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Interrogating The Budget Of Buharinomics, By Femi Aribisala - Premium Times / Buhari's 2016 Budget Speech: “the Budget Of Change” / Fayose Wears Short Knickers To Sign The Budget (Photos) (2) (3) (4)
Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by Image123(m): 11:17pm On Jan 10, 2016 |
If there is anybody I can vouch for in Buhari’s Cabinet, it is Senator Udoma Udo Udoma. I have known him, and his best friend Keem Bello Osagie, for 30 years. All three of us are graduates of Oxford University, England, although I was there before him and Keem. Udoma is as sharp as a razor; he is one of the most intelligent people I know. Better still, he is a man of unimpeachable integrity. Udoma cannot be bought. He has a very successful law practice; the last thing he would do is fiddle with public funds.This comedian Aribisala should go and sit down, or maybe cool off in detention or something. All he managed to tell us here is that he also went to Oxford. All the other flattery of Udoma is not selling. It is contradictory to what follows next. Udoma is smart, sharp, trusted, can't be bought but is in charge of all you are writing against. Senseless and caseless. An unintelligent way to absolve his so called friend of blame. Planning in a hurryA round of foolish rant begins. If the President has not yet presented the appropriation bill, this fellow will be among the chief wailers complaining about slowness and ministers not hitting the ground running. It is not compulsory or in the constitution that ministers must be put in government June. What if the President himself was sworn in in November for instance, we must wait six months before the next year budget or there are no persons working in that ministry and office? Udoma is not complaining or resigning but this busy body is. Also, counter trading is not antediluvian. Countries all over the world are involved in counter trading. Even the past PDP government did some counter-trading. This man should focus on his seminary work and stop displaying his rustiness all the time. Pretend BudgetActually, there is no pretense. Anybody that reads the appropriation bill document sent or listened to the President's speech will see that there was no mincing of words. There were comparison with the previous budgets, there was talk about us been in hard times and there is a lot of borrowing stated to be done. That is not a pretense of been rich. That is the reality we face. Anybody that uses his brain will realise that our economy needs money to be pumped into it to resuscitate. The oil is not expected or depended on for the lionshare of the nation's income again. Oil is just about 30% of the budget estimates for revenue. This is a very neat trick. In 2015, the total federal budget was N4.45 trillion naira. In 2016, in the middle of an economic downturn, this has been increased dramatically to N6.08 trillion. The new 2016 budget is based on the price of oil being $38 a barrel, ignoring the fact that the price has already fallen below that to $36. Indeed, the IMF projects the price might fall even further in 2016 by $5 to $15; bringing it down to as low as $20. But the government is not prepared to contemplate that eventuality. How can the APC enjoy the trappings of power if, after so long in the political wilderness, its turn is now to be constrained by austerity?30% of total budget is not a major constraint. The FG is planning to source 70% from other sources and means. The money from oil also factors on plugging leakages of corruption in the oil sector, pipeline vandalism, increase in production etc. It all balances even when the crude price drops. This is even better than the sham the harvard professor coordinating minister presented to us for 2015 budget. You can recall that she initially proposed at $78 per barrel. After different complaints, she came down to $65 per barrel and went about defending it talking about her having intelligence report. They also fixed at about N165 to a dollar after devaluing currency to 199naira to a dollar. Thanks to the Senate that finally approved a $53 per barrel budget, that is about $25 removed for her. Yet 2015 still saw us selling oil for way lower. The Harvard professor and other so called professionals budgeted at oil revenue to be 1.92trillion naira and non-oil to be 1.68trillion naira. So the generated revenue had about 53% expected from oil. Compare to Buhari's 2016 budget that expects about 36% from oil. Only a joker will not see the evident change and less dependence on oil. Therefore, observe the following contradictions. In the middle of looming economic adversity, the government has decided to be even more profligate than the previous administration. For example, in 2014, the budget for Aso Rock was N12 billion. In 2015, President Jonathan judiciously reduced this to N6.6 billion. But in 2016, Buhari has raised this by 50 percent to N18 billion. One of the more ludicrous aspects of this is the N3.6 billion earmarked for the purchase of an unspecified number of BMW saloon cars! These are all mere speculation and beer parlor talk without proof. The appropriation bill is easy for anyone to download and verify. A so called pastor should not be lying unnecessarily. The presidency's non-debt recurrent expenditure is about 20billion while capital expenditure is about 19billion. Total recurrent was about 24billion in 2015. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by Image123(m): 11:18pm On Jan 10, 2016 |
