Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,209,472 members, 8,006,207 topics. Date: Monday, 18 November 2024 at 06:19 PM

Buhari's Bailout To The States Without Senate Approval - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Buhari's Bailout To The States Without Senate Approval (4003 Views)

Buhari Appointed DG Of Lottery Commission Without Senate's Approval- Dino Melaye / States Get Another Bailout To Pay Workers Salaries / Dogara Seeks Senate’s Approval For Removal Of IGP (2) (3) (4)

(1) (2) (Reply) (Go Down)

Buhari's Bailout To The States Without Senate Approval by Angel1977: 9:56pm On Jul 12, 2015
Was the bailout to the states approved by the Senate or there was no need for approval from the Senate? Was there no need for a substantive Finance Minister to be appointed before such a decision would be made? Just wondering. . . .

5 Likes 1 Share

Re: Buhari's Bailout To The States Without Senate Approval by seedgreen(m): 9:59pm On Jul 12, 2015
Following
Re: Buhari's Bailout To The States Without Senate Approval by doublewisdom: 10:04pm On Jul 12, 2015
Buhari is a coupist and has no respect for constituted Authority.

12 Likes

Re: Buhari's Bailout To The States Without Senate Approval by playboy99(m): 10:09pm On Jul 12, 2015
U people wuld shout dey ar oweing workers d same people wuld still crucify for paying.wat do u want sef who na no dey tire ni #ACE

13 Likes 2 Shares

Re: Buhari's Bailout To The States Without Senate Approval by simeonii(m): 10:17pm On Jul 12, 2015
Liike seriously!!! Thought same too....nice observation, I really need a clarification undecided

3 Likes

Re: Buhari's Bailout To The States Without Senate Approval by Sunofgod(m): 10:18pm On Jul 12, 2015
Buhari is a dictator - he doesn't need approval.

9 Likes

Re: Buhari's Bailout To The States Without Senate Approval by mobaking: 10:25pm On Jul 12, 2015
Jonathan didn't need approval to pay the NLNG dollars to a secret NNPC account b4 being whacked.3yrs 10months more for the waling wailers to perfect their art.

10 Likes 1 Share

Re: Buhari's Bailout To The States Without Senate Approval by Chimezie250(m): 10:35pm On Jul 12, 2015
That is to show you there is no different between Apc and pdp, same people with different mantra

2 Likes

Re: Buhari's Bailout To The States Without Senate Approval by Azedplus(m): 10:36pm On Jul 12, 2015
doublewisdom:
Buhari is a coupist and has no respect for constituted Authority.

A coupist who is better elected than the Otuoke constituted authority with 6 years failure.

6 Likes

Re: Buhari's Bailout To The States Without Senate Approval by bigiyaro(m): 10:38pm On Jul 12, 2015
Angel1977:
Was the bailout to the states approved by the Senate or there was no need for approval from the Senate? Was there no need for a substantive Finance Minister to be appointed before such a decision would be made? Just wondering. . . .
we dnt have a senate yet

2 Likes

Re: Buhari's Bailout To The States Without Senate Approval by henrysam(m): 10:41pm On Jul 12, 2015
playboy99:
U people wuld shout dey ar oweing workers d same people wuld still crucify for paying.wat do u want sef who na no dey tire ni #ACE
So because they are owing workers and the governors should be bailed out
The constitution should be trampled upon. Pple just argue blindly

5 Likes

Re: Buhari's Bailout To The States Without Senate Approval by OAM4J: 10:50pm On Jul 12, 2015
Sharing money accrued to the federation account within the tiers of government does not require senate's approval.

Only the FG needs senate's approval if they are going to spend or raise loan out of already approved federal budget.

13 Likes 2 Shares

Re: Buhari's Bailout To The States Without Senate Approval by Nobody: 10:55pm On Jul 12, 2015
APC likes to reward failure.

This is how Oshiomole granted a scholarship to a juvenile delinquent who endangered his life and that of passengers of an airliner by hiding in the landing gear.

Why bail out these states?

Other than Cross River which took bonds and loans in the Duke administration in lieu of their oil assets which Obasanjo dashed Cameroun with Bakassi no other state deserves a bailout.

A state like Osun has been running a deficit budget for 3 yrs straight which was over 5 times the annual gross revenue base.

Why reward such ineptitude with a bailout?

In 2013 Osun budgeted over 210 billion but only generated a gross revenue of 40bn.

Aregberascal continued like this for 3 yrs in a row and these budgets were based mainly from bank loans.

