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Nairaland Forum / Nairaland / General / Politics / 2012 Budget Breakdown by sectors (Defence is the biggest) (37287 Views)
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Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Gbawe: 7:13pm On Dec 13, 2011 |
Funkymallam:I don't get your point? First you say last years crude benchmark was $70.00 and now you amended your post to say $75.00. Why not show a link that support your point about benchmark crude for the 2011 Budget? As far as I Know it was $65.00 unless revised upwards and I really don't know why you would suggest I am lying to prove a point. Unless you mean that the crude benchmark for[b] 2012[/b] is $70.00 and not $75.00. Even if that is the argument and it is factual then the FG may simply have scaled down the benchmark from when it was reported in September that it would be $75.00. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Gbawe: 7:17pm On Dec 13, 2011 |
holahabib: I think this article from EiE Nigeria (enough is enough Nigeria) deals with your concerns comprehensively. http://saharareporters.com/press-release/eie-nigerias-statement-federal-government%E2%80%99s-games-fuel-subsidy EiE Nigeria's Statement On The Federal Government’s Games With Fuel Subsidy |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by holahabib: 7:26pm On Dec 13, 2011 |
ttt |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Beaf: 7:37pm On Dec 13, 2011 |
holahabib: Dude, I believe the govt wants to hands off the oil sector completely. That is the only way to curb rampant corruption, to that end there can be no long waiting period, its got to happen now. Even worse is the projection from the CBN and ministry of finance that Nigeria will collapse in 2013 if we continue with the fuel subsidy. In past govts, fuel subsidy was not much of an issue, because there was never any fuel anyway, but now that it is in abundant supply, subsidy costs have multiplied to unsustainable levels. My prayer is that NNPC and its hoards of corrupt vampires will also be put in the trash can in the near future. That is on the cards with the PIB. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by success4(m): 7:42pm On Dec 13, 2011 |
it is stupidity that makes someone to think that increment in value of cash allocated for a certain sector is synonymous to improvement in that sector! I hope BEAF can read clear. Nobody wants to engage BEAF, because of insult and trolling. This is budget is an indication of who GEJ is. Prodigal son!!!!! PS: Gbawe: Weldone |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Wexelion(m): 7:43pm On Dec 13, 2011 |
Same old folk tales told by our leaders. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Beaf: 7:49pm On Dec 13, 2011 |
success4: You people are always the first to insult, but you cry fowl when I respond with intellectual left hooks that blind your right eye and 10 tonne staright jabs that deafen your left ear. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by VoodooDoll(m): 7:58pm On Dec 13, 2011 |
Beaf: @BEAF You are a troll and an intellectual midget. If you think this is the best way to represent your principal - then he is wasting his money (tax payers money). Instead of focusing on people's concerns and defending this pathetic budget you go on the attack. It is now clear that you are employed as an online attack dog. If you are intellectually competent why not answer people's questions? But you are incapable of doing so, that's why you resort to moroonic insults like the cretin you are. People who actually run businesses and employ people need this information to budget and plan for next year and instead we have a half-wit come online and spew filth. Keep playing with your feces, cretin. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Sunofgod(m): 7:59pm On Dec 13, 2011 |
GEJ should give me the 'Tear Gas' contract - he will need alot of the stuff next year. GEJ - RIP, |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Funkymallam(m): 8:19pm On Dec 13, 2011 |
@Gbawe. My first source was saying $70/barrel but when i read tru ur source againg, it said $75/barrel. This is ur source again: http://sweetcrudereports.com/2011/09/16/nigeria-sets-2012-budget-on-75b-oil-price-benchmark/ Pls, read d second paragragh again and see they were comparing d numbers of b/d @ d same $75/b benchmark adopted in d 2011 budget. Thnx |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by wirinet(m): 8:35pm On Dec 13, 2011 |
Where is the saved fuel subsidy in the 2012 budget? Is GEJ going to create another PTF like body? Will the budget for the agency not pass through the national assembly? I thought we would see an extra N1.3trillion on capital projects to account for fuel subsidy removal. Then there is the issue of exchange rate. What was the 2011 budget based on in comparison with the 2012 budget? |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by VoodooDoll(m): 8:53pm On Dec 13, 2011 |
GEJ's antecedents does not give much hope that this budget will change the lives of Nigerians and I hope I am proved wrong. N98bn Virement (unbudgeted in 2011) requested is higher than half the sectors GEJ asked for a N98bn virement last month (November 2011). This virement is more than he has budgeted on Agric (N79bn), Niger Delta (N59bn), Petroleum resources (N59bn), Transport (N55bn), and Aviation (N50bn). N5bn robotic equipment is 10% of Abuja budget GEJ is reported to be spending N5bn on Aso Rock robotic bomb detectors. This amount is over 10% of the FCT total annual budget of (N45bn). May be a sensible amount to spend but lack of transparency means we do not know if this is true and on what it is being spent on Debt now N5.3trn (more than 2012 budget), N500bn added in six months Nigeria’s domestic debt as at 30 September was N5,317,995,945,000.00 (N5.3trn) and we are servicing this debt in 2012 at N561bn. And we think this makes sense. Domestic debt at 31 March was N4.8trn. GEJ has added N500bn in six months (ie N83bn borrowed every month) despite the debt being serviced. What was the N500bn addition spent on? N1.35trn drop in external reserves fall (from $40bn to $31.8bn) Under GEJ’s watch our external reserves have fallen by $9bn or N1.35trn Naira value has dropped from N151 to a dollar to N161 to a dollar We are not living under a military dictatorship but a civilian president. I wish GEJ well and do pray for his success as his failure will affect all 160m of us. But this budget as broadcast is uninspiring, I pray I am proved wrong. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by CyberG: 8:54pm On Dec 13, 2011 |
