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Nairaland Forum / Nairaland / General / Business / Breaking!!! Prepare For AUSTERITY - FG (29471 Views)
Austerity Measures: Savings Account Bank Customers Now Pay Tax / Solution To Austerity Measures / FG Introduces Austerity Measures To Secure Nigeria Economy,cause By Oil Drop (2) (3) (4)
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Re: Breaking!!! Prepare For AUSTERITY - FG by pekeyim: 10:02am On Nov 17, 2014 |
I made |
Re: Breaking!!! Prepare For AUSTERITY - FG by Nobody: 10:07am On Nov 17, 2014 |
Obipat:The policies being listed to tackle or to edge the slump in oil price are going directly to the rich because luxurious things are going to be taxed but the problem is that the poor are going to bear the burden indirectly since the rich are surely going to transfer it to the poor. 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by manutdadex(m): 10:08am On Nov 17, 2014 |
citizenisb:even d opposition is nt talkin abt cuttin excess in government's payroll on their campaign shows one tin dat d elite or politicians are all thieves and yet some youth wil run here and fite ova people who dont av d interest of d people at heart. |
Re: Breaking!!! Prepare For AUSTERITY - FG by Afrok(m): 10:10am On Nov 17, 2014 |
Nigeria govt always suffering Nigerians towards the end of the year even when her citizens have being working hard since the beginning of the year. Even if God forgives this corrupt govt, I'll not forgive them and their generations. |
Re: Breaking!!! Prepare For AUSTERITY - FG by amanze15(m): 10:12am On Nov 17, 2014 |
Make I call my aunty for yankee best time to send me $.....buh how did we get here?! Options - look for other markets(countries) to sell oil - our LNG sector need to harnessed,we got more gas than oil - improve the mining industries -encourage SMEs - task the filthy rich more - reduce cost of governance - get the right minds in the right positions NB okonjo iweala no be by harvard grad o, God bless NIGERIA 3 Likes |
Re: Breaking!!! Prepare For AUSTERITY - FG by Nobody: 10:13am On Nov 17, 2014 |
berem:people have not seen the reason why obj sacked her in his time ... she is just a woman of theory and words . unpatriotic , she was ready to leave nigeria for a world bank position , still jonathan supported her and I wonder what he was thinking ... that she would start giving loan to Nigeria or what. 6 Likes |
Re: Breaking!!! Prepare For AUSTERITY - FG by Nobody: 10:23am On Nov 17, 2014 |
All d money they have looted frm d past 2 present, God will take it from them. D masses has been d one paying 4 their incompetency. It is time we Nigeria take a drastic measure just like wat bukina youths did. Badluck Egbere Jonathan thk u 4 ruining 9ja more with ur looting cabinets. There's no peace 4 d wicked, note that. Lastly the way forward is goin into agriculture.... Simple! |
Re: Breaking!!! Prepare For AUSTERITY - FG by Nobody: 10:26am On Nov 17, 2014 |
citizenisb: WHAAAAT!!!!! Tax on luxurious goods! How do you define luxurious goods? Revenue from non-oil sources. When Nigerians have been struggling in the other sectors that the impotent government has failed to develop no one foresaw a time when oil-prices will crash. Now th black gold is drying out and the next plave is Tax on luxurious goods?.....Please, say something else. How much revenue do you want to generate from there 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by olapluto(m): 10:28am On Nov 17, 2014 |
Most wicked set of politicians ever! When oil prices were going up over the last 5 years, the politicians were swallowing it while also impoverising the people. Now wey oil money drop small, they remember that these same poor people can be taxed more to help quench the falling prices. Meanwhile, they are buying bullet proof cars and stealing Billions everyday. If Nigerians take this austerity without changing government, then we should be called mumu for life, or mumu of life. 6 Likes |
Re: Breaking!!! Prepare For AUSTERITY - FG by Nimen(m): 10:29am On Nov 17, 2014 |
And people that don't no shittt about the economy will throw tantrums on Okonjo Iweala, Goodluck Ebele Jonathan and PDP. They doing their best, hope its good enough. If you have a better idea that'll work, mail Aso Rock your proposal, who knows? :/ |
