k

Lagos lawyer Femi Falana has urged former
Minister of Finance Dr . Ngozi Okonjo - Iweala to
apologise to Nigerians for admitting that the
withdrawal of $ 2 billion from the Excess Crude
Account ( ECA ) was authorised by President
Jonathan and not the Federation Accounts
Allocation Committee ( FAAC) .
He advised Dr . Okonjo - Iweala to stop denying her
role in the mismanagement of the nation’ s
economy.

Edo State Governor Adams Oshiomhole had
alleged that the ex - minister of Finance
unilaterally approved the withdrawal of the $ 2
billion from the Excess Crude Account ( ECA )
“without authorisation ”.

But in her reaction, Dr . Okonjo - Iweala claimed
that it was “false , malicious and totally without
foundation , ” asserting that the withdrawal of the
fund was “approved ” by FAAC.
Following denial of her claim by the FAAC , Mrs
Okonjo - Iweala recanted .
Falana noted that in denying the mismanagement
of the economy, the former coordinating minister
of the Economy said the “payments made were
used in paying for petroleum subsidies and were
approved by Mr. President”.

The Lagos lawyer said : “Assuming without
conceding that the release of the $ 2 billion was
approved by the President, is Mrs Okonjo - Iweala
saying funds belonging to the three tiers of
government could be unilaterally withdrawn from
the ECA by the Federal Government? As the
coordinating minister of the Economy , did she
draw the attention of President Jonathan to the
illegality of withdrawing funds from the ECA
without approval of the states and the local
governments, the co -owners of the fund ?”
Falana said despite the alleged payment of $ 2
billion for fuel subsidy in December 2014 , fuel
marketers have continued their strike over
alleged unpaid N200 billion by the Ministry of
Finance under Mrs Okonjo - Iweala ’ s watch.
He said : “In spite of the alleged payment of $ 2
billion for fuel subsidy in December 2014 , fuel
marketers have continued to embark on strike
over the alleged non -payment of N200 billion by
the Ministry of Finance under Mrs Okonjo -
Iweala ’ s watch . The claims and counter- claims
by the former minister and fuel marketers call for
investigation of the mismanagement of the fuel
subsidy regime by the Buhari administration with
a view to exposing the monumental fraud that
has characterised the policy .

“In 2011 , the National Assembly appropriated
N245 billion for fuel subsidy. Without any
amendment of the Appropriation Act , 2011 , by
way of supplementary budget , Mrs Okonjo - Iweala
unilaterally paid N2. 5 trillion to fuel marketers .
Investigations by the House of Representatives
and the Economic and Financial Crimes
Commission have confirmed that the bulk of the
fund was paid to members of a cabal, who did
not supply any fuel. Was it the FAAC or President
Jonathan that authorised the World Bank expert
to engage in the fraudulent payment of over N2
trillion to fake fuel importers ?

“Having admitted that the withdrawal of the $ 2
billion by her was authorised by President
Jonathan and not by FAAC as she had previously
claimed , Mrs Okonjo - Iweala ought to apologise
to Nigerians . And instead of resorting to shifting
blame in the circumstance , the former minister
should stop denying her principal role in the gross
mismanagement of the neo-colonial economy of
the country.


http://thenationonlineng.net/new/falana-to-okonjo-iweala-apologise-for-illegal-eca-withdrawal/

gabbytabby:
Commonsense has to prevail. Snicky and underhand elections need to stop. The change we voted for is to have men of dignity represent us.

A properly constituted house needs to conduct fresh elections and let the leaders emerge.

Saraki and Dogara need to volunteer to do the right thing.

Owk ooo

.

