Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,152,245 members, 7,815,349 topics. Date: Thursday, 02 May 2024 at 11:06 AM

CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! (4247 Views)

PDP Doesn’t Need Your Stolen Money – Sheriff Tells Fayose, Wike To Leave / Abdulmumin Jibrin: "Is This The Buhari We Know? Noooooo Something Is Wrong! / Why It Is Hard To Believe 3.4 Trillion Naira Was Truely Recovered (2) (3) (4)

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

CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by citizenisb: 10:11am On Nov 18, 2015
http://blogs.premiumtimesng.com/?p=169693

On the February 8, this year, in the heat of politicking for the presidential elections, I had cause to publish an article titled, So Who Stole Nigeria’s Trillions? It was on the back of serious allegations levied by the former CBN Governor, now Emir Muhammadu Sanusi II, to the effect that some $20billion was missing from the coffers of the nation.

Another cerebral gentleman, Professor Charles Soludo, had weighed in and probably stepped up the heat, that Nigeria had lost about N30Trillion to mismanagement, fraud and embezzlement within a four-year period. Because these two men had managed the nation’s finances at a very high level, I naturally took them serious and examined what exactly they were trying to say, especially Soludo’s fantastic intervention.

Around the same time, the Federal Inland Revenue Service (FIRS) announced its performance for the year 2014, which was N4.69Trillion. The entire federal budget for the year 2014 was N4.695Trillion, which was almost exactly what the FIRS collected, even though FIRS collection gets shared among three tiers of government. The government of the day explained that its entire revenue was N10Trillion, N3.73Trillion of which was due to the Federal Government while the balance was shared to other tiers of government. For the year 2014, the federal government had a total revenue of N3.73Trillion but spent N4.695, thereby incurring a deficit of almost N900billion which had to be financed through borrowing.

The question reared its head as to whether FIRS generated almost 50 percent of the nation’s total revenue. This couldn’t be so, given that Nigeria parades hundreds of revenue-generating departments and agencies, which represented it in almost every facet of our lives. What was happening to those monies? What was happening to funds generated by NNPC, NPA, NIMASA, FAAN, NCAA, Nigerian Customs, Nigerian Immigrations and many more? As a matter of fact, for that same year 2014, the Customs projected a revenue of N2Trillion but managed an Actual of N977billion.

In a report titled “Poor Remittance of Internally Generated Revenue to the Consolidated Revenue Fund (CRF) by Government Owned Agencies”, the committee further identified the agencies as those that submit their expenditure profiles with the aim of utilising the revenues they generate.
 For instance, the report showed that details from the Budget Office of the Federation indicated that NNPC in 2012 budgeted N347 billion as operational income, and planned to spend N305 billion in the same fiscal year…. In 2013, they projected an operational income of N626 billion, while planning to spend N618 billion…. NPA revenue projections in 2012 was N106.27 billion, while its planned expenditure was N160.61 billion.

In 2013, its budgeted revenue was N155.95 billion and planned expenditure was N134.92 billion…. FAAN’s revenue projections for 2012 was N39.60 billion while planned expenditure was N36.23 billion, and in 2013, projected revenue was estimated at N48.78 billion, while its planned expenditure is N48.78 billion,” the report showed.Performance for the fiscal year 2011 showed that of the 36 agencies, it was discovered that N125.6 billion was generated and only N11.8 billion or 9.41 percent was remitted to the treasury as operating surpluses or dividends.”

So, not only were monies not remitted to the right account, they were fully spent by the same agencies that generated them. This has now been curbed by the TSA. Can you see some of the magic already?

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by benedictnsi(m): 10:17am On Nov 18, 2015
gringrin
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by Horlufemi(m): 10:26am On Nov 18, 2015
Lol
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by boyo123(m): 10:29am On Nov 18, 2015
nice , i love this change even though there is no money.but no problem everything will be ok with time.

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by citizenisb: 11:09am On Nov 18, 2015
Buhari wants to make Nigeria a better place. God help him!!!

