fineguy11:
its so unfortunate for that barcanister of a man..he wasnt even man enough to type what u just pointed out coz he knws it's economic suicide,GREECE is a perfect example...

People like him have nothing better, sane and rational to offer Nigeria, all they have is the same bankrupt ideas that manifested the sad situation we are in today.

The OP care less about Nigeria hence his thoughtless criticism and shameful inability to opine or project better sane and rational alternatives to what he's mindlessly criticizing..

If you are going to object, common sense and fairness dictates that you come up with better views and acceptable options..

TonyeBarcanista:

My brother, our situation can be likened to a family that is to choose between enduring hardship while planning for better days ahead and borrowing more money to satisfy the present but endanger the future. Left for me, I'd have preferred austerity that may last between two to three years than a stimulus arrangement that may subject us into more burden in the future.

Politics is at play here. I'm sure you know elections are conducted every 4 years and APC would be too scared to not to have any 'physical' achievements to show by 2019. If APC was certain about staying beyond 2019, then maybe they may have considered the austerity option. But what you see here is a case of politicking for 2019; they are even too scared of removing subsidy payment, all for the sake of maintaining supporters on the short term

obailala:
Politics is at play here. I'm sure you know elections are conducted every 4 years and APC would be too scared to not to have any 'physical' achievements to show by 2019. If APC was certain about staying beyond 2019, then maybe they may have considered the austerity option. But what you see here is a case of politicking for 2019; they are even too scared of removing subsidy payment, all for the sake of maintaining supporters on the short term

I'm so glad for your honesty. It's sad that politics is usually a factor in government decision

PROVACATEUR:
the agro and solid mineral sectors are in the north which is ravaged with insurgency and its a no go area for foreign investors.
How can you budget for a futuristic investment considering the insecurity in our country

The Northern East is ravaged by insurgency, the North is not. Get your facts right. It would take BH less time to travel from NE to SE than to reach NW

TonyeBarcanista:

I'm so glad for your honesty. It's sad that politics is usually a factor in government decision

To you, either way they go it's still going to be politics and you are still going to object and offer your usual mindless and solution less internet essay so obviously, it's you who's preoccupied with politics.

When you continuously object and criticize issues that you yourself in the same breath can not offer any solution to or better path or even what they should have done, it simply means you have no clue per what you are talking about or it's just your usual political opaqueness and inability to suppress your usual desire to criticize no matter what.


You have nothing better to offer Nigerians and Nigeria as a country beyond your usual criticize by any means necessary mentality without offering analytical solutions or better way out for people to read, understand and rationalize with.

Before posting your next aimless analysis, try not to be intellectually lazy, make sure you equally analyze and have common sense solutions to justify your criticism with..

Resources...
www.premiumtimesng.com/news/headlines/173682-budgit-analysis-2015-budget-shows-nigerian-govt-not-committed-austerity-measures-oil-price-falls.html

www.bbc.com/news/business-35152037

allafrica.com/stories/201509170055.html[/quote]
If we practice true federalism in Nig, the fed govt will be richer because every state will have to be economically viable to survive which leads to most states having more to contribute to the center (right now some states contribute nothing).

Most importantly, almost all that additional fed govt revenue contributed by the states will be idependent on one thing - oil

If we practice true federalism in Nig, the fed
govt will be richer because every state will
have to be economically viable to survive
which leads to most states having more to
contribute to the center (right now some states
contribute nothing). Most importantly, almost all that additional fed
govt revenue contributed by the states will be
independent on one thing - oil

APShit economics na magic of abracadabra oh, the more you look the less you see.
Anyway what do we expect from a gathering of broom-wielding, coven-dwelling witches



www.nairaland.com/attachments/2162677_img20150225204321edit_jpeg56bb1cb2db278f716bb3a9df7c4cd726

call it whatever u like, all I know is dat Nigeria will b great under buhari

coolscott:
Resources...
www.premiumtimesng.com/news/headlines/173682-budgit-analysis-2015-budget-shows-nigerian-govt-not-committed-austerity-measures-oil-price-falls.html

www.bbc.com/news/business-35152037

allafrica.com/stories/201509170055.html
If we practice true federalism in Nig, the fed govt will be richer because every state will have to be economically viable to survive which leads to most states having more to contribute to the center (right now some states contribute nothing).

