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Buhari And Economic Advisory Council In Close Door Meeting - Politics (2) - Nairaland

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Re: Buhari And Economic Advisory Council In Close Door Meeting by ourema(f): 2:06pm On Oct 09
LegendHero:


What kind of budget should they have presented going by the current realities of our daily crude oil production volume and price?

Can you just give a 3 line summary of what you think will be a growth oriented budget Mr. Economist?

I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench mark for Nigeria is 1.8 million barrels per day

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Re: Buhari And Economic Advisory Council In Close Door Meeting by LegendHero: 2:27pm On Oct 09
ourema:


I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench mark for Nigeria is 1.8 million barrels per day

Do you know last budget was based on a $60 per barrel, now crude oil averages about $57 per barrel.

Daily crude oil production was based on 2.3m barrel per day and now our daily prod averages 2.18m bpd.

Do you even know Nigeria is producing more than the 1.8milliom bpd benchmark of OPEC if I get your question correctly.

Crude oil production most times is always complemented by stability in the Niger Delta region, you would agree with me that things have been quite stable in that region but the government can do more to up crude production volume.

The world economy is slowing down, even China growth rate is reducing, same for Germany and other countries, so the president tried to present a budget within our means, although those figures quoted will eventually be at a difference of +-$3 or $4 but at least they are tryna give more attention to capital projects.

3 Likes

Re: Buhari And Economic Advisory Council In Close Door Meeting by wechat1: 2:47pm On Oct 09
why are they closing door,they suppose to open the door because nothing good will come out from apc meeting undecided undecided undecided undecided undecided undecided
Re: Buhari And Economic Advisory Council In Close Door Meeting by Eteka1(m): 2:51pm On Oct 09
ourema:


I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench
mark for Nigeria is 1.8 million barrels per day
1. Brent crude as at now sells at over $59 per barrel. The price of crude will likely increase due to the issues around Iran sanctions, possibility of military skirmishes around the Strait of Hormuz, any further attacks on Saudi oil installations, Venezuela etc
Re: Buhari And Economic Advisory Council In Close Door Meeting by Adebowale89(m): 2:52pm On Oct 09
will he listen to their advise
Re: Buhari And Economic Advisory Council In Close Door Meeting by babaolofin: 2:57pm On Oct 09
ourema:


I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench mark for Nigeria is 1.8 million barrels per day

Let me repeat the comments by Mr Odilim Enwegbara when he termed the Budget a " Budget of bankruptcy"


Economist and public affairs commentator, Mr Odilim Enwegbara has described the 2020 Appropriation Bill as “a budget of bankruptcy”.
Reacting to the Bill presented to a joint session of the National Assembly on Tuesday, Enwegbara wondered if Nigeria had not “come to the point of agreeing that this business of federal government running Nigeria’s economy should be finally brought to an end?

“For how long do we have to have such a prodigious federal government, a government that can’t stop its borrowing spree?

“For how long should we allow this government to continue to borrow its oversized consumption, where less than two million government workers have directly and indirectly be responsible for 90% of the country’s annual spending?

“For how long should the federal government has to decide where and why road or water etc. should be constructed in Nigeria?”

According to him, debt service to revenue ratio is currently approaching 80% with domestic debt approaching 70% of the country’s overall debt stock.
Re: Buhari And Economic Advisory Council In Close Door Meeting by babaolofin: 3:01pm On Oct 09
In Nigeria, the government workers (politicians and senior civil servants) are controlling 90% of annual national expenditure.
Re: Buhari And Economic Advisory Council In Close Door Meeting by themanderon: 3:02pm On Oct 09
More wicked and oppressive policies coming soon. Nothing good is gona come out of this cos this government and Indeed those before it have a way of making even the best brains look hopelessly dull and confused.
Re: Buhari And Economic Advisory Council In Close Door Meeting by xyjoe(m): 3:03pm On Oct 09
Enzorazor:
Members of the economic advisory council are currently in a closed-door meeting with President Muhammadu Buhari at the State House in Abuja.

This meeting is the first since the inauguration of the advisory council.

