₦airaland Forum

AngelAhnie:
Did u reply my last mail? I'm sorry

I didn't see any mail from you. I won't ignore your mail.

AngelAhnie:
Lol, you left without telling me. Not cool

you deactivated without telling me. Not cool.


You couldn't send me an email too, Ann.

AngelAhnie:
You were away, maybe on your honeymoon

you didn't look out for me. No honeymoon without you.

midolian:
Buhari is doing a wonderful job

there's no better time to be a Nigerian than now that BUHARI is the president.






#proudlyNigerian

Antony Blinken, the US Deputy Secretary of State, on Friday described Nigeria as the leader of other countries in the fight against terrorism.
Blinken, who hailed Nigeria’s anti-terrorism stance, spoke to State House Correspondents after a visit to Vice President Yemi Osinbajo in Abuja on Friday.
The US Deputy Secretary of State is in Nigeria ahead of Saturday’s Security Summit to be hosted by President Muhammadu Buhari.
He said: “Now here we have this very important security summit that Nigeria is hosting, with countries around the world attending.
“This is an evidence of the strength of the Nigerian leadership, with the effort that the President and the Vice President are making to strengthen the economy, fight corruption and deal with the security challenges.”
Blinken further hailed the relationship between Nigeria and the US since Buhari’s inauguration as Nigeria’s President.
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“I was here just a little less than a year ago in preparation for President Buhari’s visit to Washington and since then we have seen the relationship between Nigeria and the US grow deeper and stronger,” he stated.
Blinken expressed the belief that all Boko Haram’s captives, especially the Chibok girls, would regain freedom.
“We have been focused on this from day one, doing whatever we can to provide all the assistance and information that we can develop,” he said of the Chibok girls.
According to him, this is something that has personally touched so many people in the US, including President Barack Obama and his family.
Blinken added: “It is something that we are focused on every single day.
“Of course there are others besides the girls who have been taken hostage by Boko Haram.
“Our thoughts are with them as well and we are determined, as the Nigerian government, not to rest until we get them home,” he added.

https://www.today.ng/news/national/121862/nigeria-leader-anti-terrorism-fight-deputy-scribe

That thug won't take care of his home.

AngelAhnie:
I was down and couldn't get along so I deactivated.

you couldn't speak to me anymore? You can always find succor in me.

President Muhammadu Buhari pledged Thursday in London that in furtherance of his administration’s effort against corruption, Nigeria will soon begin the full implementation of the principles of the Open Contracting Data Standard.

In Nigeria’s country statement to the Anti-Corruption Summit hosted by Prime Minister David Cameron of Britain, President Buhari said that the Federal Government will apply the Open Contracting Data Standard to major projects in the oil, transportation, power, health, education and other sectors.
The Open Contracting Data Standard (OCDS) enables disclosure of data and documents at all stages of the contracting process by defining a common data model.
The publication of OCDS data ensures greater transparency in public contracting, and can support accessible and in-depth analysis of the efficiency, effectiveness, fairness, and integrity of public contracting systems.

President Buhari said his administration was also taking steps to ensure greater transparency of the ownership and control of all companies involved in property purchase and public contracting.
“Nigeria is already collating this information through the Extractive Industry Initiative process and will extend it to other sectors.

“Nigeria will establish a transparent central register of foreign companies bidding on public contracts and buying property. We welcome the proposal by developed countries to work together to improve the access of developing countries to beneficial ownership information for use in public contracting, the president said.
President Buhari also welcomed a proposal to restrict the ability of those involved in corruption to travel, invest and do business overseas.

“We commit to joining the pilot initiative for automatic exchange of beneficial information. Nigeria commits to deploying public-private information sharing partnerships to bring together governments, law enforcement, regulators and the financial sector to detect, prevent and disrupt money laundering linked to corruption.

“We commit to work together to enhance company disclosure on the payments to governments for the sale of oil, gas and minerals, complementing ongoing work within the EITI.

