PhiliptheArab:
The important bit....



Also,keep in mind that oil prices today are $39 per barrel

And keep in mind that we need oil to be at $139 per barrel sine 2017 up from oil prices at $122 per barrel in 2012 to have enough money to meet all our obligations

Also keep in mind our tax to gdp ratio is 5.8%

And for those of you wondering that GEJ was better...oil was at $91-130 during his regime. Buhari took over at oil being $75 per barrel in 2015...and it has been downwards since.

And for you BMC....consider that there has been no effort to deregulate the downstream il sector and the power sector at all, and there has been no effort to diversify the economy at all, and we have not harnessed the economic potentials of this country under your Buharis regime....and insecurity makes things worse.

And from the National Assembly hs high salaries gang....we can cut N1 trillion from the NA, leave them with 500billion, and the Ntrillion won't be enough. We need dobule our national budget before we can say...yes we are meeting needs.

And for all Nigerians...we are a poor country. There is no national cake. Time we faced that reallity and started from there. We are a poor country. We must indstrialize and become a manufactrung power before we can talk.

And it starts with telling ourselves the truth.

The truth? The APC fat cats are cashing out BIG. See land purchases in hectares. Building construction in high gear. Children of northerners flinging money like frisbees. Yes, there is no national cake. Nigeria is a poor country. Let's go and buy hoes and cutlasses.

Saw it coming. Hope yours is safe?? Since y'all can't pay us, as least pay yourselves we will be fine.


Black hearted bunch of people.

Tbasicme:
Serious crisis looming

Nigerians need to ask their leaders what actually happen to the Money the country have been making over the years

where is it come and show us??

what the hell am I reading?

faceURfront:
Nigeria has 428 agencies like this? What do they do!!?

see question

Shit hole country.. If you don't have money, then slash from senator's and representatives excessives

kraftysprouts:


NIGERIA IS NOT A POOR COUNTRY

Atlas9:


The truth? The APC fat cats are cashing out BIG. See land purchases in hectares. Building construction in high gear. Children of northerners flinging money like frisbees. Yes, there is no national cake. Nigeria is a poor country. Let's go and buy hoes and cutlasses.

And in response

In every state, there are a few dozen people (usually involved in politics) who possess such visibly stupendous wealth, we can be forgiven for assuming there is a lot more where that came from. Thing is, there isn’t. If you shared Nigeria’s 8.83 trillion naira national budget equally among Nigerians, each citizen would receive a paltry 45,000 naira or so; hardly enough to keep you in Panadol for the year.

Of course, states have budgets too, but even Lagos, by far Nigeria’s richest city, has a modest 852 billion naira ($2.4 billion) to spend on 15 to 20 million residents this year. For comparison, Johannesburg has double that budget for fewer than 5 million people. And it still struggles to provide basic social services. What we have in Nigeria is a few hundred people looting and squandering such a disproportionate amount of Nigeria’s modest resources that an illusion of plenty is sustained among the populace.

Another factor fuelling this “there is money in Nigeria” belief is that many people pretend to have more of it than they actually do. My friend who runs a crèche in one of the most expensive neighbourhoods in Lagos says she has lost count of the number of parents who drive the most expensive Range Rovers yet struggle to pay their children’s nursery fees on time. Of course, aspirational Nigerians don’t live above their means just because, they do so in response to societal pressure for them to prove they are “somebodies”; worth talking business to, hanging out with and treating respectfully. Raise your hand if you have ever pretended to have more money than you really do so as to be treated respectfully somewhere in Nigeria (my hand is raised high).

But the end result is that when you combine the authentic and visible wealth of a few hundred Nigerians living off the state with the lifestyles of all those trying hard to appear rich, the rest of society can be forgiven for believing there must be a lot of money in Nigeria.

This is bad because it encourages many intelligent people to focus not on thinking of how to create wealth, but on how to corner their own “share” of this fabulous national cake. Either by getting into government or by winning a government contract and then behaving as though the pockets of the state are bottomless.

Another consequence of this illusion is that it diminishes the sense of urgency required to tackle the existential threats Nigeria faces, ranging from mass poverty and unemployment to uncontrolled population growth and growing insecurity. At the back of many minds seems to be the implicit assumption one needn’t worry too much. Things will sort themselves out. There is money in Nigeria.

