Saao:
Ameachi thought we forgot how he championed the governor forum during his tenure as a chairman of the forum, forcing the government of gej to share the fund? I remembered then the governors went to court to challenge the govt and the court declared the account illegal. Ngozi tried so hard to sustained the account but no way.
earlier he focus on his ministry better for all of us. as it is today, no minister is performing and Nigerians are really suffering

[s]He added that he would have used his position as the then chairman of PDP governors’ forum to fight the situation[/s] but he felt there was a need to cross over to APC because [s]of his belief in President Muhammadu Buhari.[/s]

SalamRushdie:
Has Ameachi become senile ? has he forgotten how he championed a court case forcing GEJ to share the money to Amechi and his band of thieving govs

verygudbadguy:
Not true. According to NOI, OBJ left 43.13 billion USD and
the amount is a gross total of the CBN external reserve, excess crude account and FG savings.

Respect to Yar'adua. He is one of the most respected presidents we have had so far. But then, we had so much revenue that the CBN external reserve rose from 31billion USD to 62b USD because oil was selling around 147usd per barrel. What then happened to the reserve after the Yar Adua's demise? What got it deplicted?

Your guess is as good as mine.

ChimaAgbalajob:
Why say $65 billion when you can ask for $150 billion?

Abookis are just looting nigeria and using GEJ this or that to distract our people.

NgeneUkwenu:
Expect the useless IPOB pigs, who only two days, were praising Amachi and welcoming him to their corrupt and devilish party , to come and rain abuses on him for daring to question their Corrupt ogogoro Drunkard Hero!

While some will begin to refresh Reno OMockery Twitter handle to see if there is anything they can use to console themselves.... Useless Zombies!

Blizzy9ja:
It was shared among the governor which was headed by you(Amaechi) and the 3 tiers of government

bedspread:
If Obj left 65b as u say.... Then u should be asking the Late Yaradua dt Question

verygudbadguy:

I don't think so. Read his account below.

"The Minister of Transport, Rotimi Amaechi, has disclosed that then serving governors requested the sharing of money from the Excess Crude Account, ECA, during ex-President Goodluck Jonathan’s regime because it was not properly managed.
According to the former Rivers State governor, “I heard Mrs Okonjo-Iweala say that in the past administration, governors were unwilling to save; she is 30 percent correct and 70 percent incorrect.

In 2009, we had an economic crisis so President Yar’adua put $1billion in the economy so no one felt the crisis. I can’t remember what was left in that account, the excess crude account.
During Goodluck Jonathan, every month when the governors went for the economic council meeting, the amount in the account kept dropping. If we asked about what happened to the money, the response we got was that the president approved for it to be spent.
So we said can we please share this money because the rate at which it was going, the president would have continually approved $1billion to spend and we won’t know what we are spending for and they won’t give us an account. So we told the vice president and the minister for finance that there was a need for us to share part of this money and we began to agitate. They now agreed to share part of the money and they did"

Not justifying his claims though.
www.google.com.ng/amp/dailypost.ng/2016/10/06/ex-governors-insisted-jonathan-shared-oil-savings-amaechi/amp/

tit:
why is buhari accumulating foreign reserve while nigeria is dieing of hunger?


WHO FOREIGN RESERVE EPP?

ChimaAgbalajob:
Why say $65 billion when you can ask for $150 billion?
Abookis are just looting nigeria and using GEJ this or that to distract our people.

NgeneUkwenu:
“As at then, the price of crude oil during the President Goodluck Jonathan’s administration hovered around 140 dollars with this, they did not leave anything for the incoming government.

FG, States, LGs Share N568.4 Billion for Oct
15 NOVEMBER 2013



Also, $1billion was proposed for distribution to complement shortfall in expected revenue." The $1billion is a compromise by the FG over its words in September not to augment shortfalls anymore.

Responding to the presentation, the chairman of the States Commissioners of Finance and Ebonyi State Commissioner of Finance, Mr Timothy Odaah, lamented that the statutory allocation was getting smaller and smaller. "It appears this is the worst in terms of returns. This is the least in allocations as far as this year is concerned. We are mourning the dearth of funds and this is a wakeup call for states and local governments to buoy up their internally generated revenue."

