₦airaland Forum

IzonOwei:
let the blame go to every one who pressured the excess crude cash be shared amongst the mofos we called/call governors...let us direct our anger to everyone equally,including the governor of whatever state you come from..enough of this one sided blame game... ...buhari should diversify our economy and stop planning budgets on oil production...i thought this government should have learnt a thing or two but no they are as foolish as previous governments..nonsense..

How convenient for you to tell Buhari to diversify the economy in six months, when your brother had 6 years and could not achieve same.

Is it not clear from the proposed 2016 budget that government revenue has already been diversified? If your brother was still in power, our budget would have been a lot lower with $38 oil price, or he would armtwisted the CBN to devalue the Naira to 250 so he fund the budget.

xtrohse:
If you're sane and sensible you would have understood that NO ONE can be compelled to join a union in this modern age of freedom of association.

Stop creating unnecessary attention for yourselves because you dread Biaf...
Igbos are not responsible for your failures in life.
Take your miseries to OduaArewanistan republic where you're most needed as loyal, slavish subjects.

This should be the last time you ever came on NL to falsely accuse Igbos for your miseries and failures in life.

(1) I listened to your rogue leader during the World Igbo Congress held at Washington, and it was obvious to me that you lot had already marked out the territories you want to conquer.
(2) It is the height of childishness to accuse everybody that opposes your selfish agenda as being Yoruba. I guess that happens when you run out of intellectual argument to make
(3) Grow up and get a life. Your problem is not Nigeria, but your own leaders!

As commendable as that may sound, there are a lot of nuances that could really undermine the whole region. The Eurozone, whose banking institutions are a lot more developed than West Africa still runs into problems on how to institute fiscal discipline among member countries.

If certain economies within the bloc performs poorly, that could really undermine the currency and other well performing countries within the bloc. Greece and other peripheral countries in the Eurozone nearly collapsed the Euro. I strongly doubt that stronger economies within the region will allow the single currency to be implemented, excepted they will have the power to sanction erring member countries.

IzonOwei:
i hope you never failed to ask yourself what the excess crude cash was used for...it was embezzled by all governors including the ones shouting change now...do not always rush to condemn gej...be slow to condemning people....

So quick to blame governors. Yes, the governors joined in embezzling it, but that was so that the FG alone does not embezzle it. However, can the FG account for its own share of the Excess Crude Account? - NO!

dancewith:
This is an incredible way to make a comparative analysis. Have you stopped to ask yourself if the surplus in the previous era was used for savings like the SWF, or for future appropriations due to later discovered and unbudgeted needs as is common the world over?. This current projections literally means the entire revenue would be spent, with scant possibilities for surpluses and savings. Also if reflating the economy is the target, rising dollar value and galloping cost of goods and services means quantum inflation may be the end product.

It would appear to me as if budgeting may not infact be the bane of our growth but implementation. I actually think the previous administration's budget is more growth oriented than this which is reactive and a total submission that things have gone out of control, much like "Spend all you have got and worry about the coffers later as long as you have mint roads and some fancy buildings to show you are working". Finally you will find that a huge chunk of this budget is targeted at existing and budgeted public borrowing interest servicing. This isn't at all smart in my opinion

I am not yet privy to the details of the budget, as such I cannot make definitive comments about it. In anycase I do not hold brief for the Federal Government. I was only making an independent review.

There is absolutely no evidence that savings was made during the last administration. Infact, it was so bad that they had to borrow to pay salaries at the twilight of the administration. In terms of SWF, there were legal battles with State Governors who did not support making deduction to the Fund before FAAC. They had opined that the FG should go ahead to save its own share while they would also save their own share as they deem it fit. Ofcourse, the rest is history.

The only other avenue to have saved the surplus would have been the Excess Crude Account, but we all know that by the time the last administration ended, ECA was reduced to around $2b, from a figure of over $10b inherited. The import of this is that we did not save a dime during the last 5 years - worse still, we depleted the little our predecessors saved.

sammhi:
ode...so you have never heard of excess crude acccount ? go check how much was shared to each state from that account...so with what were they paid increased minimum wage ? and SWF
Was naija dry like this in GEJ period? please leave sentiments and face facts

If I were you, instead of focusing my energy on abusing others, I would spend more time developing my ill-developed brain so I can articulate myself better when issues of superior intellect are being discussed.

nameo:
You do remember Osun State right??