But Nigeria is not rich. And with its rapidly-expanding population leading to ever scarcer resources, only a furious national focus on wealth-creation can save the country. The Nigerian state, currently viewed by many as a fat cash-cow, is actually a very skinny cow in desperate need of some serious grass in order to stay alive. Else, one day, it will simply stop breathing.

Source:Nigeria being rich is a myth, time to end it

I also advise you guys to read Pass the books, hold the oil.

@Atlas9...By the way, what you have said wassaid of Southerners uunder GEJ's regime too...and of many people under various regimes too. People closer to the sharing benefit. It is one of many reasons why our economy has always been bad

PhiliptheArab:
The important bit....



Also,keep in mind that oil prices today are $39 per barrel

And keep in mind that we need oil to be at $139 per barrel sine 2017 up from oil prices at $122 per barrel in 2012 to have enough money to meet all our obligations

Also keep in mind our tax to gdp ratio is 5.8%

And for those of you wondering that GEJ was better...oil was at $91-130 during his regime. Buhari took over at oil being $75 per barrel in 2015...and it has been downwards since.

And for you BMC....consider that there has been no effort to deregulate the downstream il sector and the power sector at all, and there has been no effort to diversify the economy at all, and we have not harnessed the economic potentials of this country under your Buharis regime....and insecurity makes things worse.

And from the National Assembly hs high salaries gang....we can cut N1 trillion from the NA, leave them with 500billion, and the Ntrillion won't be enough. We need dobule our national budget before we can say...yes we are meeting needs.

And for all Nigerians...we are a poor country. There is no national cake. Time we faced that reallity and started from there. We are a poor country. We must indstrialize and become a manufactrung power before we can talk.

And it starts with telling ourselves the truth.

Your analysis is not balanced, I mean, it's one sided.
You didn't remember fuel subsidy removal? Let take it this way, comparing 2015 and 2020 oil price, 100$ in 2015 minus 40$ today=60$.
How much was fuel in 2015? 87naira, today fuel 167naira. 167-87=80 Naira.

Again, VAT increament of 2.5 percent on almost everything, money gotten from calls and bank charges alone in every second transactions could cover the differentiatials in oil price disparities between 2015 and 2020.

How about custom duty increament in 2015? Single treasury account? That a lot of loopholes were closed?

Yet, your government couldn't control inflation. A bag of rice in 2015 was 7,600 Naira, foreign rice too. How about dollar price?

Listen, NO EXCUSE for failure.

Anwons:


Your analysis is not balanced, I mean, it's one sided.
You didn't remember fuel subsidy removal? Let take it this way, comparing 2015 and 2020 oil price, 100$ in 2015 minus 40$ today=60$.
How much was fuel in 2015? 87naira, today fuel 167naira. 167-87=80 Naira.

Again, VAT increament of 2.5 percent on almost everything, money gotten from calls and bank charges alone in every second transactions could cover the differentiatials in oil price disparities between 2015 and 2020.

How about custom duty increament in 2015? Single treasury account? That a lot of loopholes were closed?

Yet, your government couldn't control inflation. A bag of rice in 2015 was 7,600 Naira, foreign rice too. How about dollar price?

Listen, NO EXCUSE for failure.

I am not excusing failure.

1.The essence of fel subsidy removal is to make it profitablle for makrtetes to sell fuel in Nigeria. Until recently, the price of petrol in Nigeria was kept well below the production cost of fuel in Nigeria per liter...and below the cost of importing the fuel.

(In 2018, it cost N180 to import one liter of fuel into Nigeria...and we were buying it at N145. NNPC was paying a subsidy of N35 per liter. That's how we were dong it.since the 1970's..and until 2017 when Buhari made NNPC the sole importer....everyone was impoorting fuel, and getting paid that subsidy.)

We have been keeping prices low, and paying a subsidy since the 1970's. Prices go up when the government finds it to subsidse fuel at a certain price....eg in 2012...prices went up from N65 to N97 while it cost us N99 to import one liter of fuel because government was finding it difficult to subsidse fuel at N34 per liter....so they raised prices to N97 and subsidesefd fuel at N2 per liter....

By 2015...PRICE OF IMPRTING FUEL had gone up to N132 per liter, we wereeselling at N87, government was findifing it difficult to pay subsidy of N53 per liter...so raised prices to N145 per liter...ending subsidy till prices went up to N180 per liter for importing.....

2. Tax to gdp ratio is 5.8%. Comapred to South Africa and Ghana (over 20% ) IT is low. VAT dooesn't earn us much by the way.

