₦airaland Forum

For the records many Governors lamented about the economic crisis but were ignored.

https://www.nairaland.com/3265749/nigeria-broke-oshiomole-2013#48141642

The inability of the Nigerian Government to meet its financial obligations to state governments has been described as a recipe for national disaster which can lead to serious security challenges.

Making this assertion during a press briefing in Benin-City, Thursday, Edo State Governor, Mr. Adams Oshiomhole, said the country was experiencing financial crisis as most states could not pay the salaries of their workers.

Following the Nigerian Government's inability to pay monthly allocation to states, Mr. Oshiomhole implored the Nigerian National Petroleum Corporation (NNPC) to pay into the Federation Account the over N2.3 trillion it was owing it.

He said the corporation was insincere with Nigerians as it could not reveal the number of barrels of crude oil it was refining daily.

“I don’t know if the federal government is broke but I know there is serious crisis and it is unprecedented in the history of this country. For the first time since 1999, allocations can no longer come as at when due to states. I have been involved in trying to understand what the reasons are and I have not seen anything yet. Whether we use the word broke or you deny the word broke, the truth is that there is financial crisis in Nigeria which has very serious national security implications.

“Because when states can’t pay salaries, federal government can’t pay salaries as at when due, and you can’t pay your contractors and your contractors will begin to retrench their workers, that is recipe for national disaster. So, I am hoping that NNPC should wake up and meet its obligation to the federation account otherwise, the integrity of government is at stake.

"If I can’t keep my promise, federal government can’t keep its promise, all other governors can’t keep their promises, the Nigeria electorate will be so disillusioned and it will be a disaster. So I am hoping that NNPC recognises that it cannot be business as usual and they have few cases to answer as far as I am concerned," the governor said.

According to him, “Two years ago, it was about the kind of money we were spending on subsidy. In no time following series of probes and enquiries by the National Assembly and by the presidency they have since discovered the kind of money they stole as regards subsidy, all the people that conspired with them and I believe the EFCC is dealing with that.

"But just as we are dealing with that, now we begin to hear about the theft of our crude oil such that what is accruing to the Federation Account is not enough to meet budgetary provision. As you know, this year’s budget was based on $79 per barrel, that is about 2.4, 2.5million barrels per day. Now the news is that contrary to all the forecast, nothing is getting better.

"And it is sad that we are not doing enough to change things for the better, the challenge of government in any part of the world is to deal with the issues. If the economy is not doing well, you do certain things differently and recover. Well it is no more a matter for debate that we are 10 months into the new year and oil has performed very well, selling between $105 and $110 per barrel throughout 2013, which means that if we have budgetary provision of $79, we ought to have a surplus of about $30, which should be in the crude oil account. But rather than having this surplus we are witnessing a situation where Federal Allocations no longer come as at when due, and states can’t pay salaries.

“In Edo State like the rest of other 35 states, part of our July allocation has not been paid. About one-third of our August allocation has not been paid and nothing has been paid for September allocation. And it is the first time since 1999 that this thing is happened. The explanation by NNPC is completely watery. They collect 455,000 barrels per day for domestic refinery, but they also agreed that the refineries are not working, that the very best they cannot refine more than 100,000 barrels per day, so the question is what you are doing with the balance of 355,000?

"So, why will you run business like that, you take 455,000 barrels a day to refine, even when your refineries are not working. Okay whether the refineries did it, where is the money? If you multiply $109 by 455,000 barrels per day, you will imagine the kind of money NNPC ought to be paying into the federation account. And from some of the figures that have been thrown around, NNPC is owing the federation account over N2.3 trillion. And Edo State has a share of that amount that will run into several billions of naira.

“But last month, many states could not pay salaries, but in Edo State we were able to pay. Even the federal government could not pay salaries; I think they paid July salaries around August 14. But we paid August salaries in August."

Stupid polithiefians and madnisters. You spared time to talk trash when you HV a challenging duty of ameliorating the hardship of today. Recession or no recession in GEJ's administration we didn't notice but we are feeling the heat of PMB's poorly managed economy.

At least we buy a bag of rice 7200 then unlike now that's selling above 15000 naira

Next election una no go collect stomach infrastructure money to elect any kind person into power..

fizzy4luv:
I want to believe you are saying the truth, which means that the woman managed the situation more professionally than the present kemi Adeosun. Even World biggest economy is heavily indebted. Jonathan paraded Ministers that were more capable of giving us a leverage among comity of Nations, he was just too soft on them and gave some too much free hand thus allowing corruption to strive

.

