barcanista:
PLEASE TAKE TIME TO READ

This thread is in response to the Thread by Obiagelli's https://www.nairaland.com/2265908/buharis-social-program-very-possible. In her bid to defend the Social policy of Mr Buhari, Obiagelli insulted the intelligence of Nigerians with respect to what is accrued to the Federal Government in revenue per fiscal year. Let us start by putting things in order...

Nigeria's Revenue:
Nigeria's revenue is accrued through oil export, non oil export, oil tax and non oil tax. The Federal Inland Revenue Service is statutory responsible for the collection of both oil profit tax and non oil tax. The money for oil export goes directly to the Federation Account via the NNPC. The money generated via non oil export goes directly to the federation account through relevant Agencies.

Oil Revenue:
The total sum realised through Oil export(after operational cost) and oil profit tax is known as "Oil Revenue"

Non Oil Revenue
While the sum realised through export of other commodities(after operational cost) and the money realised from non oil profit tax is called "Non Oil Revenue".

What Did Nigeria Earn Between January 2014 and January 2015?
Nigeria Total Earning:
Jan 2014 - June 2014 = N5.109trn

June 2014 - Jan 2015= N3.676trn

Total: N8.785trn

Total Oil Revenue (Oil Export Earning + Oil taxes)
= 70% of Total Revenue ie N6.15trn

*Total Non Oil Revenue (Non Oil Export + Non oil taxes)
= 30% of N8.785trn ie N2.635 trn

Jan 2014- June 2014 = N1.08trn*
July 2014 - Jan 2015= N1.556trn [N2.635trn]

Understanding FIRS 2014 Report:
FIRS announced that the sum of N4.69trn was generated in 2014. The report indicated that N2.45 trillion, representing 52.96 per cent, was collected from petroleum profit tax while N2.24 trillion, representing 47.04 per cent, was collected from non-oil taxes during the period.
Analysis
This sum(N4.69trn) is not independent of the published N8.785trn that Nigeria was said to earn between Jan 2014 and January 2014. It is a part and parcel of the total revenue.

How Much Did FG Get In 2014?
There is a consolidated Sharing formula between FG, States, LGs and Oil Producin States(13%) after operational and other associated cost has been deducted.
FG Earnings In 2014
1st Qtr: N912 billion
2nd Qtr: N864.2 billion
3rd Qtr: N924.68 billon
4th Qtr: N617.186 billion
Total 2014= N3.318trn

2014 Budget: N4.6trn
FG Projected Earning for 2014= N3.73tr
Real Earning = N3.318trn
Deficit in 2014 Fiscal Year: N1.282trn

What this means is that the money accrued to the FG was not even enough to fund 2014 budget. We had a deficit of N1.282trn.
Also note that the fall in oil price affected our earning.

Looking At 2015 Budget:
The 2015 budget(as adjusted) stand at N4.3trn.
Projected Revenue For 2015= N3.603trn
Deficit: N1.297trn (N4.3trn - N3.603trn)

This means the 2015 budget will be run on deficit of N1.297trn (as confirmed by the Senate).

Looking At Buhari's Proposal
With Buhari's proposed N1.89tr Social program, it invariably means an additional N1.89trn will be added to the projected deficit of N1.29 trn ie N3.187trn if he is to go ahead with paying of N5000 to 25 million unemployed annually, from where will he be able to make up the HUGE deficit?.

Analysing The Argument of The Pro-Buharis
Some Pro-Buharis claim that the project will be done in phase of 5m people per year. However, the problem of "How to identify these 5m beneficiaries" and what will be the for selection?
Anyway, that is for another day. Let's go by their argument...
Unemployment benefit: 5m * N5000 = N300 billion.

*The N300b is for the payment benefit alone*. Add that to logistics, overhead and operational cost that the program will incur (approx 50% ie N150billion) annually.

Total: N300b + N150b = N450b

Feeding for 40m Public School Children = N373 billion.

Subtotal: N823 billion.

Where Will Buhari Source For the estimated N823 billion?

- Remove Subsidy? Total package for petrol and kerosene subsidies plus SURE-P fund = N166.5b. That is clearly not up to 30%.

