₦airaland Forum

obailala:
The most important point she raised here is that during the 2008 oil price crash, the fact that she/OBJ/Yaradua had savings of up to $22bn in ECA, Nigeria didnt feel the heat of the oil price crash in 2008.

But under GEJ, governors forced the hands of GEJ until he shared the ECA funds. The question I have however is, the FG's share in the ECA fund was over 50%, so did the governors also force GEJ/NOI to spend the over $11bn which was the FG's share?

The 50% is what PMB met in the 'empty' treasury which has been spending since May 29

steppin:
Congo, the governors went to court. Do you think Gej is like the Dullard who neglects and defiles court judgements?

If the neglect and defying of court order is going to be for the good of all, then let him. If you put your trust in a man made institution like the Nigerian Judiciary which is even corrupted then you are done for.

4reala:
This one na lie from d pit of hell o

Let's hear the truth from you please.

100Cents:
Shey Buarri can fight cabal ?

Why did he remove subsidy and re-introduce subsidy again ?

I am not supporting the sharing of the ECA funds though.

The government has clarified that it will no longer pay subsidy. Besides the is no appropriation for it in the budget. Please get your facts right.

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

buhari should RIP.

EastanPower:
You sound foolish because you still cannot see that Jonathan was to blame because he was the GCFR and not Ngozi.

Jonathan did not provide the necessary cover Ngozi needed to do a good job. Ngozi worked under Obasanjo and she did very well; Obasanjo left a lot of money in the reserve. Ngozi is intelligent and worth her onion; the problem was lack of proper leadership from the presidency.

You guys should leave Ngozi alone; a president takes the blame for anything that happens in his government just like Buhari is being blamed for all the sufferings now.

oga, chop knuckle. Jonathan did not know the power that he wield, that was why he allowed the governors to spoil the show. Obasanjo and Buhari will never allow the Governors to dictate for them.

innocentchuks:
How do you mean, are you not in Nigeria when her mother was kidnap or are u not in Nigeria during the subsidy protest, are not also in Nigeria when Amaechi lead other governors and demanded the share of excess crude oil money and Sue the federal government to court. Why are Nigerian this gullible and foolish.

if you check his age, he wont be up to 18 years.

Majority of the people who commented on this thread,are just plain stupid and dumb or altogether,ignorant. For your information,the ECA(excess crude account) was a product of the obasanjo regime and it didn't have any legal/constitutional backing. It was an illegal account created for a good purpose. Moreso,during obasanjo's period,he had less governors antagonizing him and as such,it was easy to take decisions during FEC meetings which was made up of mostly PDP governors. Jonathan's ascension to power was accepted by most Nigerians but most of the politicians from the north especially,kicked against it. It was during his tenure that governors suddenly realized that the constitution had no provision for the ECA and as such,the ECA technically became an illegal account. The governors sued the FG to court and by the executive realized they were going to lose this case,they decided to come uP with another account which will serve the same purpose of the ECA,and also be made to have constitutional backing. This led to the creation of the sovereign wealth fund(SWF) account. It went through the national assembly and was passed into law,and has constitutional backing. Nobody can sue the FG now,if the govt decides to save. Projects like Youwin and a couple of others,were funded from savings in the SWF account.
Yes,Obj tried in creating the ECA but whatever is worth doing,is worth doing well. Corruption did not allow the Obj regime make the ECA go through legislative procedures and this gave the governors an opportunity to force GEJ's hands. "Criminals know the loopholes in the law and always take advantage of it". This was the quote by a DPO to me when I was defrauded in a business transaction. That's exactly what the governors did. We should be happy that the SWF account now has constitutional backing;no greedy/thieving governor would ever be able to force the hand of any Nigerian leader again.
One more thing I need to clarify here;foreign reserves in different from ECA/SWF.

politricks:
Did they mention buhari in the post or was he chasing you in your dreams?

No blame the guy,hin still dey filling station dey queue,hence his frustration.

fulanimafia:
Where are the savings from federal governments share of the allocation?

Bros,you made me laugh,spot-on.

The government of then,was caught putting their hands in the cookie jar,hence the state government where not comfortable with the previous arrangment of the savings from the FG's side on the behalf of the state government.

[quote author=obailala post=44480269]The most important point she raised here is that during the 2008 oil price crash, the fact that she/OBJ/Yaradua had savings of up to $22bn in ECA, Nigeria didnt feel the heat of the oil price crash in 2008.

But under GEJ, governors forced the hands of GEJ until he shared the ECA funds. The question I have however is, the FG's share in the ECA fund was over 50%, so did the governors also force GEJ/NOI to spend the over $11bn which was the FG's share?[/quote

Brilliant Economist you are.

diegwu01:
The FG led by GEJ was dipping its sticky corrupt fingers into the ECA meant for the FG and States with no accountability,
the NGF headed by Amaechi at the time warned against it severally without success, an agreement was reached by the Nigeria Governors Forum to compel the FG share the monies in the ECA so the FG could dip it fingers to only its share..

GEJ and RCA they cant be mates, Amaechi is far wiser and intelligent, He slaughtered GEJ in March 2015

Why is Okonjo withdrawn from the ECA account without d governor's knowledge, when d money get missing under Jonathan the governor's call for sharing.

Guyman02:
The 50% is what PMB met in the 'empty' treasury which has been spending since May 29

Such rare wisdom..

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

But what she said happened. Oshiomole, Amaechi and Akpabio never wanted the sovereign wealth fund. They depleted it and what you posted shows the gullibility of Nigerians. Governors are the problem of this country but yet wE don't point fingers at them.