Gbam!!! Exactly!!! You hit the point.

This man is shit!
He doesn't know what they call MARKETING

yjgm:
https://www.thecable.ng/amaechi-recession-jonathan-covered

Amaechi stop embarrassing yourself. Maybe we were in recession then as you claimed but, it was not noticed. Now we don't just notice it, we feel it. So, stop the blame game and get to work pls.

sCun:
Childish rubbish.

Nigerians should judge which one actually feels like recession. Definitely not then

he knew all this still him n his party go ahead to make all those promises he must be a devil

yjgm:
https://www.thecable.ng/amaechi-recession-jonathan-covered

Amaechi shut up and stop aspiring to be more foolish than a fool.buffalo!

HtwoOw:
Damn


wailers whatsup??

Reasonable people knew when Nigeria got broke , That was before presidential election campaigns, just around the time Jonathan Reduced Osun's state allocation from 4.2 Billion to 1.2 Billion and for 6 months Osun workers didn't get any salaries

They shared more money than Nigeria can ever make !

So has Osun state workers gotten salaries now? or is still GEJ's tenure? What happened to the over 30 something billion naira bailout fund given to dem by PMB?

Every APC's excuse beggins with Goodluck Jonathan. The man head strong sha!

somebody explain what is


recession

is it what we have NOW or BEFORE


nonsense.....

Okunjo-Iweala begged u. No shame at all. if u and the APC does not have any better thing to tell Nigerians regarding how the poor and innocent citizens who voted for change can come out of the chained position, we will be patience. Four years is not 4ever. foolish talk.

fizzy4luv:
I want to believe you are saying the truth, which means that the woman managed the situation more professionally than the present kemi Adeosun. Even World biggest economy is heavily indebted. Jonathan paraded Ministers that were more capable of giving us a leverage among comity of Nations, he was just too soft on them and gave some too much free hand thus allowing corruption to strive

Bros you are very correct....Problem with APC government is dead brains....and talkatives they lack the ability to manage issues professionally....as at then Nigeria with that recession still maintain the best economy in Africa so many investors willing to operate....the problem with this government is poor Policies and implementation with various town criers and propagandist

HtwoOw:
Damn


wailers whatsup??

Reasonable people knew when Nigeria got broke , That was before presidential election campaigns, just around the time Jonathan Reduced Osun's state allocation from 4.2 Billion to 1.2 Billion and for 6 months Osun workers didn't get any salaries

They shared more money than Nigeria can ever make !

see why Nigeria is broke uncompleted mono rail 4.8 billion dollars

d apionted time to blame okojo has came...who next...at a tme lie muhamed blame nigerans...apc.#blameeverybody

I don't doubt his assertion on power...here in ikd we had 18/20 hours of power daily until 2 weeks ago.

EZEBEL:
see why Nigeria is broke uncompleted mono rail 4.8 billion dollars

4.2 Billion is why Nigeria is broke ? hahahahahaha

Dollar changes for 320.8 on Forex ,

$2,100,000,000.00 X 320.8

2100000000 × 320.8 =673,680,000,000.00

Now that's a figure that can make a country broke ,

djkirkoo2:
So has Osun state workers gotten salaries now? or is still GEJ's tenure? What happened to the over 30 something billion naira bailout fund given to dem by PMB?

If you don't live in Osun , i don't need to argue with you , and if you need further clarification on how Aregbe spent the bail out , Visit Osun !

tico1212:
Did i hear you say Jonathan reduced Osun State allocation? Ani eti go ju ni Osun... i know that's what your so called governor told you pple.

