Ekiti State Governor, Ayodele Fayose, has raised the alarm over President Mohammadu Buhari’s scheduled trip to China.
Mr. Fayose said the president was visiting the Asian country borrow $2 billion as part of the N1.84 trillion programmed to be borrowed to finance the 2016 Budget, describing the move as an attempt to mortgage the future of Nigeria and its people.
The governor, who said the 2016 budget was not a reflection of the present economic reality in the country, added, “By the time they borrow N1.84 trillion to fund their N6.06 billion budget; I wonder how Nigeria will survive in 2017 when the Federal Government will be servicing debt with about 50 percent of its budget.”
In a release issued on Friday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said; “In elementary economics, you don’t propose to spend more when your income reduces and I still can’t understand this Buharinomics in which Nigeria is going to spend N6.06 billion with crude oil bench mark of $38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil bench mark was $53 per barrel.
He said since the President claimed to have recovered and still recovering trillions of Naira looted from the treasury and over N3 trillion saved from the Treasury Single Account (TSA), the 2016 budget should be funded with the recovered fund.
The governor said he was alerting Nigerians of the danger in the federal government’s plan to fund the 2016 budget with loan, adding that: “Tomorrow, it will be said of me that I did not keep silent when Nigeria was being mortgaged to unnecessary debt.
He warned that with the proposed N1.84 trillion borrowing, $2 billion of which President Buhari is already going to borrow in China, the nation may soon be going the way of Greece because Nigeria will be borrowing N5 billion per day for the next 365 days.
“If your income was N200, 000 per month last year and your expenditure was N195, 000 per month; does it make any economic sense for you to propose to spend N300, 000 per month this year that your income has reduced to N120, 000?

“Only President Buhari can explain to Nigerians what manner of Economic theory encourages borrowing of N1.84 trillion to fund a N6 trillion budget. As for me, it is nothing but a voodoo economic theory and Nigerians must take note that the income that should accrue to them in five years’ time is about to be spent in one year by the Buhari’s APC government,” the governor said.

Omo paátán na tán


So TSA must be finished before all the recovery is completed? How do you keep account if you keep spending what you are supposed to be saving ?


Na so dem confuse GEJ , chopped treasury and savings from oil boom


PMB is not GEJ


Your plan no go work

This is high intellectual reasoning and I don't expect a thug governor to understand.. .

Please go back and continue buying orange and fish

Right now all I can say is give us fuel,if PMB lyk he should go 2 Hong kong and borrow money e no concern me,no be my father wan pay am..

bubu I don't even need fuel I need light too BTW who is buhari?

I will start taking you serious when you Fayose serious when you start speaking without that special assistant

Fowlyose at it again...

But Nawa for this Buhari govt o, highly insensitive.

The truth is bitter indeed

THIS GUY NOW SOUNDS LIKE A BROKEN RECORD EVEN HIS DIE HARD IPOB WARRIORS ARE NOW ASHAMED OF HIM.

Just because of party affiliations many cant even read to understand a simple analysis.

We all know the presidiot is an irredeemable dullard!

Only God can save our ass because The Bible even warned us about APC, but we obviously don't read our bible. Open to Proverbs 24 vv 21 & 22...
"21: My son, fear the Lord, and fear the king as well; do not associate with those that say 'CHANGE'.
"22: For their calamity comes quickly ... and the disaster they both may bring"

[s]

mrvitalis:
This is high intellectual reasoning and I don't expect a thug governor to understand.. .

Please go back and continue buying orange and fish

[/s]

Na wa opooh...a point shaaaa

Can we at least analyze fayose's point as reasonable human beings?
He has a point. Now let's also analyze PMB's idea.
These hate fayose and hate buhari is not good.

It all depends on how the loan is spent. If the loan is earmarked for capital projects, infrastructural development, diversification of the economy, and scientific research, then the loan can be repaid without much strain on the populace.

mrvitalis:
This is high intellectual reasoning and I don't expect a thug governor to understand.. .

Please go back and continue buying orange and fish

Go learn what borrowing mean. Every borrower is a slave to the lender

bejeiodus:
It all depends on how the loan is spent. If the loan is earmarked for capital expenditures, infrastructural development, diversification of the economy, and scientific research, then the loan can be repaid without much strain on the populace.

Nothing justifies borrowing, live according to your means or increase your means but never borrow. A borrower and a beggar has no worth anywhere

How can pmb go & borrow money to be paying 1million ppl 5k when the country have not.
when the country was having,they never did tht. Fayose is right & pmb is a scum bag

Ignorant NURTW Governor.