Goldencollins:
ThankGod they didn't kidnap u Madam,but Buhari must suffer for making Nigerians go through this kind of pain and hardship.

****

Before Buhari go suffer Jonathan must suffer for am first na. Abi how you see am?

Islie:
Says governors did not allow oil savings under past administration



http://www.thisdaylive.com/index.php/2016/04/07/okonjo-iweala-my-mother-was-kidnapped-because-i-advised-jonathan-to-remove-fuel-subsidy/

*make I adjust my sit nd sip my maltina with Acheke*. And then what happened next after the biafran war.....

Will this woman disappear.

You have done your bit and the whole world recognizes your effort. God Bless you ma

Will this woman disappear?
The country is suffering from her mismanagement.
Before this woman senior civil servants were on salaries of between N100,000 and N200,000.
After her, salaries run into the millions, the civil service is more bloated and yet government revenues have barely risen. Apart from the oil boom revenues which were either stolen or squandered.
Who runs a business or country like that?

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

Why did she save the federal government's 55% share of the ECA( over $12 billion)?

The main reason why the governors kicked was because Jonathan and his goons were already stealing the money.

SleekMallam:
Tinubu and all the people that organised the Ojota carnival were behind the kidnapping and resignation saga.

how old are you? someone asked a pertinent question which people like you have refused to answer. he asked , how much did the federal government saved from their own share of the oil boom, if the state decide to squander there's.? I don't blame her, it's people like you that she talking to.

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

Was Buhari not forced to release bail out to states? I heard part two bail-out is in process.

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

They headed to court, amaechi was chairperson gov forum. Gej was law abiding

unlike your dullard . Gej simply obeyed court

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

What over pain you with Ngozi name, you like to hail Fashola and Buhari only. Talk with sense ordinary oil marketers de hard ur Buhari handle. Now that those u wanted are in power, let them save Nigeria. It now you know a good manager. For me no time for politics.

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

If u r not ds stupid, u would have understood that their government is complete Democratic unlike d tyranny we have now.

oduastates:
Why did she save the federal government's 55% share of the ECA( over $12 billion)?

The main reason why the governors kicked was because Jonathan and his goons were already stealing the money.

Okay! y r they crying foul now. since they wanted to prevent Jonathan from stealing d money & that resulted in sharing money among d governors so let ur fraudulent Amechi & other APC cohorts be held responsible & accountable, since d money is in their pockets now.

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

Obviously, u know very little about politics. Governors are very powerful individuals and wield great influence. They control the national assembly as senators and reps are obliged to work with/for them in most cases since they control the state resources and are in charge of the party structure at state level. The ministers are their nominees. So if at anytime, they decide to gang up on the centre, any president is in trouble.

fulanimafia:
Blame game from Madam best economy on paper.

If not for the timid, ineffectual, incompetent and clueless president, how can ordinary governors hold a President and commander in chief to ransom, was he such a dullard to not know the effect of wasting oil savings when oil prices were high, especially when NOI herself had warned that the oil prices would soon crash and Nigeria would be broke? Is that not why Nigerians are suffering today?

Governors fault indeed. It's like saying El Rufai or Fayose can force Buhari to share the money saved from the TSA. Impossible.

Thank God we got rid of you and Don Clueless Ineffectuanto.

Can the work without agreeing?
Wait till Amaechi and his cohorts start it again then you will answer your question!
I think if you aren't myopic in this then you'll see the extent to which politicians can go for sabotage at least this present government can illustrate the hypocrisy in it.
If you say such can't happen, then what happened to the darkness you are paying for since nothing can sabotage the effort of a government...

dragunov:
If the neglect and defying of court order is going to be for the good of all, then let him. If you put your trust in a man made institution like the Nigerian Judiciary which is even corrupted then you are done for.

Sorry.

[Notquote author=innocentchuks post=44486762]

How do you mean, are you not in Nigeria when her mother was kidnap or are u not in Nigeria during the subsidy protest, are not also in Nigeria when Amaechi lead other governors and demanded the share of excess crude oil money and Sue the federal government to court. Why are Nigerian this gullible and foolish.[/quote]you are the biggest fool. Were u not in Nigeria wen dey paraded d suspected kidnappers on d screen? Did dey say dey kidnapped her because of subsidy? My friend Gerrarahere men

As I recall, the governors demanded their share of the ECA because the FG was constantly withdrawing from the ECA, without the consent of the states and local governments and without appropriation by the National Assembly. This is illegal and a pure case of continual theft by the FG. Madam Iweala's argument that the then Governors Forum forced her hand in sharing the ECA by taking the FG to court is ludicrous because there was no record of a Supreme Court judgement that ordered the sharing of the funds.

Even at that, the FG has no business saving money on behalf of states in a federal republic and purporting to save for states while stealing from the same savings is even more ludicrous. Per the revenue allocations formula, the FG's share of that money is 52%. Where is it saved? Especially when oil was sold for $100+ dollars per barrel. The FG was even borrowing and issuing Sovereign Debt Notes, in a time of very high oil prices. Iweala was running a deficit budget at the federal level in a time of $100+ dollar oil per barrel. She was a epic FAILURE! End of story.

The State's share of the money per the revenue allocation formula is 26%, which if divided by 36 states, averages 0.72% per state. Where lies the wisdom in blaming states for the depletion of the ECA when their share is average of 0.72% per state, when a whopping 52% belonging to the FG, is nowhere to be found. No wonder, even PDP states could not trust the Jonathan led FG with their money and demanded their share of the ECA.

4reala:
This one na lie from d pit of hell o

Really? Then tell us the truth.