babadee1:


Buhari received 2 SUVs not 3. But he didn't receive any money at all. The $300,000 rumour is pure fiction and the SUVs were his entitlement as a former head of state.

Don't mind that mischievous slowpoke.

nairalandstinks:

the circumcised cl!t.

nairalandstinks:

picshores of the circumcised cl!toris or you know.

wetin you wan see na

fhelihx:
Fp material!

Bad belle

Kingsasian:
The congregation should get one as well for easy movement to pay tithes and offerings.

omenka:
Sadly, some of your brothers insist Wike's the best thing that's happened to Rivers after oil.



Cc: Lalasticlala.

These are really bad times for Wike and the PDP. PDP would have won the elections in Rivers in a fair contest. But because of their habit of impunity they still went ahead to rig the elections.And the result is what we are seeing today. It's now going to take a lot of hard work to reclaim the state.

Hope say no be another fake interview

Dee60:



Well, for too long we have relied solely on oil exports for forex. Now that ommodity has lost significant value in the market. We will suffocate our economy if we just leave everything to the dymanics of demand and supply when we know pretty well that we have a lot of local demand for USD and we have little (and less and less of) supply of USD. In fact the real problem is that we export crude oil at give away prices and import refined oil at exhorbitant prices. It is a silly thing to do. It takes 2 years maximum to build refineries big enough to meet local demands! Yet, we have not done so. I cannot explain why! But to allow a free fall is to throw a death penalty on our economy. Dont forget that if Naira is devalued 50% today, price of petrol in filling stations will go up by at least 25%. Will that not throw the country into crisis? With an army of twenty five million unemployed youths, how would they move around to fend for living with a free falling currency that will lead to a free falling price of petrol at the filling stations?

We cannot keep consuming what we dont produce and expect our economy to improve!

Let the CB find solutions - quick ones - for students who need to pay fees. But to allow Nigerians LIVING abrod to save Naira and spend dollars, that wont fly. No sane country does that!

I can't resist not quoting you. Your comments have been one of the most rational on this thread.The truth is that have been living in denial for to long especially when the price of Crude was high.Now it has crashed and we are forced to face reality.I saw this day coming. It's just sad that the saw called Harvard trained former finance minister was busy telling us that we had the largest economy in Africa yet barely a year later we are in a crisis. People should realize that the party is over and adjust to the current realities.

tuale4u:


The IPOB guy did not understand the budget. let me help him explain. I work in oil company.

1. The Federal government budget is the Budget of the federal government alone. Not the Budget of the country.
Thus from the Nigeria sharing formula, the Federal government takes about 54% of the total oil revenue accruing to the country (Nigeria Federation).

2. Most of the oil production in Nigeria are JV and PSC. Using the JV template, Nigeria (the federation not Federal govt) only owns 60% of the oil produced and the Oil companies owns the remaining 40% of the oil produced per day .

thus the 2.2 million per day, only 0.6*2.2million=1.32million belong to Nigeria (The federation).
thus the 820billion naira is only the 54% for the federal government of the total oil revenue accruing to the government from crude oil sales.

Federal govt share (Potential) = 0.54*1.32million=712,800 per day.

3. The actual average production per day is about 80% of the Potential production
this is because of 20% shutdown for maintenance, unplanned shut downs, pipeline vandalisation etc.

Thus the Federal govt actual average production per day = 0.8*712,800=570,240.

4. Today the average cost of production per barrel in Nigeria is about $18 per barrel.
Actually some onshore field cost are as low as $10 per barrel while some deep offshore and shallow offshore cost are as high as $25 dollar per barrel. Today more than 60% of Nigeria crude are from Offshore. thus using an average cost of $18 per barrel is realistic.

Thus out of the $38 dollar per barrel price of oil, the net revenue to the govt is about $20 per barrel.

thus the expected revenue to federal government from direct sales of Crude oil in 2016 is:

= $20 *199naira/1$ *570240*366*billion/1000000000= 830billion naira


From my estimation the Federal government expected revenue from direct oil sales is about 830billion naira which is very close to 820 billion naira estimated from federal government.


However, this is not all the federal get from having oil in this country. The oil companies pay company tax in hunderds of billion of naira.
But the govt choose to call it company tax because other companies that are not oil companies pay tax too. However the company Tax of oil companies is about 85% of their profit. Thus of the about 1.5 trillion naira expected revenue from Company Income Tax (CIT), Value Added Tax (VAT), Customs and Excise duties, and Federation Account levies, about 50% of it are coming from oil companies.

