₦airaland Forum

This is the final time I will be responding to you.

Assume agency's account is as below

Subvention from government = +N6bn
Sales generation = +N16bn
Salary, overheads e.t.c. = -N6bn
Subvention returned to govt account = -N6bn

Total left in account = N10bn

Yes total cash inflow is N22bn but my point is they are meant to be accounting for N10bn and not N22bn or N24bn

simplycarro:
Imagine if the government did not subsidize them with 6B. What would have been their GROSS & NET INCOME.
Now imagine the government paying subvention of 6B, what should be their GROSS & NET INCOME

Your analogy defies every form of logic.

@ Ojukwuism

You still don't get the point. For one second, think of this... Imagine the agency did not exist and the government itself was handling the operations. That will mean the government essentially spent N6bn to pay salaries, and gained N16bn. Does that simplify things for you?

simplycarro:
Stick to the arguement and don't do an Ojukwuism on me.
If they have generated 16B and spent 6B as expenses, your argument will hold water, however the government GAVE a subvention of N6B and they generated another 16B, coming to a total cash inflow of N22B.

Many of you have NO IOTA of knowledge about what you are commenting on.

If you can't even spell or have a satisfactory command of the English language, I can't be holding constructive arguments with you.

Goodbye

simplycarro:
Did you for one bit listen at all to her explanation?
What you call expenses is what government GAVE them to run the place to pay recurrent items. It is not what they INCURRED to GENERATE the 16B
Why is comphrension so difficulty to some people ?

Before you open your mouth to talk again, please do some accounting. Churrs

The agency did not generate N6bn, the agency SPENT N6bn to pay salaries of their employees, to take care of capital, and overheads, this falls under EXPENSES. By selling the results of candidates, they GENERATED N16bn which means people buying scratch cards and registration and results paid a total of N16bn in to the agency's account. N16bn is revenue.

From our simple accounting, we know REVENUE minus EXPENSES equals INCOME. IT IS NOT REVENUE plus EXPENSES.

Madam Kemi Adeosun was meant to say N10bn and not N22bn or N24bn

So please, go back to school "simplycarro". Or if you haven't gone to school, it is never too late.

simplycarro:
Did they generate the 6BN?

Rephrase what you said so that "dullards" like me can understand...

Subvention or not, N6bn is expenditure and N16bn is revenue generated. You've spent N6bn to run it, you made N16bn, so the agency is meant to account for N10bn. What are you talking about??

simplycarro:
You should listen to the video again. The 6BN is actually subvention from the govt.
Where is the subvention from government she talked about in your warped analysis?
Everybody want to form some kind of intelligence when obviously they are truly dullards.

I really think everyone has missed the major point here!

In the video, she said the agency withdrew a total of N6bn (capital, overheads and salary) and generated N16bn (from sales of scratch cards, results etc), making a total of N24bn. The bigger blunder is actually that you are supposed to subtract your expenses from your revenue and not add them together, so she was supposed to say N10bn and not even N22bn or N24bn. One can forgive mathematical errors but this one pass am o, this is Nigeria's minister of finance that does not know when to add and when to subtract, a minister in charge of a portfolio worth billions of dollars!!!

Idiots!! Here is the link to the real article, that is not his bank account.

http://www.dailymail.co.uk/news/article-2009705/David-Tepper-ATM-receipt-Hedge-fund-manager-100m-bank-balance.html