Re: Breaking!!! Prepare For AUSTERITY - FG by coolvitus(m): 10:36am On Nov 17, 2014 |
Our corrupt men and woman in d gorvnment una hear ba? |
Re: Breaking!!! Prepare For AUSTERITY - FG by pat077: 10:41am On Nov 17, 2014 |
i go run go France oh. |
Re: Breaking!!! Prepare For AUSTERITY - FG by arsetalks(m): 10:42am On Nov 17, 2014 |
citizenisb:So Nigerians will now be forced to pay TAXES on things they hitherto do not pay TAXES on simply because the government is incompetent? Why did we not take the right measures when the prices of oil was extremely high. Where is the excess accrued to us from high oil prices? Why did someone who claims to be an Havard trained economics not know that the high prices of Oil is not sustainable? Why the fire bridgade approach? 3 Likes 1 Share |
Re: Breaking!!! Prepare For AUSTERITY - FG by 0coded80: 10:54am On Nov 17, 2014 |
DjAndroid:hehehehehehehehe |
Re: Breaking!!! Prepare For AUSTERITY - FG by JurassicPark: 10:55am On Nov 17, 2014 |
Austerity measure..is that the new name for Ebola? Nigerians have been living with FG's austerity measures long time ago. What else do you call increasing unemployment rate, insecurity, useless air travels, massive diversion of public funds etc if not austerity Do we fly private jets or ride in armoured vehicles? If oil prices drop as they always would, is it not dumbness not to have foreseen such to shore-up its effects Na to dey move money una sabi do 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by 0coded80: 10:56am On Nov 17, 2014 |
ednut1:hehehehehehehe |
Re: Breaking!!! Prepare For AUSTERITY - FG by Krucifax(m): 10:59am On Nov 17, 2014 |
Here's what's happened: 1.Gobal oil prices have fallen. 2.New low oil prices are predicted to be long term. 3.Part of the cause is permanent low demand from places like the USA that has diversified to Shale. 4. Nigeria is HIGHLY dependent on oil revenue as it forms the biggest chunk of national income. Here's what will happen: 1.Naira will devalue. (already happening ) 2.Dollar Foreign reserve will drop. (already happening ) 3.Infrastructure spending will drop. 4.Quality of services will become poorer. 5. Public sector spending will drop. 6.Public sector employment will drop. 7.Private sector employment will drop. 8.Number 7 above is due to private companies reliant on govt contracts. One thing to watch closely in the coming months. 1. Will the govt sanction fiscal deficit and print more money in anticipation of the coming disaster? A. Yes = Massive inflation and sky rocketing cost of goods and services. Naira becoming almost useless. B. No = Wide spread austerity and suffering on an industrial scale. C. A small mixture of A& B. = Our best option. May God help us all in the days ahead. 9 Likes |
Re: Breaking!!! Prepare For AUSTERITY - FG by wordcat(m): 11:05am On Nov 17, 2014 |
oduastates: Thank u very much Oduastate for breaking this down for laymen like us, no wonder the Italians protested and sacked their president and his govt as soon as they mentioned the word Austerity but here in nigeria, we will TRIBALISED and RELIGIONISED everything then keep SUFFERING & SMILING. Thank u once again. Now i understand that austerity means that Okonjo-Iweala go stil dey rob her Red Lipstick, GEJ and his family go stil dey go Germany for medical treatment, Diezani go stil dey use jet frm Abuja to PH and frm PH to Bayelsa, and frm Bayelsa to Lagos, Then i go dey pay N400 frm Iyana Iba to Mile 2, dey buy petrol for N200 per litre, ok o there's god ooo 6 Likes 1 Share |
Re: Breaking!!! Prepare For AUSTERITY - FG by davitogreat(m): 11:06am On Nov 17, 2014 |
retepmurt: Did u read the article? They are going to limit foreign visits by public officials and raise taxes on luxury goods. Or do non of you know what Luxury goods are? Products which are not necessary but which tend to make life more pleasant for the consumer. In contrast with necessity goods, luxury goods are typically more costly and are often bought by individuals that have a higher disposable income or greater accumulated wealth than the average. http://www.businessdictionary.com/definition/luxury-goods.html In Nigeria things like wine, armored vehicles, yachts, diamonds would be classified as luxury goods. They never said they would cut public spending. |