4 Likes 1 Share

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mazeltov(m): 11:29am On Nov 18, 2015
This TSA is a strong 'economical' and financial weapon which can be used either in favour of the ruling party or against opposition party. With help of TSA, you will be able to monitor every generated revenue and transaction and the government in power can use it to suffocate the opposition party from trying to use secret or dubious way of sucking government money in order to fund their agenda. This is what Pdp wanted to do before but they never knew that they would be voted out of power.
One would wonder why Pdp has been wailing against TSA and Remita despite the fact that it was initiated by them, including the 1% benefit.
A weapon designed by them is about to be used against them!!

10 Likes 2 Shares

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by OrlandoOwoh(m): 11:43am On Nov 18, 2015
TSA and card readers are two things PDP is afraid of.

2 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by IAMTHEHERO: 11:45am On Nov 18, 2015
Did you hear what Daddy Lai said today? For your information, he said TSA was initiated by GEJ.
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by teeboila(m): 11:54am On Nov 18, 2015
grin
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by Ttalk: 11:55am On Nov 18, 2015
The beauty of this policy is that government is now generating more income through sanctions of erring banks who do not think that the days of sharp practices are over. The other day First bank was fined over 1billion naira and 2billion to UBA for not remittance of certain money.

Now it is the turn of Skye bank who concealed over 40billion belonging to NNPC pensioners and National Assembly Legislative Aides. While these pensioners are being told to myriad of lies by the management of their organisation who only lodge the money with skye bank for it to yield interest at the expense of their staff, the table has now been turned on the the management of these organisations together with Skye bank directors who are now battling a fine of a whooping 4billion naira.

To me, this is the best policy of this government so far because it will now generate enough money to run the budget despite the dwindling in oil revenue

2 Likes 1 Share

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by citizenisb: 1:16pm On Nov 18, 2015
.
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by adconline(m): 1:32pm On Nov 18, 2015
GMB fans and their delusional cocktail.. GMB govt has generated N980bn in 3months-

http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

That's N326bn per month and the same govt is saying that it wants to run an N8tn budget, so it must generate twice this amount- N666bn
Meanwhile for this same period in 2014, GEJ generated N1.15tn-17% more than GMB

3 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikeywise(m): 1:58pm On Nov 18, 2015
Implementing TSA is the best thing to have happened to this Country.

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by baralatie(m): 2:12pm On Nov 18, 2015
adconline:
GMB fans and their delusional cocktail.. GMB govt has generated N980bn in 3months-

http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

That's N326bn per month and the same govt is saying that it wants to run an N8tn budget, so it must generate twice this amount- N666bn
Meanwhile for this same period in 2014, GEJ generated N1.15tn-17% more that GMB
that 8trillion is waaaaay out of line!

2 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 3:39pm On Nov 18, 2015
adconline:
GMB fans and their delusional cocktail.. GMB govt has generated N980bn in 3months-

http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

That's N326bn per month and the same govt is saying that it wants to run an N8tn budget, so it must generate twice this amount- N666bn
Meanwhile for this same period in 2014, GEJ generated N1.15tn-17% more than GMB
easy at 100 a barrel

5 Likes 1 Share

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 3:40pm On Nov 18, 2015
baralatie:

that 8trillion is waaaaay out of line!
not if you're thinking outside your very small oil money box

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by baralatie(m): 5:31pm On Nov 18, 2015
mikolo80:
not if you're thinking outside your very small oil money box
you will get at least #1.9 trillion from oil proceeds at $65 where are you going to get #6.1 trillion for federal budget alone add this to another required #4.4 trillion to be shared to states and l.g
you practically need #12trillion non oil receipts!
oya start ,over to you!

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by Nobody: 6:02pm On Nov 18, 2015
How will they fund the budget?