- Invest All Capital Expenditure + Subsidy? This will be a very silly move though. But adding Capital Expenditure and Subsidy will total N866.9 billion. Just a little above the projected N823billion.
Going this route means there will be no project for road, no infrastructure and other capital projects. In fact, it is synonymous to eating the present away.

- Will He Borrow? Borrowing to fund Social Welfare program is synonymous to eating away the future. That means indebting our future and a panacea to economic collapse likened to what happened to Greece if not worse. It also means increasing our already projected deficit of N1.29 trillion

What is the fate of this Social program? Feasible, Laudable or Laughable?

atlwireles:



Ask yourself between both of us, who is truly a bloody recruit. Be sincere to yourself, almajiris changing monikers like underwear.

bogzyboy:
Barcanista will not answer a simple question

When did Buhari propose 1.89 TRILLION FOR HIS SOCIAL PROGRAM?

FemiFaniKayode:


to be sincere to myself; I am a Bloody Recruit!

dustydee:



1. Constitutional role for Traditional Rulers
2. On March 17th 2011, in Dutse the Jigawa state capital, he promised: "If I win the election, within my four years in office, I will establish domestic airports in all the states without airports.

3. He promised that projects such as the Mambilla hydro-electricity, Jada irrigation project and Kafin Zaki dam in Taraba, Adamawa and Bauchi would be pursued to boost agriculture and industrial development.

4. He promised that the NNPC, in partnership with the private sector, would establish a petrochemical plant in the Niger Delta.
5. He promised the implementation of the Petroleum Industry Bill.

6. In Benue he promised to revolutionise agriculture and establish industries in the country through a five-year plan.

7. He also promised to complete the irrigation project in Otukpo.

8. He promised to refocus on the solid mineral development of Plateau state and make it one of the key revenue sources in Nigeria. He also promised to build more dams and complete ongoing ones, so as to boost agricultural growth.

9. He promised to rehabilitate ALL ailing industries in Aba.

10. Promised to build a power station in Anambra state, and rehabilitate ALL federal roads leading to Anambra as well as the South East.
11. He pledged to provide potable water to the densely populated Onitsha and Nnewi cities and tackle erosion in the South-East.

12. In Ebonyi state he promised to establish a secretariat for ALL Federal government's agencies and parastatals in Ebonyi.

13. On March 2nd, in Ondo, he promised that roads and other basic infrastructure across the states will be developed in four years. He also promised the exploitation of the vast bitumen deposits in the state for national economic development and employment generation.

14. He promised to fight the menace of desertification in the country.
15. He promised to build more refineries
and many more . . .

torkaka:
[b] . . . . . . . .Buhari has always said that he will simply tighten leakages for more funds to be on the table . . . . . . . . . .

Under Ngozi Okonjo Iweala’s waiver regime, Nigeria was short changed to the tune of N1.4trn in 3 years, that’s an average N420bn a year through waiver abuse
http://shipsandports.com.ng/import-duty-waivers-customs-rubbishes-okonjo-iwealas-claim-says-nigeria-lost-n1-4-trillion-in-three-years/
http://africanewspress.com/2014/01/24/presidency-finance-ministry-pressuring-nigeria-customs-to-disown-waiver-abuse-report-indicting-okonjo-iweala/


MDAs through corruption have refused to remit accordingly to the federation account, for instance in 2009, the IGR of MDAs was N3.06trn . . . .remittance was only N46.8bn.

in 2010, IGR from MDAs was N30.07trn, remittance was only N54.1bn

in 2011, IGR from MDAs was N30.17trn, remittance was only 73.8bn
http://www.thisdaylive.com/articles/disquiet-over-non-remittance-of-fg-s-revenue/139336/

. . . . . . . . . . . .Nigeria is a leaking basket (revenue wise), that the corrupt Jonathan turned a blind eye to these realities doesn't mean it is inbred in us to embrace corruption and allow leakages!![/b]
[size=4pt]Obiagelli[/size]

barcanista:

Let me educate you, you cannot just wakeup to cut down recurrent expenditure JUST like that. You will need the NASS to repeal act that created some Agencies and Parastatals first. then You will need to SACK some people... And be ready to face the wrath of NLC and the masses.