After all the posts, arguments and insults, mark this: this 2012 budget implementation and effects will even be worse for Nigeria. Not so much for the money but the brainlessness of the daftest president and most fooliesh leadership till date in Naija. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by werepeLeri: 8:57pm On Dec 13, 2011 |
Sometimes I wonder why Nigeria has an economic problem given all these economic analysts on NairaLand who always talk like they know better than those at the helm of affairs. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by goggs(m): 9:01pm On Dec 13, 2011 |
Iwould rather wait for a proper breakdown before serious analysis can be made. However, the vote for security involves the armed forces, police, SSS, NIA, etc. Even a blind man can tell that unless security is given priority, all these talk of other sectors of the economy will come to naught. With Boko Haram threatening to over run th ecountry, I knew that the allocation to security will be enhanced this year. though I have my doubts that security agencies have the capacity to manage the funds. I will love to see a proper articulation of how to entice the private sector to invest in the economy from GEJ. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by OmoTier1(m): 9:05pm On Dec 13, 2011 |
What an iota of truth!Beaf thinks He is an intellectual mount zoin To those who say the budgetary allocations does not matter much, I guess you have little or no insight into how 'business angels' and OPS go about their investment decisions. The budgetary allocation is as much as important to the organized private sector as much as the implementation of the budget is to the ordinaty citizenry. By allocation nearly 20% of the budget to Security, a sum far higher than that of works, education combined, this government is sending a very wrong signal to the markets that she does not know what her priorities are. Beside, spending such a huge amount of money on security with vast majority going towards payment for hard and softwares bought of self from other economies, that is a real waste! As both Iraq and Afghanistan war have proven, combatting terrorism is more of local intelligence gathering using crude techniques than deploying hi-tech gadgets. If my memory serves me right, the SFG claimed (albeit an attempt to rubbish ASUU's image and curry public sympathy )ASUU was requesting the FG pay her a whooping N106bn for allowances and other expenses, assuming the FG settles to pay half of that amount, so what's left of the budget for Education I think Sam Omatseye's article on Ngozie's lack of 'economic domestication' is now ever so true with this budget. With depressing budget like this, I doubt if Nigeria will ever achieve the vision 20:20:20 or attain the BRINC status! @the budgdt speech, of course GEJ knew the budget was empty hence the reason He never bothered breaking down the figures to Nigerians and explaining how those figures will be expended. When one listen or watch budget presentation in the UK parliament by the chancelloe ex-chq. you see the government hammering out figures on projects and programmes for the parliamentary years -5years, hence telling the citizenry where their money will be and how it will be spent. THE CASE OF NIGERIA IS ALWAYS DIFFERENT. The never tell you during budget presentation, claiming the details are in the budget but by the time the house delibrating on the budget, sums/figures either get jacked up or are missing entirely! GEJ should tell us what HE will be spending nearly N1tn security budget on. Are buying 205 Chinese fighter jets enmasss again? Or are we going to order 12 fridgets , |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by wirinet(m): 9:06pm On Dec 13, 2011 |
In absolute terms the 2012 budget is less than the 2011 budget. The 2012 budget is only 6% more than the 2011 budget but the inflation rate is around 9% and the exchange rate will likely depreciate further to about N170 - N180 to the dollar. Meanwhile oil export is projected to increase and the oil bench mark has also increased from $65 to $75. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by babygirlfl: 9:07pm On Dec 13, 2011 |
I am personally not bothered about what sector the money goes as all Nigerians' sector is down at the moment. The most important thing is that the money is used for what it is allocated to and not squandered by the thieves. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by holahabib: 9:08pm On Dec 13, 2011 |
ttt |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by OmoTier1(m): 9:24pm On Dec 13, 2011 |
wirinet:I tell you, the more one looks at the budget in relative terms with present and projected economic indices,the more depressing it gets! Maybe the office of budgeting, economic planning, statistics and finance are working with different figures than we know off! |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by manny4life(m): 9:27pm On Dec 13, 2011 |
