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The Greatest Fraud Ever In Nigeria History - Politics - Nairaland

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The Greatest Fraud Ever In Nigeria History by bajosky: 6:56pm On Feb 01, 2016
BREAKING NEWS The biggest case of fraud today is not #Dasukigate’s $2.1b, its #Buhari’s $30b – Kalu Aja The $30 Federal budget as proposed is simply fraudulent, there is just no way else to put it. I had written earlier about the absence of the Education budget on the website of the Budget Office, yes there is a link to the Education budget, but click on it, it takes you to the Defense Budget, so in effect the education is “missing”. Undeterred I looked at the Consolidated Budget to find the Education budget, I wish I did not. This budget was termed and advertised as a “zero-based” budget, unfortunately, this budget is a fraud, anyone who approves or signs this budget is complicit. Let me give you a few examples in this ‘missing” education budget, Federal Government College Garki has a cost N400,237 repeated 20 times…20 times! local transport, books, security, maintenance, etc etc etc, all the same cost for N400,237 Federal College Ijanikin has N350,362 repeated 12 times, how can newspapers, cleaning, Legal, sporting etc etc etc all cost the same? Federal College of Ikot Nise as N1,278,682 repeated 8 times…. How? water, drugs, training… all cost exactly N1,278,682? And it goes on and on and on…… Now before you assume it’s just restricted to the Ministry of Education, the ministry with the highest allocation the behemoth Ministry of Works, Housing and Power has a line items repeated 7 times i.e. “Generation of 700mw from Zungeru Hydropower project is duplicated 6 times! These are just the duplication, what about the appropriateness of the expenses? The State House Hospital, just one hospital gets more allocation than all of Nigeria teaching hospitals combined…. Let me be very clear, the State House Medical Center get a proposed capital appropriation of N3.8b, the combined total of the capital vote for ALL teaching hospitals in Nigeria is about N3.0b….no wonder the capital vote is high this year…. Could the equipment being purchased for the State House Hospital not be installed in the National Hospital, so all Nigerian can use it? I am just disgusted…. This has implications for all of us. You see in any budget, you list your revenues, then your expenses, the difference is either a deficit or a surplus….in Nigeria case it’s a deficit, a deficit of N2.2t….to fund this N2.2t, Nigeria will borrow $25m a day, yes Twenty-Five Million Dollars a day! you and I will pay for this borrowing, remember oil has crashed, that’s why you’re seeing “stamp duty taxes everywhere The defense given is that we are borrowing to fund the capital vote, to build roads and rails, this is false. We are borrowing because the recurrent vote has been bloated with numerous repeated “N400,237” and “N1,278,682”. If the recurrent vote is properly audited and these duplication cleaned out, the difference between the revenues and expenditure will fall, and subsequently the borrowing will fall…. This budget is a fraud in intent and content, and truly I am ashamed this fraud has been presented and has been actually passed to second reading….so this will pass? We will actually spend more capital vote on one hospital than ALL teaching hospital COMBINED? I have to stop here; I don’t want to abuse people….To hell with your anticorruption ……to hell with it….

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Re: The Greatest Fraud Ever In Nigeria History by Baawaa(m): 7:47pm On Feb 01, 2016
You are still outside the bar that is why you are capable of saying trash,because you say this rubbish op,it is your turn to go jail grin grin grin grin grin grin
Re: The Greatest Fraud Ever In Nigeria History by HtwoOw: 7:58pm On Feb 01, 2016
Wail on




It is allowed



OH and blame Buhari some more
Re: The Greatest Fraud Ever In Nigeria History by excellencyabia1: 8:25pm On Feb 01, 2016
My expectations from nigeria and its politicians are dead for a long time so nothing about this corruption touches me. Because i no longer depend on it
Re: The Greatest Fraud Ever In Nigeria History by jpphilips(m): 5:08am On Feb 02, 2016
@OP
Even though I did not bother reading the rest of your post due to your glaring ignorance, let me categorically tell you that funding budget deficits does not automatically equate to borrowing, that is the crap Iweala sold to gullible Nigerians like you in 2014.
Only a lazy government does that in a hurry!!

The govt has every right within a fiscal year to increase the target of revenue generating agencies, that is another way of making up for budget deficits, they may increase tax net (in a country like Nigeria, only institutions and individuals in the public and private service pay reasonable tax, most people dont) if the net is widened, the revenue base of the country increases that will make up for the deficit, do you expect to see that in the budget too?

So far on corruption allegations alone, Nigeria can fund 2 years budget if those funds are returned within a year, do you expect to see Olisa Metuh on the budget too?

Sovereign wealth yields (if any) do make up for budget deficits, external reserves (if any) does that too like Saudi and Russia are doing today.


This is my advise for you

Instead of throwing around your ignorance on the internet, support the president on his Judicial reforms, that way, the anti corruption drive will yield results pretty soon, I hope you are not oblivious that Dasuki alone is sitting on a quarter of that deficit.

That will only buy us more time before taxes are increased, most countries that are not oil dependent but successful, are dependent on income and corporate taxes there is no other magic to government revenues. Speaking of which, NLNG corporate tax for 2015 was $1.6b, almost one fifth of that deficit

Read my signature before responding, I hate seeing ignorant people on my mentions.

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