Secondly, the so-called 300,000 per barrel that is lost daily does not translate to 100% of the money into our treasury except you want an Obiagelli's kind of calculation. To end oil wastege and theft, you need to put structures in place and check-mate sabotage. The truth is that takes LOTS of time and CAN'T be achieved in 2 years all things being equal.

Firefire:


The best APC can do is to retract the Freedom of Information Bill and remove the Freedom of Speech clause from the Nigerian constitution if possible. Then, they are covered.

Genius100:


Do you mean to tell me there are no leakages in the local government that can be plugged? If Osun state that receives one of the lowest allocations can execute this program, why can't the rest of the country? By the way, do you know the economic activity and the multiplier effect that will result from this program If the food materials are sourced locally?

FemiFaniKayode:


do what??

why do people beg these mods in the first place?

mikolo80:
you are either a lazy nigerian banker or a pdp thief
how does opening account for 25million peopl cost approx 150b

that aside
you like all pdp folk are focusing on oyel money
we import 1trn in rice
600bn in wheat
about a 100bn in sugar
lets not talk of palm oil(plus value added,soap etc) malaysia have over 4million hectares,143 trees per hectare at 6000litres per hectare
do the math,i never talk solid minerals o

all apc need to do if they are serious is to mobilise unemployed youth,yes-o style into massive agric(hopefully mechanised) and presto they are earning their keep instead of just "eating" the commonwealth like unproductive civil servants

many ways to skin a cat
think outside the box man
think

fyi he doesn't have to do shitt if he does'nt think it's a priority

unlike

fixing nepa and encouraging foriegn investment(unfortunately) alone will solve a large portion of unemployment problem

lalasticlala:


they dont beg mods, they just want to draw the attention of the mods to a thread which they feel the mods may not see on time or something.

san316:
The truth is that I did not read anything you wrote up there because I know it is just a vein attempt to prove that Nigeria is doomed.

The only question I would ask you is,

If you were wrong about GEJ winning the March 28 presidential election, what makes you think you will be right about this one (the assumption that GMB's policy wont pull through)?


The fact is that you have never been in the corridor of power and have no idea how things work except from the things you're fed with by the media. Same with all of us.

Way forward: Wait for the regime to commence work and if you like, keep praying things don't work out.

Reality: GMB will be president for the next four years and whatever you do or say cant UN-VOTE him.

barcanista:
PLEASE TAKE TIME TO READ

This thread is in response to the Thread by Obiagelli's https://www.nairaland.com/2265908/buharis-social-program-very-possible. In her bid to defend the Social policy of Mr Buhari, Obiagelli insulted the intelligence of Nigerians with respect to what is accrued to the Federal Government in revenue per fiscal year. Let us start by putting things in order...


What is the fate of this Social program? Feasible, Laudable or Laughable?

Firefire:


Ask Obiagelli, the defender of APC, she should be able to help you with answer.

barcanista:
Ogbeni you seem to have comprehension issues

lalasticlala:


they dont beg mods, they just want to draw the attention of the mods to a thread which they feel the mods may not see on time or something.

otr1:

You don't seem to understand. For example, MDAs budgeted more than N45 billion on research alone. What are they researching? Are they Universities or Research Institutes? Without firing a single person, we'll still nothing less than N500 billion by blocking wastages and duplications.
As for the oil theft issue, it won't take more than 6 months to end, coz Buhari's Government will not be an accomplice to that the way GEJ's was. A quarter of that would make a huge difference.

PassingShot:
[s][/s]

This your obsession with GMB has no equal!

Your life must be very pathetic I swear. Why don't you wait for the administration to be sworn in and start work before you start the rubbish you've chosen to embark on?

Your die-hard supporters must by now be ashamed of you already!

Lalasticlala, Seun, Ishilove, please stop giving this guy unnecessary attention by moving silly threads as this to the front page.

Stop feeding his over bloated ego please!

Modified*
Just as I expected, here is one of the few reasonable PDP supporters:

queensmith:
Anything is possible - for example.

if i promised Barcanista 100k he will find a way to make it possible. He will turn his own calculations upside down

Now I think we should pull up the finances of countries that were successful in granting such programmes.

Although i'll still err on the side of caution - I'd prefer foodbanks or vouchers to doling out cash. Esp in Nigeria.

faithfuldon7:
some people get time walahi. They just dey go do research to claim they are right.