President Buhari last month replacedthe Economic Management Team, headed by Vice President Yemi Osinbajo, with the Economic Advisory Council which is mandated to report directly to him.

The eight-man economic advisory council is headed by Professor Doyin Salami with Dr Mohammed Sagagi as vice chairman while the Senior Special Assistant to the President on Development Policy, Dr Mohammed Salisu, is the secretary.

Appointed as members of the council is the former governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, and the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Mr Bismark Rewane.

Other members of the committee are Professor Ode Ojowu, Dr Shehu Yahaya, and Dr Iyabo Masha.

The Council will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

https://www.channelstv.com/2019/10/09/buhari-economic-advisory-council-in-closed-door-meeting/amp/

We are patiently waiting for the outcome
Re: Buhari And Economic Advisory Council In Close Door Meeting by adasingo(m): 3:04pm On Oct 09
Everyday close door meeting, everyday close door meeting! they should better open the door whether something good can come out of it. How can we come out of the present economic crisis with a system that depends on borrowing to finance budget. We should rather cut down the cost of governance, reduce salaries and allowances of politicians and save more money to tackle critical infrastructures. Let us tell ourselves the truth and avoid wasteful spending. [/color][color=#550000]
Re: Buhari And Economic Advisory Council In Close Door Meeting by Ulaga12: 3:04pm On Oct 09
Re: Buhari And Economic Advisory Council In Close Door Meeting by bigpicture001: 3:34pm On Oct 09
The first advice is to scrap N- power...its a waste of scarce resources

80% of N- power beneficiaries dont go to work

Even my friend who is also empower got a federal job nd still receives his N-power payments...planless govt.
Re: Buhari And Economic Advisory Council In Close Door Meeting by topcin: 3:35pm On Oct 09
VillageHead:
Buhari didn't deem it fit to include Prof. Osinbajo, a SAN in the meeting?

Which way Nigeria?

Prof Osinbajo is out of the country for official assignment
Re: Buhari And Economic Advisory Council In Close Door Meeting by Okoroawusa: 3:46pm On Oct 09
LegendHero:


What kind of budget should they have presented going by the current and projected realities of our daily crude oil production volume and price?

Can you just give a 3 line summary of what you think will be a growth oriented budget Mr. Economist?
ourema, we r waiting
Re: Buhari And Economic Advisory Council In Close Door Meeting by Okoroawusa: 3:49pm On Oct 09
bigpicture001:

The first advice is to scrap N- power...its a waste of scarce resources

80% of N- power beneficiaries dont go to work

Even my friend who is also empower got a federal job nd still receives his N-power payments...planless govt.
So you r telling us that you have a corrupt friend currently engaging in a corrupt practice n u refuse to expose him?


Just assume if there are millions of you n ur friend... how we Nigeria survive?

1 Like

Re: Buhari And Economic Advisory Council In Close Door Meeting by VillageHead: 3:49pm On Oct 09
topcin:


Prof Osinbajo is out of the country for official assignment

Thanks for the info bro

Re: Buhari And Economic Advisory Council In Close Door Meeting by smileyoo: 3:50pm On Oct 09
am not sure bubu & his cabals 'll implement any economic advice, that's against their selfish interest.
Re: Buhari And Economic Advisory Council In Close Door Meeting by Okoroawusa: 3:52pm On Oct 09
LegendHero:


Do you know last budget was based on a $60 per barrel, now crude oil averages about $57 per barrel.

Daily crude oil production was based on 2.3m barrel per day and now our daily prod averages 2.18m bpd.

Do you even know Nigeria is producing more than the 1.8milliom bpd benchmark of OPEC if I get your question correctly.

Crude oil production most times is always complemented by stability in the Niger Delta region, you would agree with me that things have been quite stable in that region but the government can do more to up crude production volume.