Things got so bad that early this year after bank deductions from source, Osun only had 540 million from federal allocations.

What has Aregberascal got to show for his ineptitude, recklessness and wickedness in managing the wealth of Osun people?

Not a dmn thing.

To reward a state like Osun with a bailout is to justify ineptitude and corruption.

7 Likes

Re: Buhari's Bailout To The States Without Senate Approval by Azedplus(m): 10:58pm On Jul 12, 2015
The withdrawal/bailout/ is a statutory allocation to the states.Several of these as far I know ( public sector accounting ) does not need senate approval but such rights has been vested to the executive arm as contained in relevant sections of the law that set up revenue and expenditure of the govt.only if issues are raised on such disbursements then the senate can come in. It's like a father gives his son pocket money and telling the son to seek approval before buying himself a recharge card

3 Likes

Re: Buhari's Bailout To The States Without Senate Approval by aljharem(m): 10:59pm On Jul 12, 2015
OAM4J:
Sharing money accrued to the federation account within the tiers of government does not require senate's approval.

Only the FG needs senate's approval if they are going to spend or raise loan out of already approved federal budget.

I don't understand sir, so are you saying all the money that have accrued over the years in past governments may not have passed through the senate ?

I mean why do the ex-president do it anyway even if it is not a requirement.

Explain sir because I am now confused

1 Like

Re: Buhari's Bailout To The States Without Senate Approval by aljharem(m): 11:01pm On Jul 12, 2015
Azedplus:
The withdrawal/bailout/ is a statutory allocation to the states.Several of these as far I know ( public sector accounting ) does not need senate approval but such rights has been vested to the executive arm as contained in relevant sections of the law that set up revenue and expenditure of the govt.only if issues are raised on such disbursements then the senate can come in. It's like a father gives his son pocket money and telling the son to seek approval before buying himself a recharge card

How much is the limit the executive (in this case the president) power can disburse without the senate approval ?

I mean there must be a limit right ?

1 Like

Re: Buhari's Bailout To The States Without Senate Approval by Nobody: 11:03pm On Jul 12, 2015
OAM4J:
Sharing money accrued to the federation account within the tiers of government does not require senate's approval.

Only the FG needs senate's approval if they are going to spend or raise loan out of already approved federal budget.

And how do you justify sharing this money without a budget?

Isn't the budget based on revenue?

You accuse Ngozi of not having budgetary approval for spending revenue from this same source but see nothing wrong when Buhari does same.
do you see your hypocrisy?

8 Likes 1 Share

Re: Buhari's Bailout To The States Without Senate Approval by Redfruit(m): 11:05pm On Jul 12, 2015
Oya nah!!!! Let Saraki impeach him then.

2 Likes 1 Share

Re: Buhari's Bailout To The States Without Senate Approval by aventura: 11:12pm On Jul 12, 2015
WombRaiders:


And how do you justify sharing this money without a budget?

Isn't the budget based on revenue?

You accuse Ngozi of not having budgetary approval for spending revenue from this same source but see nothing wrong when Buhari does same.
do you see your hypocrisy?
It's really nauseating.

8 Likes

Re: Buhari's Bailout To The States Without Senate Approval by aljharem(m): 11:12pm On Jul 12, 2015
WombRaiders:


And how do you justify sharing this money without a budget?

Isn't the budget based on revenue?

You accuse Ngozi of not having budgetary approval for spending revenue from this same source but see nothing wrong when Buhari does same.
do you see your hypocrisy?

i want to understand this too

4 Likes

Re: Buhari's Bailout To The States Without Senate Approval by bakila: 11:13pm On Jul 12, 2015
aljharem:


I don't understand sir, so are you saying all the money that have accrued over the years in past governments may not have passed through the senate ?

I mean why do the ex-president do it anyway even if it is not a requirement.

Explain sir because I am now confused
Let me try on his behalf. The Loan or grant in aid is covered by section 164 of the Constitution. The Provision does not require the President to seek approval of the National Assembly. The Grant can be made on an existing Law made by the NASS. The Debt Management Office Act and the RMAFC Act enable such transaction between the federal government and state governments.
So the Law is subject to an Act not the approval or confirmation of the National Assembly.

2 Likes

Re: Buhari's Bailout To The States Without Senate Approval by AhmadMind: 11:15pm On Jul 12, 2015
[size=18pt]The Problem here is that by ONE Singular Action PMB has vindicated GEJ years of SHARING MONEY...