Security: N921.91 Billion (Roughly US$5.7bn on defence or security. The biggest sector in the budget) - defence was N348bn in 2011 budget? Education: N400.15 Billion Health: N282.77 Billion Works: N180.8 Billion Power: N161.42 Billion Agriculture: N78.98 Billion Niger Delta: N59.7 Billion Petroleum Resources: N59.66 Billion Transportation: N54.8 Billion Aviation: N49.23 Billion FCT : N45.59 Billion Water Resources: N39 Billion Science and Tech: N30.84 Billion Land and Housing: N24.9 Billion Communication and ICT: N18.31 Billion TOTAL FOR OTHER SECTORS = N2,438.9bn UNALLOCATED ITEMS = N2,310.1bn (this is a rounding figure to match up to the total budget) TOTAL BUDGET = N4,749bn Hmm, why do I see so much loopholes in this budget? 1. Security/Defense --- N921 Billion? Damn, although I would support this amount for security and defense, though, I won't be quick to notice the difference in change from last years budget of N348 Billion. That's a 265% sharp increase, that increase is quite aggressive, thanks to Boko Haram. I hope this budget should be able to purchase UAV's, modern fighter jets as well as other defense and security equipments. 2. Education --- 400 Billion? With the current failures in the system, strikes, poor facilities et al plaguing the system, that amount is way small but looks decent. Let us hope, it's not actually 400 billion on paper while N40 Billion is actually spent. 3. Health--- I have no comment on this, I have always been an advocate that healthcare should be left to the jurisdiction of states only. However, if this is to supplement state healthcare, I might agree other than that, no comment. 4. Works --- Someone help me out in this, does this mean infrastructural works et al? If that's it, this is absolute crazy. What nation aspiring to be among the G-20 spends about $1.1billion in infrastructures? With decaying, old infrastructures, that budget should be at least 5x the amount. 5. Power --- We need aggressive, and radical improvement in the power sector, and $1billion won't cut it. According to some figures on the net, if it cost about $1,500 to build 1MW of electricity, with this budget, that means we are anticipating the FG to add at least 1,000 MW of electricity. However, not bad considering the fact the FG has lifted ban and states can start generating electricity. 6. Agriculture --- Agriculture represents more than 40% of our GDP and what could be budgeted so far was N78 billion. Well, at least it's decent, notwithstanding, I was expecting way more up the chart. If we're gonna improve our FOREX, we need to place emphasis on Agriculture and its manufacturing. 7. Niger Delta --- Does this include money that goes to MEND? If it is, something is missing, I sure don't see Boko Haram, OPC et all on the list, nevertheless, if it isn't, forgive my ignorance. I would have continued, but let me stop but so far, I'M NOT IMPRESSED AT ALL. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Fhemmmy: 9:46pm On Dec 13, 2011 |
Since they have done so much wrong, now they have to pay so much to protect their behind . . . . How sad? |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by ibide(m): 9:53pm On Dec 13, 2011 |
900 trillion for security ? That means tha we the protesters must get ready to fight them |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by dayokanu(m): 9:58pm On Dec 13, 2011 |
The Retardeens govt has proven beyond all doubt that he is the most clueless in human history If we are fighting Boko haram with 20% of our budget, Assuming we are at war with another country, How much would have been budgeted for defence? maybe 80% Clueless art thou Odechukwu Retardeen |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by manny4life(m): 10:02pm On Dec 13, 2011 |
ibide: Fight with who? Can't you read the handwriting on the wall? For every weapon they have, they will have 2.5x more now, I hope they sure use it on Boko haram and not poor innocent folks who wants to make a living. In addition, you the protesters can't fight them fire for fire because money has increased and definitely changed hands. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by peaceland(m): 10:05pm On Dec 13, 2011 |
@ VoodooDoll i don't know if your info are correct but thumbs up for a good way of analyzing we need more of that and less of name calling. well done |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by DisGuy: 10:15pm On Dec 13, 2011 |
1. Security/Defense --- N921 Billion? Damn, although I would support this amount for security and defense, though, I won't be quick to notice the difference in change from last years budget of N348 Billion. That's a 265% sharp increase, that increase is quite aggressive, thanks to Boko Haram. I hope this budget should be able to purchase UAV's, modern fighter jets as well as other defense and security equipments. Fighter jet for Boko Haram? They will spend it on Armoured Vehicles for Dame and her lady in waiting, the rest will be used to massage france,uk,USa's ego, the GEJ will be getting 'positive; mentions from Obama,Sarkozy n co in return for their ailing defence companies and SSS will be arresting more bloggers at the airport |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by werepeLeri: 10:22pm On Dec 13, 2011 |
None of the analysts have been impressive so far - none is objective, just name calling and bias for GEJ and his government. Let some reasonable people analyze not just people who have even not read the budget but just picks on 900billion on Defence and security. Is it a new thing that Defence and Security takes the largest chunk of the Nigerian budget? |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by dustydee: 10:22pm On Dec 13, 2011 |
sh!t |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by cgem: 10:30pm On Dec 13, 2011 |
The budget of my university is bigger than education and health combined for a nation! My university's budget this year was $3.5billion (univeristy of washington) which is approximately N500billion. Just for a university! |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by Remii(m): 10:50pm On Dec 13, 2011 |
Nigeria is not at war yet almost a NTrillion would be spent on defense within 365 day, not that we are going to send rocket to moon or fight in foreign land. Nigeria We hail Thee. |
Re: 2012 Budget Breakdown by sectors (Defence is the biggest) by dayokanu(m): 11:04pm On Dec 13, 2011 |
2.5billion Per day on defence. Retardeed art thou Odechukwu |
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