I'm not holding brief for the government, but simply expressing an opinion - which could be wrong.

The IGR dynamics of the Federal Government is completely different from that of Osun State. The country has been generating revenue, but has always been lost through the now famous "loopholes" and "leakages". Osun does not even have the capacity to generate revenue, they were simply depending on FAAC allocation which is largely dependent on Crude oil price.

baralatie:
What issues!
4.4 +1= 5.4 fed budget
Forgetting you have problem looking for 4.4trillion revenue

Do I have to remind you as to why you quoted my in the first place? Were you not trying to counter my point that the FG did not borrow to fund the 2015 budget?

I'm done. Have a great day.

deking:
@ $38 per barrel and 2.2million b/d considering 260 days the Govts daily earnings from oil will be

$38 X 2.2M X 260 =$21736 Million

@ N196 = $1

This gives $21736 Million X 196 = N4260256 million i.e N4.260256T

With this figures and considering the other loopholes that have been blocked this is more than a possible feat.

The government doesn't have to borrow if the price of petrol continues to hover around the 43$ benchmark.

Your analysis does not cover the full picture.

First of all, Production never sleeps - it happens 24/7 except there is a shutdown. I am sure the government has already made necessary allowance for such occurrences before arriving at the average 2.2MBPD. Secondly, the money from crude goes in the Federation Account for sharing to all tiers of government. The FG component will be just around 54%. You also have to take into consideration Profit Sharing Contracts (PSCs) and Joint Venture Contracts (JVCs) with the IOCs.

My point is that, if that was all the money we had, we would declare bankruptcy and seek for help or atleast be sure that over half the budget will be funded by debt. Such debt will attract very high interest since most investors would be weary about our capacity to repay.

baralatie:
I saw it
It is clear,the initial proposal is at $65 per barrel and now it was reduced to $53 per barrel and yet the fed expenditure is still at #4.4 trillion the deficient will be at that range and it is even more now with subsidy sef.

I take it that the issues we have in our varying opinions have been reconciled.

baralatie:
What questions do you have with the report it is very clear and supports all I have been saying

You did not read anywhere in the report (the Vanguard link) where it said that we operating a budget deficit of N1.075T?

baralatie:
On the contrary the Jonathan administration did not have to borrow to that extentextent.let me break it down.

1,The fed budget is designed to be 53% oil revenue to 47% non oil revenue
2,the acruable revenue for federal budget is #3.6 trillion with a zero subsidy but its budget expenditure is #4.4 trilliontrillion
3,from 2 oil is to bring #1.9trillion @$65/ barrel( but av is $40-$43/barrel)
4.optimum output is 2,03-2.1 millions barrels per day.

Click the link below, then scroll down to "Fiscal Balance".

http://www.ey.com/GL/en/Services/Tax/International-Tax/Alert--Nigerian-Government-presents-2015-Budget

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Also note that the figures you presented was the proposal from the Executive. Recall that NASS ended up increasing the budget while also reducing benchmark oil price from $65 to $53, resulting in a deficit of N1.075T. Read below.

http://www.vanguardngr.com/2015/08/oil-crash-dwindling-revenue-threaten-nigerias-2015-budget-4/

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I'll be happy to discuss further after you are done with those 2 links.

baralatie:
If you want me to explain it to you.
Will you believe?
The 6trillion that fg is proposing is only possible with heavy borrowing of extra $10-$12billion dollars

And assuming you were right, is that a lot more than what GEJ and his bandits were borrowing - even with record high oil prices?

I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. That the government has been able to come up with that size of budget - even in the face of declining oil prices & lower oil production levels - without depreciating the official exchange rate of the Naira is truly remarkable.

But how did GEJ, with benchmark oil price of over $75 throughout his term, not be able to come up with a budget of up to N5T? One can say that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, oil price was actually higher ($105) than the budget benchmark and yet our Foreign Reserves and ECA was declining.

Lionsclaw:
IBB is telling you that THEN he was inexperienced but NOW he has gotten the experience so be ready for his return ; )

That must be a huge joke!

If as a sitting president, with all the resources of State at his disposal, he was able to only get only 12m votes in the last election, then be rest assured that he will struggle to get 3m votes this time around - if he attempts a comeback.

