Just this morning, the Nairaland user, masterpiece86's post made the front page, announcing that Nigeria has recovered N3.6 trillion from looters in the ongoing fight against corruption.

On the 22nd of May, another user, mydream23's post was about the state of the Nigerian economy, where the minister of information and culture, Alhaji Laid Mohammed was quoted to have said Nigeria is broke.

My question is; if we have gotten that much (half of the Nation's budget) from looters with current oil revenue at N14 billion daily, how can we be broke? Economist in the house, help us please.

Attached below are screen shots from the two posts in question!

stevedure:
Just this morning, the Nairaland user, masterpiece86's post made the front page, announcing that Nigeria has recovered N3.6 trillion from looters in the ongoing fight against corruption.

On the 22nd of May, another user, mydream23's post was about the state of the Nigerian economy, where the minister of information and culture, Alhaji Laid Mohammed was quoted to have said Nigeria is broke.

My question is; if we have gotten that much (half of the Nation's budget) from looters with current oil revenue at N14 billion daily, how can we be broke? Economist in the house, help us please.

Attached below are screen shots from the two posts in question!

Recovered loots cannot be spent without a bill approved by the NASS.

Again, the FG may have different plans on how to utilize the money outside the budget. Whichever way it decides to use it, the spending must be approved by the NASS.

PassingShot:

Recovered loots cannot be spent without a bill approved by the NASS.

And which bill was passed before they were recovered?

luvinhubby:


And which bill was passed before they were recovered?

I just tried to help your ignorance. You're free to refuse to be helped.

Your cup of tea.

Anyone who doesn't know that every spending outside budgetary allocation and statutory spending must be approved by the NASS, and yet refusing to be educated, has surely deliberately chosen to remain ignorant. There is little anyone can do to help such person.

Isn't the budget suppose to be a chronological and comprehensive expense plans of the government for a certain duration? Is spending on other things outside what have been budgeted approved? Since, even a needle that needs to be bought reflects on the budget!

Again, if the government can spend outside of the budget approved, will it or does that not encourage corruption? Since nobody monitors such budget and expenditure, outside the main budget. Just to be cleared please.

PassingShot:

Recovered loots cannot be spent without a bill approved by the NASS.

Again, the FG may have different plans on how to utilize the money outside the budget. Whichever way it decides to use it, the spending must be approved by the NASS.

The recovered loot does not require a bill from the National Assembly to be spent. The NASS has already approved spending to the tune of N6 trillion towards the 2016 budget for which the FG is looking to borrow 2.2 trillion Naira to meet:

ABUJA Dec 22 (Reuters) - Nigeria expects a budget deficit of around 2.2 trillion naira ($11 billion) in 2016 which would be funded by local and foreign borrowing, President Muhammdu Buhari said on Tuesday.

http://af.reuters.com/article/nigeriaNews/idAFL8N14B1DC20151222

If the government has "recovered" 3 trillion Naira, not to mention the 3 trillion Naira recovered into the TSA, it would not be looking to borrow. You are spreading misinformation and I suspect you are being paid to do so. For more on the government's borrowing plans and bond issues, see below:

Nigerian officials are meeting bond investors in London next week, according to a person familiar with the matter, as the government considers tapping international debt markets for the first time in three years to help finance its record budget deficit.

http://www.bloomberg.com/news/articles/2016-06-01/nigeria-said-to-plan-bond-investor-meetings-in-london-next-week

The DMO may not balk at the bids at the next auction, given the scale of the funding requirement. Net domestic debt issuance is set this year at about N950bn, and holders of the Aug ‘16s have to be paid a further N560bn on maturity. Ytd the DMO has raised N418bn.

https://www.proshareng.com/news/Bonds/Another-rise-in-yields-at-FGN-bond-aucti/31072

[quote author=stevedure post=46291614][/quote]

What I find funny is the uncoordinated lies - he says the government needs NASS approval to spend recovered loots even though the NASS has approved spending of N6 trillion which government officials are running helter skelter to finance. Adeosun noted recently that implementation of the budget is not a given due to lack of money:

The Minister of Finance, Mrs. Kemi Adeosun, said on Thursday that there was no guarantee that the Federal Government would implement the 2016 budget in full.