Most importantly, almost all that additional fed govt revenue contributed by the states will be idependent on one thing - oil

Not to worry, Baba promised that already and as a man of INTEGRITY he will surely deliver.
InchaAllah, abi



www.nairaland.com/attachments/2343594_buharitruefederalismpromise_jpegc85970dabfc1bf2df5d730398a429913

TonyeBarcanista:
Earlier today(Tuesday) President Muhammadu Buhari presented the 2016 budget before the joint session of the National Assembly. The budget he tagged "Budget of Change". While commending President Buhari for personally presenting the budget, it is important to ask the kind of change that the budget reflect.

What Is The Rationale Behind $38 Oil Benchmark?
In the budget, the government pegged oil benchmark at $38 per barrel. The problem here is that since the beginning of the second half of 2014, crude oil price has been on a free fall. In December 2014, it stood at $61 per barrel. As at today, the price of crude oil has dropped to $36 per barrel. Note that the price of crude as at june 2014 was $117 per barrel. With Iran poised to resume supply in 2016, Russia and USA entering the market, it means that the price of the product may go lower in 2016. What then is the rationale behind pegging the price of crude at $38 per barrel for 2016 budget? How will Nigeria meet up with its attendant deficit in revenue?

2. According to the 2016 Budget, Nigeria's projected revenue for 2016 is N3.86 trillion and deficit of N2.22 trillion with oil benchmark at $38 dollar per barrel. The government dedicated N1.8 trillion ie 30% set aside for capital expenditure, and projected to incur loan of N1.84 trillion.

The above means that the government plan to incur loan to finance capital project and use the leftover for recurrent expenditure. Which country in the world can survive on such arrangement? Considering that oil price is sinking deeper, it means even the projected revenue may not be met and government could be forced to take more loans to meet up the deficit. Where is the wisdom here?

More Debt?
As at June 30, 2015 the former permanent secretary of the finance ministry put the debt owed by the FG alone at N8.396 trillion and $7.74 (N1.4trillion) for local and external debt respectively. With the government proposing to borrow another N1.84trillion to finance 2016 budget, this will mean more money to finance these huge debts. Considering that we will likely borrow more due to oil decline, I don't think there is any wisdom in this. Are we going back to pre-1999?

Will Government Ever Learn?
When the last administration presented the 2015 budget, they pegged crude oil price at $65 per barrel. As at time of presenting the budget, the crude oil price stood at $61 per barrel. The effect was what we witnessed in 2015 where the government had to resort to borrowing because they couldn't meet revenue expectation. President Buhari is now following the same route. Pegging crude oil price at $38 per barrel when the price at present is lower. That means there will be increased borrowing should the crude oil price fail to rise at the benchmark.

I believe Nigeria should learn from Greece and not go down same lane. Already, we have serious problem of depleting customers for our major export(oil) and also we face challenge of competing with more entrants(USA, Russia and Iran) in the market. Government budget should reflect on the reality and not hinged on political correctness. Honestly, I see no positive change in this budget, all I see is burden on Nigerians.



May God Bless Nigeria

You should not have mentioned God bless Nigeria since your write up is Faithless Pessimistic and Hopeless

TonyeBarcanista:
Lalasticlala Seun Dominique






PS: Intelligent contribution or criticism will be appreciated

I am with you on this boss, $38 dollar benchmark is irrational since the price is never expected to go up ( any moment soon)




this is a case of lousy economic planning!

anonimi:
APShit economics na magic of abracadabra oh, the more you look the less you see.
Anyway what do we expect from a gathering of broom-wielding, coven-dwelling witches



www.nairaland.com/attachments/2162677_img20150225204321edit_jpeg56bb1cb2db278f716bb3a9df7c4cd726

I pity Buhary and APC, too much lies and fake promises that is now making it difficult for them to say the truth.

