The Govt cant be predicted.

Position on stand by.

MPC is for 23rd-24th.

Still thinking whether to offload dollars or wait.

10k dolls (3.4million) bought at (3Million 2weeks ago) fit turn to 4million in the next 24hours.

And treasury bills go make you wait one year for 12%

Buhari to spend N3.9bn on Aso Rock maintenance
May 23, 2016




Olalekan Adetayo, Abuja

President Muhammadu Buhari will spend N3.914bn on the maintenance of the Presidential Villa, Abuja this year.

This is apart from another N282.962m he has already set aside for the  General Maintenance Services of State House (Headquarters); and the N41.844m budgeted for General Maintenance Services of State House Operations (Vice President).



These figures are contained in the details of the 2016 Appropriation Act recently signed into law by the President and made available on the website of the Budget Office.

According to the details, the Federal Government will pay the N3.914bn to a construction giant, Julius Berger Plc, saddled with the responsibility of maintaining the seat of power.

The amount is tagged Annual Routine Maintenance of Villa Facilities.

The State House Operations (President) got a total allocation of N1.698bn in the budget while State House Operations (Vice-President) got a total allocation of N289.617bn.

Out of the N282.962m budgets for General Maintenance Services of State House (Headquarters), N182.079m will be spent on maintenance of motor vehicles/transport equipment; N11.545m for the maintenance of office furniture; N27.846m for the maintenance of office/Information Technology equipment; N13.620m for the maintenance of plants/generators and N47.870m for “other maintenance services.”

The breakdown of the N41.844m budgeted for General Maintenance Services of State House Operations (Vice President) shows that N27.139m is for the maintenance of motor vehicles/transport equipment; N1.451m for the maintenance of office furniture; N4.422m for the maintenance of plants/generator; and N8.832m for “other maintenance services.”

Under Materials and Supplies, N103.470m is budgeted for foodstuff/catering materials supplies; N321.070m for miscellaneous; N276.879m for honorarium and sitting allowance; while N44.190m is allocated to publicity and advertisement.

N32.368m is allocated to General Consulting and Professional Services.

Under that category, financial consulting got N25.063m; N2.713m allocated to legal services; and N4.591 budgeted for budget preparation.

The Federal Government will also be buying recreation materials worth N12.075m for the Presidential Villa during the year.

FredN:


They have selected some 4 major oil dealers conoil, oando & forte to be getting PMS from international oil companies shell, total and mobil at an agreed fx rate while the rest of them are on their own

So subsidy is no more? i think say na wayo

Adonkia:
Provide the clue

The clue is easy. They should sanitise the crude oil swap deal until we increase and stabilize our refining capacity. That would ease pressure on forex so that other industries can thrive.

All this Fake MPR rate they are peddling aint doing anything to salvage the situation.

I am sure you know this but you dont want to admit you were fooled from the beginning

Check channels website or their youtube channel

Premium times too have it on their site

NTA na ancient of daays, maybe b4 weekend dem go announce am

BadIntentionz:
So after fixing price of PMS, marketers will also fix based on much they expended importing the product? Which way Naija? And by the way, why has NLC not made an official statement yet about calling off the strike? Cos NTA had announced on thursday that is was called of when it wasn't or has anyone seen an official statement anywhere?

It's either this or outright devaluation...not that they have many choices anyway

Everything about this government is a lie targeted to hoodwink the public. Buhari is a fraud.

godoluwa:
Attahiru Jega, God will judge you

Because he refused to surrender to your parties evil tactics right?

Even your oga, le shoeless El retardeen agrees the election was fair.

Adonkia:
So subsidy is no more? i think say na wayo

We can waste our time arguing about the various terminologies Bubu and his gang have been throwing upandan since April.. deregulation, subsidy removal partial deregulation, price increase, bla bla bla because that is their main aim.... to bamboozle us with semantics while they cheat us blind. I wont do that this morning

We can both agree that you and I will be paying more of our hard earned money to survive while they are budgetting their loot

Evidence of the looting is captured above

amagunnerfan:
Because he refused to surrender to your parties evil tactics right?

Even your oga, le shoeless El retardeen agrees the election was fair.

am nt a member of any political party. understand?

The forex controls has led to stagflation

Best to allow the naira to float than create a 2 tier system that encourages round tripping, sale of forex at subsidised prices to those who can pay market rates and deny bankrupt states maximum revenues from from crude oil sales

BadIntentionz:
So after fixing price of PMS, marketers will also fix based on much they expended importing the product? Which way Naija? And by the way, why has NLC not made an official statement yet about calling off the strike? Cos NTA had announced on thursday that is was called of when it wasn't or has anyone seen an official statement anywhere?

There was an official statement from Ayuba Wabba's faction yesterday to call of the strike and begin negotiations with govt on Monday.

Banks are the ones profiting from all these misfortune... Smh

ok

stelaar:
The Govt cant be predicted.

Position on stand by.

MPC is for 23rd-24th.

Still thinking whether to offload dollars or wait.

10k dolls (3.4million) bought at (3Million 2weeks ago) fit turn to 4million in the next 24hours.


And treasury bills go make you wait one year for 12%

Oh, Mr. SPECULATOR, good luck to you.

