₦airaland Forum

nigerianvenom:
The fact is that all these apc guys hardly have point to counter these sincere truth. The only person that tends to have a debate able fact is obiagelli, but even her fact is worst than a[b] "YAKUBU MISS"[/b]

ApexTitan:
Because by then school children will be eating spicy fried rice, breaded shrimps with vegetable salad, plantain and chicken peri peri for lunch abi?

Firefire:
The best APC can do is to retract the Freedom of Information Bill and remove the Freedom of Speech clause from the Nigerian constitution if possible. Then, they are covered.

FemiFaniKayode:
to be sincere to myself; I am a Bloody Recruit!

FemiFaniKayode:
you na Shun Sir bloody recruit,
once that attention seeker copy u, u just follow suit and type balderdash

SLIDEwaxie:
thank you for your stupidity. But tell me Sir, what is the meaning of MOST APC states when we all knw dt in yorubaland, except Lagos, the state that collects more tax is Ondo state?

As last time I checked, it is still a PDP state

musing2:
Lol @ tribal economic sabotage.

Bayswater:
Barcanista, you have hit the nail on the head.

We already have a budget deficit of about N1.4trillion and somebody wants to add additional spending of N1.9trillion to that.

So the question still remain: where will Buhari get additional N3.3trillion to finance the budget and his welfare programmes?

Instead of the 'chained agents' to answer this question, they will rather abuse the OP.

I have addressed this in my other post: VAT would be increased from 5% to 10% or 15% and income taxes too would be increased. So it won't be out of place if I tell Nigerians to get ready for the impending inflation.

The discussion now should be how to combat the impending inflation and the attendant austerity?

I have already moved on from Buhari's welfare policies and budget because I know it is not only achievable but it's also a blatant lie

barcanista:
PLEASE TAKE TIME TO READ

This thread is in response to the Thread by Obiagelli's https://www.nairaland.com/2265908/buharis-social-program-very-possible. In her bid to defend the Social policy of Mr Buhari, Obiagelli insulted the intelligence of Nigerians with respect to what is accrued to the Federal Government in revenue per fiscal year. Let us start by putting things in order...

Nigeria's Revenue:
Nigeria's revenue is accrued through oil export, non oil export, oil tax and non oil tax. The Federal Inland Revenue Service is statutory responsible for the collection of both oil profit tax and non oil tax. The money for oil export goes directly to the Federation Account via the NNPC. The money generated via non oil export goes directly to the federation account through relevant Agencies.

Oil Revenue:
The total sum realised through Oil export(after operational cost) and oil profit tax is known as "Oil Revenue"

Non Oil Revenue
While the sum realised through export of other commodities(after operational cost) and the money realised from non oil profit tax is called "Non Oil Revenue".

What Did Nigeria Earn Between January 2014 and January 2015?
Nigeria Total Earning:
Jan 2014 - June 2014 = N5.109trn

June 2014 - Jan 2015= N3.676trn

Total: N8.785trn

Total Oil Revenue (Oil Export Earning + Oil taxes)
= 70% of Total Revenue ie N6.15trn

*Total Non Oil Revenue (Non Oil Export + Non oil taxes)
= 30% of N8.785trn ie N2.635 trn

Jan 2014- June 2014 = N1.08trn*
July 2014 - Jan 2015= N1.556trn [N2.635trn]

Understanding FIRS 2014 Report:
FIRS announced that the sum of N4.69trn was generated in 2014. The report indicated that N2.45 trillion, representing 52.96 per cent, was collected from petroleum profit tax while N2.24 trillion, representing 47.04 per cent, was collected from non-oil taxes during the period.
[/b]Analysis[/b]
This sum(N4.69trn) is not independent of the published N8.785trn that Nigeria was said to earn between Jan 2014 and January 2014. It is a part and parcel of the total revenue.

