₦airaland Forum

zaboy:
The Prof is right...though OBJ was able to save despite the constitution. However, our problem i believe is not lack of savings per se, but what was done with the money that wasn't saved?
No one is saying GEJ did nothing, however, with the revenue they had in his 5yrs, they ought to have done much much much more!!!
Nigeria earned a total of 97trillion naira as oil revenue since its discovery in the 1960s. 51 of the 97trillion was during GEJ's time...let that sink in!!!

What is this one saying.

zaboy:
The Prof is right...though OBJ was able to save despite the constitution. However, our problem i believe is not lack of savings per se, but what was done with the money that wasn't saved?
No one is saying GEJ did nothing, however, with the revenue they had in his 5yrs, they ought to have done much much much more!!!
Nigeria earned a total of 97trillion naira as oil revenue since its discovery in the 1960s. 51 of the 97trillion was during GEJ's time...let that sink in!!!

SOURCE ?

zaboy:
The Prof is right...though OBJ was able to save despite the constitution. However, our problem i believe is not lack of savings per se, but what was done with the money that wasn't saved?
No one is saying GEJ did nothing, however, with the revenue they had in his 5yrs, they ought to have done much much much more!!!
Nigeria earned a total of 97trillion naira as oil revenue since its discovery in the 1960s. 51 of the 97trillion was during GEJ's time...let that sink in!!!

This you analysis is a faulty one.
N51trillion naira today is probably equal in purchasing power to N1 trillion naira many years back.
I used to go to school with say 10 kobo or so when I was in primary school.That money was more than enough for my transportation to and from school and for my feeding. That amount is large today does not make it large comparatively many years ago. You have to consider a lot of parameters like the prevailing exchange rate and infkation during th e two periods in order to get the eqivalent or true value of an amont of money in naira in one period of time to that in another period of time.

Tell them! Prof thank you

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blueto:
http://t.guardian.ng/news/blame-1999-constitution-for-lack-of-savings-not-past-regimes/

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Prof akinyemi what stop you from including your opinion in the last national confab as u were the vice chairman

ochuciano:
Keep deceiving ursef. show us facts to buttress ur point.

Even if the infornation ge gave were factual it still cannot help in proving his point. N51 T today is probably equal to N1 M in the sixties in purchasing power.

zaboy:
The Prof is right...though OBJ was able to save despite the constitution. However, our problem i believe is not lack of savings per se, but what was done with the money that wasn't saved?
No one is saying GEJ did nothing, however, with the revenue they had in his 5yrs, they ought to have done much much much more!!!
Nigeria earned a total of 97trillion naira as oil revenue since its discovery in the 1960s. 51 of the 97trillion was during GEJ's time...let that sink in!!!

Recession: Governors Frustrated Us From Saving For Rainy Day – Obasanjo http://www.vanguardngr.com/2016/09/recession-governors-frustrated-us-saving-rainy-day-obasanjo/

cowardSeun:
This man is one of the few honest yoruba man.

Thank God a honorable Yoruba man said if

mnairaland:
This you analysis is a faulty one.
N51trillion naira today is probably equal in purchasing power to N1 trillion naira many years back.
I used to go to school with say 10 kobo or so when I was in primary school.That money was more than enough for my transportation to and from school and for my feeding. That amount is large today does not make it large comparatively many years ago. You have to consider a lot of parameters like the prevailing exchange rate and infkation during th e two periods in order to get the eqivalent or true value of an amont of money in naira in one period of time to that in another period of time.

you are right. Adjusted for inflation and other factors, 51trillion today may (or may not) be equal to 1trillion back in the day. Now, what we need to do is see what previous administrations achieved with their earnings and compare with what GEJ achieved with his. Start with comparing OBJ and GEJ since their periods were not too dissimilar.

blueto:
Recession: Governors Frustrated Us From Saving For Rainy Day – Obasanjo http://www.vanguardngr.com/2016/09/recession-governors-frustrated-us-saving-rainy-day-obasanjo/

OBJ did save...up to 22 or 24bn dollars i think (though Governors tried to stop him, but he overpowered them somehow). That was what we used when oil prices crashed in 2008/2009, hence, we didn't feel any recession.
I think he was referring to GEJ, he caved in when governors demanded that ECA be shared. Like i said, what was done with the money? bith at state and federal level?

You want to take away Buhari's 1 and only excuse abi? You want make breeze blow make foul abunna dey exposed. Watch EFCC come for you!

zaboy:
you are right. Adjusted for inflation and other factors, 51trillion today may (or may not) be equal to 1trillion back in the day. Now, what we need to do is see what previous administrations achieved with their earnings and compare with what GEJ achieved with his. Start with comparing OBJ and GEJ since their periods were not too dissimilar.

That would be fairer comparison.

Anyway, I am more of an observer here. I just needed to pointvout thatbfaulty analysis

mnairaland:
That would be fairer comparison.

Anyway, I am more of an observer here. I just needed to pointvout thatbfaulty analysis

fair play to you

Did these "crooks" for that what they are also prevent Gej led federal government not to save it's own 50 percent share after the States have collected theirs? NOI already subtly accused Gej of lacking political will to save. Not minding his simplistic outlook, Gej was a disaster as president. At 78 per barrel Gej and NOI already warned Nigerians in 2014, to brace up for austerity and followed suit borrowing to pay salaries.

mccoy47:
WOW!


