And yet pdp was the first to assess PMB first 14 days,as if the country was left in a good condition. Pdp is fighting hard to come back,not becos of thier will to right the wrong,but to keep loothing,cos thats the life they are use to.

justsayemma:
And yet pdp was the first to assess PMB first 14 days,as if the country was left in a good condition. Pdp is fighting hard to come back,not becos of thier will to right the wrong,but to keep loothing,cos thats the life they are use to.

Our budget deficit is N1.3 billion out of approximately N4.3 trillion


There is nothing like piled up deficit from a yearly budget in accounting when total debt is already listed


Senate: Nigeria to Run 2015 Budget in Deficit


• Bill scales second reading

After much lamentation over the 2015 budget, the Appropriation Bill for the current fiscal year scaled second reading on the floor of the Senate on Wednesday with senators describing the estimates as a deficit budget whose content is grossly exaggerated.

Leading debate on the bill, Senate Leader, Victor Ndoma-Egba, said the budget of N4.357 trillion comprised N2.6 trillion as recurrent expenditure, N627 billion capital expenditure, N943 billion for debt service and N411 billion for statutory transfers.

He also said the document was predicated on $65 oil benchmark, projected oil production of 2.2782 million barrels per day and an exchange rate of N165 to $1.

Ndoma-Egba said the budget would focus on job creation through increasing economic diversification and leakages, roads, power, gas and aviation.

He added that the 2015 budget is a framework that will consolidate and add impetus to the transformation agenda of the federal government with the intention to promote economic growth, job creation, poverty reduction and service delivery.

In his submission, Senate Committee Chairman on Finance, Senator Ahmed Makarfi, called for "extreme caution" in the effort to appropriate the budget, noting that the benchmark for the budget had not been determined. He argued that budget could not be appropriated without first determining the benchmark.

While recalling that the capital expenditure contained in the 2014 budget was N1.4 trillion when compared with N627 billion in the current estimates, Makarfi described the estimates as "austerity budget" and insisted that the current economic downturn is a wake-up call on Nigeria to stop relying on oil "which is highly volatile and look for other areas of getting money."

Makarfi also described the projected N165 to $1 as exchange rate as unrealistic, saying it is out of tune with reality since a dollar is currently exchanged for over N180 as he suggested the need to block wastages by ensuring that ministries, departments and agencies (MDAs) declare their revenues with a view to ensuring that non-oil revenues come into government treasuries.

Also speaking, Senator Olubunmi Adetumbi (Ekiti North) argued that there is currently no money to finance the 2015 budget being considered, emphasising that the components of the budget are grossly exaggerated. He added that with the projected $65 benchmark, the budget has already begun to run in deficit of $28 even when it has not been passed.

Adetumbi also argued that the nation was shooting itself in the leg by exaggerating oil benchmark when it is common knowledge that oil now sells at $47 per barrel, remarking that the current trend implies that there would be no money at all to fund any capital project next year except by borrowing.

He therefore advocated the need to compel the executive to withdraw the estimates and submit a fresh one that will take into consideration the current circumstances.

But Senator Ita Enang described the bill as a "budget of celebration," saying he was celebrating the fall of oil in the global market because it would force Nigeria to explore other sources of revenue.



http://www.thisdaylive.com/articles/senate-nigeria-to-run-2015-budget-in-deficit/199264/

IsraeliAIRFORCE:



Blame morons who believe Nepa bill can serve in lieu of Cambridge WASC Certificate

The report is not worth discussing because it lacks every intellectual exercise.

Just a political masterpiece meant to kill the peoples expectations from Buhari, their "political god and magician"

clearly, intellectualism is something the APC led government would fight youth and nail against since it would expose them to excruciating scrutiny from the masses whom they hope to perpetually deceive

This Jonathan must never be allowed to walk the street freely, he must be jailed for life

lalasticlala, Seun, Obinoscopy, Ishilove: what are the criteria of sticking a Topic on the front?? I am sensing bias here! Continuoo!!