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President Umaru Musa Yar’adua’s three year national fiscal plan has come under heavy criticism by members of the House of Representatives.

The document which many members described as ‘ancient’ was submitted to the House in line with the Fiscal Responsibility Act which makes it mandatory for the president to submit at the appropriate time, a three-year financial projections and strategy, upon which the following year’s budget will be built.

This year’s proposal which was submitted by Mr. Yar’Adua, was called the Medium Term Expenditure Framework and the Strategy Paper.

It’s high sounding title, however, did not appear to have impressed the legislators who faulted most of the government indicators in the document for the years 2010 to 2012, saying the nation cannot attain the touted dream of becoming one of the largest economies if it relies on such indices.

The key issues which drew the ire of the legislators include the expected benchmark cost of crude in the document which was fixed for three years at $50 dollars per barrel.

The lawmakers were also miffed by Mr. Yar’adua’s rather modest targeted Gross Domestic Product (GDP) growth of 2.61 per cent and 4.89 per cent for the years 2010 and 2011.

A member, West Idahosa (Edo State) called the document “ancient and analogue” saying it will not propel Nigeria’s growth to the same level as that of other nations.

Mr. Idahosa also said the time had come for the legislators to do their job, “when are we going to rise up to our responsibilities of standing up against the executive?” Mr. Idahosa asked. “I think now is such a time because this document is analogous for this age and should be digitalised.”

Speaking in the same vein, Davis Sekonte, from Rivers State , said Mr. Yar’Adua’s document, “is very poor in strategy”. “This document is rich in negative projections and becomes very poor in strategy. It does not say what will be done in the event of the projected pitfalls,”

Deep analysis

In what was a rare and detailed analysis of an executive submission, many of the lawmakers questioned why at a moment of deepening economic uncertainties, the president should make projections which disregard growth in the non-oil sector and also fail to address the issue of human capital development.

During deliberations on the budget earlier in the year, Mr. Yar’Adua had told the House that the current economic uncertainties, referred to by the legislators during their debate, informed his cautious budget predictions.

It is not clear if the legislators remember this earlier presentation, but clearly they didn’t take this explanation into account because according to them, the price of oil, was not so bad, even when the nation faced the security issues in the Niger Delta region.

“Now that has improved, but the president fixed the benchmark at $50, when in reality it hovers around $70,” Ita Enang, who heads the House Committee on Rules said. “There is no economy in the world that operates like Nigeria,” Mr. Enang added.

“All our tax are oil-related, the little employment for the teeming youth, that goes away from oil is in services such as Customs, Civil Defence,” he said. “There is no plan for industrial development to provide employment even in the next three years.

Implement budgets

In the course of their discussions, the members threw up, again, the concerns they have over the non-implementation of the budget in an economy that is stagnating.

“I do not know why the executive should shy away from capital budgets that truly bring developments,” another member, Ralph Okeke, said. “When everyone is trying to grow economically, we have here a document projecting a downward in capital projects.”

Dino Melaye (PDP, Kogi) said the nation had already been deceived by the releases from the Ministry of Finance, which says the current budget had been implemented to 45 per cent. “Mere release of funds cannot automatically translate to implementation,” he said. “And the indicators stipulated here cannot take us to the promised land.”

After a rigorous debate that lasted for hours, the members agreed to hold further debates on the document, with some grudgingly conceding that this is after all only a proposal.

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[size=20pt]We dont have an economic plan and as such we need a panic plan b'cos we have a sick president leading a dying nation.[/size]

surprise surprise our dear president has an economic plan

is there any need for an economic plan in a funeral?

dappssee:

[size=20pt]We dont have an economic plan and as such we need a panic plan b'cos we have a sick president leading a dying nation.[/size]

This is a funny post, I must say.

dappssee:

[size=20pt]We dont have an economic plan and as such we need a panic plan b'cos we have a sick president leading a dying nation.[/size]

This is funny man, damn is that how y'all feel about ur president?

hope they have a better plan?

fix the light and every other thing will sort itself out

Speaking in the same vein, Davis Sekonte, from Rivers State , said Mr. Yar’Adua’s document, “is very poor in strategy”. “This document is rich in negative projections and becomes very poor in strategy. It does not say what will be done in the event of the projected pitfalls,”


@ i like this, no fear in this speech

A visionless man can never have a standard.D hon member said yar aduas plan is analogous.Dnt u know yar adua looks like old school? With his cap,agbada&how he usually bend while walking

Now Every Ada, Adamu and Adeola is ranting. . . . .Bla bla bla

Wait till the Ghana-must-go bags start rolling out,

I am impressed that the guy even has a plan.  

I am even more impressed that the legislators are smart enough to see through the visionless plan.

I suggest they all get nominated for the Nobel Prize!

His plan is baseless. How can a country depend on excess expenditure? If we want to progress then we better become fully industrialized.

loma:

I am impressed that the guy even has a plan.  

I am even more impressed that the legislators are smart enough to see through the visionless plan.

I suggest they all get nominated for the Nobel Prize!

plan my foot. . . .everyone has a plan, if useful is another story.

dappssee:

[size=20pt]We dont have an economic plan and as such we need a panic plan b'cos we have a sick president leading a dying nation.[/size]

Well said.

the way we dey run things for this country, mi i no gbadun.

the truth of the matter is that from inception, pdp as a party has no agenda for nigeria and nigerians.
for the house of rep, the only area of concern for them is how to return them unoppose while pdp tell nigerians about their plans to rule us with or without our consent for the next 60yrs.
this is a shame for pdp, the gang leaders and the sick and unwilling president.
let us not forget that the system that brought yar adua to power is to be blamed.
the man lack everything that is needed in a president and above all very very unconcerned about the country.
why did obj above everyother nigerian decide to impose a man who is not ready for the task?
obj, yar adua and pdp = autopiloting system. nigeria moves by the dictects of the wind.