I just wish afonjas and zombies would read this!

It just hurts me when I see the same degenerates like Amaechi, Rauf n Co who sabotaged GEJ & Okonji's effort to save tru SWF by insisting on sharing ALL revenue, now ranting and abusing GEJ for lack of savings

Yes dt constitution is flawed n only favours d big mehn

zaboy:
The Prof is right...though OBJ was able to save despite the constitution. However, our problem i believe is not lack of savings per se, but what was done with the money that wasn't saved?
No one is saying GEJ did nothing, however, with the revenue they had in his 5yrs, they ought to have done much much much more!!!
Nigeria earned a total of 97trillion naira as oil revenue since its discovery in the 1960s. 51 of the 97trillion was during GEJ's time...let that sink in!!!

Did you pull that fact out of your ass... smells like you did!

solace2013:
Prof Bolaji Akinyemi is becoming old and I think senility is setting in gradually. Under this same 1999 constitution, OBJ saved up to $67billion in our reserve and ECA, Late President Yar'adua also saved little. No one blamed them for saving, they weren't jailed for flouting the constitution. GEJ came, oil sold for more than $100/barrel for 4 out of his over 5 years in the saddle, he didn't save. One old man is helping hi to adduce reason for his failure to save, blaming the constitution. Yes the constitution didn't allow him to save but it allowed him to waste his earnings for 5 years and like a marauder, plundered our reserves on his devilish 2nd term agenda, shame on GEJ and all of you that are supporting his Squandermaniac administration.

Stop being ignorant just because you want to make a point... When GEJ wanted to save, it was these same opposition governors that took him to court to share the money, a case which they won against him which made him share the money... Stop posting misleading info here. When NOI said Nigeria lacks the political will to save, she wasn't referring to GEJ not willing to save, she was referring to the constitution.

cyrilamx:
Did these "crooks" for that what they are also prevent Gej led federal government not to save it's own 50 percent share after the States have collected theirs? NOI already subtly accused Gej of lacking political will to save. Not minding his simplistic outlook, Gej was a disaster as president. At 78 per barrel Gej and NOI already warned Nigerians in 2014, to brace up for austerity and followed suit borrowing to pay salaries.

link to $74 in ,2014 when warning was issued plz

soberdrunk:
So we are no longer blaming "people", we are now blaming "things"............

Confusion too many

If the government don't rebuild our institutions

The government is wasting time.

Hardship will meet with corruption.

The government will loot from looters

May I ask prof, does this mean keeping external researve is not constitutional. I cant believe a prof could be spilling this nonsense.

I'm getting off this thread, let those wailing zombies give me a sensible answer to this.

mccoy47:
WOW!


I just wish afonjas and zombies would read this!

It just hurts me when I see the same degenerates like Amaechi, Rauf n Co who sabotaged GEJ & Okonji's effort to save tru SWF by insisting on sharing ALL revenue, now ranting and abusing GEJ for lack of savings

When the monies were shared in per centages, what did the FG do with itr 51%? Did the states and LGAs also share it?

Jokerman:
Zombies will still call Jonathan here... they are Jonathan obsessed. ...

I have always said it that the constitution is our problem....

Can't the President do anything about the constitution? ??

y did GEJ tell NASS to amend the constitution to favour savings.rather when he saw that pdp lost both edo and ekiti governorship battle at the appeal court, he and his majority pdp members in NASS made an amendment on the constitution that governorship battle should stop at supreme court

When the foundation is faulty...what is expected of the building?



It si not out of place when it collapses

"Any amount" does not mean everything. If the amount in the Federation account is sat Y, any amount means the percentage of Y presented to the National assembly by the President to be appropriated on such terms and manner as may be prescribed by the National assembly. In my mind our Constitution is world class, all we need do is understand and implement it.

All these APC people know is the blame game

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Restructuring signs everywhere in Nigeria. Still stupid leaders of ours will say no need for restructure.

Tip101:
Stop being ignorant just because you want to make a point... When GEJ wanted to save, it was these same opposition governors that took him to court to share the money, a case which they won against him which made him share the money... Stop posting misleading info here. When NOI said Nigeria lacks the political will to save, she wasn't referring to GEJ not willing to save, she was referring to the constitution.

Stop turning facts in its head mister. NOI wasn't referring to the constitution with that statement. She was categorical. She said she served under two regimes (OBJ and GEJ) and said under one, there was a political will to save and under the other, that will was absent. We all know which regime saved and which one didn't. Thankfully,both regimes operated with the same 1999 constitution. So what other twist will you come up with? If you want, I can furnish you with links to that publication. Whichever way you look at it, GEJ was a total disaster, though he had few props in way of reorganizing INEC and upholding the rule of law to an extent. Asides that, he was a mistake of a leader especially in a period of boom which we experienced between 2011-2014.
PS: If you are gonna come up with the excuse of governors didn't allow him save, like governors never existed during OBJ time. Do you know the FG takes the lion share of any allocation done? Pray tell, why couldn't the Jonathan-led FG save their own portion after giving the states theirs? There was global recession in 2008. Even top economies like the UK and USA were affected. Nigeria was immune from that owing to the strong will of OBJ who was able to jealously guide the future of his country and not spray dollars about like the buffoon did in the last election. Someone who as governor of a small state like Bayelsa couldn't do anything enviable was brought to rule a complex entity like Nigeria. It's a pity.