The minister, who took her turn to address members of the House of Representatives at the ongoing sectoral debate initiated by the House, explained that much depended on how much money was available to the government from crude oil sales to implement the N6.06tn budget.

http://punchng.com/cant-guarantee-full-budget-implementation-finance-minister/

But passingshot also says the government may want to spend the money outside of the budget! So the government is not sure it can fund its budget approved by NASS, but it may look to spend money in ways not yet approved by NASS using money for which it needs NASS approval to spend - I have never seen such disoriented and harebrained attempts at propaganda as you see in Naija politics.

You are spreading misinformation and I suspect you are being paid to do so.

C'est Fini.

PassingShot:

I just tried to help your ignorance. You're free to refuse to be helped.

Your cup of tea.

Anyone who doesn't know that every spending outside budgetary allocation and statutory spending must be approved by the NASS, and yet refusing to be educated, has surely deliberately chosen to remain ignorant. There is little anyone can do to help such person.

Education can never translate to literacy, no matter how one tries.

You say the nation is broke, borrowing 2 trillion to supplement the budget, meanwhile you have 3.4 trillion recovered loot waiting for a bill to spend it while you go borrowing to spend in the already appropriated budget.

Taah, keep quiet !!

Saying that NASS need to approve a bill before the recovered money can be spent is like saying that NASS need to approve a bill before money gotten from customs,immigration,crude oil sales etc could be utilized.
Once the budget is passed,it is then the duty of the govt through the finance ministry to source for the funding.you only need NASS approval when you want spend outside the budget.

PassingShot:

I just tried to help your ignorance. You're free to refuse to be helped.

Your cup of tea.

Anyone who doesn't know that every spending outside budgetary allocation and statutory spending must be approved by the NASS, and yet refusing to be educated, has surely deliberately chosen to remain ignorant. There is little anyone can do to help such person.

Stop yarning drivel, you are the only one who brought up spending outside statutory spending. The NASS has approved spending, the FG does not need further NASS approval to meet the approved spending using the phantom recovered funds. Indeed, if the money did actually exist, the FG would rather use it than have to borrow as it spends more than a third of its revenue on debt-servicing (it wouldn't want to add to its future debt-servcing obligations). -

LAGOS, March 3 (Reuters) - Nigeria expects to spend 35 percent of its federal government revenues servicing debt this year, up from 26 percent last year, the Debt Management Office (DMO) said on Thursday.

http://af.reuters.com/article/nigeriaNews/idAFL8N16B523

The reality is that much of that money does not exist. The problem with lies is that when you tell a lie, you need further lies to sustain it. By claiming the government is engaged in a successful anti-corruption war yielding billions of dollars, there is a natural need to explain why these additional funds are not manifesting in an improved FG fiscal profile. Now we have a new lie - the FG cannot use the funds because the NASS did not approve it! You guys make me laugh

The loot is about to be re looted

If the government needs to seek a bill that will allow it spend recovered looted funds, yet the approved budget can not be achieved with little or no funds as claimed by the minister, where then does the FG get financing? What then is income? Could the recovered fund not pass as income? Bearing in mind that the recovered funds belong to government, will it still seek approval to spend the funds?

What's the rational behind going to borrow money to pay back with huge interest, when you have more than what you intend borrowing but can't spend?

Isn't that same as the proverbial saying of penny-wise, pounds-foolish?

PassingShot:

Recovered loots cannot be spent without a bill approved by the NASS.

Again, the FG may have different plans on how to utilize the money outside the budget. Whichever way it decides to use it, the spending must be approved by the NASS.

Rather the recovery is inconclusively padded! The budget has anticipated 350bn loot recovery in it.

My own be say why things cost now that there is no more corruption than when corruption was the order of the day?