The world economy is slowing down, even China growth rate is reducing, same for Germany and other countries, so the president tried to present a budget within our means, although those figures quoted will eventually be at a difference of +-$3 or $4 but at least they are tryna give more attention to capital projects.
Germany is about to go into recession
Re: Buhari And Economic Advisory Council In Close Door Meeting by Ambassadors: 4:04pm On Oct 09
The way the government is looking for money now eh.... make dem no enter money ritual lol....
Re: Buhari And Economic Advisory Council In Close Door Meeting by LegendHero: 4:06pm On Oct 09
Okoroawusa:

Germany is about to go into recession

That's true.
Re: Buhari And Economic Advisory Council In Close Door Meeting by bigpicture001: 4:19pm On Oct 09
Okoroawusa:

So you r telling us that you have a corrupt friend currently engaging in a corrupt practice n u refuse to expose him?


Just assume if there are millions of you n ur friend... how we Nigeria survive?

The whole idea of Npower is useless...

The burden of empliyment should b on the private sector..not the government sector packing in workers like fools...

They have large workforce to cater for; have NYSC to cater for..: plus the huge infrastructural deficit...; lack of adequate capital for industralization.; health sector to cater for; education sector to put in place...

Not to b adding unwilling workers to their workforce....even civil defence should b scrapped!
Re: Buhari And Economic Advisory Council In Close Door Meeting by valentineuwakwe(m): 4:35pm On Oct 09
Another closed door meeting that will think about.... 1. delaying minimum wage payment 2. increase in VAT 3. continued blockage of our borders 4.recreation of toll gates with more in the south east .....I don talk my own
Re: Buhari And Economic Advisory Council In Close Door Meeting by Nobody: 4:35pm On Oct 09
LegendHero:


Do you know last budget was based on a $60 per barrel, now crude oil averages about $57 per barrel.

Daily crude oil production was based on 2.3m barrel per day and now our daily prod averages 2.18m bpd.

Do you even know Nigeria is producing more than the 1.8milliom bpd benchmark of OPEC if I get your question correctly.

Crude oil production most times is always complemented by stability in the Niger Delta region, you would agree with me that things have been quite stable in that region but the government can do more to up crude production volume.

The world economy is slowing down, even China growth rate is reducing, same for Germany and other countries, so the president tried to present a budget within our means, although those figures quoted will eventually be at a difference of +-$3 or $4 but at least they are tryna give more attention to capital projects.
How are they paying more attention to capital projects with 20% of the budget.
W&H have just abt 400bn

1 Like

Re: Buhari And Economic Advisory Council In Close Door Meeting by WeRblessed: 4:47pm On Oct 09
Don't worry about that. They will soon come out of the closet and our economy will still be in a mess.

Continue to close doors.

Remind me of one of my European colleagues who said that if prayers and church attendance could make people rich, Nigeria would have been the most richest and developed country on earth.
Re: Buhari And Economic Advisory Council In Close Door Meeting by quickberry2(m): 5:17pm On Oct 09
ourema:
They better give Mr President sound economic advice. The budget that was presented to the national assembly is not growth oriented

How is it not growth oriented?

Please explain.
Re: Buhari And Economic Advisory Council In Close Door Meeting by Nobody: 6:32pm On Oct 09
quickberry2:


How is it not growth oriented?

Please explain.
Seems like you lots who support this govt don't know what goes on there. A budget which is simply a repetition of last year with no new additions is simply not growth oriented. Besides the budget benchmarks are not realistic which means more borrowings whereas we are already servicing debts with a quarter of the budget. Half of the budget is going into overheads while heavy taxation and minimum wage non-implementation is going to lead to further impoverishment of the people. That's how it's not growth oriented
Re: Buhari And Economic Advisory Council In Close Door Meeting by quickberry2(m): 7:14pm On Oct 09
Buckubuck:

Seems like you lots who support this govt don't know what goes on there. A budget which is simply a repetition of last year with no new additions is simply not growth oriented. Besides the budget benchmarks are not realistic which means more borrowings whereas we are already servicing debts with a quarter of the budget. Half of the budget is going into overheads while heavy taxation and minimum wage non-implementation is going to lead to further impoverishment of the people. That's how it's not growth oriented

Trash.

So, we should abandon projects that have not been completed?

How is the benchmark not realistic?

How is half of the budget going into overhead?

There is no problem in borrowing to finance developmental projects sir.