Because for a democratically elected President to single-handedly dish out over Half A Trillion Naira.... without proper NEC or Senate or Bureaucratic discussions or Referendum ..... Nigeria is in Big trouble. How will investors feel[/size]

Angel1977:
Was the bailout to the states approved by the Senate or there was no need for approval from the Senate? Was there no need for a substantive Finance Minister to be appointed before such a decision would be made? Just wondering. . . .

7 Likes

Re: Buhari's Bailout To The States Without Senate Approval by Nobody: 11:17pm On Jul 12, 2015
aljharem:


How much is the limit the executive (in this case the president) power can disburse without the senate approval ?

I mean there must be a limit right ?

Every penny that the FG spends each year must be accounted for from the budget.

If there is need for extra spending say like during a natural disaster where NEMA is overwhelmed then the FG will still require National Assembly approval to dip into the federation account or whatever source.

There is no where the executive can spend a dime outside the budget.

The budget laws also make it illegal to divert funds from what was approved to another sector.

For instance if a ministry gets a budget approval to pay an upward review of salaries, the minister can not divert that money to procure or execute capital projects.

Don't mind them. They know not what they are speaking about.

1 Like

Re: Buhari's Bailout To The States Without Senate Approval by bakila: 11:20pm On Jul 12, 2015
aljharem:


How much is the limit the executive (in this case the president) power can disburse without the senate approval ?

I mean there must be a limit right ?
Unfortunately for you there is non. The loan is a soft loan that the CBN will deduct at the agreed rate between the state and federal government. Mind you section 164 of the Constitution allows such deduction of grant in aid from the Consolidate Account in the interest of National well being. Which well being pass make them pay those civil servant their salary. Mind also the LNG Dividend is money the states are entitled to.
I think the bigger picture is for all and sundry to work with the new government in finding out where the money went in the first place and ensure conviction of the thieves and reparation to the state of the stolen funds.

4 Likes

Re: Buhari's Bailout To The States Without Senate Approval by Nobody: 11:27pm On Jul 12, 2015
bakila:

Let me try on his behalf. The Loan or grant in aid is covered by section 164 of the Constitution. The Provision does not require the President to seek approval of the National Assembly. The Grant can be made on an existing Law made by the NASS. The Debt Management Office Act and the RMAFC Act enable such transaction between the federal government and state governments.
So the Law is subject to an Act not the approval or confirmation of the National Assembly.

Where is the money coming from? Is it from CBN or the external reserves?

Why squander our little forex to bailout corrupt governors?

This same governors cornered liquidity from the commercial banks which they squandere with nothing to show for and now we have to dip into our forex to bail them out?

Forex that investors and businesses require which the CBN can not supply all because one fool distributed it back to corrupt governors who sponsored his campaign.

3 Likes

Re: Buhari's Bailout To The States Without Senate Approval by bakila: 11:32pm On Jul 12, 2015
WombRaiders:


Where is the money coming from? Is it from CBN or the external reserves?

Why squander our little forex to bailout corrupt governors?

This same governors cornered liquidity from the commercial banks which they squandere with nothing to show for and now we have to dip into our forex to bail them out?

Forex that investors and businesses require which the CBN can not supply all because one fool distributed it back to corrupt governors who sponsored his campaign.
The fool is he that does not realise the suffering of the workers who had to live with their families without their wages. AT least the kicked out the stupppid government headed by fooools who do not think corruption is stealing of public funds. That fooliish government is extinct and its fooolish supporters should wail for so long. The Civil Servants who will receive their salaries from the LNG dividend that has being going to private pockets of the past government know that all those supporting the immidiate past government are foooolssss. Foolstop.

3 Likes

Re: Buhari's Bailout To The States Without Senate Approval by wirinet(m): 11:32pm On Jul 12, 2015
Educating wailing wailers once again. Sharing of money from the federation account does not pass through the Senate. All monies acrued the Federation account is to be shared according to the sharing formula agreed by law. It is the Federal part of this money that is appropriated by the senate and the state component is appropriated by the state houses of assembly. The Federal and state Governments make their budgets based on the projected sharings from the federation accounts plus internally generated revenue

Buhari seriously needs to declare a state of emergency on Education in Nigeria.

7 Likes

Re: Buhari's Bailout To The States Without Senate Approval by OAM4J: 11:40pm On Jul 12, 2015
aljharem:


I don't understand sir, so are you saying all the money that have accrued over the years in past governments may not have passed through the senate ?

I mean why do the ex-president do it anyway even if it is not a requirement.