How Much Did FG Get In 2014?
There is a consolidated Sharing formula between FG, States, LGs and Oil Producin States(13%) after operational and other associated cost has been deducted.
[/b]FG Earnings In 2014[/b]
1st Qtr: N912 billion
2nd Qtr: N864.2 billion
3rd Qtr: N924.68 billon
4th Qtr: N617.186 billion
Total 2014= N3.318trn

2014 Budget: N4.6trn
FG Projected Earning for 2014= N3.73tr
Real Earning = N3.318trn
Deficit in 2014 Fiscal Year: N1.282trn

What this means is that the money spent by the FG was not even enough to fund 2014 budget. We had a deficit of N1.282trn.
Also note that the fall in oil price affected our earning.

Looking At 2015 Budget:
The 2015 budget(as adjusted) stand at N4.3trn.
Projected Revenue For 2015= N3.603trn
Deficit: N1.297trn (N4.3trn - N3.603trn)

This means the 2015 budget will be run on deficit of N1.297trn (as confirmed by the Senate).

Looking At Buhari's Proposal
With Buhari's proposed N1.89tr Social program, it invariably means an additional N1.89trn will be added to the projected deficit of N1.29 trn ie N3.187trn if he is to go ahead with paying of N5000 to 25 million unemployed annually, from where will he be able to make up the HUGE deficit?.

Analysing The Argument of The Buharists
Some Buharists claim that the project will be done in phase of 5m people per year. However, the problem of "How to identify these 5m beneficiaries" or the criteria comes with selection?
Anyway, that is for another day. Let's go by their argument...
Unemployment benefit: 5m * N5000 = N300 billion.

*The N300b is for the payment benefit alone*. Add that to logistics, overhead and operational cost that the program will incur (approx 50% ie N150billion) annually.

Total: N300b + N150b = N450b

Feeding for 40m Public School Children = N373 billion.

Subtotal: N823 billion.

Where Will Buhari Source For the estimated N823 billion?

- Remove Subsidy? Total package for petrol and kerosene subsidies plus SURE-P fund = N166.5b. That is clearly not up to 30%.

- Invest All Capital Expenditure + Subsidy? This will be a very silly move though. But adding Capital Expenditure and Subsidy will total N866.9 billion. Just a little above the projected N823billion.
Going this route means there will be no project for road, no infrastructure and other capital projects. In fact, it is synonymous to eating the present away.

- Will He Borrow? Borrowing to fund Social Welfare program is synonymous to eating away the future. That means indebting our future and a panacea to economic collapse likened to what happened to Greece if not worse. It also means increasing our already projected deficit of N1.29 trillion

What is the fate of this Social program? Feasible, Laudable or Laughable?

eaglechild:
Clueless APC kitchen economics.

No wonder they are unable to pay salaries in their states.

Instead of focusing on key sectors that will generate revenue they are here trying to defend the most bogus welfare scheme ever.

Olaone1:
The problem of the country is hydra-headed. The whole structure is weak. Maybe I should say there is no structure at all. From the bogus civil service to the juggernaut called corruption. To be honest, it appears insurmountable.
The workforce as it is right now should be halved. And not just at the Federal level. Imagine my state - Oyo state, having a workforce of over 38,000. Doing what, exactly? It is really sad how we got to this level as a people.

taharqa:
Reali??

So 450000bpd crude sales, notwithstanding the Cost of production and profit sharing be Nigeria and the Oil Companies and be the tiers of Govt, can generate hundreds of billions of dollars?? How deep in your Azzzzes do you guys have to go to generate this amazing figures sef??

And you too na MOD

Firefire:
My own interpretation of cutting the cost of governance is REDUCING the fraudulent pay to all Legislators both state and federal, they should earn the normal wages a civil servant earn for his duty per month and even less as we don't require them to sit every day.

On Taxes, Buhari cannot even munched the idea of tax increase at the moment until he is done addressing all cases of corruption, recovering enough money to run his deficit budget, sending the corrupted elements to jail and taken back all they have stolen.

We expect the wonder working power of APC with Mr. Buhari to begin immediately after May 29th.

Firefire:
Honestly speaking, if Nigeria cut the cost of governance, reduce fraudulent businesses, cut the cost of all political office holder, then we can have more money to fund our developmental projects and not feeding the children at another bogus cost as postulated in APC campaign promises.