4Play:


Stop yarning drivel, you are the only one who brought up spending outside statutory spending. The NASS has approved spending, the FG does not need further NASS approval to meet the approved spending using the phantom recovered funds. Indeed, if the money did actually exist, the FG would rather use it than have to borrow as it spends more than a third of its revenue on debt-servicing (it wouldn't want to add to its future debt-servcing obligations). - http://af.reuters.com/article/nigeriaNews/idAFL8N16B523

The reality is that much of that money does not exist. The problem with lies is that when you tell a lie, you need further lies to sustain it. By claiming the government is engaged in a successful anti-corruption war yielding billions of dollars, there is a natural need to explain why these additional funds are not manifesting in an improved FG fiscal profile. Now we have a new lie - the FG cannot use the funds because the NASS did not approve it! You guys make me laugh

Pointless discussing with someone who doesn't even believe that any money was recovered.

luvinhubby:


Education can never translate to literacy, no matter how one tries.

You say the nation is broke, borrowing 2 trillion to supplement the budget, meanwhile you have 3.4 trillion recovered loot waiting for a bill to spend it while you go borrowing to spend in the already appropriated budget.

Taah, keep quiet !!

Read the summary of recovered loots once more and show me where the 3.4 trillion naira is.

Temporary forfeiture cannot be utilized until such monies have been fully forfeited through courts.

PassingShot:

Recovered loots cannot be spent without a bill approved by the NASS.

Again, the FG may have different plans on how to utilize the money outside the budget. Whichever way it decides to use it, the spending must be approved by the NASS.

Big laughter @ juvenile reasoning

Well then, if the national assembly can debate and approve a budget, there is no reason in the world that a National Assembly controlled by the RULING party cannot also quickly approve the addition of the recovered loot in a supplementary Budget.
Daahhhh!!!

Ohh! The FG may have different plans on how to utilize the money outside the Budget , but it has to be approved by the NASS?
How does the above make any sense at all ?
This is what I call an assemblage of words in a desperate attempt to mean something.

My question to you is : why do you feel compelled to patch words together and hope they end up meaning something? Are you being paid to do this ?

Or is that you suffer cognitive dissonance more than most other people?

4Play:


Stop yarning drivel, you are the only one who brought up spending outside statutory spending. The NASS has approved spending, the FG does not need further NASS approval to meet the approved spending using the phantom recovered funds. Indeed, if the money did actually exist, the FG would rather use it than have to borrow as it spends more than a third of its revenue on debt-servicing (it wouldn't want to add to its future debt-servcing obligations). - http://af.reuters.com/article/nigeriaNews/idAFL8N16B523

The reality is that much of that money does not exist. The problem with lies is that when you tell a lie, you need further lies to sustain it. By claiming the government is engaged in a successful anti-corruption war yielding billions of dollars, there is a natural need to explain why these additional funds are not manifesting in an improved FG fiscal profile. Now we have a new lie - the FG cannot use the funds because the NASS did not approve it! You guys make me laugh

Don't my these pathological liars.

Dp

4Play:


Stop yarning drivel, you are the only one who brought up spending outside statutory spending. The NASS has approved spending, the FG does not need further NASS approval to meet the approved spending using the phantom recovered funds. Indeed, if the money did actually exist, the FG would rather use it than have to borrow as it spends more than a third of its revenue on debt-servicing (it wouldn't want to add to its future debt-servcing obligations). - http://af.reuters.com/article/nigeriaNews/idAFL8N16B523

The reality is that much of that money does not exist. The problem with lies is that when you tell a lie, you need further lies to sustain it. By claiming the government is engaged in a successful anti-corruption war yielding billions of dollars, there is a natural need to explain why these additional funds are not manifesting in an improved FG fiscal profile. Now we have a new lie - the FG cannot use the funds because the NASS did not approve it! You guys make me laugh

Don't mind these pathological liars.

4Play:


What I find funny is the uncoordinated lies - he says the government needs NASS approval to spend recovered loots even though the NASS has approved spending of N6 trillion which government officials are running helter skelter to finance. Adeosun noted recently that implementation of the budget is not a given due to lack of money: http://punchng.com/cant-guarantee-full-budget-implementation-finance-minister/

But passingshot also says the government may want to spend the money outside of the budget! So the government is not sure it can fund its budget approved by NASS, but it may look to spend money in ways not yet approved by NASS using money for which it needs NASS approval to spend - I have never seen such disoriented and harebrained attempts at propaganda as you see in Naija politics.

If u don't get high finance, then keep ur peace. Till now I don't know why d US continues to give aids to 3rd world country, yet it has a deficit of arnd 50%?!