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 6:52pm On Nov 18, 2015
baralatie:

you will get at least #1.9 trillion from oil proceeds at $65 where are you going to get #6.1 trillion for federal budget alone add this to another required #4.4 trillion to be shared to states and l.g
you practically need #12trillion non oil receipts!
oya start ,over to you!
loans ,bonds, credit.
more than one way to skin a cat
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by baralatie(m): 7:33pm On Nov 18, 2015
mikolo80:
loans ,bonds, credit.
more than one way to skin a cat
8.-4.4=3.6

you want to borrow #3.6 trillion to service a year budget that is $18 billion for a year budget!















your economic plan ehnnnnnnn na wetin dem go take do case study,
"how not to run an economy"

2 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by adconline(m): 7:51pm On Nov 18, 2015
mikolo80:
loans ,bonds, credit.
more than one way to skin a cat
So u borrow to fund a budget that is 75% recurrent expenditure..chop money??

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 8:21pm On Nov 18, 2015
adconline:
So u borrow to fund a budget that is 75% recurrent expenditure..chop money??
no, you borrow to fund capital projects that can,should and will pay for themselves. taxes and oil can pay recurrent or you downsize the bloat
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 8:24pm On Nov 18, 2015
baralatie:

8.-4.4=3.6

you want to borrow #3.6 trillion to service a year budget that is $18 billion for a year budget!















your economic plan ehnnnnnnn na wetin dem go take do case study,
"how not to run an economy"
put 3.6 trill into agric, manufacturing and services and yes it will be a case study of 'from third to first(Patapata second) world in 4 years '
make Singapore and South Korea look like learners
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by adconline(m): 10:34pm On Nov 18, 2015
mikolo80:
no, you borrow to fund capital projects that can,should and will pay for themselves. taxes and oil can pay recurrent or you downsize the bloat
Unless u are numerically challenged, capital expenditure is only 25% of the budget.
Also u can't borrow without introducing austerity measures like devaluing ur currency, lifting of ban on forex market, stopping subsidies etc.
point is, this budget is a figment of ur imagination!

1 Like

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by Nobody: 11:34pm On Nov 18, 2015
IAMTHEHERO:
Did you hear what Daddy Lai said today? For your information, he said TSA was initiated by GEJ.

Then what has Buhari been doing in the past 6 months?? Masturbating
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 11:57pm On Nov 18, 2015
[quote author=adconline post=40169514]
Unless u are numerically challenged, capital expenditure is only 25% of the budget.

not if you increase funding for capital expenditure
guess who's numerically challenged now


Also u can't borrow without introducing austerity measures like devaluing ur currency, lifting bank of forex market, stop sudsisies etc.


says who
yes you can
if you borrow from private banks
and not Illuminati scum(world bank et al)



point is, this budget is a figment of ur

1 Like 1 Share

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by adconline(m): 1:12am On Nov 19, 2015
[quote author=mikolo80 post=40171507][/quote]
Offering ignorant opinion from the deepest point of ur uninformed encephalon..
Ur N8tn-budget has capital project capped at 25%... U can't increase capital project by wishful thinking. It clearly shows that u r bereft of how budget works.

What a brainless partisan brigand!! The difference btw this year's projected revenue and ur fantasized budget is about N4tn= $20bn.. All Naija banks put together are worth less than this amount going by their market value..
This discussion is above ur IQ, go play in the celebrity and jokes sections!!

2 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by mikolo80: 1:42am On Nov 19, 2015
adconline:

Offering ignorant opinion from the deepest point of ur uninformed encephalon..
Ur N8tn-budget has capital project capped at 25%... U can't increase capital project by wishful thinking. It clearly shows that u r bereft of how budget works.

What a brainless partisan brigand!! The difference btw this year's projected revenue and ur fantasized budget is about N4tn= $20bn.. All Naija banks put together are worth less than this amount going by their market value..
This discussion is above ur IQ, go play in the celebrity and jokes sections!!
waaaa, you can't win argument logically so you throw insults and tantrums like child you are.