The Presidency yesterday got a request – it should probe the whereabouts of about $ 4billion taxes and dividends paid by the Nigerian Liquefied Natural Gas ( NLNG ) Ltd .
The payments include Income tax , Education tax and dividends .
NLNG Managing Director Babs Omotowa told The Nation last week that the company had paid over $ 30 billion to its shareholders in the past 10 years.
Into which account were the funds paid? The All Progressives Congress ( APC ) urged President Muhammadu Buhari to launch a probe . Nigeria , with a 49 per cent stake, is the single largest shareholder in the money- spinning company, which contributed $ 1.6 billion to the Federal Government’ s multi -billion package for the states .
Relying on facts and figures , the APC claimed that of the $ 4, 728 ,136 , 946 paid as dividends by the NLNG between 2009 and 2014 , only $ 127, 851 ,348 .19 made it to the Federal Government’ s Independent Account with JP Morgan .
It said the Buhari administration should tell Nigerians the whereabouts of the balance of over $ 4 billion . Explaining the NLGN role in the “bailout ” cash , Omotowa said the $ 1.6 billion was the Income Tax and Education Tax the company paid to the Federal Government through the Federal Inland Revenue Service ( FIRS ) for the 2014 financial year.
But the APC , through its National Publicity Secretary , Alhaji Lai Mohammed , called on the Federal Government to urgently unravel what happened to the past dividends paid to it . Mohammed said the probe became necessary following published reports that such remittances were never lodged into the Federation Account as required.
The Peoples Democratic Party ( PDP ) , through its spokeman, Olisah Metuh, claimed that the “bailout ” cash , which will help states to pay salaries from the savings left behind by the administration of former President Goodluck Jonathan .
Metuh, who counselled President Buhari to take a cue from his predecessor by saving for the rainy day, also claimed that NLNG ’ s dividend stood at $ 5.6 billion , when Dr . Jonathan left office on May 29.
Mohammed accused the PDP of grandstanding and standing logic on its head. In a statement issued in Lagos yesterday, Mohammed described as a glaring example of grandstanding opposition the attempt by the PDP to distort the facts about the source of the $2 .1 billion that was approved for sharing by the three tiers of government by the President.
The statement reads : “Whereas the Presidency corrected the initial erroneous report that the shared money was sourced from the Excess Crude Account ( ECA) , the skittish opposition continued to insist it was from the ECA and that it was part of the ‘ savings ’ by the Jonathan Administration .
“Well , we can tell Nigerians that the $2 .1 billion was sourced from the $ 1. 6 billion Company Income Tax/Education Tax paid to the Federal Government on June 17, 2015 , over two weeks after the Jonathan Administration left office, as well as the $ 500 million tax paid by Shell. “We can tell Nigerians that this is the first time the payment of the Income Tax /Education Tax by the NLNG was being disclosed by any government, in addition to paying it into the Federation Account for sharing , hence those who call it their ‘ legitimate’ earnings should be asked why they did not demand the sharing of such ‘ legitimate’ earnings in the past .
“We can tell Nigerians that apart from the said $ 1.6 billion NLNG payment for 2015 , NLNG also paid $1 .4 billion as Income Tax /Education Tax in May 2014 , paid $ 0. 3 billion as Education tax to the Federal Government in 2011, 2012 and 2013 and $ 1. 2 billion in VAT and With-holding Tax to the Federal Government since 2009 . These payments are just those made in the past six years alone, hence there were other payments before then .
“In addition, dividend payments totalling $ 4, 728, 136 ,946 were paid to the Federal Government between 2004 and 2009, out of which only $127 , 851, 348 .19 was credited to the Federal Government’ s Independent Account with JP Morgan , leaving a balance of over $ 4 billion . “The questions to ask therefore are why all the past taxes and dividends were neither fully paid into the Federation Account nor shared by the three tiers of government and what happened to the funds .”
The APC said the probe must be carried out in the light of President Buhari ’ s directive that all funds due to the Federal Government must be paid to the Federation Account as part of ways to plug financial leakages .
The statement went on: “In an effort to restore transparency to the system, it is important to let Nigerians know why all due funds were not paid into the Federation Account in the past and what happened to such funds.
“The party also said that as part of the investigation , the PDP must be asked where it kept the $ 5. 5 billion which it said was the dividend paid to the Federal Government by the NLNG before the 29 May handover .
‘’ Since, according to the PDP , President Goodluck Jonathan asked that the money be ‘ left for the incoming administration to manage ’ , it is important for the party, therefore , to tell Nigerians in which account the money was ‘ saved ’ because it is definitely not in the Federation Account.” Insisting that an opposition must not only be factual and truthful but ‘ eschew pandering to be credible ’ , the APC said : “Had the PDP embraced these cardinal principles , it would not have , in the rush to belittle the package that was approved for the states by President Buhari and to discredit his administration , engaged in outright lies and selective perception .
“While the PDP became fixated on the source of the money shared by the states , it forgot that there were other measures in the package that included a special intervention fund of between N250 billion and N 300 billion from the Central Bank of Nigeria ( CBN ) as a soft loan available to states to access for the purposes of paying backlog of salaries .
“The PDP also forgot the debt relief programme designed to assist the states to restructure their commercial loans of N660 billion , with a view to extending the life span of such loans and reducing the states ’ debt - servicing expenditures .
“That way , the states are freed from their perennial inability to pay workers ’ salaries , and more funds are available to the various governments to use for the benefit of the people .
“They have forgotten that the only time in the country’ s history that this kind of rescue package was made was also during the tenure of Muhammadu Buhari as military Head of State . ” The APC advised those who are showboating and distorting facts to tarry a while , as what they have seen was just a tip of the iceberg in a long journey to clear the rot left behind by “the rudderless administration of Dr . Jonathan”.
“The revelations concerning the deep rot in the system that will come in the weeks and months ahead will shock even the most ardent critics of the Buhari Administration ’ s salvaging efforts ,” the party said .