Buhari get badluck dat is y oil price fall. GOODLUCK u no dey ear d name hw fa dat is y oil price high.

The Director-General of the Budget Office, Ben Akabueze, has stated that about 428 government agencies will find it difficult to pay the salaries of their workers by the end of November.

Akabueze, who raised the alarm when he appeared before Senate Committee on Public Account today November 10, blamed the development on the new minimum wage that was implemented among federal workers in January this year. He said since the introduction of the new minimum wage, most of the agencies have been struggling to pay the salaries of their workers in the last 10 months.

He, however, assured the committee that government will dip its hand into the service-wide vote to cater for the shortfall in the salaries of the affected workers in the said parastatals.

“428 agencies will not be able to pay salary by the end of November. We will have to take from service wide vote to take care of the short fall in workers salaries.” Akabueze said


https://www.lindaikejisblog.com/2020/11/itll-be-difficult-to-pay-workers-salaries-in-428-federal-agencies-by-the-end-of-november-budget-office-dg-ben-akabueze-says.html

IT IS NOT ONLY FEDERAL GOVERNMENT AGENCIES AND PARASTATALS THAT WILL NOT BE ABLE TO PAY SALARIES.

Time will come when President, governors and local government chairman will not be able to earn salary.

THE POLITICAL LEADERS DO NOT WANT TO STEP DOWN FOR THE SURVIVAL OF NIGERIA AND THE COMMON MAN IN THE STREETS.

Imagine Tinubu, Akpabio, Oshiomole, Ibori, Uzor Kalu, Yari of Zamfara state, Peter Odili of Rivers state etc all earning pension while the country is on LIFE SUPPORT FINANCIALLY.

NIGERIA IS ON LIFE SUPPORT.

But the political leaders still do not want to step down their greed for the survival of the country.

THEY WANT TO:

TAKE AND TAKE AND TAKE AND TAKE AND TAKE AND TAKE !

Today, most of the money that the government spends is sourced from foreign loans.

We have gone a begging to all the 2nd world countries for loan assistance.

From India to China and now to Brazil.

The risky aspect of loan is that Nigeria government is missmanaging the loan through lopsided spending.

Imagine Buhari taking loan to build railway to Maradi, in Niger republic.

What is the essense of building a railway to Niger republic when the french their colonial master did not find it necessary to do such?

faceURfront:
Nigeria has 428 agencies like this? What do they do!!?

Mostly, nothing
The staff go there once in a while to register their presence and afterward march to their respective personal businesses: I actually will not blame them for doing that!

The solution is borrowing to build rail way to Niger.

Never stop the borrowing. Goodluck.

edogu:



https://www.lindaikejisblog.com/2020/11/itll-be-difficult-to-pay-workers-salaries-in-428-federal-agencies-by-the-end-of-november-budget-office-dg-ben-akabueze-says.html

Oransanye committee recommended merging of many agencies in Nigeria but nothing has been done on it .

Which minimum wage? The one they have been cutting since March. Bloody liars

Nigeria leader are negatively smart. Thier mind were trained to loot at every given opportunity. Our leader are callous, we need to reformat the whole system

edogu:



https://www.lindaikejisblog.com/2020/11/itll-be-difficult-to-pay-workers-salaries-in-428-federal-agencies-by-the-end-of-november-budget-office-dg-ben-akabueze-says.html

Eeyah.

Na that hunger go kuku kee allofdem for that Govt IJN

PhiliptheArab:
The important bit....



Also,keep in mind that oil prices today are $39 per barrel

And keep in mind that we need oil to be at $139 per barrel sine 2017 up from oil prices at $122 per barrel in 2012 to have enough money to meet all our obligations

Also keep in mind our tax to gdp ratio is 5.8%

And for those of you wondering that GEJ was better...oil was at $91-130 during his regime. Buhari took over at oil being $75 per barrel in 2015...and it has been downwards since.

And for you BMC....consider that there has been no effort to deregulate the downstream il sector and the power sector at all, and there has been no effort to diversify the economy at all, and we have not harnessed the economic potentials of this country under your Buharis regime....and insecurity makes things worse.

And from the National Assembly hs high salaries gang....we can cut N1 trillion from the NA, leave them with 500billion, and the Ntrillion won't be enough. We need dobule our national budget before we can say...yes we are meeting needs.

