Bigmarx:
don't forget our crude is light crude....the crude that gi you so much that serves as raw materials for other products is the heavy crude

Heavy oil doesn't necessarily give more from refining, rather gives more asphaltenes for road mixes which is clearly not our priority considering the large energy input and costs that go into the process, plus its attendanr environmental impact.

Faddd:
The first time Nigeria has a leader who truly meant for us the best, this budget will help our development even on 60% implementation. I smell seriousness therein.

You are a sick fellow. Get your head tested and be back to tell how this budget is serious and the best? Ignorant Modafuck€r

doctokwus:

There maybe some regional undertones,but the economics cannot be faulted.Lake Chad is a known bastion of crude oil deposits,y not explore it.Its also very wrong to think countries the world over are not still exploring crude deposits,even ones with enough reserves to last a generation.

Most of these countries that are investing in exploration at the moment are the gulf countries already producing at near optimal levels and for them production volumes is not the priority but reserves whereas as a country we have been struggling over the years to bring up production to 3million bopd, our priorities should be about our position when the oil price commences its upward journey.

4Play:


If you look at that 2014 Thisday article, 4.6 trillion was generated in a year oil prices were above $100 for the first half of the year. That 4.6 trillion is 1.4 trillion less than we are planning to spend in year we are expecting oil prices to be less than $40. It takes some optimistic assumptions to expect that those gaping revenue holes will be filled.

What is even more chilling is recent revenue collection stats in the post-GEJ era, if revenue collection remains lacklustre now how are we supposed to believe it will improve markedly in the coming months?

PS: For those in the know, are those FIRS stats after states and local governments have collected their 48% share of revenue?

See attached for the 2015 figures for non-oil task for Q1, Q2, & Q3.

I believe the figures could be added since the PPT for Q1 is higher than the corresponding figure for Q2

cummulative for non-oil tax for the 9 months of the year would be in excess of 1.8trillion.

if government can stop excessive leakages she MAY be able to meet her target in that regards

centvin008:
Nigeria’s President, Muhammadu Buhari, on Tuesday presented a 2016 budget proposal of 6.07 trillion Naira.
Nigeria’s 2016 Budget is based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.

GDP Growth Rate Projection 4.37%
Revenue Projection 3.86 Naira
Deficit 2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues 820 billion Naira
Non-oil Revenues 1.45 trillion Naira
 Projected Independent Revenues 1.51 trillion Naira
Capital Expenditure 1.8 trillion Naira (30%  of total budget)
Works, Power and Housing 433.4 billion Naira
Transport 202.0 billion Naira
Interior 53.1 billion Naira
Special Intervention Programs 300 billion Naira
Education 369.6 billion Naira
Defence 294.5 billion Naira
Health 221.7 billion Naira
Ministry of Interior 145.3 billion Naira
Foreign and Domestic Debt Service 1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans 113 billion Naira
Non-debt Recurrent Expenditure 2.65 trillion Naira
Note:

Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.

There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.

The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

The Efficiency Unit set up by the current Administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.
http://www.channelstv.com/2015/12/22/breakdown-of-nigerias-2016-budget/

Lalasticlala

hmmmmM! They shud plan it vry well ooh bcus I need employment cum's 2016 AMEN. But wait a min I didn't see d 5k for unemployment urth

hei i hav seen the budget.... but whr is agriculture? tot thy said we r goin bk to agriculture?

vkon2:
Hop they still ave in mind the monthly payment of #5k for the graduate every month

its in d budget, otherwise we go swear for them

colossus2:

Ibo man.
Shading kor, painting ni.
Inform your villagers so they can be billionaires

"shading" hahaha

Okay 2016 budget about to borrow 800bn naira. Where are my Treasury bills Investors annd Bonds Investor? How feasible Is this plan?
Who will want to Invest in bonds when currently interest rate is at 5-7% p.a. Except CBN will increase interest rates to atleast above the Inflation rate of 9%, I don't see how they'll meet up with the Domestic borrowings. Coz That Interest rate is so not Attractive! To Local & foreign Investors of Bond& treasury bills

This is fantastic. Shebi i ask nigerians to tell me wetin dem buy wey dem dey look for change! Now na to borrow moni give una change we dey hear about. Neocolonisation on board. Haaaaaaaa

baralatie:
Point 3- adjusted budget
Borrowed loanloan #1.84 +
Revenue . #3.78
Total . #5.62 trilliontrillion and not #6.08trillion

Total difference from Adjusted budget and Declared budget: N460 billion.
That's a huge amount to have been neglected or purported to be swept under the carpet.
Nigerian's observe this indepth.