Nigerians are wiser.

TonyeBarcanista:

I'm so glad for your honesty. It's sad that politics is usually a factor in government decision

Why have you refused to reply my post disecting your original post?

I thought you wanted us to discuss the topic. Why are you avoiding real disussion?

Mtchew!

arresa:
When you continuously object and criticize issues that you yourself in the same breath continuously offer zero solution or better path or even what they should have done instead of what you are criticizing, it simply means you have know clue per what you are talking about or it's just your usual political opaqueness and inability to suppress your usual desire to criticize no matter what.

Is this an admission of your dull chief being too daft to know what to do hence you are using style to ask for ideas and solutions

You should just ask straight up instead of trying to be clever-by-half.
Solutions ko, problems ni!
Did your megida not know what he was getting into when he applied and FAILED in 2003, 2007 and 2011 before he teamed up with Ogbeni Ojuyobo to finally succeed in 2015
It is not too late sha oh, he can resign honourably if he is too daft to perform and deliver on his promise.



www.nairaland.com/attachments/2236329_fbimg1426964019374_jpegf0426a8233bbbeb8b2d08838e693f36e



www.nairaland.com/attachments/3054865_vp_jpeg444345bcdcb410269d58d4e2bb72121a


www.nairaland.com/attachments/3041343_resize_jpeg_jpeg384963ae8ea3da4721c0ff0a90d0291d

On the budget being presented by MR PRESIDENT
pls someone should clarify me on the following

why is the returned/recovered trillions not captured in the budget?

why is the government spending that much for oil exploration in chad, considering the free fall of oil price across the globe?

i'm scared that the borrowing/loan idea may not mean well to us as a Nation at the long run
someone pls clarify me

DropShot:

Why have you refused to reply my post disecting your original post?

I thought you wanted us to discuss the topic. Why are you avoiding real disussion?

Pardon me. I didn't see your mention. Can you refer me to the page?

TonyeBarcanista:
Earlier today(Tuesday) President Muhammadu Buhari presented the 2016 budget before the joint session of the National Assembly. The budget he tagged "Budget of Change". While commending President Buhari for personally presenting the budget, it is important to ask the kind of change that the budget reflect.

What Is The Rationale Behind $38 Oil Benchmark?
In the budget, the government pegged oil benchmark at $38 per barrel. The problem here is that since the beginning of the second half of 2014, crude oil price has been on a free fall. In December 2014, it stood at $61 per barrel. As at today, the price of crude oil has dropped to $36 per barrel. Note that the price of crude as at june 2014 was $117 per barrel. With Iran poised to resume supply in 2016, Russia and USA entering the market, it means that the price of the product may go lower in 2016. What then is the rationale behind pegging the price of crude at $38 per barrel for 2016 budget? How will Nigeria meet up with its attendant deficit in revenue?

2. According to the 2016 Budget, Nigeria's projected revenue for 2016 is N3.86 trillion and deficit of N2.22 trillion with oil benchmark at $38 dollar per barrel. The government dedicated N1.8 trillion ie 30% set aside for capital expenditure, and projected to incur loan of N1.84 trillion.

The above means that the government plan to incur loan to finance capital project and use the leftover for recurrent expenditure. Which country in the world can survive on such arrangement? Considering that oil price is sinking deeper, it means even the projected revenue may not be met and government could be forced to take more loans to meet up the deficit. Where is the wisdom here?