Awon iran tie naa go , ayaafi ti oo ba ni ebi L'osun naa lo ku

Ayirada Oponu

http://www.premiumtimesng.com/news/top-news/200490-osun-received-n6million-allocation-february-will-pay-salaries-governor.html
The Government of Osun on Sunday confirmed that it received a paltry N6million as its allocation for February 2016.

http://www.empowerednewswire.com/tag/jonathan-punishing-osun-with-reduction-in-allocation-apc/
December 25, 2014 :Reports By Toluwani Eniola The All Progressives Congress in Osun State on Wednesday accused the Federal Government of impeding the development plans


http://osun.gov.ng/2014/12/26/fg-reduced-osun-allocation-65-apc/
The All Progressives Congress in Osun State has accused the Federal Government of slashing allocation to the state from over N3.8 billion to less than N1.3 billion.The Director of Publicity, Research and Strategy of the the party in the state, Mr. Kunle Oyatomi, said this in a Christmas message made available to our correspondent in Osogbo on Wednesday.
The party said that the Peoples Democratic Party-led Federal Government was deliberately punishing the state with reduced allocation because of the defeat suffered by the ruling party at the August 9 governorship poll

http://www.pmnewsnigeria.com/2015/03/25/why-i-owe-osun-workers-5-months-salary-aregbesola/

The governor made the open confession at the 7th Bola Tinubu Colloquium organised to mark Tinubu’s 63rd birthday in Lagos.
He said he was deeply pained and unhappy that he had not been able to pay workers salaries.
“I have found it hard to pay the wage bills owing to the declining federal allocation to the state.
“Federal allocation to the state has reduced by 40 per cent since 2013, making it difficult for government to meet up its responsibilities,” he said.


dabullit,GMBuhari , TonyeBarcanista

tolulakin:
And APC did not share money shebi? You have been blinded to the fact that your own Aregbesola came to Ibadan to begin sharing millions so that Oyo stakeholders would support Ajimobi for second term? You also forgot his huge investment in the Akeredolu election in Ondo? The Osun State allocation issues did not come up because elections were approaching, NOI warned all State Governors before allocations took a nose-dive...your Aregbesola has borrowed beyond your State's capacity. If you want to argue it, under whose administration did Aregbesola receive a net allocation of #60million? Buhari, yeah? Was it Jonathan that slashed it again?

Stop coming on public platforms to spread ignorance!

You should find the response i sent to tico1212 helpful and the allocation you are talking about is not even 60M , it's 6M , and yes, Jonathan first reduced the allocation by 40% in 2013 , then reduced it by 65% after august 9 Elections hence why Aregbe borrowed money for projects and for paying workers Abi workers no go chop ? Hence why his allocation which is still at 35% is always below 10M except for the bailout which he has used to pay up debts and workers so far and if you do not live in Osun , you wouldn't understand

3Div:
This makes no sense

You just were idle and thought you'd comment on a senseless topic , what does that make you ?

Shortyy:
please STFU ffs. Okonjo begged him and he agreed? and why is he telling us now? after promising Nigeria heaven and earth. stop smoking whatever you are smoking por favor.

Ya , Why wouldn't he gree ? when GEJ himself paid several millions of Naira to Dasuki for Image Laundering , abi you forgot ??


President Goodluck Jonathan was alleged to have laundered ill gotten wealth to the tune of over N1,667,162,800.00 (One billion, six hundred and sixty seven million, one hundred and sixty two thousand, eight hundred Naira) while in office

It would be recalled that Yomi Badejo-Okusanya, the Managing Director of CMC Connect who is the 5th prosecution witness had in his testimony on 28 June, 2016 told the court how the PDP spokesman paid him N77.5 million to sponsor media campaigns for the re-election of ex-President Goodluck Jonathan. All for Image laundering

shut up amaechi you and your infidel oga have destroyed our economy that Jonathan made the biggest in africa. now what do we have, recession, bunch of inconpitent people, apc shame.

Begged you to stop saying Nigeria is broke as Minister for information or what? Bros ehh! *in Falz voice* you didn't av and work.

Secondly your rail way project will generate 779 jobs you no even manage make am 780. Subtract it from the 3million jobs you promised Nigerians. Nowhere to be found.

Thirdly the earlier you forget about GEJ's tenure,the better for you and your party.

If we were in recession in GEJ' regime,please we need to revisit it.

Mama Ngozi Iweala Please Just Ignore This Attention Seeker.
Amaechi please face your PROMISED bridges and railways.
Aunty Kemi is in charge now so what did she tell you?

I smell lies

When the good was going and the going was good abi. Nonsense human being.