And for all Nigerians...we are a poor country. There is no national cake. Time we faced that reallity and started from there. We are a poor country. We must indstrialize and become a manufactrung power before we can talk.

And it starts with telling ourselves the truth.

Bro u spoke well. The truth of the matter is the last administration Bleep up. When oil in international market is high they fail to use the opportunities to industrialize and diversify the economy instead they are looting the monies storing it for there future un born generation. And the issue of this present government is nepotism. Putting the wrong people in sensitive key position without visions. No creativity from our leaders all they know is oil. Our politicians fails to acknowledge that this nation is poor because they and there families are well fed

kraftysprouts:


NIGERIA IS NOT A POOR COUNTRY

Lol

keep deceiving yourself.

When you say it enough times, money will magically appear in your pocket

Tonymegabush1:
Honestly this country is battling with so much financial crises......

God's precepts for prosperity is absent so this country enjoys no favour. Too much corporate unrighteousness. When those who know the truth speak up, the majority shut them down. They should enjoy their creation.

markidoo:
3 months now Firemen of the Federal Fire Service have not received salaries and they are still mandated to go to work

.you are right

PhiliptheArab:
The important bit....



Also,keep in mind that oil prices today are $39 per barrel

And keep in mind that we need oil to be at $139 per barrel sine 2017 up from oil prices at $122 per barrel in 2012 to have enough money to meet all our obligations

Also keep in mind our tax to gdp ratio is 5.8%

And for those of you wondering that GEJ was better...oil was at $91-130 during his regime. Buhari took over at oil being $75 per barrel in 2015...and it has been downwards since.

And for you BMC....consider that there has been no effort to deregulate the downstream il sector and the power sector at all, and there has been no effort to diversify the economy at all, and we have not harnessed the economic potentials of this country under your Buharis regime....and insecurity makes things worse.

And from the National Assembly hs high salaries gang....we can cut N1 trillion from the NA, leave them with 500billion, and the Ntrillion won't be enough. We need dobule our national budget before we can say...yes we are meeting needs.

And for all Nigerians...we are a poor country. There is no national cake. Time we faced that reallity and started from there. We are a poor country. We must indstrialize and become a manufactrung power before we can talk.

And it starts with telling ourselves the truth.

Poor quality citizenship will only reproduce poor quality leadership.
The summation of your analysis is that we should be electing leaders on the basis of oil prices.
Then we may as well elect the OPEC chairman to be Nigeria's President.
QED.

our agency is owning us 3 months already excluding this month.

PhiliptheArab:
The important bit....



Also,keep in mind that oil prices today are $39 per barrel

And keep in mind that we need oil to be at $139 per barrel sine 2017 up from oil prices at $122 per barrel in 2012 to have enough money to meet all our obligations

Also keep in mind our tax to gdp ratio is 5.8%

And for those of you wondering that GEJ was better...oil was at $91-130 during his regime. Buhari took over at oil being $75 per barrel in 2015...and it has been downwards since.

And for you BMC....consider that there has been no effort to deregulate the downstream il sector and the power sector at all, and there has been no effort to diversify the economy at all, and we have not harnessed the economic potentials of this country under your Buharis regime....and insecurity makes things worse.

And from the National Assembly hs high salaries gang....we can cut N1 trillion from the NA, leave them with 500billion, and the Ntrillion won't be enough. We need dobule our national budget before we can say...yes we are meeting needs.

And for all Nigerians...we are a poor country. There is no national cake. Time we faced that reallity and started from there. We are a poor country. We must indstrialize and become a manufactrung power before we can talk.

And it starts with telling ourselves the truth.

other oil producing nations are still doing well with the $39 per barrel oil price....so what are you saying

List them.

Hmmm! Nigeria as a system or nation is in serious mess with no pragmatic solutions in sight.

danladijr:
other oil producing nations are still doing well with the $39 per barrel oil price....so what are you saying

Nigeria's population is much higher than most other oil producers, so our needs are higher.

The UAE produces about the same amount of oil as Nigeria. They also have a population less than 15 million. Nigeria has 200 million people.

That's why the UAE looks richer than Nigeria

Reference:


Poor quality citizenship will only reproduce poor quality leadership.
The summation of your analysis is that we should be electing leaders on the basis of oil prices.
Then we may as well elect the OPEC chairman to be Nigeria's President.
QED.

No, we should elect leaders who will actually diversify our economy.

Thank you