₦airaland Forum

So Goodluck made them insolvent

mikolo80:
this is not what you showed me yesterday and punch says that page does not exist so I believe you doctored that 2 trillion out of 8 and until I see proper evidence (proper site reference or pic grab) you're a fraudulent individual and should never be allowed near position of authority cos your looting no go get part two. wetin they wan use 6 trillion do recurrent with. why you lying like this. you will end up in jail or worse if you continue like this o.

Interesting that you have quoted and cited the same document and source over and over and you only disowned it when I highlighted a part of it for you. What a brainless self-servicer who doesn't know how to read and comprehend.. Always suffering from sophisticated idiocy and selective amnesia

baralatie:


v.p don cause problem with 2tn and 40% in the same writeup!

don't mind them!!
Some gullible followers think that everyone is numerically challenged like them.

princemillla:
The bitter truth is Nigerians are the most tolerance people in the world. We don't speak same language and yet we av live so many years together. With reasons like this, I want to support dissolution... But then one must be careful not to fall into politicians scam.

Stupidity ingrained on ur DNA.. From civil war to political crisis to Boko Haram, Nigerians haven't lived in peace and harmony with one another.. Even if u were born in the last 48hrs, Boko Haram has killed more than 100 Nigerians

mikolo80:
first of I got Good education not deranged Nigerian education (maybe you did)

secondly where did you get 1.8 trillion

thirdly I think you're high or retarded from the way you're jumping from pillar to post trying to run from facts since you can't hide anymore

simple question show us where he said anything about capital or recurrent in the proposed 8 trillion 2016 budget

and what is 2 over 4 times 100

(A)

[quote mikolo80 ]Pls paste where VP said 2 out of 8 trillion for capital expenditure and you win the argument.
I was talking of our former 4 or 5 trillion budget o[/quote]
You first claimed that you were only aware of 40% out of 2015 of 4.4tn budget.
Answer these questions.
1 Are u aware that this is not GMB's budget and he can't increase capital budget unilaterally?
2: Are u aware that the capital budget for 2015 is N634bn not 1.3tn?
3: where do u guys keep getting these numbers from?
References:
https://www.pwc.com/ng/en/assets/pdf/nigerias-2015-budget.pdf
http://www.yourbudgit.com/wp-content/uploads/2015/04/2015-Publication-BUGET.pdf



(b)

Please refer to the bolded sections below.

The Federal Government is currently working on the 2016 budget that will be between N7tn and N8tn. The figures are higher than the 2015 budget of N4.4tn.Vice President Yemi Osinbajo disclosed this in a paper entitled: ‘
The economy – Where we are today’, which he delivered at a presidentialretreat organised by the Office of the Secretary to the Government of the Federation for ministers-designate on Thursday.The retreat, which ends today (Friday), is holding behind closed-doors inside the old Banquet Hall of the Presidential Villa, Abuja, and has ‘Delivering change: From precepts to practice’ as its theme.According to a copy of the paper obtained by our correspondent, Osinbajo told his audience that the government was working towards pegging capital expenditure in the 2016 budget at N2tn.This, he said, was against the N1.31tn allocated to capital expenditure in this year’s budget


https://www.nairaland.com/2717073/fg-plans-n8tn-budget-2016
.

mikolo80:
and I say again show me where they paid 2 trillion out of 8 trillion
simple request
you think it's small children you're talking to
or fellow illiterates

raise 1.3 to 2trillion out of 4.4 trillion is 40 % 2015 budget

they want raise budget to 8trillion
they never said anything about % in 2016

where are you manufacturing your 2 out of 8 from

how you take pass waec sef
we Gats probe your result

Simple arithmetic for u, a product of Naija deranged education
2tn-denotes 2000.00; 1.3tn denotes 1,300.00
So going from 1,300 to 2000 would require 700. So 700bn is required to attain N2tn.
1% of 1.3tn =13bn
10% of 1.3tn=N130bn
40% of 1.3tn=13bn X 40=N520bn or
N130bn X 4=N520bn
So 1.3tn + N520bn=1.8tn. ur 40% is short by N200bn.

Typical Naija mentality:can't process simple data, can't reason logically, can't double-check data, can't articulately debate, don't like to counter facts with facts.. Everything is conspiracy..

1st par:
The federal Government is currently working on the 2016 budget that will be between N7tn and N8tn.

2nd par:
Osinbajo told his audience that the government was working towards pegging capital expenditure in the 2016 budget at N2tn.

