FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? (838 Views)
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| FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by ChangetheChange: 7:01am On Oct 12, 2016 |
The Federal Government has injected over N2.419tn into the economy out of the total of N6.06tn budgeted for 2016, according to its 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper. The figure covered recurrent and capital expenditures incurred as of the end of June this year. The recurrent expenditure alone, covering salaries, overheads, pensions, among others, gulped N1.479tn between January and June. The documents, which The PUNCH obtained on Monday, indicated that revenue challenges affected capital payments, but noted that “capital releases (including capital share of statutory transfers) amounted to N331.58bn.” The government stated, “These investments, in combination with other policy measures, are expected to revive economic activities.” Domestic debt servicing claimed N609bn, while foreign debt servicing stood at N567bn. President Muhammadu Buhari had laid the MTEF and the FSP before the National Assembly last week in Abuja, revealing the government’s plan to budget N6.8tn for 2017. The figure will be about 13.3 per cent or N806bn above the N6.06tn budgeted for 2016. The government said crude oil crisis and challenges in the Niger Delta affected oil revenue performance, making it to turn to “financing from borrowing and other sources” to fund the 2016 spending. The country’s total debt, according to the documents, stood at $61.45bn as of June or “about N16.3tn.” The government said, “The total debt stock is composed of external debt stock of $11.26bn (or about N3.19tn) and domestic debt stock of $50.19b (N13.11tn). “Of the total domestic debt, the Federal Government was responsible for about 74.6 per cent, while the 36 states and the Federal Capital Territory accounted for the balance.” Despite the rising cost of debt servicing, the government said borrowing was still “within the global threshold of 56 per cent for the country’s peer group.” It explained further, “While the government maintains an expansionary fiscal policy over the short-to-medium-term and despite the country’s rising total debt service costs, the strategy is to keep the debt-to-GDP ratio within the present country specific ratio of 19.39 per cent and potentially review same to not more than 25 per cent in 2017.” The documents projected the GDP growth of 3.02 per cent in 2017, while inflation was “expected to moderate to 12.92 per cent”, but consumption would increase to N80.05tn. Its assumptions on crude oil production indicated 2.2mbpd in 2017; 2.3mbpd in 2018; and 2.4mbpd in 2019. On the benchmark, it projected $42.5 per barrel for 2017 budget and $45 for 2018. For 2019, the figure was put at $50. For the exchange rate, the government pegged it at N290 per dollar. It explained, “It is also based on an average growth in employment and labour productivity, as well as an average gross fixed capital formation of 9.41 per cent of the GDP.” The budgeted crude oil benchmark for 2016 was $38, while in 2015, it was $53. Both projections faced implementation challenges. Meanwhile, data obtained from the Debt Management Office in Abuja on Monday, showed that while the Federal Government spent a total of N424.63bn to service domestic debt in the first quarter of the year, it spent a total of N217.05bn in the second quarter ending June 30. On monthly basis, the Federal Government spent N140.39bn in January; N150.27bn in February; and N133.97bn to service its domestic debt. For the months in the second quarter, the Federal Government spent N82.29bn in April; N71.49bn in May; and N63.27bn in June. For the 12 months of 2015, the Federal Government spent a total of N1.02tn to service its domestic debt. In the first half of 2015, the Federal Government spent N1 53.06bn in January, N75.42bn in February; N82.55bn in March; N90.12bn in April; N61.69bn in May; and N65.69bn in June to service domestic debt. This means that for the first six months in 2015, the Federal Government spent a total of N528.54bn to service its domestic debt. The implication of this is that compared to a similar period in 2015, the amount used to service the Federal Government’s domestic debt in the first six months of the year rose by N113.14bn. This shows an increase of 21.49 per cent in the cost of servicing domestic debt within a period of one year. The domestic debt of the Federal Government stood at N10.61tn as of the end of June while as of the end of June 2015, its domestic debt stood at N8.4tn. It was discovered that the Federal Government spent a total of N2.95trn to service domestic debts for a period of five years, from 2010 to 2014. The cost of servicing domestic debt rose from N334.66bn in 2010 to N846.64bn by the end of December 2014. Each year, the Federal Government sets apart some money in the budget for the servicing of both foreign and domestic debts. The actual amount paid, however, may differ from what was budgeted. In summary, The Federal Government has injected over N2.419tn into the economy out of the total of N6.06tn budgeted for 2016, according