why McKinsey. can't government think for itself. all the measures she propose can do nothing to stop the downward spiral of the economy. next year budget benchmark is 73$ that is even worse. the price might drop to $40.

Okonjo your second coming has been nothing short of a colossal disaster!!

Before you people talk austerity, tell your employer to sell off 70% of the fleet of cars and jets attached to his office, he doesn't need them.

Afterwards, tell him to slash his culinary bill by 80%, he can survive on even less.

Tell him to stop creating bogus offices to reward his praise singers.

Tell him to stop conniving with that froggy eyed woman to fleece this country.

Tell him to grow even a single ball and prosecute people like Ifeanyi, Bello's son, Tukur's sons, Otedola, and the rest of the oil subsidy crooks. We can easily raise 1.9trillion naira from them!!

Tell him to stop creating fictitious policies to rob this country. (YOUWIN, SURE-P, etc).

Tell him to stop borrowing monies to prosecute his uncanny political agenda using the country as collateral.

Then when you are done, kindly resign and submit yourself to EFCC for spreading lies through that concocted NOI polls off yours. You are a Disgrace madam!

phlemzy:
Only if we all know how much scam has happened underground in petrol & kerosine subsidies at the level of nnpc & petroleum ministry, we'll know how joyless those at the helm of affair have been. It just dawn on them that the crude market is full of products & price has crashed. I only hope dat the ECA doesnt drop to zero level in the year ahead. And Iweala will still come on air to say [/b]Nigeria is not broke[b]! dunce-led-govt.

If she comes out to say that Nigeria is broke, that will be worse. Our stock market will crash to zero under 24 hours. It will affect investor confidence in Nigeria.

@ OP, we should all know that this is just the beginning. We should expect removal of fuel subsidies immediately after 2015 elections irrespective of who wins the elections but before that NOI must tell us how they've reduced NASS members salaries/allowances and also the reduction of backroom staffs/allowances of all top government functionaries.

Force the elites to submit 1/3 of their wealth to the state for austerity. Na now there eye open after frittering the country earnings on frivolous activities and projects.

The common man is already experiencing austerity measure. People are really suffering. They want people to suffer more.

Okonjo Iweala,the worst minister of finance nigeria has ever had.

Yes! I hope the proflagrant spending days of the FG are over! I doubt.. Hehehehe. There was a country called Nigeria.. And it was known for it's wasteful nature..

Call this a recession? Or something else, but it has come to stay. It's unreal, but it is real and Nigerians will bear the brunt of the situation!

omenka:
Okonjo your second coming has been nothing short of a colossal disaster!!

Before you people talk austerity, tell your employer to sell off 70% of the fleet of cars and jets in attached to his office, he doesn't need them.

Afterwards, tell him to slash his culinary bill by 80%, he can survive on even less.

Tell him to stop creating bogus offices to reward his praise singers.

Tell him to stop conniving with that froggy eyed woman to fleece this country.

Tell him to grow even a single ball and prosecute people like Ifeanyi, Bello's son, Tukur's sons, Otedola, and the rest of the oil subsidy crooks. We can easily raise 1.9trillion naira from them!!

Tell him to stop creating fictitious policies to rob this country. (YOUWIN, SURE-P, etc).

Tell him to stop borrowing monies to prosecute his uncanny political agenda using the country as collateral.

Then when you are done, kindly resign and submit yourself to EFCC for spreading lies through that concocted NOI polls off yours. You are a Disgrace madam!

Gbam! Sure-P is a national draining pipe! How did Nigeria get here??

Wait a minute! We should prepare for AUSTERITY?. I'd rather say they should prepare, because an average Nigerian is going through austerity.

This is how you know that Okonjo Iweala is nothing but a daft fat pig ..There is a drastic drop in our primary source of revenue and instead of this glorified pig to look for ways to ramp up ways to get more income to stream in from around the world the best this piggy can think of is how to increase taxes on her own citizens as a way to raise revenue for her and gang of no goods to steal . See where this GEJ,s inept and grand thieving govt has led us .

So Mrs Okonjo Shepopotamus Iwela is saying that winter is coming right? Ok! Tell that gorilla in Aso rock to forfeit his gadem $1 billion meal.. See how she carry head like balloon wey wan bust!

GEJ cannot spend 1billion naira on his meal while nigeria is suffering,this will be the beginning of a revolution.

NIGERIA MUST DIVIDE IN JESUS NAME

beautiful! the fun is about to start! NMA,TUC,NLC,JOHESU,NUT and ASUU should start sharpening their knives and cleaning their guns.

phantom:
beautiful! the fun is about to start! NMA,TUC,NLC,JOHESU,NUT and ASUU should start sharpening their knives and cleaning their guns.