2015 is GEJs so how could Osibanjo be talking about increasing it?
He was talking about 2016 budget...

mikolo80:
and you are EnglishiCally deficient

he said 'raise from 1.31 to 2 trill out of 4.4 trill for 2015
and 40% of 2016

I advise you ask for refund from your English teachers cos it will constantly affect your ability to solve word problems

What a wasted generation that can't interprete a simple numerical data.
2015 budget was passed under GEJ, so GMB doesn't have the power to unilaterally increase the budget from 1.3tn to 2tn.. He can submit a supplementary budget to NASS. From 1.3tn to 2tn is not 40% by a whopping 53.8%.. So ur numbers don't add up.
His proposed 2016 budget, which GMB has the power to put together, is 8tn and 2tn out of that is for capital project - which is just 25% of the total budget.. Go back to JSS for basic arithmetic
What an arrogant display of sophisticated idiocy on full HD.

How about Tinubu and Lagos that put all their eggs in one basket for 16 yrs? How about northerners that voted GMB for 12yrs?
He has insulted folks like Ogbinna Onu who was a founding member of APP who had to resign his candidacy for Umaru Shinkafi to be a running mate to Olu Falae. Or someone like Rochas who won on APGA platform before switching to APC

mikolo80:
The Federal Government is currently working on the 2016 budget that will be between N7tn and N8tn. The figures are higher than the 2015 budget of N4.4tn.Vice President Yemi Osinbajo disclosed this in a paper entitled: ‘The economy – Where we are today’, which he delivered at a presidentialretreat organised by the Office of the Secretary to the Government of the Federation for ministers-designate on Thursday.The retreat, which ends today (Friday), is holding behind closed-doors inside the old Banquet Hall of the Presidential Villa, Abuja, and has ‘Delivering change: From precepts to practice’ as its theme.According to a copy of the paper obtained by our correspondent, Osinbajo told his audience that the government was working towards pegging capital expenditure in the 2016 budget at N2tn.This, he said, was against the N1.31tn allocated to capital expenditure in this year’s budget
.

He further said that while the percentage of capital expenditure to recurrent expenditure in the 2015 budget was 19.4, the government would propose 40 per cent for next year’s budget.

Osinbajo said, “The budget process will be zero based, a method of budgeting by which all expenses must be justified for each new budget year.“For the Medium Term Expenditure Framework, the actual 2015 budget is N4.4tn, while the proposed 2016 budget will be N7tn to N8tn.“Capital expenditure for the 2015 budget is N1.31tn, while the proposed capital expenditure for 2016 is N2tn.”The vice president also disclosed that 655 Ministries, Departments and Agencies of the Federal Government had so far registered for the Treasury Single Account domiciled with the Central Bank of Nigeria.He put the number of TSA sub-accounts so far created by the CBN at 755.Osinbajo further said that 518 MDAs had been verified and now had access to the central bank’s accounts.Despite the September 15 deadline given to all the MDAs to key into the TSA system, the vice president said 137 MDAs had yet to complywith the directive.He added that a total of N1.4tn had so far been paid into the TSA to date.A TSA is a unified structure of government bank accounts enabling consolidation and optimal utilisation of cash resources.It is a bank account or a set of linked bank accounts through which the government transacts all its receipts and payments, and gets a consolidated view of its cash position at any given time.While giving an overview of the current state of the nation’s economy, Osinbajo noted that Nigeria experienced its worst economic decline in decades in May 2015.“In May 2015, Nigeria experienced its worst economic decline in decades with sharp decline in oil prices from an average of $105 between 2011 and 2014, to $45 in 2015; foreign reserves at 10-year low of $29.595bn; oil production has declined to 2.05 million barrels per day; and power supply down to less than 3,000MW,” he said.

see bolded above and tell me Who is displaying ignorance(be honourable and admit) as I would've if you had shown me 25%

You are numerically challenged

VP quote
"Osibanjo told his audience that the government was working towards pegging capital expenditure in the 2016 budget at N2tn."