989900B:
At $27b (reserves), it is not as bad as they make it look.

Considering in 2002-'03 we probably had less than $10b, and even at its peak in 2011 thereabout, we had roughly $47b.

Now my take is, the country is running aground basically because of paying reverence to the reserves.

Supporting imports with the reserves for the next 3-6 months (while we try to stem the tide of importing refined fuel and other crazy stuffs like eggs, palm oil, rice, toothpicks and all, and encouraging exports), in my opinion does more good for the economy than otherwise.

Considering all the restrictions on overseas withdrawals and e.t.c. and no one practically gets the N199 dollar except the CBN, banks and their cronies. Few years back, we could withdraw up to $150,000/annum overseas @N155, now at less than $30,000/annum we can't even get the dollar at N199, not even N300 -- something is amiss after all the restrictions and efforts, and that thing amiss is, racketeering, hoarding and profiteering which is going to turn us into a Venezuela.

I have so much to say about this, but trying not to make this too lengthy.

Please continue.

The refusal to devalue since last year (especially before the 2016 budget proposals) has done more harm than good. The 2016 budget is predicated on an exchange rate of N199/1USD. Hence, oil and gas receipts (our major source of forex) will be converted at this rate and shared amongst the three tiers of government. This is government clearly shooting itself on its foot.

However this new forex policy will create an excess/illegal profit for the federal government except it is officially acknowledged and/or there is a review of the official rate from the present N199/1USD. The state and local governments will get the short end of the stick as the FG have created a back channel window (funds) for itself.

This reminds me when Abacha fixed official dollar rates to N22/1USD. The banks, bureau de change operators and others who accessed the official rates then really profited massively. Abacha while prosecuting some banks and bankers under the failed banks tribunal was also busy looting the CBN. The rest they say is history.

My advise to the FG is to devaluate without any further delay instead of creating multiple "official rates".

The refusal to devalue since last year (especially before the 2016 budget proposals) has done more harm than good. The 2016 budget is predicated on an exchange rate of N199/1USD. Hence, oil and gas receipts (our major source of forex) will be converted at this rate and shared amongst the three tiers of government. This is government clearly shooting itself on its foot.

However this new forex policy will create an excess/illegal profit for the federal government except it is officially acknowledged and/or there is a review of the official rate from the present N199/1USD. The state and local governments will get the short end of the stick as the FG have created a back channel window (funds) for itself.

This reminds me when Abacha fixed official dollar rates to N22/1USD. The banks, bureau de change operators and others who accessed the official rates then really profited massively through round-tripping. Abacha while prosecuting and persecuting some banks and bankers under the failed banks tribunal was also busy looting the CBN through his cronies, one of which is a governor today. The rest they say is history.

My advise to the FG is to devaluate without any further delay instead of creating multiple "official rates".

PS: Double Post. Modified the earlier post. However they both suffice.

Mekky2010:
Why the self deceit? If they were bold enough to hike PMS, they should please spare us the pretentious retaining of 199 while carrying out back door devaluation through autonomous foreign exchange market (AFEM). We are somehow used to the lies and ajusting to the hard times, bring it on, fear not, personally I can assure you, not only will I survive, I will excel...

PS: I heard Lie Mohammed said the government is broke and will be hoping on taxes. Please also increase the taxes, VAT can be 20%, no qualms!!!

Complete self deceit from a lying insincere and incompetent directionless government whose economic planning is led by a fake pastor, Vice President Yemi Osinbajo, after one (1) whole year of destroying the economy while distracting Nigerians with idiotically conceived politically motivated anti-corruption "war".

First the government seized the forex of corporates and private Nigerians by imposing daily monthly and annual limits on forex denominated financial instruments such as bank cards. Yes, believe it or not, that is seizure of non government forex funds, and/or government using Nigerian citizens forex without authority. Draconian and dictatorial, outside the rule of law, and undemocratic, yet nobody raised alarm.

Nigeria's economy, that of the largest, most populous, and erstwhile most vibrant African nation is now in the hands of, and at the whims, caprices and folly, of tithe and double salaries collecting fake pastor, The Most Unrightful, Unreverend His Non-Excellent Vice President Yemi Osinbajo, personal attorney to the Chicago druglord and former Lagos state governor thievingTinubu, Osinbajo himself being a second rate former professor of law at university of Lagos, and a third rate accountant from a mushroom university of East London, Diploma holding Kemi Adeosun, who previously served as accounting clerk to London railways and whose dubiously nominated antecedents are confined to serving as a commissioner (cashier) of finance in Ogun state under Governor Amosun, a personal friend and CPC follower of Buhari.

Nigeria's economy, economic planning, and it's citizens hard earned foreign exchange are not in safe hands.

How can this fake pastor, a whole VP, who is still collecting salary arrogantly from a new generation church while thumbing his nose at ethical diligence be in charge of Nigeria's economy?

https://www.360nobs.com/2016/04/vice-president-osinbajo-continues-serve-rccg-pastor/

When Patience Jonathan did this, and mind you she was never an elected official, APC led Nigerians to tear her to pieces. The head of Nigeria's incompetent economic planning team, VP Osinbajo, plans only for himself while hiding behind false godliness.