They will go on strike and they will call themselves back to work.

Nigerian economy is about to be corrected and we should all tighten our belts for now. The good news is that there'll be less money to steal by our corrupt ruling elite and they'll be forced to implement good policies that will diversify and improve our economy.

I believe that this is a blessing in disguise and we'll come out stronger and better

After okonjo don use her ojoro economics ruin our economy she come dey speak grammer. Jonafool don finish dis country

Great to know

FED GOVT DECEIVING THE PEOPLE SINCE 1914....OUR POLITICIANS DOING AWAY WITH OUR MONEY AND LEAVING THE MASSES TO SUFFFER PRESENTLY AND FROM THE AFTER EFFECT OF THEIR LOOTING....

citizenisb:
http://www.punchng.com/news/oil-slump-fg-unveils-austerity-measures/


The minister stressed that even though the drop in oil prices was a serious challenge, it was also an opportunity for the country to refocus efforts towards the non-oil sectors in preparation for a future with less oil revenue.

As part of the efforts to reduce expenditure, she said international travel within the public service would be severely curtailed, adding however, that critical infrastructure projects would not be affected because they were key to economic growth, development and job creation.


She stated that the decline in oil prices had given additional impetus to the Federal Government’s focus on increasing non-oil revenues.

In this regard, the collection target for the Federal Inland Revenue Service, which has been working with Mckinsey to increase receipts will be revised upwards for next year.

Se said the country had recorded good success in reaching the initial target set this year of N75bn; noting that so far N65bn of this had been collected.

For 2015, the minister put the revised target at N160bn above the 2014 base.

Okonjo-Iweala also unveiled plans by the government to introduce what she called “tax on luxurious goods,” stating that this was a part of measures aimed at increasing revenue from non-oil sources.

She said that users of luxurious items, such as private jets, yachts, alcoholic beverages and expensive cars, would be required to pay special taxes for such goods.

Thank God, i'm muslim and i no de take beer. Bleep off country,instead of augmenting the drop in oil revenue by giving more impetus on other sectors of the economy like agriculture and tourism, now, they want increase the money they extort from innocent citizen. Drunkard mofos!

Nigerians did not benefit from the revenue during the sunny days--15 years of high crude prices-- but now we are expected to pay for the loss of revenue attributable to the decline in crude prices?

A senator earns N498, 630. 137 a day, N20,776.28 per hour and N346.270 per minute. In other words, a senators daily pay is two times more than the annual pay of the least paid Nigerian worker. A senator’s hourly pay is also more than the monthly pay of the least paid worker in the country.

These ministers/politicians are not sincere.

Cut Government salaries first! Cut those stupendous allowances!

Nothing new, we the masses been in austerity since.

Very obvious.

so they know they were wasting the country's resources all along

davitogreat:
the only people that are going to be affected by these austerity measure are the elites. So I don't know why people are all up in arms about it.
These means the decline in oil is making our leaders wake up to their responsibilities.

Elites ko,kegites ni.U go suffer ehn.

Spend lightly this Xmas. Trouble Ahead.

the time oil price high what the benefits to we the citizens b4? So i see no deference now oh if the oil low oh! We as a nigerians we dn dey hustle for our own selves since 000000000AD. Abegi yeye government since 000000AD

When we called on the leaders to be more proactive, their e-warriors called us unpatriotic.

Now the chicken has come home to roost. They are going to extort the "living be-Jesus" out of the already impoverished masses.

Nigerians can only learn the hard way.
E-warriors una go follow suffer. Those pittance oga dey pay una will not be enough.

Hopefully, oil will not stay down for too long or na real gbese.

/

What has been happening to the excess crude money .... The price in budgets before now was 75 naira... Oil sold has high as 105 naira .

Let the oil price depreciate the more perhaps our leaders will prudent management of resources.

Nichobabe:
Nothing new, we the masses been in austerity since.

\
You think say you dey austerity before?

Govt wey no dey pay salaries and gratuities when excess money dey.

If this thing happen, u go hear am.

No be person wey see fuel go buy?

When e hit, APC and PDP will make no difference.

Muslim and Christians, North and South.

Everybody go know say there is new sheriff in town called poverty.

For Okonjo who is always in lala land in denial with her fictitious statistics to finally acknowledge the bumpy road ahead means that extra wahala dey o.

The big guns are already dusting their international passports. E-warriors una go hear am.

GEJ till Jesus returns!

/

Where are we going with this .?.?/