So N2tn out of N8tn is 25% not 40% as he said. Like thoughtless leaders like clueless followers.

mikolo80:
Pls paste where VP said 2 out of 8 trillion for capital expenditure and you win the argument.
I was talking of our former 4 or 5 trillion budget o .
about facts not on my side
fashola did it differently from tinubu in Lagos
HSBC,Blackstone et al have over capacity to lend you if you need it.who is talking about our chicken change cash centres (na bank be these ones),mtscheew local champions)

Greece and Co have over borrowed (I'm too lazy to get figures but not 5 ~10 billiom dollar levels Wey we de scrounge at)

I repeat, it's possible if we are serious (I can't vouch for apc,and I know buhari not interested in economy)
but if it is possible only and ONLY with willing individuals in power not the crooks we have now. it's a pity buhari was fixed on jailing corrupt ppl and not economic transformation

Here is a link to read.


https://www.nairaland.com/2717073/fg-plans-n8tn-budget-2016

eye4eye:
Just shut up. Have put into consideration the amount of money we have been losing in the last six years to oil thieves, Nigerian Customs and a lot of other revenue bodies? In the last five years Nigeria has been losing between 2-3 Trillion Naira per year into private pockets.

The money being lost in the last 5-6 years are now being gained back through probing, repatriation of stolen funds and TSA. With all these measures in place, funding 8 Trillion Naira budget won't be a so difficult task.

Always relying on nothing or fantasy to argue. Your imaginative numbers have to be captured in the budget before u can spend them, but for now, they aren't part of govt income.. You are sounding like someone who doesn't know the difference income and expenditure. It's like counting the amount of money you are losing to thieves, house boys/girls, girlfriend and concubines as part of ur net worth... Banks will slap the hell out of u.

eye4eye:
Shut up fool. You think everybody is foolish like you?

The N980B generated in three months was derived from income taxes and fees only through Federal Inland Revenue. There are tens of way we generate income as well. Nigeria generates 12 times of that in crude sales in six months.

Ode oshi.

Another partisan brigand without encephalon talking.
2015 budget with oil proceeds is N4.45tn.. So N960bn in a quarter is close to 25% of N4.4tn..
Here is PWC( if u know what it means without Google) report to read
https://www.pwc.com/ng/en/assets/pdf/nigerias-2015-budget.pdf

mikolo80:
waaaa, you can't win argument logically so you throw insults and tantrums like child you are.

Who locks expenditure at particular percentage. you?
laws are made for man, not man for laws
the people who made it 25 %(this is first time I am hearing that humans decide percentage instead of funds at disposal) can make it 50 or more percent capital. Just requires Will.

your closed mind thinks only Nigerian banks can be borrowed from. I thought I was talking to educated person. guess your as ignorant ar average pdp member.

the discussion is over when you hide your tail between your legs and refuse to reply me

I've got all life
you ignorant ppl Will learn if I have to beat it into your empty skulls

Talking from a position of ignorance.. VP, Osibanjo said that N2tn out of N8tn budget would be for capital budget.. That's 25%.. If how can GMB increase it to 50%? It's unprecedented in the history of modern Naija to have capital project at 50%... Facts aren't on ur side to back it up. OBJ had about 35% while GEJ had about 30%...
Back to the issue, you can't double put national budget without doubling income.. Banks don't have the financial muscle to lend to Naija.. Private banks can't fund budgets... Why didn't Greece, Ireland, Iceland with better credit rating as their private banks to find their budget?? Facts are not on side on this as well. Show me the facts not sentiments

Always banning without providing another alternative which is, provide power!!

[quote author=mikolo80 post=40171507][/quote]Offering ignorant opinion from the deepest point of ur uninformed encephalon..
Ur N8tn-budget has capital project capped at 25%... U can't increase capital project by wishful thinking. It clearly shows that u r bereft of how budget works.

What a brainless partisan brigand!! The difference btw this year's projected revenue and ur fantasized budget is about N4tn= $20bn.. All Naija banks put together are worth less than this amount going by their market value..
This discussion is above ur IQ, go play in the celebrity and jokes sections!!

mikolo80:
no, you borrow to fund capital projects that can,should and will pay for themselves. taxes and oil can pay recurrent or you downsize the bloat

Unless u are numerically challenged, capital expenditure is only 25% of the budget.
Also u can't borrow without introducing austerity measures like devaluing ur currency, lifting of ban on forex market, stopping subsidies etc.
point is, this budget is a figment of ur imagination!

Na only wetin Naija sabi organise?? How about best app inventor? Best software developer? Best Naija Keke inventor??

mikolo80:
loans ,bonds, credit.
more than one way to skin a cat

So u borrow to fund a budget that is 75% recurrent expenditure..chop money??