Brilliant analysis mate. Thanks for this break down. This should enlighten the truly ignorant and shame the myopic mischief makers.

First it was Prof Sagay. Now it is Cardinal Onayikan. How low will this mischief makers go. If you do not like the present regime why not wait patiently and vote them out in 2019.4 years is actually not as long as it looks.But resorting to this kind of dirty tactics will lead to nowhere.

philip0906:
Lockdown? But people be shouting "no money"...Nigerians sha

Abi.Thought everyone was crying that there no was money

kaziblake:
That David christian center around amuwo odofin festac...it's wasn't for the members of the church because they are well to do ,it was shared among the less privileged around festac

Ehen! That explains it.

simafem:
they will get their money back, by crook or hook

>

WaffenSS:
This article's title is misleading.

The prof made his comments before PMB even presented the budget, and all he "slammed" was the entire historical budgeting process and implementation in Nigeria, not PMB's budget.

Sensationalist OP.

Spot on. The OP is just being mischievous.

PassingShot:
Though the massacre of Shia members is condemnable and should have been avoided, videos of what happened have made us known that the movement was confrontational with the army.

Akpobolokemi was gently asked to come with the police who had gone to arrest him on different matter from those which he was granted bail and he resisted arrest. No where in the world will anyone resisting arrest be treated better than what those policemen did to him. He could easily have been seriously injured. In fact, such resistance is another crime entirely.

As for the state of economy, sensible persons know that what we're going through today is a result of our bad decisions from many years ago. Decision to waste our unprecedented dollars earned from crude sale with noth much to show for it.
Decision to plunder our foreign reserves to an abysmal level of $29bn from $47bn that GEJ met it instead of growing it.

Decision to loot budgetary and non-budgetary allocations to fight insurgency by PDP cabal headed by Dasuki while GEJ looked on.

Decision to dollarize the economy by bribing anyone bribable just for GEJ to win election.

Decision to grant import waivers to the rich on luxury goods with NOI's and GEJ's nod.

Those poor judgements are too many to ink here and had we not gotten rid of GEJ, Nigeria would have become a complete FAILED NATION. After all, GEJ borrowed to pay salaries in March and April of 2015. So, what other indications do we need to know we were already dead in GEJ's hands?

FFK, you're a slowpoke if you feign no knowledge of all the wrong decisions that brought our economy to this state. May you and your likes who participated in crashing the economy be served deserved justice in no distant future.
Omo ale!

No reasonable and sensible person takes the likes of FFK(or abi na FOK?)seriously again.

Helkayklassic:
Gulak do you think you are safe? Dansuki 4th batch list is buffering!! Dansuki releasing names of those involved in the arms deal like Kwara Poly Admission list. Lol

ladyF:
yaaay. Thanks be to God. Home in time for christmas.

Guess who is here again?

hehehe

Welcome back.

blazetitov:
Wailers were busy shouting; It can only happen in Nigeria, PMB has taken them back to 1984, this is a dictatorial government, bla bla bla bla...


They just wail without reasoning for once. Anytime they hear PMB, their epilepsy attack starts

no mind the sour loosers.

adonbilivit:
as SECONDus I wonder how he became a chairman. he is meant to be the SECON in command lol...pun intended.he should have adopted the name FESTus

hilarious .

Smartsyn:
The money is not the problem, but no sane civil servant will like to show himself in this critical period.

Spot on.

ThisMeansWAR:
probably on the run .. Head of campaign committee. Only god knows the number of billions he got from central bank of dasuki .

GudluckIBB:



No sir, he can be sent on suspension or proceed on leave. The president does not have to go through the senate route.

Remember how jonathan asked sanusi to proceed on leave


I now know why sanusi was asked to leave. I keep saying Emefiele and jonathan killed this economy. Emefiele has no idea on how CBN is run, jonathan on the other hand was clueless and daft. Yet people keep blaming Buhari for the state of the economy.

Its a pity!

Only the truly mischievous will blame PMB for the state of economy after all these revelations. By the way where is FFK?

chukwudi44:

Do you mind pointing out the anomalies!! What exactly is wrong with disbursement of government funds to procure weapons to combat terrorists? Must you comment?

Government funds that were not appropriated? And please I am entitled to my opinion. We can disagree without being disagreeable. Peace.

chukwudi44:

The problem I have is that you people ignored Buhari who disbursed ten times the amount of money involved in this case to the bailout packages for states without approval from the NASS!! What sort of hypocrisy is this?