I'm sure by now, some of his cluelessness is wearing off, so he won't try it no matter how hard you persuade him to run again.

---

Boss13:
This is an unbiased publication. Jonathan cannot keep quiet to all these allegations. He must speak specifically to each and every claim.

One annoying fact is the exploitation of our Banking system in laundering funds. This has been going on for decades. Where is the Banking confidence promised by the CBN, when the CBN literally supports money laundering. How can billions of transactions pass through our financial institutions without being detected. What is the Nigerian Financial Intelligence Unit (NFIU) doing? Where is the Financial Reporting Council in identifying bad directors who set up companies to launder funds?

When a President can actually dip his hands into national treasury or verbally inform the CBN to transfer funds without any unlying economic transaction to show, it shows you how useless we are as a country. What we have is a banana republic and not a country. It sets a bad precedence and what will stop the current President or his aides from not doing same. It appears the rule in Nigeria is act but don't get caught and when you are eventually caught, exploit the weak justice system to your advantage.

Couldn't have said it any better.

I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA.

But how did GEJ, with benchmark oil price of over $75 throughout his term, not be able to come up with a budget of up to N5T? One can say that, had PMB met an oil price of $75, we would be taking about a N10T budget.

When you have a society where convicted criminals (who are even serving jail term) have the voice to comment on issues of national importance, then that tells you who how debased such a society is.

Instead of having the effrontery to be saying nonsense, Ibori should finish his jail term in UK and come back to Nigeria where his criminal case will/should be revisited.

I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. That the government has been able to come up with that size of budget - even in the face of declining oil prices & lower oil production levels - without depreciating the official exchange rate of the Naira - is truly remarkable.

How GEJ (with benchmark oil price of over $75 throughout his term) was not able to come up with a budget of up to N5T beggars belief. One can now say without equivocation that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, oil price was actually higher ($105) than the budget benchmark and yet our Foreign Reserves and ECA was declining.

keally:
.Busybody, drinking panadol for another persons headache.

Unfortunately, this is a recurring problem with IPOB members, starting from your rogue leader. You lot have absolutely no intellectual capacity to engage in issues rather than vent vile vituperations. Once again, with mentality such as yours, Biafra will be worse than South Sudan.

“Malam Garba Shehu explained that President Buhari is fully aware of the public reservations about the proposed legislation but assured that there is no cause for alarm “because the Senate is a democratic senate. The President won’t assent to any legislation that may be inconsistent with the constitution of Nigeria.”

Simply Presidential.

Those afraid of Social Media are those who have skeletons in their cupboard. Even PDP and IPOB know that PMB has nothing to hide, but of course they have to always blame him for everything, even when their wives refuse to conjugate with them.

You cannot now excuse his Incompetence on Inexperience. When we told them in 2011 that he lacked experience, they quickly reminded us that he has been a Deputy Governor, Governor, Vice President, Acting President, and President - as such no one could be more experienced than him. Now, we all know better.

So, IBB stop sugar-coating it. Your fellow former president was not just inexperienced, he was GROSSLY and HOPELESSLY INCOMPETENT!

greenermodels:
as usual, lets blame gej and pdp 16yrs of misrule. atleast 80% of apc members are not from pdp but from heaven and seven months was not wasted by the current regime.

No way. This is all the fault of the "dullard".

Since 2008, Nigeria is one few countries on that list that has consistently (every single year) moved up the ladder of failed states. One can only imagine what position we would have been by 2019. APC and PMB have seriously destroyed this country.

A project of the magnitude of self-determination requires intellect, strategy, resources and alliances - something Odimegwu Ojukwu had in abundance yet grossly lacking in Nnamdi Kanu. I am yet to hear real discussions about the challenges that will be faced by a new country and how those challenges will be addressed. Instead, all I hear about is how Nigeria is a Zoo and how Biafra will be Eldorado.

The fact of the matter is that, beyond the PRIDE of self-determination, there are real issues that will spring up after the secession. Issues like Money & Central Banking, Millitary & Defense, Govt Revenue, Political imperatives, etc. Pretending that the grass will simply be greener on the other side is plain idiotic. Without a clear plan and strategy, there will simply be chaos - just ask South Sudan.