If you were of the view that the president has spent too much of his honeymoon period gallivanting abroad this year, think again. N1.4 billion has been allocated for his travel expenses in 2016; N470 million more than that of Jonathan in 2015. The maintenance of the 10 aircraft presidential fleet that the president attacked as wasteful when he was asking Nigerians for our votes will cost N3.6 billion in 2016. N764 million is budgeted for the construction of recreational facilities just for Mr. President.Most of these are more lies, kindly wait for the budget to come out before all these unfounded speculation and gimmick. Voodoo BuharinomicsAnother set of lies and half-truths from a so called christain and man of God. capital expenditure for ministry of agriculture is 47billion while Information &Culture is about 6billion, these are the real monies for work/change. The half truth quoted is recurrent expenditure, these are largely monies like salaries paid to workers from two ministries merged to one. This shows more the folly of the past governments in employing so many unnecessary people doing virtually nothing into these ministries. If the FG sacks them, it is still chief wailers like these that will complain first. If the FG reduces their salaries and allowances, it is wailers that will complain most and the others like the State governments will follow suit, they are already threatening with minimum wage reduction in their states. Principally, the government has decided to go a-borrowing. It proposes to borrow N1.88 trillion in 2016; 30.9 percent of the total budget; N1 trillion more than was borrowed in 2015. This is where the whole thing gets even more ludicrous.These is a set of silly rants, we clearly do not have money. That certainly means that we have to borrow even though we do not want to. The past government borrowed even when they did not HAVE to. They borrowed in the midst of plenty, they borrowed to pay salaries and to feed on their greed, they borrowed to buy arms, they borrowed while oil sold for over $110 per barrel. that is the complaint, they borrowed when we should have been saving and left the country in huge debts and problems. For any meaningful change to occur, the present government has to initially borrow. And of course service the debts, i hope this man knows the meaning of debt servicing. This is an indictment on the previous government, thank God we voted them out. What the government now proposes to do is to increase even that usually unspent money, without first fixing the underlying lack of capacity-utilisation. Since the government actually has no structural anti-corruption policy, beyond declaring its enemies guilty without trial, all that might happen here is that we are simply making more money available for graft.You must have heard of zero budgeting, read up on it. Then there is the brilliant idea of employing 500,000 graduates as teachers in the rural areas. Quite apart from the difficulty of assembling and equipping these graduates, the cost of the project is prohibitive. A modest 50,000 monthly wage bill will come to N300 billion per annum, while the total amount allocated for education is N369 billion.Wailers must wail. See someone wailing about plan to employ half a million graduates. these are the same set that will complain with the other side of their brain/mouth that the APC has not employed millions of graduate annually. There is no difficulty in assembling or equipping job seekers. Bring out the vacancy and watch them assemble. Just fix logistics and planning, that's all. There is a special interventions funds budgeted for these kind of projects BTW about 600billion naira or so. And BTW, i am sure the government will not be paying salaries for these people from January. The programme may like start around the middle of the year with training and prunning and then they perhaps resume work around september, starting a new session. No need to jump the gun and be all pessimistic. Nigeria can be great but we need less of foolish criticisms and more of constructive and sincere criticism and encouragement where needs be. The way things are going with the so called opposition makes one afraid for Nigeria. because the opposition is so plain silly and ridiculous, and that will backfire badly/terribly if they are wrong. What will happen then is a literal worship of the current FG, mass hype, sycophancy and a tendency for the dreaded third or everlasting term for our only 'messiah'. The PDP and co should kindly get their acts together so that we avoid this. cc: lalasticlala, Seun, modath, omenka, thevoice, TonyeBarcanista, midolian, everybody. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by DaBullIT(m): 11:53pm On Jan 10, 2016 |
Jeesus |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by deji68: 12:01am On Jan 11, 2016 |
Hmnnnn after reading this gibberish, the difference is clear ....Oxford trained and Oshodi ... 3 Likes |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by yanabasee(m): 12:17am On Jan 11, 2016 |
Image123: What indictment? That the previous administration borrowed money and left about 1.5billion into the TSA and Buhari toured the world with nothing right? From May till December, Buhari had been in possession of all the budgets made for 2015 and he had mismanaged them.... He resumed May and extracted unplan levy to revamped Aso Villa and now, he's making another budget for it. Secondly... The FG was able to close budget with about $3.2trilion.. How did Buhari meet N1.5Billion and close with $3.2trilion? And upon this, he borrowed more $2.3tirllion for capital projects... What're the long term investment that Buhari is meaning to spend high budgets for? Oh I forgot, discovery of oil from north. #Silly! 1 Like |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by Image123(m): 12:32am On Jan 11, 2016 |
yanabasee:"Monies voted for recurrent expenditure gets gobbled up more or less. But capital projects are either ignored, uncompleted, or big chunks of the earmarked money are stolen." There you go, that's the indictment. Now stop quoting silly and baseless figures and come back with facts. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by yanabasee(m): 12:46am On Jan 11, 2016 |