to its 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy Paper. The figure covered recurrent and capital expenditures incurred as of the end of June this year. The recurrent expenditure alone, covering salaries, overheads, pensions, among others, gulped N1.479tn between January and June. President Muhammadu Buhari had laid the MTEF and the FSP before the National Assembly last week in Abuja, revealing the government’s plan to budget N6.8tn for 2017. The country’s total debt, according to the documents, stood at $61.45bn as of June or “about N16.3tn.” The government said, “The total debt stock is composed of external debt stock of $11.26bn (or about N3.19tn) and domestic debt stock of $50.19b (N13.11tn). Meanwhile, data obtained from the Debt Management Office in Abuja on Monday, showed that while the Federal Government spent a total of N424.63bn to service domestic debt in the first quarter of the year, it spent a total of N217.05bn in the second quarter ending June 30. It was discovered that the Federal Government spent a total of N2.95trn to service domestic debts for a period of five years, from 2010 to 2014. The cost of servicing domestic debt rose from N334.66bn in 2010 to N846.64bn by the end of December 2014. http://leaders.ng/?p=11380
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| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Young03(m): 7:03am On Oct 12, 2016 |
but I did see anything nah |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Nobody: 7:04am On Oct 12, 2016 |
 yes oo. The money dey my account2 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by DaBullIT(m): 7:05am On Oct 12, 2016 |
If anyone one wants to be sarcastic at least do so with sense 3 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by SamuelAnyawu(m): 7:07am On Oct 12, 2016 |
Part of salaries of federal government workers |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by jmichlins(m): 7:09am On Oct 12, 2016 |
another lie from government of lies and deceit 2 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Emycord: 7:12am On Oct 12, 2016 |
Yes i saw it on pages of newspaper and on nairaland 1 Like |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by MRSALT: 7:17am On Oct 12, 2016 |
They might be correct. They injected 2.419Trn naira and while Nigeria lost 3.419Trn naira to foreign investors who left the country because of lack of well articulated macro- economic frame work 2 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by drss(m): 7:21am On Oct 12, 2016 |
with d comatoes economy n worthless currency, even if d dullard inject N6 trillion into d economy it will not change anytin. nigerian economy is dead n buried tanks to d dullard. 4 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by vedaxcool(m): 7:22am On Oct 12, 2016 |
| PDP is a body of stewpidity failing in governance and opposition. ... This sums up the op feeble attempt at playing mr.smart guy 1 Like |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by alegbeleye(m): 7:23am On Oct 12, 2016 |
May be they mistakenly injected the wrong yanch 1 Like |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by bayelsaowei(m): 7:34am On Oct 12, 2016 |
Only through true federalism can we feel the impact of governance...till then we would only be foolishly deceiving ourselves... Y'all should keep waiting for trillions of naira to manifest in the economy. ..just keep waiting. .. Monies that would be used up by the government to pay salaries 2 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by teekay213(m): 7:37am On Oct 12, 2016 |
yes!i have seen my own share. |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Mujaheeeden: 7:39am On Oct 12, 2016 |
vedaxcool:What are you saying again 1 Like
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| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by tonio2wo: 7:47am On Oct 12, 2016 |
drss: They are injecting it into their pockets jare. Give one capital project being carried out now? |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by PapaBrowne(m): 7:50am On Oct 12, 2016 |
Hmmmm. If you read this article properly you would understand the trouble that Buhari has plunge d the country into. The highlights. First , based on the article, at 2.4 trillion released of a budget of 6.06 trillion, they have purportedly released (not implemented) just 40% of budget as at September end. Secondly, the release on the capital expense component is said to be 331 billion which represents just 13% of the total purported release. Worse still, that represents a meagre 5% of the projected budget expense for 2016. I think that's the worst performance ever in the history of governance in Nigeria. Thirdly, and this is actually the most alarming. Look at this quote below. The domestic debt of the Federal Government stood at N10.61tn as of the end of June while as of the end of June 2015, its domestic debt stood at N8.4tn. In the last one year, our domestic debt profile has grown by 2.2 trillion. Our external debt stock has grown by $1.8billion(N550 billion) since this government took over. That's about 2.8 trillion naira in new debts in the last one year alone. That's alarming because despite new borrowing of 2.8 trillion, We have released 2.4 trillion. So since all our expense has come from increased debt, where has all the oil money sold over the last 1 year gone too. There's been no subsidy payments for 1 year now, where have all the subsidy savings gone to. There's been "no corruption" for the last 1 year, so where have all the corruption savings gone to. Something mystical is happening right now and it might just be the biggest heist ever in the history of Nigeria. Even if we've sold 1.5million barrels per day for the last 300 days at approx $40, that should give $18 billion. If 40% goes to JV partners, we would have approx $11billion left which is Over 3.5 trillion naira. What has happened to all that money? 