The Nigerian National Petroleum Corporation ( NNPC ) hopes that its domestic refineries can cover 20 per cent of domestice product needs , the head of refining has told Reuters .

Group Executive Director of Refining and Petrochemicals Ian Udoh said he expected to receive six cargoes a month of Nigerian Bonny Light and Escravos crude oil to run 180 , 000 barrels per day ( bpd ) or 40 per cent, of Nigeria ’ s total refining capacity . He said he expected to produce 8 million litres a day of petrol, accounting for about 20 per cent of the estimated consumption.

The 125, 000 bpd Warri refinery resumed last week after maintenance and it is expected to run at 60 ,000 bpd . The Port Harcourt complex will start ramping up over the next two weeks but only the newer of the two plants at the site is functional and at 90, 000 bpd versus its 150 , 000 bpd capacity. The last refinery to restart will be the Kaduna Refinery as it will take about two more weeks to repair the pipeline bringing crude from the oil - rich delta in the Southsouth. Nigeria has wholly depended on subsidised fuel imports and crude - for-product swap agreements and suffered acute fuel shortages since February.

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just 5ive






Olodo !!!!

.

maverickdude:
great

hmmmmm

owk

Una don forget say Christianity na way of life (Culture)

No blame am joor

if u tink say u be PDPite..PMB na combination of ACN, CPC nd APGA

if u tink say u be thief...PMB na soldier

if u think say u be hater...PMB na liker

Shoro Niyen



Naso dem talk for Keshi own too
Make we just try am...tank God say him be indigenous coach not another racist coach

FTC

d battle-line is drawing itself little by little


FTC

I fit Mess ooo
so be careful

leave dis Tinubu man 4 Christ sake

RagaMufeen:
My brother i see something tonight when it look like tinubu in back of our house. Very dark so i no fit know say if its tinubu but i was scare.
many politician na winch anyway.

Na by force u write something

mtcheeeeew

Emphany:
This write up sounds like one apc made up stories.

owk

U try fa but repetition plenty

.

Downloaded Child

PDP no corrrupt or wetin dis corrupt man dey #Yarn

Better

Koncheskyk:
We Igbos are not violent.

Iffa hear

Make him try as much as possible to pray for less humiliation in his tenure in office

who cares

We don hear U


Repetitions everywhere

Thanking God for his Life ooo

A classy lady is one who is fashionable..stylish..nd most times wit swags but an Educated lady is one who is vast in knowledge..educated..expose nd smart

An Educated lady can also posses d classy qualities sometimes

But I prefer d #Classy sha cos she go don sabi every every..no be u go dey teach am new things

Freemanan:

Missed me love?

wtf