There is one thing I know about those guys in the assembly. They always demand bribe. You hear noise only if they don't get it. President Yar'adua has been a particularly stingy type and They have always complained about him. Talk about how are they going to win elections if he doesn't allow them to have their way.

Guys dont be too happy because they make noise not because of you. God only knows those who serve Him.

Akanbi_edu:

Guys dont be too happy because they make noise not because of you. God only knows those who serve Him.

Well said, Am really tired of this country called Nigeria, i wish i could invite the Talibans to do some little re-adjustment in the so called Aso-rock.Does anybody here have Osama's number.

Emilo:


Well said, Am really tired of this country called Nigeria, i wish i could invite the Talibans to do some little re-adjustment in the so called Aso-rock.Does anybody here have Osama's number.

Don't get tired. When the going gets tough, the tough gets going.

Akanbi_edu:

Don't get tired. When the going gets tough, the tough gets going.

Where are the tough ones?

Are we ever going to get any good news comming from this goverment. Is there any tangible plan towards energy and road networks in his economic plan?
This Yar'adua should forget about about his 7 point agenda and focus on 1 or 2 agenda (Power and good Road Networks) Other things will sort themselves out.

dappssee:

[size=20pt]We dont have an economic plan and as such we need a panic plan b'cos we have a sick president leading a dying nation.[/size]

Really funny.  

Well said, Am really tired of this country called Nigeria, i wish i could invite the Talibans to do some little re-adjustment in the so called Aso-rock.Does anybody here have Osama's number.

God punish u, u want to turn us to pakistan or iraq?, i no blame u, make sure u remain in NEPAL oh, mugu,
anyway this yar adua guy needs to wake up, from all am seeing the guy is rather clueless, the seven point agenda should be reduced to 3, and if he cant perform then he should be voted out in 2011, fullstop.

You know one thing that baffles me with this nation is that we want to be seen as giant
who ''are competing'' with the rest of the industrial nations when in actual fact we aren't.
What we ought to concentrate on are more basic issues since we have not being able to
achieve it for 49yrs now. When I talk basic, I mean like electricity, good network of roads,
and rails system, water (pipe borne) and housing. Every other high 'national aspirations'
will follow if and only if these are in place.

That's why I laugh when one governor said he travelled to France to ''lure'' investors into
Nigeria. If I laugh about us, what do you think the rest of the world is doing? Listening to
our giberrish yarns or ROFLTAO.

No one Should Condemn Yara-Dua, God Created Hausa/Fulani to be Cattle Rearers and they are good in it, but because of Shortsightedness of some Southern Nigerias they allowed a Cattle Rearer to start rearing Human beings, very soon Nigerians will start grazing Grasses.

WilyWily:

No one Should Condemn Yara-Dua, God Created Hausa/Fulani to be Cattle Rearers and they are good in it, but because of Shortsightedness of some Southern Nigerias they allowed a Cattle Rearer to start rearing Human beings, very soon Nigerians will start grazing Grasses.

. Kai

Blessed is he who does not expect for he shall not be disappointed! I guess thats presido's credo!

If this man called MR president has an atom of interest for this country Nigeria the wise thing for him to do is to kindly tender his resignation letter and vacate the office because his health condition is deteriorating and that is not good for Nigeria let him go home and solve his health issues because we the citizens can not continue to wallow in abject poverty just because someone somewhere has refuse to backoff for meaningfull development to evolve.

People just don't get it . . .

1. YarAdua is not the person in power . . .

2. YarAdua is the figure head . . . of the Fulani hegemony.

3. Fulanis cannot survive in an environment that is working according to merit. That is why they pack themselves like sardines into positions of power once they have an inroad to the place.

4. Do people really think its coincidence that Sanusi is Fulani man and CBN governor even though its obvious there are better qualified individuals for the position.

5. The day Nigeria starts to work and function properly is the day Fulanis are doomed hence Fulanis would always do things that would jeopardise the development of nigeria.

6. People should not even think of war because the West is benefitting from the mismanagement of Nigeria under the Fulanis hence you can be sure that the west would support them if and when there is war. Thus the only way forward for development is silent break up of Nigeria. . . or . . . true federalism in which all regions are divided according to Ethnic groupings and each region is made to consume only its resources and thus develop at its own pace.

NIGERIA WAS DESIGNED SPECIFICALLY SO THAT IT WOULD NOT WORK . . . HENCE PEOPLE SHOULD STOP DECEIVING THEMSELVES. . . THE WEST SPEFICICALLY DESIGNED NIGERIA THIS WAY SO THAT THERE WOULD ALWAYS BE PROBLEMS AND HENCE THERE WOULD ALWAYS BE AN AVENUE FOR THE WEST TO GAIN INROADS INTO THE COUNTRY AND ITS RESOURCES.

No2Atheism is broadly correct here. I would go further and say that YarAdua may be working to a script developed OUTSIDE the country. He may be a stooge put in there to stifle the growth/development of Nigeria, as part of some larger international geo-political agenda aimed at keeping black Africa dependent, subservient, and a perpetual source of raw materials, rather than a competitive industrializing power set to end the dominance of the west and Asian Tigers.

@No2Atheism
Is obasanjo a fulani? The man na 'egba man' o. Though I understand the point about the west
'thriving' on our ignorance. So what do you think is the way forward?