The bail out package was sourced from dividends from the NLNG which by law are to be paid into the Federation Account. And all the states are entitled to a share from this account. So the President does not need the approval of the NASS to disburse to the states what is rightly theirs.

MizMyColi:


In my opinion, in the light of the evidence I've seen?
The blame is not on her.

Dasuki should answer. GEJ should answer too.
Except of course, you naturally hate her and want to see her go down.

Good Luck with that.

Nobody hates NOI. We just expect that based on her experience and exposure she would have queried some of these anomalies and offered sound advice or resigned. Apparently she did none of these and the impression some people have of her now is that she was either complicit or incompetent or both.

blazetitov:
It is gettin brighter for NOI

On a serious note, this is sad and am SMH for those people still supporting her like she is the best thing to ever happen to this country. She is a big time failure for allowing all these to happen under watch as the so called coordinating minister of the economy and minister of finance. I won't vote for her to run a local government ministry. All of these revelations put a question mark on a capability and integrity. She should have resigned long time ago.

The problem with us Nigerians is the like to attach all sorts of sentiments to everything. In saner climes NOI would have been undergoing questioning by now.But some short sighted folks are still defending her. It's such a pity.

blazetitov:
These people are bunch of jokers. The so called coordinating Minister is seeking approval to borrow a fund that was meant to form part of projected revenue to be appropriated(my interpretation;no approval in place yet to spend such money). That was why i said instead of seeking approval from the Presidency, a supplementary appropriation bill should have been sent to the NA for approval and she wouldn't be here today explaining herself.

I don't understand where the NSA was supposed to get the funds to payback what Madam was lending to them. It is also funny how madam expects NSA to account to the presidency alone when she was the one that requested for approval to transfer such funds. She is more than qualified to be on the President's security team as the coordinating minister of the economy(unless she doesn't trust herself) and should have demanded accountability of such funds using her power as the then minister of finance. Similar to Dokepsi case, she can be found guilty of conspiracy.

You deserve a drink on me. This is one of the most lucid comments on this thread. It baffles me that with all of NOI's so called Harvard education she did see all the traps that were apparent in this transaction. How can you release funds that have not be appropriated to the NSA and expect the same NSA to be accountable for the funds? Does that make any sense to any reasonable person? I think she goofed here. She should just admit her mistake and apologize to Nigerians.

seunmsg:



She approved the payment of billions of naira without National assembly's appropriation, that's a clear violation of the constitution and federal governments financial regulations. That's not so smart if you ask me.

Spot on bro. I've always wondered what kind of Finance Minister NOI was. And she is a Harvard Alumni?. Hmm. OK o.

HungerBAD:
This Guy is one mistake the APC Made.

Him, Audu, Alao Akala , Saraki and all other modern day political Tarzan, should not have been accepted into the APC, they give the APC party a very bad name.

For some strange reasons, this man seems to think Politics is a Profession, hence he keeps flaunting things he bought with monies from his Political gains. But he will grow up, apparently he is still politically immature, but he will learn.

Showing us customized champagne when thousands lack?what is even wrong with this Kogi people that keeps voting him in?very soon i will class Kogi along the same line with Ekiti(Fayose) and Benue(David Mark)

Don't get it when people keep Voting the same Clowns into Power.

Dino Melaye comes from a very humble background where life was really tough. He never believed he would get to this height in life hence he is just living out the deprivation he suffered early in life. It's just a pity that he's lack of class compels him to display his lack of wisdom on social media.

hinwazaka:
This is what a finance minister sounds like not Kemi, who is talking like a college dropout. I guess there is a huge difference between studying at Harvard and studying at East London. Imagine she has just a BSC and a post graduate diploma, not even a doctorate. What a joke

Yes. A Harvard Alumni who failed to notice that $2.1Bn was siphoned right under her nose.

mart2k:
abeg, read wat u typed again. So, u want to force Faleke to b running mate by force? U think Yorubas ar daft? Faleke knew d consequence of his withdrawal and d damage it can cause. He has since written INEC officially to notify it on his withdrawal and also intimate INEC in a separate letter where he picked late Audu's son as his running mate. Just watch and c how court wil eventually throw Bello out of govt house

OK o. We are watching.

Flakky26:
Has faleke formally write to INEC indicating he is not a running mate to Yahaya Bello? As it stands ,officially, he is still the running mate to Yahaya

because APC submitted both yahaya and faleke names for the supplementary election.

Spot on sister.