Rubbish! why am I even listening to this traitor seeking for attention all over. as chairman of Gov forum he insisted that the ECA excess crude account proceed be shared among states or else the forum will challenge her decision to save but by the way if okonjo iweala said Nigeria is cash strapped n investors were coming, the economy was not this grounded, prices of commodities were fair, tell us the state of your own government economic status 'technical recession'. kazaa

Okonjo Iweala took over as finance minister when Nigeria was selling crude oil at $120-140/barrel. The USA who was our biggest customer, was still buying crude from us, in fact Nigeria was experiencing an economic boom as at the time she took over the nations economy. She didn't bring about the boom, she just met it there. When she was leaving office Nigeria had been plunged into a recession. It is funny that someone who is supposed to be a world class economist could not manage an economic boom, knowing fully well that such boom periods are usually followed with down sides, hence appropriate measures will be put in place to maintain a steady growth after the boom period. What we had instead was a systematic plundering of the nation's resources under her watch. More baffling is the fact that some people still see her as a champion in the full view of the monumental frauds that ensured that our collective wealth and future was destroyed with her consent, and very little was left for the next administration to work with. Someone else has now come, trying very hard to pick up the peaces from an already shattered economy, daring to speak the truth, publicly, about the true state of the economy and that person has suddenly become the villain. This only shows that lies are the best for nigerians. Okonjo Iweala played around so much with half truths that nigerians couldn't tell the difference anymore. "Not broke but cash strapped". What is that? Nigeria is really really in trouble because truly "na nonsense dey make sense" in this country. Some will say things were better then, but what do u expect? U can't eat your cake and still have it. You can't waste all your resources in the time of boom and on private jets, mansions abroad, luxurious boats etc and not expect hardship in the time of little.

HtwoOw:
You should find the response i sent to tico1212 helpful and the allocation you are talking about is not even 60M , it's 6M , and yes, Jonathan first reduced the allocation by 40% in 2013 , then reduced it by 65% after august 9 Elections hence why Aregbe borrowed money for projects and for paying workers Abi workers no go chop ? Hence why his allocation which is still at 35% is always below 10M except for the bailout which he has used to pay up debts and workers so far and if you do not live in Osun , you wouldn't understand

Bros, I am more a stakeholder in Osun than you can agree with. In the last one year, I have had personal interactions with those who feed you with these funny lies and I must tell you, even them understand that the reason there came an allocation shortfall was the price of crude globally...they just had to save face because politics was around the corner and that was why they had to hang it all on Jonathan.

Since when Buhari came on board, have you seen Aregbesola complain of the FG shortchanging him even though he has received even worse amounts from the Federal purse from June 2015 forward? He will not complain, because there is no longer a Jonathan neck on which he can hang his foolishness.

If you say he borrowed to pay salaries because his allocation went down to 1.2bn, lets do a simple Maths. He was getting 1.2bn, the LG allocation was as well averagely 1.2bn and we both know that LGs have not received allocations from Aregbesola for years, he only sends them stipends. That makes a total of 2.4bn. Aregbesola himself admitted to having a total monthly wage bill of 2.9bn. It means, when he gets allocations for two months, he could go on and pay a month and still have 1.9bn leftover to cater for capital projects. So, why borrow to pay salaries and then go on to owe six months? Are you not following the logic?

And then a simpler economic question for you. The allocation shortfall started sometimes around 2013 ending, bit by bit. Did Aregbesola start borrowing in 2013? What happened to the 25bn loan he took in 2011? The 1bn Agric loan in the same year? The 45bn bond he took in 2012? And a host of others...you can google all these and verify!

And to directly answer your challenge...I live in Osun, I breathe Osun air and I drink its water! If you have better economic arguments for your political support, please bring them forward, I will diligently show people here that not all Osun people are gullible!

HtwoOw:
If you don't live in Osun , i don't need to argue with you , and if you need further clarification on how Aregbe spent the bail out , Visit Osun !

You mean to say the High Schools he is building are the stuffs he used the bailout to do? You mean to tell the world and your generations to come that building a beautiful school is of more importance than paying the teacher that will teach in it? Am I reading you correctly? Was the bailout fund meant for contractors or for salary payment? Is fund diversion not one of the economic crimes being fought by EFCC?

Or you mean to say Oba Aderemi dual-carriage road has more importance than the stomach of the average Osun workers who is groaning under intense hunger?

If you are adamant, then say amen to this prayer: May you get an Employer who will build you a golden office but not pay you salary!

Let me hear your resounding AMEN!