More Debt?
As at June 30, 2015 the former permanent secretary of the finance ministry put the debt owed by the FG alone at N8.396 trillion and $7.74 (N1.4trillion) for local and external debt respectively. With the government proposing to borrow another N1.84trillion to finance 2016 budget, this will mean more money to finance these huge debts. Considering that we will likely borrow more due to oil decline, I don't think there is any wisdom in this. Are we going back to pre-1999?

Will Government Ever Learn?
When the last administration presented the 2015 budget, they pegged crude oil price at $65 per barrel. As at time of presenting the budget, the crude oil price stood at $61 per barrel. The effect was what we witnessed in 2015 where the government had to resort to borrowing because they couldn't meet revenue expectation. President Buhari is now following the same route. Pegging crude oil price at $38 per barrel when the price at present is lower. That means there will be increased borrowing should the crude oil price fail to rise at the benchmark.

I believe Nigeria should learn from Greece and not go down same lane. Already, we have serious problem of depleting customers for our major export(oil) and also we face challenge of competing with more entrants(USA, Russia and Iran) in the market. Government budget should reflect on the reality and not hinged on political correctness. Honestly, I see no positive change in this budget, all I see is burden on Nigerians.



May God Bless Nigeria

Zombies and e-rats has he not spoken the truth?

TonyeBarcanista:

Pardon me. I didn't see your mention. Can you refer me to the page?

It's on page 2.

ok

dunkem21:
A masterpiece to be frank .. Barcanista is a rare gem, ignore him at your own peril ..


The JAMB question remains " What is the rationale behind $38 oil benchmark ..

..when Iran and the giant USA is planning to SELL OIL TO NIGERIA!

The rational is optimism and positivism as the driving force of change agenda of APC.

Barcanista y d worry oga, oil revenue is not even up to 900 billion. Please go and sit down jare. Let it fall below 10 dollar sef, there is no much effect on the economy.
Secondly, is it not better we are borrowing to fund capital expenditure against funding recurring expenditure that was obtainable in the previous administration?

Tonyebarcanista , you get sense
#upbarca

TonyeBarcanista ....so what is the way forward my brother..We are in deep soup...what do we do.....

My fear we might be taxed to death from next year if the government seeks a fast way to compensate for the budget deficit..and na there we go mad for this country..

I am just tired...

tonyebarcanista and the beer palour economics. if bihari followed ur way it will only mean low budget followed by austerity, u will still come here and wail about it. shior

By October next year,this government will have to borrow more money again. And next year they will even borrow more. They have started on the wrong footing and many are still looking at the issue from the political party point of view. Economically this budget is a budget full of future problems and hardship for Nigerians.

sainty2k3:
tonyebarcanista and the beer palour economics. if bihari followed ur way it will only mean low budget followed by austerity, u will still come here and wail about it. shior

so Nigeria shouldn't tigten their belt?we should borrow now to live as if there is no problem only to suffer tomorrow?what happens if the price of crude oil falls below the 30$ mark by July?have you thought about that?

IzonOwei:
TonyeBarcanista ....so what is the way forward my brother..We are in deep soup...what do we do.....

My fear we might be taxed to death from next year if the government seeks a fast way to compensate for the budget deficit..and na there we go mad for this country..

I am just tired...

the problems wont start next year but in 2017.

Their headache

my family does not feed from their oil money neither are they going to share the budget with us.

#Orimijekinlowo

yanabasee:

How can a President who took an oat to protect the people and make life easy for them, tell the people that NIGERIANS WILL EXPERIENCE HARDSHIP COME 2016. It shows that, this administration has NO economical plan(s) or whatsoever to redeem us from any hardship...

Were you under a rock when Okonjo Iweala told us last year that we would face austerity measures in 2015? You said nothing then, you bloody hypocrite!

We are getting much needed honesty from a president telling us to prepare for tough times. Seems you prefer the days when the clueless one was lying to us that the economy was sound, even as our excess crude account buffer was shared and eaten.

Government should cut cost of governance, pay salaries and try to make the internal economy run. The spill over should be for used for infrastructure development.