? Why was there nothing saved up in the foreign reserves?

There are no excuses for GEJ government when it comes to the economy. It was just pure mismanagement.

tbaba1234:
Rehashed claims, Obasanjo faced similar pressure and stood his ground and Nigeria was better for it. One of the reasons given for the shared ECA was the mismanagement by government where money disappears without any explanation.

IF ECA was shared, what about the foreign reserves? Why was there nothing saved up in the foreign reserves?

There are no excuses for GEJ government when it comes to the economy. It was just pure mismanagement.

If GEJ's govt left no savings, where did Buhari get N804.7 billion naira to bail out states in July 2015.

http://www.vanguardngr.com/2015/07/unpaid-salaries-buhari-okays-n804-7b-lifeline-for-states/

Stop arguing, start researching instead.

Pidggin:
If GEJ's govt left no savings, where did Buhari get N804.7 billion naira to bail out states in July 2015.

http://www.vanguardngr.com/2015/07/unpaid-salaries-buhari-okays-n804-7b-lifeline-for-states/

Stop arguing, start researching instead.

You are just going in different directions. One thing is obvious, your knowledge of economics is limited. I already knew about the bail-out before talking about the mismanaged economy. How much does that amount to?? How much has the FG earned in the 4 years prior? What

The point is that our capacity to cope could have been better managed. We did not have the capacity to absorb a shock in Oil price after enjoying oil prices of over 100 for 4 years such that we had to borrow to pay federal salaries.

http://www.theheraldng.com/f-g-borrowing-to-pay-salaries-okonjo-iweala/

If that does not feel you with disappointment, then i can't help you.

tbaba1234:
You are just going in different directions. One thing is obvious, your knowledge of economics is limited. I already knew about the bail-out before talking about the mismanaged economy. How much does that amount to?? How much has the FG earned in the 4 years prior? What

The point is that our capacity to cope could have been better managed. We did not have the capacity to absorb a shock in Oil price after enjoying oil prices of over 100 for 4 years such that we had to borrow to pay federal salaries.

http://www.theheraldng.com/f-g-borrowing-to-pay-salaries-okonjo-iweala/

If that does not feel you with disappointment, then i can't help you.

I have given you facts, which you have failed to ponder on for sentimental reasons. If 804billion Naira was used for bail out, surely you must be aware that the actual amount left should be twice that or more.

You keep mentioning our capacity to cope and I gave you facts on why ECA was spent, yet some States still required bail out funds(??) , and all you can do is blame GEJ. The truth will prevail.

Pidggin:
I have given you facts, which you have failed to ponder on for sentimental reasons. If 804billion Naira was used for bail out, surely you must be aware that the actual amount left should be twice that or more.

You keep mentioning our capacity to cope and I gave you facts on why ECA was spent, yet some States still required bail out funds(??) , and all you can do is blame GEJ. The truth will prevail.

Trust me, there is no sentimentality here.

And i have countered your 'facts' with reasoned arguments. Let's put ECA aside for a second.

What happened to the foreign reserves? How did we manage to deplete Foreign reserves with record high oil prices?

I am blaming the management of Nigeria's economy under GEJ... It is inexcusable.