GMB fans and their delusional cocktail.. GMB govt has generated N980bn in 3months-

http://businessnews.com.ng/2015/11/09/fg-earns-n980bn-from-taxes-in-three-months/?wt=2

That's N326bn per month and the same govt is saying that it wants to run an N8tn budget, so it must generate twice this amount- N666bn
Meanwhile for this same period in 2014, GEJ generated N1.15tn-17% more than GMB

Alpha and Omega Buhari.. GMB the president, prosecutor, police, judge, and enforcer... Buy one chance and get everything included

Staccato manners of dishing out orders to target small guys.. Why take over jetties, tank farms and vessels that are used to import fuel?

kopite:
Turkish fans were observed chanting allahu kubar (islamic slogan for...God is great) during a minute silence for victims of Paris bomb attack in a game involving Turkey and Greece. Its shameful that people don't have regards for the dead regardless of religious sentiment. God help the world o

http://www.dailymail.co.uk/sport/football/article-3322708/Turkey-supporters-boo-minute-s-silence-victims-Paris-attacks-prior-team-s-friendly-against-Greece-Istanbul.html

Potential terrorists chanting

Promhize:
I am not opposing % in its entirety. It shouldn't be as straightforward as just 1% on all transfers. That is very suspicious. There has to be a lot of clauses, like the higher the amount the lower the percentage.

I have once used voguepay to accept payment online, they charge 2.5% for naira card transactions, withdrawal is just 1%!! This is a service used mostly by small to medium merchants, where payments would mostly be in the tens and hundreds of thousands. Now what percentage do you think would be right for voguepay to charge on trillions of naira?

1%? No right thinking businessman would agree to that. It is a blatant rip off.

Percentage charges is the norm now so as to accommodate as much customer/merchant as possible. PayPal, Escrow, square and Co.
I haven't heard of REMITA until now, so they most likely deal with the big guys, and aren't trying to accommodate a wide range of unknown customers. So I think a well laid out flat rate plan is not out of reach here, except that people in government are braindead.

No lump flat rate can be as terrible as this current 1%.

Most Naija payment processors charge 1.5% to 4%... Banks give out loans in $bn to companies and govts and their interests are in double digit. You can't force them to charge 0.111%.
Here is lift of payment providers and charges.

http://www.naijaonlinebiz.com/online-payment-gateway-platform-in-nigeria-their-setup-fees/
In 2009, Nigerian Stock exchange was paying $33m for software upgrade

Obiagu1:
What percentage?
Which payment system charges per centage?

I provided first data and co.. Onus is on u to provide contrary facts..U don't win argument by saying I don't believe or that's not true...

Promhize:
I wasn't going to dignify you with a reply cause your ability to comprehend simple statements has to be the worst I have seen in my life.

Who said they shouldn't pay banks for transfers.

So 1%, .5%, on trillions of Naira is justifiable? Do you know how many trillions will be transferred back and forth every month? How can you be this stup¡d?

You've never handled a business in your life, so endeavour not to go late to work tomorrow cos your life depends on it.

Atole

You can't have it both ways.. It's either u go for a flat lump sum or %.... Contract lawyers aren't going to let u have it both ways.. It's like saying that banks shouldn't charge u in % when u take a loan.

Obiagu1:
I hate people that try to be too clever by half as if others are stupid.

Check the boldfaced and tell me the percentage part you skip.

What does this sign % mean to u?? Global Payment solution provide charge by %... If u don't like it, blame FG, CBN and Govs for allowing Remita to get paid by %.. Mind you this is a federation account that belongs to FG, State and LGA..

This is no Abacha republic! GMB shouldnt be giving orders like Idi Amin. Let him prosecut these guys for alleged offenses thru the courts. Build a water-tight case and u are going to get a conviction... Enough of this abracadabra!!

Instead of u to be thinking of how to add value and maximize profit, you are here calling a private enterprise day light robbers. Global best practices, payment solution providers like first data, google pay, Apple Pay, advantage, square, PayPal charge by %... Remita is helping the govt make more.. Same way, Cotecna, a Swiss company, owned by Arabs, was helping NPA collect fees and it got paid by commission..
Naija banks use Wipro, Infosys, and Oracle. They pay these software vendors.. Same way MTN, Airtel, and Glo pay vendors and network builders like Ericcson and Huawei.. They pay for billing software as well..
If Remita overcharged FG, it must refund and be dealt with, but calling every company evil isn't going to help change the economic landscape of this country..
I'm no fan of MTN, but the way Nigerians are saying let's bring it to its knees is quite surprising without thinking that MTN directly and indirectly supports millions of lives in Naija.
Can we use our brains first?

Phame:
they have just one month to crush boko haram. When they are done, expect them to head towards east.

100days to another 1 month... Keep dreaming

Let them take their message Boko Haram via Sambisa Forest.