Re: Breaking!!! Prepare For AUSTERITY - FG by MrPresident1: 11:10am On Nov 17, 2014 |
Nigerians, terribly corrupt people, una never jam. There is no austerity for anyone who fears God genuinely. Psalm 111:5 He hath given meat unto them that fear him: he will ever be mindful of his covenant. 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by atlwireles: 11:19am On Nov 17, 2014 |
As oil trends lower, Nigeria adopts measures to stem impact on economy Nigeria’s finance minister made moves to assure jittery financial markets over the weekend, as falling oil prices erode the country’s revenue and investors sell naira assets from bonds to equities. The Nigerian Government is working out some surcharges on certain luxury items to make the country’s rich pay a little bit more, as part of several quick measures to ramp up revenue shortfalls, Ngozi Okonjo-Iweala, co-ordinating minister for the economy and minister for finance, announced yesterday. The government was adopting a multi-pronged strategic response to mitigate the adverse effects of the decline in global oil prices, which have seen a significant drop in oil revenues for Nigeria since June, Okonjo-Iweala said at a special press conference in Abuja. Part of those measures is also that Medium Term Expenditure Framework (MTEF) and the Budget 2015 proposal to the National Assembly have been revised, as government now proposes a benchmark of $73 dollars per barrel to the National Assembly, compared to the earlier $78. Government spending would also be tightened, especially on foreign travels and trainings, going forward. “The idea behind the surcharge is that those Nigerians who are well off would be made to contribute a bit more to making the government coffers more robust, so that they share a bit more of the pain,” the minister told journalists in Abuja. Nigeria, which relies on oil sales for 70 percent of government revenue, expects to produce 2.27 million barrels per day next year, generating revenue of N6.833 trillion ($39.8 billion), the minister said. This year’s budget was based on output of 2.39 million barrels a day. The fiscal and monetary authorities are also co-coordinating to provide a soft landing for the naira, sources privy to the discussions told BusinessDay. Markets may welcome the finance minister’s moves, as investors had been seeking clarity from the country’s economic managers. “The Government is sending a message of calm to the markets and saying look we have a game plan and are not behind the curve,” said the source. Nigerian stocks rallied the most in the world last week, advancing for five straight days, as local buyers took advantage of lower prices paring the bourse’s 2014 loss to 14 percent. The naira strengthened for the first time in four days on Friday, gaining 0.6 percent to N171.15 per dollar by 4:54 p.m. in Lagos. Government would tap up to half of the Excess Crude Account which now stands at $4.1 billion before the end of the year, to be able to meet up with expenditures that are crystallising at the moment, the finance minister said. Despite the small fiscal buffers, Nigeria should be able to cushion the effects of sliding oil on revenues, by running budget deficits for the next two years, due to a low debt level, Fitch ratings said on Friday. “Nigeria has the fiscal space to run deficits in the region of 4-5 percent of GDP for a few years, without undermining fiscal stability,” Carmen Altenkirch, director of the sovereign group at the agency, said. “Fiscal surpluses during the good years will give Nigeria scope to run deficits with lower oil prices.” Nigeria’s fiscal deficit is low, expected at 1.03 percent of GDP in 2014, while inflation printed in single digits of 8.3 percent for September 2014. Fitch rates Nigeria BB-, three steps below investment grade. Okonjo-Iweala explained that even though the government has been working hard on several scenarios and contingency plans in readiness for any eventuality, it was important to proceed in a measured manner, based on a complete understanding of the challenges. “Given the nature of the oil market, we needed to see the extent and trend of the oil price, in order to take the right measures. Panic is not a strategy. It’s important that our strategies