Imagine that the SS does not join the breakaway. How does the new govt immediately have revenue to run its affairs? Will they start imposing heavy taxes on its citizens right away? (Mind you, South Sudan - even with immediate oil revenue - are finding it extremely difficult). How will the people of Biafra get goods in and out of their landlocked country? A people whose comparative advantage is TRADE needs a large market - something the present NIGERIA offers in abundance (170m people). After the breakaway, will they all be trading among themselves.

If it will be possible for Biafra to suddenly become "heaven", then one would have been seeing right now the progress and advancement from that region. They can blame the FG all they like (and they have good reason to), but the region is being governed by people from the region. If they already knew how to make things better for themselves, they would have already started. We've been splitting states all along with phony arguments that it will bring development closer to the people - how has that worked out so far? The problem is not division but leadership!

My conclusion is that the success of the Biafra struggle is very dependent on the OIL and WATERWAYS of the south-south region. Anything short of that will be a total disaster. Unfortunately, the SS has made it abundantly clear that they are not willing to join that contraption. Strategically, it is better for SS (as minority) to be in a country where there are 3 major tribes than a country where there is one major tribe. In the former case, if you are dissatisfied with one tribe, you can form alliance with the other(s) and dislodge the rogue tribe. In the case of Biafra, the Igbos will dominate till eternity.

Jazper:
Yes Nigeria is preventing us with their policies.
Ask the govt why They fought Tinapa, why they rejected the proposed seaport in Port Hacourt, why they changed the building plan of IMSU from the New York replica to what it is today, why they refused to approve any refinery in Delta state.

Tinapa (CRS), Seaport (Rivers), Refinery (Delta) - really?! SS must really be strategic to your agenda. Now I get the obsession.

Jazper:
Meanwhile, I am not tribalsitic. I love just arguing
and reactions from ppl like Bevista are just priceless

No hard feelings dear.

Jazper:
I WANT THEM!!! But its up to them to vote when the time is right. In the end, even the core igbo states will vote also.

I find it very insulting that you could even contemplate such. That you even had the effrontery to voice it out drives me over the edge. How dare you!

You must be very arrogant to think that the world revolves around you and what you WANT? You cannot be more mistaken. WATERLOO will be child's play to what will await you and your ilk if you try to invade my territory.

Be properly guided!

Jazper:
Where did I mention forcing any group?
My arrogance drives you mad? Then by all means, please run MAD!!!
Asides Idoma, Igweocha and igbo speaking Delta, which other ego inflated tribe did I say I want?

Even if I said I want Ibibio, did I say its by force they must want me back?
What part of "I personally do not even wish for most of the SS to join" don't you understand.

My point exactly - you cannot WANT any group. It is not your place to determine their affairs. As you have decided not to be part of the Union against the wish of Nigeria, so shall Idoma, Igweocha, etc decide where they will belong. If they want Biafra, then all good - but you cannot WANT them.

Jazper:
I personally do not even wish for most of the SS to join, I want igweocha because they are part of us, I want Idoma because they have shown profound love for igbos, I want the igbo part of Delta state, outside that, any other tribe must vote to join and also step up.

Meanwhile, Biafra plans a regional system meaning: use your resources to develop your region. What ijaw has will be for ijaws, what ibibio has remains with ibibio. Isnt that what the Niger Delta wants?

You cannot want any part of this country. If you want to leave, then by all means go your way. And what gives you the moral justification to force any group to join your selfish agenda country - such arrogance simply drives me mad! As you feel the right to self determination, so shall every group also exercise such rights in determining their affairs.

And this is the very last time you ever mention IBIBIO as part of your warped contraption. I will literally KILL if you stretch your arrogance too far. Be warned!

The combination of the new EFCC boss and the new AGF will be a nightmare for corrupt public officers. Corruption will indeed have a bloodied nose in this administration. Doubt it at your own peril.

“One of the key things we discovered was that the CBN management was, however, careful because it made sure it got Presidential approval of such requests.

The fate of our HERO gets more uncertain and bleaker by the day. Now, I'm torn between maintaining the dignity of the office of Former President and the need for Justice.

I have implicit faith in the PMB administration. The full benefits of the TSA and blockage of loopholes will be made manifest in the 2016 budget estimate.

It would not surprise me to see a budget of over N7T even with oil prices at below $40. To put things in perspective, even with oil prices at $110, the last administration could not muscle up a budget of N5T.

Change is here indeed!