ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Monday, March 1, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Jonathan illegally spent N114bn in eight months, say Reps

FILE PHOTO: House of Representative in session

Jonathan illegally spent N114bn in eight months, say Reps

March 28, 2012
2 min read
ADVERTISEMENT

The House of Representatives has accused President Goodluck Jonathan of illegally spending within eight months N114 billion of the stabilization fund, a federal facility allowed for use only in economic emergency occasioned by crashing oil prices far lower than the government benchmarked price.

For years, instead of an oil sales deficit, the Nigeria has reaped from the windfall of oil prices always selling far ahead of the targeted price.

As such, the lawmakers said, there should be no need to tamper with the savings, a compulsory 0.5 per cent  of all government earnings earmarked as a cushion against dwindling revenues and for exigency in budget financing.

The stabilization fund account is now expected to be part of the recently established Sovereign Wealth Fund, created last year to replace the Excess Crude Account.

The charge came a day after the House threatened to act against the president’s penchant for unbridled borrowings that have skyrocketed Nigeria’s foreign debt volume.

Federal debt profile has seen an upsurge under Mr. Jonathan, since taking office in 2010 and the president has come under attacks for policies that have depleted savings and borrowed more with little to show for it.

As of December 31, 2011, the nation’s external debt stood at US$ 5.7 billion, from US$ 4.5 billion in 2010 and U$ 3.9 billion in 2009, according to the Debt Management Office.

In addition, the president asked the federal lawmakers to endorse a fresh US$8 billion foreign credit lifeline last month to finance certain “pipeline projects”, a move that was sure to raise the external debt to nearly $14 billion, a new high in almost a decade.

The House on Tuesday gave the president 60 days to implement the Fiscal Responsibility Act which prescribes national debt ceiling, although it failed to state what measure may be taken if the order was flouted.

RelatedNews

Don’t follow Magu’s footsteps, restore professionalism in EFCC, PDP tells Bawa

COVID-19: UK vaccination hits 20 million mark in Europe’s fastest jab rollout

Blood On Uniforms (1): Inside extra-judicial killings by police officers enforcing COVID-19 lockdown

Anxiety as fuel scarcity hits Lagos, Abuja, others

The House on Wednesday said the withdrawals from the stabilization fund were made to finance projects that should have been budgeted for. Lawmakers also accused the president of converting the account to a sort of a “slush fund”.

“This account being a buffer against oil price shock, spending from it should be guided by caution and great circumstance in order to maintain a sound fiscal policy,” said Haruna Fatai, who led the call for a probe of spending from the account.

The House committees on Appropriation and Finance are to investigate the withdrawals and ascertain the actual amount withdrawn by the president and what they were used for.

Dangote adbanner 728x90_2 (1)

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (4)
premiumtimes



PT Mag Campaign AD

Previous Post

PPMC reassures IPMAN, PTD of pumping products to Aba depot

Next Post

NNPC partners police to fight pipeline vandalism

More News

Economic and Financial Crimes Commission (EFCC) boss, Abdulrasheed Bawa. [PHOTO CREDIT: Bashir Ahmad Twitter handle]

Don’t follow Magu’s footsteps, restore professionalism in EFCC, PDP tells Bawa

March 1, 2021
Final burial rites for Umar Musa

Blood On Uniforms (1): Inside extra-judicial killings by police officers enforcing COVID-19 lockdown

March 1, 2021
Queues at filling stations

Anxiety as fuel scarcity hits Lagos, Abuja, others

March 1, 2021
President Donald Trump

Trump attacks Biden, hints at 2024 run for White House

March 1, 2021
NCDC lab used to illustrate the story

COVID-19: Nigeria records lowest daily infections, deaths in six months

March 1, 2021
A family is being tested for COVID-19 in Nigeria [PHOTO: TW: @NCDCgov]

COVID-19: Global pandemic responses make other diseases worse

March 1, 2021
Next Post
NNPC partners police to fight pipeline vandalism

NNPC partners police to fight pipeline vandalism

Nigeria Premier League: Enyimba reclaim top spot

Nigeria Premier League: Enyimba reclaim top spot

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad





Glo Ad

Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,626,466 other subscribers.

Advertisement






netherland biz school Advert

Zenith Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.