The Federal Government, yesterday, put Nigerians on notice, that its economic measures could lead to more austere conditions in 2016. Minister for Budget and National Planning, Udoma Udo Udoma, said this during consideration of the 2016 to 2018 Medium Term Expenditure Framework (MTEF) at the Senate, adding that it was important that substantial reductions were made in government’s spending pattern in order to effect the expected change. “In preparing the MTEF, we seek a dramatic shift from spending on recurrent to spending on capital aspect of the budget. It is going to be tighter for everybody. All non-essential expenditure would be cut off. We will reduce the overheads by seven percent. We are beginning a journey of change and change has to start with the clarity of purpose of where we are going,” he noted.

Explaining the position further, Minister of Finance, Kemi Adeosun, informed the National Assembly joint committee that the budget would take necessary steps to ensure that whatever money was being taken from the account of any ministry, department and agency (MDA) was done electronically. She added that the new measure would minimise waste and ensure transparency in government spending. The Finance minister equally disclosed that measures had been put in place to compel revenue-generating MDAs to remit all funds they generate to the treasury. “The era when an agency generates money and spends 99 per cent
of it is over,” she added. Udoma, however, told the lawmakers in very clear terms that, “ultimately, we must borrow N1.8 trillion to fund this budget apart from all those adjustments we are trying to make.”

Chairman of the Federal Inland Revenue Service (FIRS), Babatunde Fowler, assured that the service “will increase revenue by over N1 trillion,” adding: “We are targeting N2 trillion from VAT.” Central Bank of Nigeria (CBN) Governor Godwin Emefiele, said: “The exchange rate is actually N260 per dollar at the parallel market but the official rate is N197 per dollar. “The CBN rate would revolve around a particular band which is N197. It could swing up to N197 or below. The truth is that, historically exchange rate for budget has never been based on the parallel market rate which as far as we are concerned is
a shallow market because it controls about five per cent of the market. “The market is substantially dominated by speculators and rent seekers. In the last 12 to 15 months, we have seen a massive drop in
commodity prices especially oil that significantly affected the country’s revenue. “That has placed some pressures on the reserves and that also resulted in the speculators and rent seekers in the market. What we did at that time when naira was N155 to a dollar, precisely late 2014, was to adjust the currency and move it from N155 to N197 to a dollar. “We have through that arrangement, depreciated the currency by about 22 per cent. “The objective is to make export cheaper to encourage it but unfortunately we don’t have export. Our export has dropped very drastically in the last 10 years.

Are we experiencing soft time before ?

If it will get harder than it is already then this change vehicle needs to be burnt down before we all die asking for change.

Gbese re o

My God says 2016 is my year of showers of blessings.
So "who is he that saith a thing and cometh to pass if God had commanded it not" Lamentation 3:37.

We started facing hard times when u were been sworn-in as the president. God wil not allow Nigerians go through hard times 2016. Better pray 4 good health to govern this country next year.

Let the austerity measure start with Buhari and his family.

Which hard times again..d one wey we dey already..Nigerians prepare for hard times while dey n der families keep enjoying smh




Oya o APC e-warriors aka APC wailers let's continue to smile and suffer ......pls o FG continue to fighgt corruption o! we are enjoying it,we are not suffering o,everythn is goin on fine,we are enjoying can't u see d smiles on our faces

Ha

WE HAVE BEEN LIVING IN HARD TIMES SINCE TIME IMMEMORIAL. THIS STATEMENT SHOULD NOT BE DIRECTED TO THE NIGERIAN MASSES BUT IT SHOULD RATHER BE DIRECTED TO THE POLITICAL CLASS - THE NASS MEMEBERS, MINISTERS, SPECIAL ADVISERS, GOVERNORS, COMMISSIONERS, LGA CHAIRPERSONS, ETC,,,
THEY ARE THE ONES THAT ENJOY THE NATIONAL CAKE.....
The masses don't know how the national cake even looks like, not to talk of tasting it.

I, My family and my friends won't face hard times , its them that will face it

idupaul:
I, My family and my friends won't face hard times , its them that will face it

It will not be my potion to Amen, na dem go face am.

Holatunde007:
Are we experiencing soft time before ?

ask bubu ooo

Haaaaaa, she Na like ds we go dey go??

Baba God, do wonders oooooo

Deliver is from ds government and lead us tru our endeavours

THIS LOOKS SCARY OOO