How will you understand good Governance when all what Ekiti people need is 2 cups of rice and pute one tin of oil.

There is no crime in borrowing money for capital projects.

The stupeed Governor is preparing co wailers to scream borrowed funds by the time the project is completed.

Who takes all these useless politicians serious. I guess Fayose was dead when GEJ borrowed 1billion dollars to fight boko haram.
Part of the money was used to fund his election.

soulpeppersoup:


Go learn what borrowing mean. Every borrower is a slave to the lender

Says who ?

Then Dangote is a slave to all the bank MDs

That ur reasoning is crude and it has expired.

Wetin concern u?

Achuwa1:
How can pmb go & borrow money to be paying 1million ppl 5k when the country have not.
when the country was having,they never did tht. Fayose is right & pmb is a scum bag

i will forgive u. You must have sleep typed cos this does not make any sense at all.

May you borrow or not, The most important thing is he going to use the money.

soulpeppersoup:


Nothing justifies borrowing, live according to your means or increase your means but never borrow. A borrower and a beggar has no worth anywhere

There is no country that does not borrow. Even Uncle Sam does. Do you know Dangote still borrows money from banks to expand his business? That is the way it is with countries. Dangote will never borrow money to marry a new wife or throw an owambe party. He will only do so to invest in a business which will yield profit. That is how a country runs too. Countries borrow money to invest in infrastructure, agricultural development and other revenue generating sectors. The growth of these sectors will pay back the loan.

Thank you Fayose for being the only opposition we have to check those monkeys in power. Don't worry, I will remind the gullible few about this your warning when the chips get down.

How to know a MAD man... He wakes up in the morning. Put on his cloth and without washing his face and brushing his teeth, heads straight to the filling station. On getting there, he saw an unprecedented multitudes queuing up for fuel. He spent about 7hours on the queue before it got to his turn and eventually bought PMS for 200/litre. Heads back home, fuel his Generator, charged his phone and then Posted on Facebook #IstandWithBuhari .or #Bi@fra I pray you all receive sense in Jesus name

Before you disagree with Fayose,read this--
“By the time they borrow N1.84 trillion to fund their N6.06 billion budget; I wonder how Nigeria will survive in 2017 when the Federal Government will be servicing debt with about 50 percent of its budget.”

Well...I am not surprised PMB is borrowing.

If you run a resource dependent economy....as Nigeria has been from independence....when the prices of your commodity that you earn revenue from start dropping....you end up having to take loans to balance the books.

That is why PMB should use the loans where they are supposed to be used....instead of allowing them to be misused.

And Nigeria should stop being resource dependent.

Oga fayose can you please shut up!
You're the most unreasonable governor in Nigeria today, you're owning we workers 4months salary and the next thing for you is to build a 5.7billion naira flyover in a town that takes less than 10minutes to traverse? The longest I've ever spent in hold-up in ado-ekiti was between 3-5minutes,so what's the justification of your flyover when you're unable to pay the worker's salary?
Where are you planning to raise the fund to do this? Borrow I guess and you're here castigating buhari for planning to borrow money in order to revamp the economy of the country
What's is your plan in making ekiti to be independent of FG allocation? What's your plan as regards diversification of the state's economy? Of what economic value is the flyover to the state? If you diverted the 5.7billion naira to agriculture, will it not better the lots of ekiti people.
You imposed taxes on our children in primary and secondary schools, yet you refused to pay we the parents, where on earth do you expect us to get money to pay these heavy taxes? Should my children pay tax when I'm already paying tax as their father?
You're such a clown bro

DaBullIT:
Omo paátán na tán


So TSA must be finished before all the recovery is completed? How do you keep account if you keep spending what you are supposed to be saving ?


Na so dem confuse GEJ , chopped treasury and savings from oil boom


PMB is not GEJ


Your plan no go work

.
Brown roof tribe , they always feel they are more intelligent but in reality ipob have sense pas them. Mind you am not ipob.

AntiWailer: 1:08am


Achuwa1:
How can pmb go & borrow money to be paying 1million ppl 5k when the country have not.
when the country was having,they never did tht. Fayose is right & pmb is a scum bag

i will forgive u. You must have sleep typed cos this does not make any sense at all


how will it make sense to u when u've being sleeping @ the filling station everyday for the past 3 month in the name of buying fuel @ #250 per liter.
u ppl should wake up from sleep & stop suffering & smilling in pains when u know where ur problem is cuming from