Explain sir because I am now confused

WombRaiders:

And how do you justify sharing this money without a budget?
Isn't the budget based on revenue?
You accuse Ngozi of not having budgetary approval for spending revenue from this same source but see nothing wrong when Buhari does same.
do you see your hypocrisy?

I don't know how to explain this better. FG account/money and budget is different from money that goes into the federation account which belongs to FG, States and Local Governments.

That money is shared monthly and does not need senate's approval.

While each state assembly approves how each state should spend its portion and other IGR, the senate and House of Reps only approve the income and expenditure of the FG.

If Buhari decides to spend the share of the FG on what is not already in the approved budget then he will need to to get the approval of the Legislature. Right now that is not the case. He only approved sharing of monies that belong to the 3 tiers of government.

3 Likes 2 Shares

Re: Buhari's Bailout To The States Without Senate Approval by Nobody: 11:40pm On Jul 12, 2015
bakila:

The fool is he that does not realise the suffering of the workers who had to live with their families without their wages. AT least the kicked out the stupppid government headed by fooools who do not think corruption is stealing of public funds. That fooliish government is extinct and the fooolish supporters should wail for so long. The Civil Servants who will receive the salaries from the LNG dividend that has being going to private pockets know that all those supporting the immidiate past government are foooolssss. Foolstop.

And how is state wages the responsibility of the federal govt?

Jonathan never owed a dime during his 6yrs and Salaries were usually paid on the 25th day of each month!

Do you know that each state has a huge ghost workers problem?

Do you know that most states refused to adopt the PENCOM act because the governors still want to have ghost pensionerrs?

The problem started with the greed of the State governors and the lack of oversight by their respective rubber stamp assemblies.

The trade unions who would have drawn attention to the state finances also capitulated to the governors' bribes.

Systematic and widespread corruption coupled with reckless borrowing and spending which did not bennefit the common man is what led to this impasse.

A state like Osun has at least 5 yrs before liquadting any commercial loan taken by Aregbe and in light of dwindling oil prices you can expect that Osun state will still have years of cash squeeze to contend with.

Should the federal govt continue bailing osun?

3 Likes

Re: Buhari's Bailout To The States Without Senate Approval by patrickmuf(m): 11:48pm On Jul 12, 2015
OAM4J:
Sharing money accrued to the federation account within the tiers of government does not require senate's approval.

Only the FG needs senate's approval if they are going to spend or raise loan out of already approved federal budget.
Gbam! You said it all, anybody who doesn't understand should quit Nairaland and go get proper education...

1 Like

Re: Buhari's Bailout To The States Without Senate Approval by Nobody: 11:50pm On Jul 12, 2015
OAM4J:




I don't know how to explain this better. FG budget is different from money that goes into the federation account which belongs to FG, States and Local Governments.

That money is shared monthly and does not need senate's approval.

While each state assembly approves how each state should spend its portion and other IGR, the senate only approves the income and expenditure of the FG.

How does the FG outline it's budget for the year?

Isn't it from expected revenue?

And since FG revenue from is from every state of the federation remmitance is made back to these states like in the case of VAT earnings.

It is from this monthly breakdown which State base their budgets as well.

This is why the Federal govt makes remmitance on a monthly basis to states through FAAC.


The money accrued to the FG is then used to finance the FG budget and some is saved in external reserves to shore up our currency and saved to fund next year's budget.

Take for example the oil bench mark. Any monies accrued from oil states which is above goes to the ECA account. The ECA account is the only account that the FG can share to states without budgetary approval since these states have a legal claim to it. But that does not make the FG to spend what is in the ECA after distributing to states it's own share.

The FG can spend its share of ECA where it is covered in the budgetary allocation. The FG cannot spend above it's budgeted allocation without National Assemvly approval.

3 Likes

Re: Buhari's Bailout To The States Without Senate Approval by aljharem(m): 11:50pm On Jul 12, 2015
OAM4J:




I don't know how to explain this better. FG account/money and budget is different from money that goes into the federation account which belongs to FG, States and Local Governments.

That money is shared monthly and does not need senate's approval.

While each state assembly approves how each state should spend its portion and other IGR, the senate and House of Reps only approve the income and expenditure of the FG.

Thank you sir

2 Likes

(1) (2) (Reply)

Igbo Albinism (the True Esau) / A MUST See-nigerian Police,wat A Shame,giant Of Corruption / See What The North Wished Jonathan When He Was President (pics)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 67
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.