If it is not growth oriented, we would have seen a lot of respected economists saying one thing or the other about that

1 Like

Re: Buhari And Economic Advisory Council In Close Door Meeting by bejeria101(m): 8:16pm On Oct 09
Would he understand let alone contribute to the discussion?
Re: Buhari And Economic Advisory Council In Close Door Meeting by Franklyspeakin: 8:28pm On Oct 09
At least you agree he isn't doing the right thing.
I guess it frustration causing such abreaction. Its bad though.
ainas247:
angry We need good news...
I wonder why some guys here will be calling The President a Fool, Dumb, etc...
This is not right. Don't let your frustration or anger make you lost respect for
the elder not to talk of the President

Can you call your Father a fool if he is not doing the right thing?
If you can then I rest my case.

Re: Buhari And Economic Advisory Council In Close Door Meeting by Nobody: 9:03pm On Oct 09
quickberry2:


Trash.

So, we should abandon projects that have not been completed?

How is the benchmark not realistic?

How is half of the budget going into overhead?

There is no problem in borrowing to finance developmental projects sir.

If it is not growth oriented, we would have seen a lot of respected economists saying one thing or the other about that
What does abandoned projects have to do with growth or not? Under normal circumstances, already existing projects should not stop the starting of new ones especially in an ailing economy like ours. Unfortunately, this govt is having fiscal issues and are at their wit's end, which is why they had to constitute an economic team made up largely of people who worked with previous administrations they used to berate.
2.18mbpd is unrealistic if you factor in that our OPEC quota is 1.8 which we hardly exceed most times and of course the volatility of crude oil price and gloomy economic outlook of the globe due to trade wars and the middle East.
Your question abt half of the budget going into overheads reeks of ignorance
Borrowing should be commonsensical. Right now, we're using almost 100% of our oil revenue to service debts with no visible improvement in infrastructure or standard of living.
A lot of economists have spoken if you've been following the news
Re: Buhari And Economic Advisory Council In Close Door Meeting by signz: 11:58pm On Oct 09
quickberry2:


Trash.

So, we should abandon projects that have not been completed?

How is the benchmark not realistic?

How is half of the budget going into overhead?

There is no problem in borrowing to finance developmental projects sir.

If it is not growth oriented, we would have seen a lot of respected economists saying one thing or the other about that

If most of the money borrowed by this govt were used for developmental projects, people wont be complaining. Most of our debts goes to recurrent expenditure, debt servicing and misappropriation of funds.
Just look at today's Business day reporting that the CBN financed FG to the tune of over 4 trillion naira in 2018 which is against the CBN rule. So let's ask ourselves, what did the FG do with all that money including the ones we borrowed?


As for the OP, I have hope that Salami and Soludo will tell the President the gospel truth about how to make Nigeria productive and business friendly. The problem is, will Buhari put to action their recommendations? Your guess is as good as mine.
Re: Buhari And Economic Advisory Council In Close Door Meeting by quickberry2(m): 11:48am On Oct 10
Buckubuck:

What does abandoned projects have to do with growth or not? Under normal circumstances, already existing projects should not stop the starting of new ones especially in an ailing economy like ours. Unfortunately, this govt is having fiscal issues and are at their wit's end, which is why they had to constitute an economic team made up largely of people who worked with previous administrations they used to berate.
2.18mbpd is unrealistic if you factor in that our OPEC quota is 1.8 which we hardly exceed most times and of course the volatility of crude oil price and gloomy economic outlook of the globe due to trade wars and the middle East.
Your question abt half of the budget going into overheads reeks of ignorance
Borrowing should be commonsensical. Right now, we're using almost 100% of our oil revenue to service debts with no visible improvement in infrastructure or standard of living.
A lot of economists have spoken if you've been following the news

So, we should keep abandoning unfinished projects?

You said the govt. is having fiscal issues, but u don't want the govt to borrow, and u still want the government to embark on new projects.....do u now see why u are not making any sense? Let me know the names of renowned economists who have spoken against the budget.

You said you have not seen any visible improvement in our infrastructure, it is either u are not seeing well or u just want to play politics of hatred. Have you not seen our light rail? What about the second niger bridge? Go to Lagos-Ibadan expressway. We have alot of them goin on.....if u want me to post images here, I will do it for you.

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