Who locks expenditure at particular percentage. you?
laws are made for man, not man for laws
the people who made it 25 %(this is first time I am hearing that humans decide percentage instead of funds at disposal) can make it 50 or more percent capital. Just requires Will.

your closed mind thinks only Nigerian banks can be borrowed from. I thought I was talking to educated person. guess your as ignorant ar average pdp member.

the discussion is over when you hide your tail between your legs and refuse to reply me

I've got all life
you ignorant ppl Will learn if I have to beat it into your empty skulls

2 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by adconline(m): 2:05am On Nov 19, 2015
mikolo80:
waaaa, you can't win argument logically so you throw insults and tantrums like child you are.

Who locks expenditure at particular percentage. you?
laws are made for man, not man for laws
the people who made it 25 %(this is first time I am hearing that humans decide percentage instead of funds at disposal) can make it 50 or more percent capital. Just requires Will.

your closed mind thinks only Nigerian banks can be borrowed from. I thought I was talking to educated person. guess your as ignorant ar average pdp member.

the discussion is over when you hide your tail between your legs and refuse to reply me

I've got all life
you ignorant ppl Will learn if I have to beat it into your empty skulls
Talking from a position of ignorance.. VP, Osibanjo said that N2tn out of N8tn budget would be for capital budget.. That's 25%.. If how can GMB increase it to 50%? It's unprecedented in the history of modern Naija to have capital project at 50%... Facts aren't on ur side to back it up. OBJ had about 35% while GEJ had about 30%...
Back to the issue, you can't double put national budget without doubling income.. Banks don't have the financial muscle to lend to Naija.. Private banks can't fund budgets... Why didn't Greece, Ireland, Iceland with better credit rating as their private banks to find their budget?? Facts are not on side on this as well. Show me the facts not sentiments
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by eye4eye: 2:10am On Nov 19, 2015
mazeltov:
This TSA is a strong 'economical' and financial weapon which can be used either in favour of the ruling party or against opposition party. With help of TSA, you will be able to monitor every generated revenue and transaction and the government in power can use it to suffocate the opposition party from trying to use secret or dubious way of sucking government money in order to fund their agenda. This is what Pdp wanted to do before but they never knew that they would be voted out of power.
One would wonder why Pdp has been wailing against TSA and Remita despite the fact that it was initiated by them, including the 1% benefit.
A weapon designed by them is about to be used against them!!

PDP reminds me of their opposition to PVC before the election.

grin grin grin
Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by eye4eye: 2:15am On Nov 19, 2015
adconline:
GMB fans and their delusional cocktail.. GMB govt has generated N980bn in 3months-

http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

That's N326bn per month and the same govt is saying that it wants to run an N8tn budget, so it must generate twice this amount- N666bn
Meanwhile for this same period in 2014, GEJ generated N1.15tn-17% more than GMB

Shut up fool. You think everybody is foolish like you?

The N980B generated in three months was derived from income taxes and fees only through Federal Inland Revenue. There are tens of way we generate income as well. Nigeria generates 12 times of that in crude sales in six months.

Ode oshi.

2 Likes

Re: CHANGE!!! Sai BUHARI!!! WE Get To See Stolen Money With 8 Trillion Naira Budget! by adconline(m): 3:17am On Nov 19, 2015
eye4eye:


Shut up fool. You think everybody is foolish like you?

The N980B generated in three months was derived from income taxes and fees only through Federal Inland Revenue. There are tens of way we generate income as well. Nigeria generates 12 times of that in crude sales in six months.

Ode oshi.
Another partisan brigand without encephalon talking.
2015 budget with oil proceeds is N4.45tn.. So N960bn in a quarter is close to 25% of N4.4tn..
Here is PWC( if u know what it means without Google) report to read
https://www.pwc.com/ng/en/assets/pdf/nigerias-2015-budget.pdf

1 Like

(1) (2) (Reply)

Most Powerful African Countries With Best Military Strength And Fire Power / See How Nigerians Reacted To Caricature Picture Of President Buhari On Twitter / Yoruba Nation To Nigeria: Let's Restructure Or We Have Oduduwa Republic.

(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. 59
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.