are based on facts and a clear understanding of both the strengths of the economy and the challenges posed by the drop in oil prices which is currently at $79 for our premium Bonny Light Crude.” Sources tell BusinessDay that the Government was concerned about a disorderly sell-off in the stock and FX markets, hence the need for a robust response from officials. “There is a big difference between what is happening now and the 2008/ 2009 crises,” the source said. Two major factors make this period different from 2009. Nigerian banks are much healthier now than in 2009, with better risk standards and the rebased GDP showed a more diversified economy, which is potentially more resilient than most oil economies of the world. Nigeria’s banking system has returned to growth and profitability after AMCONs intervention. Nigerian Banks have returned a Cumulative Average Growth Rate (CAGR) in gross earnings and PBT of 17.0 percent and 16.9 percent respectively, since 2009. The Nigerian economy has seen growth rates of about 6 percent per annum on average in the last five year http://businessdayonline.com/2014/11/as-oil-trends-lower-nigeria-adopts-measures-to-stem-impact-on-economy 1 Like 1 Share |
Re: Breaking!!! Prepare For AUSTERITY - FG by retepmurt(m): 11:32am On Nov 17, 2014 |
davitogreat:Eventually,tne masses will stil bear the brunt.Dont trust this people,their policies wil never favor the poor. 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by Goziejay: 11:34am On Nov 17, 2014 |
What ever is happening now is avoidable if only the past administration from 1999 till now had seek God direction to guild them and if only they have the fear of God. 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by Crispels(m): 11:36am On Nov 17, 2014 |
ednut1: Add IAm Olugbenga Pelumi on facebook for more on the revolution stuff!!! Enough is enough! 3 Likes |
Re: Breaking!!! Prepare For AUSTERITY - FG by davitogreat(m): 11:40am On Nov 17, 2014 |
retepmurt: I am looking at the uninformed posts in this thread and shaking my head... Nobody knows what luxury/ostentatious goods are. Plus the increase in taxes on ostentatious goods cannot be passed on to the masses since the all of our ostentatious goods (apart from armoured vehicles) are imported. plus in regards to policies: We are not talking about eventually, we are talking about now. Plus the current government is not going to enact any policies that will affect the masses negatively due to the incoming 2015 elections. Also by February I see the price of oil coming of these lows to somewhere between 80 and 90 dollars so any cutting measures that affect the masses will not take place. |
Re: Breaking!!! Prepare For AUSTERITY - FG by Nobody: 11:42am On Nov 17, 2014 |
Status quo's worse than austere...FINAL WORD -Corruption/cluelessness is a deadly disease! feb. 2015 is d cure!! Vote wisely!!! 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by lastmessenger: 11:43am On Nov 17, 2014 |
I wish that devilish liquid called oil will dry up so that Nigerian leaders can begin to reason 1 Like |
Re: Breaking!!! Prepare For AUSTERITY - FG by duni04(m): 11:55am On Nov 17, 2014 |
Subsidy is definitely going next year |
Re: Breaking!!! Prepare For AUSTERITY - FG by Gistdutch: 11:56am On Nov 17, 2014 |
davitogreat:Why do you think is only the elite that will be affected ,can you explain better for us to learn ? |
Re: Breaking!!! Prepare For AUSTERITY - FG by retepmurt(m): 11:58am On Nov 17, 2014 |
davitogreat:Ok.Some of us are no more gullible,our leaders have failed us.All their economic measures are always theoretical and nt practical as obtained in other countries.Anybody that believes this govt can believe anything. |
Re: Breaking!!! Prepare For AUSTERITY - FG by piagetskinner(m): 11:59am On Nov 17, 2014 |
....All the years when we had stable oil price, what did they do wit it? NOTHING!!!they kept on lootin into their fat bellies. nobody knows for sure how much revenue was/is being generated from oil yearly..it was just given a round 'hypothesised' figure. Now that the chips are seemingly down,they want the masses to pay for their sins#we are a country so blessed with abundant resources, yet nothing to show for it..#i give up 1 Like |
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