Image123: Most monies voted for certain project, met it's purpose... Most project weren't complete... And not all monies under recurrent expenditure was gobbled upon... Now, you APCshits are asking us to be calm and be patient with Buhari... I'm certainly going to be calmed and see if Mr integrity will complete all it's projects... If none will be left hanging... To know if he's truly perfect as purported by his followers. 2 Likes |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by theV0ice: 12:46am On Jan 11, 2016 |
yanabasee: Do you even check your figures before bandying them about? see all the figures in bold. what do they mean to you? also what is there to manage in a very poorly planned budget? a budget predicated on $75/barrel which NASS forced down to $53/barrel yet we sold oil for more than half the year below $50/barrel or you don't know what the price of oil was in December? This is a budget where oil revenue was expected to account for over 60% of income. How do you balance such a budget? Do you know the deficit that we ran based on that alone? I don't read Aribisala on issues like this. The man is more emotional than sense. He should just stick to his penchant for denigrating apostle Paul and leave politics and the economy for those who really know. I'll listen to Utomi, Rewane etc everyday before this eccentric pastor. Image123, na you carry me enter here o |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by yanabasee(m): 1:07am On Jan 11, 2016 |
theV0ice: How did NASS force down the Price of crude oil? And when did NASS stared making decisions for global market on crude price? Look, The political consensus on balanced budgets risks condemning Nigerian into economic mediocrity.. This will expand our GDP by 2% making Nigeria head for a debt crisis... To answer your question to your understanding, We don't need to balance budget... It'sa had decision to make... I believe the IMF president will inculcate this into Bubu as what Canadian government passed through years back. 2 Likes |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by Image123(m): 1:10am On Jan 11, 2016 |
theV0ice: hehehehehehehe, no vex sir. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by theV0ice: 1:20am On Jan 11, 2016 |
yanabasee: In your haste to fight, you forgot to apply comprehension skills. Was that the price of oil in the international market or you don't even know the details of the budget you're so vehemently defending? 2015 budget was originally based on a benchmark price of $78/barrel before NASS brought it down to $53/barrel. I'M NOT TALKING ABOUT PRICE OF CRUDE IN THE INTERNATIONAL MARKET. Look, The political consensus on balanced budgets risks condemning Nigerian into economic mediocrity.. This will expand our GDP by 2% making Nigeria head for a debt crisis... To answer your question to your understanding, We don't need to balance budget... It'sa had decision to make... I believe the IMF president will inculcate this into Bubu as what Canadian government passed through years back. Of course we are not talking about balancing the budget. With the price of crude in the market, we will run deficit budgets for sometime to come until we start off new revenue generating streams e.g agric, solid minerals etc. I wish the previous govts had utilized the high crude prices to diversify the economy. In fact if they had built even if just one more refinery the size of that in PH, the pressure on Forex due to fuel imports alone would have been lessened. That said, Buhari and his team need to get down to business. We've wasted enough time. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by theV0ice: 1:23am On Jan 11, 2016 |
Image123: |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by talktimi(m): 2:22am On Jan 11, 2016 |
Instead of countering his argument intelligently, you start by insulting Aribisala and continue all through your article. How do you want sane minds to take you serious ? There are always two sides to any argument, I've heard Aribisala's side, waiting for the govt or it's supporters own but it definitely can't come from you. 1 Like |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by APCLyingBastard: 6:11am On Jan 11, 2016 |
The only one ranting foolishness and foaming rabid madness here is the OP. Take your pseudo analysis and stuff it. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by APCLyingBastard: 6:14am On Jan 11, 2016 |
talktimi: You dey mind am. The baseless points and direction of discrediting Femi is not even to his credit. When this piece was posted here about 2 weeks back that is the same line a fellow janjawiid used to discredit the author first without taking the content into consideration. They are all original zombies with no original content of their own. Like ruminating cattle they keep regurgitating the same tired out arguments. This why we call them zombies. 1 Like |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by talktimi(m): 7:52am On Jan 11, 2016 |
APCLyingBastard:majority of APC supporters online suffer from a psychological/psychiatric ailment called herd mentality which is what you just described. They can't think and analyze situations deductively by themselves even if its for their own benefit. As long as it opposes or casts their paymasters and party overlords in bad light, they'll attack like rabid dogs often without any coherent counter argument. These are the type of people you can't take to any distinguished gathering but rather bring home party packs for them because of their unfortunate lousy natures. But we understand their plight sha 4 Likes 1 Share |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by Image123(m): 2:29pm On Jan 11, 2016 |
talktimi:All his arguments have been countered. His many speculations have also been addressed. Point out otherwise, I'll like to cure your poor comprehension. |
Re: Reply To Interrogating The Budget Of Buharinomics, By Femi Aribisala by talktimi(m): 2:36pm On Jan 11, 2016 |
Image123: |
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