Nice work @Baralatie

For me the budget isn't fair at all! Any budget that doesn't allocate 18% or more to education is a sham. Just like the PDP, APC allocated just a megre 6% of budget to education. That's so little

For me the budget isn't fair at all! Any budget that doesn't allocate 18% or more to education is a sham. Just like the PDP, APC allocated just a megre 6% of budget to education. That's so little. Ordinary Ghana allocates 19% to education.

naturalmi:
For me the budget isn't fair at all! Any budget that doesn't allocate 18% or more to education is a sham. Just like the PDP, APC allocated just a megre 6% of budget to education. That's so little. Ordinary Ghana allocates 19% to education.

so what do you expect from ordinary APC of ordinary Nigeria

emmasege:
Where does the 5k welfare package for 25 million Nigerians fit in in all of these. I expected to see 1.5 trillion naira as social welfare package for 25 million Nigerians.
Yeye government deceiving mumu people.

This is 125 billion naira monthly. The budget don finish be that now.

...

CyberWolf:
thank
You..educate me with facts on the recurrent and capital expenditure based on the budget..I'm an entrepreneur in the agricultural sector and a stunch critic of this government but I'm keeping my cool till July next year..Bit if you are just a sycophant with noting to offer, back off

cool down and use Google.. It will educate you for free

jomoh:



So you mean Nigeria cannot generate N1.6trn from all these

Customs (huge)
Ports (huge)
FIRS (huge)
Aviation
Immigration
Agriculture
Mining
CBN (remember the BVN fines)
Fines (remember MTN and other companies to come)
Ministry of justice (remember huge bail fees)

For fun/seriousness

Levy From agberos(Nurtw)(huge and daily)
Also levy Union from car parks, market union, Trade union etc

abduljabbar4:
And some people think Buhari is a dullard. This is by far the best bydget ever in Nigeria



The fact that PDP called it a fraud shows that the budget is good

abduljabbar4:
And some people think Buhari is a dullard. This is by far the best bydget ever in Nigeria



The fact that PDP called it a fraud shows that the budget is good

[quote author=abduljabbar4 post=41248868]And some people think Buhari is a dullard. This is by far the best bydget ever in Nigeria



The fact that PDP called it a fraud shows that the budget is good[/quote
That's just the sad truth

Ximonak:


For fun/seriousness
Levy From agberos(Nurtw)(huge and daily) Also levy Union from car parks, market union, Trade union etc

Is that supposed to ba a government revenue generating sector?

Try and make it sensible.

jomoh:

Is that supposed to ba a government revenue generating sector?

Try and make it sensible.

don't be so uptight read the first line bro

Ximonak:

don't be so uptight read the first line bro

Oh
Sorry about that bro.


That one too fit join. The one our police sef dey collect dey enough

Education & Health seem to have more allocated. Seems ok. But then Naira is worth much less now than same time last year. The increment might not make much difference.

Where is the source of the huge non-oil revenue? From taxes/duties or what?

Because, assuming less corruption, capable ministers and a desire to do well, implementing the budget depends on actually finding the money.

Another profligate budget... 30% capital budget is peanut compared to 2013 when it was about 31%; it was 24% in 2014 ; 2015 is about 18% -- all these when the national budget was around N4tn. Now, GMB is increasing the national budget by 50%, the only way to stimulate Naija economy is by increasing capital budget 60-70%.. It's a better idea to borrow close to N2tn to finance capital budget to spur economic growth instead of spending 70% of borrowed funds on paying political appointees . For every N100 Naija spends in 2016, N70 is chop money for politicians and workers while N30 is for building roads, schools,hospitals etc.. We are toast!!

IyaIode:

Another madman here

Another foool with mouth odour revealed.

Buhari d best president so far. it hurt dat is only 8yrs u have ur replacement will b kind of hard. wailers will stop soon insha Allah.

wizzyrich:
Buhari ! Buhari ! Buhari ! How many times I call u ? We don't want any more of promises.

sit, relax n b proud of ur country cos we now have President who is really leading.

centvin008:


Oil Related Revenues 820 billion Naira
Non-oil Revenues 1.45 trillion Naira
 
Education 369.6 billion Naira
Defence 294.5 billion Naira

It gladens my heart to know that Education budget is more than defence. Expect a huge improvement in our educational system. At the end of the day, government schools will still be the front-burner of self reliance and development through training. I am positive.

Come to think of it, investment in non-oil sector will be more profitable to this country. You'll agree with me comparing revenues coming from oil and non-oil sectors respectively. The future is brighter

CyberWolf:
you are just a sycophant..if I may ask, what makes it the best budget ever in Nigeria?

YOU ARE MORE THAN ENEMIES OF PROGRESS. IF I MAY ASK, WHAT MAKES IT NOT THE BEST BUDGET EVER IN NIGERIA?

4Play:


It's the projected non-oil revenues that I find wildly optimistic. 2016 is only a few weeks away and so far we are not seeing any substantial increase in non-oil revenues which will justify the revenues projection being made for next year.

What might save us is a rally in oil prices which could happen next year but that is a big gamble. My view is that this is budget of irresponsibility.

I think a major part of the non-oil revenues will come from issuance and re-issuance of minning licences, royalties and charges on minning

wizzyrich:
Buhari ! Buhari ! Buhari ! How many times I call u ? We don't want any more of promises.

Hello,

Budget proposals are not promises......