5 Likes 2 Shares |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Justiyke4u: 7:51am On Oct 12, 2016 |
is it with syringe? 1 Like |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Abeymills(m): 7:53am On Oct 12, 2016 |
The dullard is busy sellin it's probaganda package n lies 2 his teaming hords of zombies abraka dabra system of govt very useles poverty high cost living loss of jobs d ediots using corruption 2 cover his shameles Daura President face 1 Like |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Abeymills(m): 7:58am On Oct 12, 2016 |
When u have a finance min who does nt knw how her onion a national planin min who does nt knw d current country debt index wat has worked so far under dis dullard daura president?zombies will say fight against corruption meanwhile BUBUHARi n his cabals are lootin 2 Likes |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by vedaxcool(m): 9:51am On Oct 12, 2016 |
Mujaheeeden: It's written in plain english ... try having a decent meal rather than eat grass |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by 989900: 10:16am On Oct 12, 2016 |
2.'419'.  I have nothing to say.  |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by 989900: 10:18am On Oct 12, 2016 |
PapaBrowne: Valid questions needing valid answers. 1 Like |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by fast2015: 10:42am On Oct 12, 2016 |
yes I saw 419 |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by PassingShot(m): 10:44am On Oct 12, 2016 |
Lazy kids, make una go work because no food for lazy man. |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Tremor007: 10:55am On Oct 12, 2016 |
You are not expected to see a figure with 419 badge affecting lives. Truly, Buhari needs divine help to steer this Country out of the impending depression loading. Bag of rice is still N17,500 and now December is just around the corner. Nigeria had never have it so BAD |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by Tremor007: 10:57am On Oct 12, 2016 |
PapaBrowne:You are a real egghead my brother. This is an apt analysis very very direct and straight forward. |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by drss(m): 11:04am On Oct 12, 2016 |
PapaBrowne:considering d fact dat buari halted capital projects throughout 2015, d situation is becoming like d more u look, d less u see. dis govt is d worsest eva in d entire human race. |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by pabjo: 11:10am On Oct 12, 2016 |
patiently waiting to start voting 2019 |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by juman(m): 11:18am On Oct 12, 2016 |
The government is not doing well. This old man buhari should not make obasanjo mistakes. He need to have his own landmark legacy projects. Its even late to start now talkless of delaying it. |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by AirFireEarthH20: 11:27am On Oct 12, 2016 |
PapaBrowne: u dey ask me? With all what you have highlighted which is obvious even to the deaf, can't you see that people are still praising the government? |
| Re: FG Said It Has Injected N2.419tn Into The Economy, Nigerians Have You Seen It? by malton: 11:32am On Oct 12, 2016 |
Yesu Christi! The amount of ignorance spewed by people in this information age is unprecedented and cannot be surmounted by any other, not even the one that grappled the stone age. Central banks inject money into the banking system through monetary policy actions - the same way they remove it. One will think that this is simply printing more money. But the monetary system is way more complicated than that. I didn't read the article to see how it was done as I was caught by the comments on here first, but, injecting money into the economy doesn't entail just increasing the notes in circulation; rather, it also implies increasing the "deposits from the bank" section in the Central Bank's balance sheet. And if that's the case, the naira notes in circulation is more or less constant. The point there is that, there has been an increase in the broad money supply, nonetheless, the narrow money supply or M1 money supply remains constant. So, you are not supposed to "see it" exactly. That said, the quoted amount isn't even enough to mop up the shit that has been done to the economy. But as more more is pumped into the economy, the impact will percolate through the entire economy to the point that you will begin to "feel it". |
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