While appreciating the "magnanimity" of President Goodluck Jonathan to approve the $1billion from the excess crude account and to be shared among the federal, state and local governments, Odaah expressed disappointment with the returns made by the NNPC.

He said that the states had requested for $2bn to complement for the shortfall in revenue but got only $1billion. In September, Odaah and fellow commissioners had walked out of the Accountant General of the Federation (AGF) when the federal government said that the framework of the 2013 budget was no longer realistic and it won't augment shortfall in revenue. Odaah raised issues with the statutory allocations of previous months.

More from: http://allafrica.com/stories/201311150323.html

Mynd44:
Who foreign reservr epp?
Maybe you should ask Venezuela

Bevista:
Foreign Reserve are never shared to states, they are managed exclusively by the Federal Government through the CBN. What you are trying to refer to is the Excess Crude Account (ECA) which is different from the subject of discourse here.

Mynd44:
The arguement that it was the governors' forum that made the FG share the money makes no sense cos

1. Did you bother to ask why the governors sued the FG? Was it not cos they found out that the FG was actually making withdrawals from the ECA that theu decided to share it?

anonimi:
Tinubu Tackles FG, CBN On Excess Crude Oil Sales Account
Feb 22, 2001








The Lagos State Governor, Senator Bola Ahmed Tinubu, yesterday joined issues with the Federal Ministry of Finance and the Central Bank of Nigeria (CB N) over the recent face-off between the different tiers of government on the excess crude oil sales reserve account of US$ 1. 8 billion which is about N198 billion.

Expressing concern at the impression being created that the economy is rudderless, Tinubu argued that the central issue transcends the release or non-release of the fund into the Federation Account.

In his words: “The fundamental issues and principles at stake go much deeper. They are more broadly about the rule of law and the supremacy of the constitution on one hand, and the need for cooperation and coordination in a true federal structure, as a basis for sustaining and strengthening our fledgling democracy on the other hand”.

Governor Tinubu disagreed with the CBN's position that release of the excess crude reserves to the states and local governments, though legitimate, would lead to inflation; cause a rundown of the nation's foreign reserves; weaken the exchange rate further and run counter to agreements reached with the IMF.

The Governor contended that "in a period of excess capacity and low purchasing power, there should not be undue inflationary pressures from an injection of funds into the economy. Instead, such a development should be beneficial to economic activity and growth, despite the fact that there are supply rigidities and inefficiencies which would limit the potential benefits”.

On the purported likely impact on foreign reserves, Tinubu argued that "in an import-dependent economy such as ours, it is inevitable that an upturn in the level of economic activity would engender a fall in foreign reserves. This is not necessarily a bad thing. Rather, it would be immoral to appear to be building up high foreign reserves in the midst of grinding poverty”.

He stressed further that if the N198 billion released is matched by an equivalent US$1.8 billion, there should not be a fall in the value of the Naira as the supply of dollars would be in place to match any increased demand”.

Tinubu also said it would be unfair for the federal government to agree unilaterally to commit revenues due to other tiers of government, to an agreement with the IMF or anyone else.

Attributing inflationary pressures in the economy largely to the federal government's overspending and printing of money to finance such expenditure, Tinubu said "It is hardly fair for the FGN to overspend and then seek to correct the inflationary effect on the economy by starving other tiers of government of their rightful funds”.

Stressing that there is no basis for CBN or any authority to flout the constitution and deny states and local governments their own share of the Federation Account, Tinubu noted that "the excess crude reserve account is itself an illegality, carried over from the military era, as there is no provision in the law or the constitution for federally - collected revenues to be diverted to such an account”.

Advocating constructive dialogue on the management of the economy Governor Tinubu said "it is time for us to sit down and dialogue about how to move from where we are now, to where we need to get to, while respecting true federalism in fiscal and other matters”.

From: http://asiwajubolatinubu.com/archives/news/2001/02/22/20010222N01.html

Mynd44:
2. What did the FG do with their share of the money? Where was it uses?

eazydon:

Jan 30, 2015

At my backyard in Aba. our own train over here is very real. 2 times in a day it vibrates the ground.


www.nairaland.com/attachments/2079404_img20150113093139_jpeg8f36fa35ec568ebebe48dc9074e8a29d


www.nairaland.com/attachments/2079405_img20150113093149_jpeg45b4b86e153dd40d6444417ccd494db4