Increasing of Taxes in Nigeria is inevitable but should not be the first option in generating more revenue, all loopholes should be blocked first.

taharqa:
Lolz

nortcentrallord:
5.1 trillion naira from oil revenues and some fools beleive GEJ spent 2 trillion naira on campaigns while some more foolish once are calling 20 trillion naira.
Even form the analysis it seems a country's earning and spending is just simple mathematics of 1 + 1.
If you are ignorant, just accept it and learn from the right source. Truth is 97% of Nigerians don't know these things but time will definitely tell. Two years @ most then the true undeniable reality will set it.

Billyonaire:
I am very sure that Buhari did not fact-check the financial implications of his campaign promises. Do you blame the semi-illiterate ? I do not blame him, I blame the 150 cows that voted a certificateless ancestor whose legacy remains in history.

This is someone who never believed he could win election. The man has 150 cows, perhaps that will suffice. He will likely stabilize the price of cows to generate 1.87trillion. He promised to 'give his all' when elected. And I need him to give me his 150 cows. That's my expectation from Buhari, cos I know every other promises will varnish, just like APC website.

Tick Tock, Tick Tock,Tick Tock,Tick Tock,Tick Tock......May 29th Loading..........

darlenese:
[s]If you think i'm a "male" it means u really have a long way to go
[/s]

darlenese:
Do u think every one is as gullible as u you are! Uduaghan himself knows he didn't do anything, so why are u crying for Nothing













Ok now you can hang yourself

psalmizt:
I wonder who made you the judge in here... Please do not come and celebrate your ignorance here. I have spoken about an issue relating to the topic so I don't know where you get your phantom thread derailment. Why not provide your own thinking for other members of the thread to evaluate rather than pontificate on others... I have no time for the ethnic bashing that u re insinuating just that you know i am from d said region even though I have lived in other regions which I also call home. So get off my case

psalmizt:
if you re looking for an ethnic bigot sorry you have to look elsewhere. U can check my posts b4 u draw any conclusion.

I personally know what the ethnic nationalities in delta state face in order to have a voice. My saying the different ethnic group need to see this as an existential threat has nothing to do with being wiped off. My point is in order to have relevance in the Nigerian state certain groups need to align. Alignmeet and pacts are as old as mankind so I see no big deal in saying this. Most times people sign up treaties for the purpose of remaining relevant and avoiding disappearing from the face of the earth. So Mr if you do not understand a post asking for clarity won't belittle you. By the way, this post is for the purpose of uniting a somewhat divided region

darlenese:
Next time don't comment on a topic you know nothing about!
Now you can hang yourself!

psalmizt:
the outcome of the last election has shown that there is an existential threat. My personal take in all of this is that the SW is up for the best negotiator they court anyone that meets their needs. The elections also revealed to me the North is back as 1. The 19 states are now United in their voice. The rest of Nigeria, and I must say the SE in particular with connivance of the SS blew the chance to draw them closer after Obasanjo succeeded in bring in the 6 geopolitical concept to confuse them. The NC can always be courted but that requires huge efforts especially if the incoming govt gets gets their acts right.

Nigeria is one big strategic ball with silent wars fought across the regionS. Even the SS have to battle it out when u consider the no love lost relationship between isokos, ijaws, efik, benins, urhobos, kwales, itsekiris, it is is a massive piece of work to unite the SS. Until this is seen as an existential threat no meaningful progress would be made.

Need I state at this point that these regions must fight for relevance and not the pitiful approach that GEJ the top job. Careful planning must be done. Similar to Asiwaju's 16 year plan to get the presidency. It must calculate and strategic. No one should expect father Christmas all the time

relchange:
yes, but we still need Ibaka, and we must push for its completion

you see, nigeria is a place where you must not allow even the slightest of injustice to be meted to you, else more injustices will be visited on you.
this is the primary lesson for the Easterners in Nigeria.
we have allowed too many injustices against us for far too long.
because of that, others are not taking us seriously.
we must never allow these people to keep taking us for fools.
let the work begin.

so, yes to Port harcourt, calabar, warri, and ... IBAKA.

richidinho:
Is it with his money?