What I do know is, d govt has told NASS how it hopes to source funds, legally, if its going to change d source, then it still needs NASS approval! Dazzol!

PassingShot:

Read the summary of recovered loots once more and show me where the 3.4 trillion naira is.

Temporary forfeiture cannot be utilized until such monies have been fully forfeited through courts.

Temporary forfeiture is different from your postulation of a bill before spending 'recovered' loot.

PassingShot:

Read the summary of recovered loots once more and show me where the 3.4 trillion naira is.

Temporary forfeiture cannot be utilized until such monies have been fully forfeited through courts.

But the budget reflected N350 billion expected income from recovered looted fund which has been approved by NASS for spending. Are you saying since the 'recovered loot' has exceeded expectations, the FG will have to seek approval of NASS to spend above expected loot recovery funds?

stevedure:

But the budget reflected N350 billion expected income from recovered looted fund which has been approved by NASS for spending. Are you saying since the 'recovered loot' has exceeded expectations, the FG will have to seek approval of NASS to spend above expected loot recovery funds?

It's the 350bn recognized by the budget passed that the FG is legally allowed to spend from the recovered loots if and when such amount is available. Nothing may be spent beyond that without the approval of the NASS.

PassingShot:

It's the 350bn recognized by the budget passed that the FG is legally allowed to spend from the recovered loots if and when such amount is available. Nothing may be spent beyond that without the approval of the NASS.

The government was/ is to source for funds to fund the budget. Now, if the government mentioned the use of certain amount from looted funds, knowing that there was no definite knowledge about how much could be retrieve, could it not ultimately mean that the N350 billion mentioned in the budget is ESTIMATED? If yes, then estimation means: To judge tentatively or GUESS the value of an amount, figure or thing. If it is guessed, then the NASS should have known that it could be less or more!
What if the recovered funds are less than the expected N350 billion, what would have happened? Please elaborate.

luvinhubby:


Education can never translate to literacy, no matter how one tries.

You say the nation is broke, borrowing 2 trillion to supplement the budget, meanwhile you have 3.4 trillion recovered loot waiting for a bill to spend it while you go borrowing to spend in the already appropriated budget.

Taah, keep quiet !!

You are absolutely right, education isnt literacy. The trillions you mentioned above were rightly labelled as temporary seizures, if education was the same thing as literacy, and if literacy directly translated to wisdom, then you should have known that the FG has no right to spend funds it temporarily seizes from suspects.

obailala:
You are absolutely right, education isnt literacy. The trillions you mentioned above were rightly labelled as temporary seizures, if education was the same thing as literacy, and if literacy directly translated to wisdom, then you should have known that the FG has no right to spend funds it temporarily seizes from suspects.

It's either that you are deliberatly ignorant or a crafty liar like APC govt.

Why announce them as recovered loot when it is still on a process that you can loose?

luvinhubby:


It's either that you are deliberatly ignorant or a crafty liar like APC govt.

Why announce them as recovered loot when it is still on a process that you can loose?

Exactly my thought. Why make seized monies public when loot recovery process is still in progress One would expect that the monies made public will be fully acknowledged by CBN as monies dully recovered and deposited in the federation account, but with this administration, the reverse is the case. Why will they follow the EFCC line of arresting individuals before investigation This govt and policy flip flop is really pathetic.

luvinhubby:


It's either that you are deliberatly ignorant or a crafty liar like APC govt.

Why announce them as recovered loot when it is still on a process that you can loose?

The govt gave a detailed breakdown of its progress in funds recovery; N78bn is confirmed as recovered while up to 3trillion even though is in hand, is still under investigation and is work in progress. This simple explanation shouldnt be difficult for even a primary school pupil to comprehend. I'm sure you are not a kid, so I am at a loss at how to categorise your poor comprehension skills.

put this recovered monies in a account and dont touch it!!!.....its blood-money!!!....it will bring you bad-luck...............

tsdarkside:


put this recovered monies in a account and dont touch it!!!.....its blood-money!!!....it will bring you bad-luck...............

Hahahahaha, now that is funny!
On the other, monies you have but can't spend are blood monies.