The Minister of Information and Culture, Alhaji Lai Mohammed, said on Saturday said that the 2016 budget was not padded because the total figure voted for all ministries had not exceeded N6.08 trillion. Briefing newsmen in Lagos, he said: “The total for every ministry has remained exactly the same as what was submitted to the National Assembly. “A lot has been said about the budget. Let make clear that nobody can ever accuse this government of padding any budget. “The total of all ministries put together has not exceeded N6.08 trillion that was submitted. It is factually incorrect to say that the budget was padded. “This is the first time in the history of this country that a government will embark what is called zero based budget. “Before now, the budget system was what was called an enveloped system. In an envelope system, there is no justification as to why we need N30 billion for a structure.’’ “This year, we decide that every ministry must have a zero based budget. In other word, you must justify and explain why you need N100 billion. “This is very good system, the soft ware for it was also very different. The personnel were not used to it,’’ “Now, in the process we got to National Assembly. What the ministers do is to have a broad overview of the budget. The template used by the Budget Office is uniform for all ministers.’’ The minister also said exports, balance of trade, Gross Domestic Product were responsible for currency appreciation and depreciation. “Before now we use to sell crude for about 100 dollar per barrel which means if we produce two million barrels per day, you have something in the region of 200 million dollar less the expenditure of production and others. “But today for the same two million barrels, you have less than 60 million dollar less the cost of production.’’ “Clearly if your major source of exchange is crude and it has gone down from 100 per cent, you have lost 70 per cent of your source. “Secondly, if your balance of trade is surplus, in other word, if you export more than you import, then you are going to have less money to settle other countries. “What the government is doing is to ensure that the little resources we have are properly managed. Part of decision we took was Treasury Single Account. “Others include blocking all sort form of corruption and diversify economy so that we can get foreign exchange for other sources,’’ he said.

http://www.vanguardngr.com/2016/02/2016-budget-does-not-exceed-n6-08-trln-minister/?utm_source=&utm_medium=twitter

Good one from Lai Muhammed there.

God bless Nigeria.

Who takes Lai Mohammed serious?
But seriously has this man been spending time watching Africa Magic that he doesn't know how Nigerians have torn that scrap of a budget apart for its bogus allocation

The Auditor General said this is not a Zero based budget rather an Envelope type own while Lai Mohammed who is a dummy in finance is still selling the propaganda of zero based budget.

If a zero based budget entails budgeting for what is really needed and not being speculative like the envelope system then pray tell why should;

Ministry of solid mineral budget 750million for website and other software

Aso rock clinic getting a budget higher than all teachingh hospital budget


Aso rock budgeting for billions in rent and kitchen equipments


Ministry of internal affairs budgeting millions for furniture.



Plz #BringbackOurEnvelopeBasedBudget

So all the yams documented in the budget was not brought in by rats

Ecoterrorism:
is that all

lol. Have modify after reading it ma'am. U too try n read am cause I know u never read am.

ozoigbondu:
So all the yams documented in the budget was not brought in by rats

U no go kill person with laugh

jane0000:
Good one from Lai Muhammed there.
God bless Nigeria.

Can anything good come from Lai Muhammad?

even if we export everything from toothpick to brooms, no be the importers they pay for the goods? abi na cbn dey give importers money to tek import their goods?

Tallesty1:
Can anything good come from Lai Muhammad?

Yeah. No be always man dey lie na.

Lalasticlala abeg let's listen to Lai Mohammed once again


Mynd44 oya oooo

How to generate likes on Naira land 1. open a random Thread. 2. Type Buhari is a silly, clueless, Moronic and imbecilic President. E.g Buhari is a silly, clueless and moronic President

jane0000:
lol. Have modify after reading it ma'am. U too try n read am cause I know u never read am.

who cares to read lai Mohammad lies at first glance?