“Nigeria is already reporting progress through the EITI working groups and will continue to work with interested countries to build a common understanding and strengthen the evidence for transparency in this area.

“We welcome voluntary disclosures through EITI reporting and by some major companies regarding payments to governments for the sale of oil, gas and minerals.

“We welcome the new 2016 EITI Standard, in particular the requirements on beneficial ownership and the sale of the government’s share of production.We will sign up to the Common Reporting Standard initiative.
“We commit to reviewing penalties and other actions against professional enablers of tax evasion, including for corporations that fail to prevent their employees from facilitating tax evasion.

“We support the development of a global commitment for public country by country reporting on tax information for large multinational enterprises.
“We commit to the strengthening of our asset recovery legislation, including through non-conviction based confiscation powers and the introduction of unexplained wealth orders.

“In order to improve on the current legal procedures and ease asset recovery procedures, we have drafted the Proceeds of Crime Bill which provides for the transparent management of recovered funds and assets and a non-conviction based approach to asset recovery.

“We will work with others countries, civil society, international organisations to support accelerated implementation of the voluntary provisions of the UN Convention Against Corruption (UNCAC) and we commit to the implementation of the outstanding obligations under the UNCAC.

“We support the establishment of an International Anti-Corruption Coordination Center to be managed by National Crimes Agency of Britain. We will work with NCA in promoting this centre in the African region,” the president said.

https://www.today.ng/news/national/120974/buhari-announces-measures-war-corruption

AngelAhnie:
Good evening dear, nothing

good evening. How are u doing?


You don't want to tell me why?

midehi2:
applaud

somewhat funny siggy

AngelAhnie:
miss u

I've missed you too . Why did u deactivate?

Good

Mynd44, lalasticlala

bejeiodus:
One has to be cautiously optimistic, brother. So many false starts have been seen since APC came on board. I support the PDP, but I am a Nigerian living under the leadership of the APC. Its success in office would definitely rub off on me.

this line got me dancing uncomfortably.

https://i.imgur.com/04JuUHn.gif



Mynd44, lalasticlala, pick up the call.

How about the impact on food and other prices?

Well, if the current parallel market exchange rate is extensively used by economic agents, prices may already have adjusted. The government can find ways to compensate the poorest segments using some of the increase in oil revenues associated with a depreciation. However, segments of the private sector that rely heavily on imports would face higher costs from a depreciation (although the pass through may be less than one). I guess my point is that it would be useful to get a clearer picture of the impact of a depreciation on the budget figures, including the likely impact on the overall economy. This would help ensure the consistency of exchange rate, fiscal, and monetary policies.

Overall, however, it is difficult to disagree with Buhari’s roadmap. The 2016 Nigerian budget provides a useful template for African countries. This is the leadership that we expect from the country.

http://www.theheraldng.com/american-think-tank-brookings-institute-praises-nigerias-2016-budget/

What are the risks to achieving the objectives?

The new budget is consistent with the “new normal” in international oil markets and assumes a lower benchmark oil price of $38 per barrel down from $58 in the 2005 budget (together with reduced production).

As all planned expenditures (N6.08 trillion, or about $34.5 billion using the official exchange rate) will not be covered by expected revenues (N3.86 trillion), the budget forecasts a federal fiscal deficit of N2.22 trillion in 2016. This is equivalent to 2.2 percent of GDP and is twice the 2015 figure of 1.1 percent. This begs the question of how the deficit will be financed. The budget plans for a blend of new domestic (N984 billion) and international (N900 billion) borrowing totaling N1.84 trillion, which would be complemented by the recovery of misappropriated funds.

Some budget assumptions can be questioned: Will the government be able to raise non-oil revenues (corporate tax, VAT, customs and excise duties, and federation account levies) to the level of N1.45 trillion or 38 percent of total revenue? Will it be able to raise an additional N1.51 trillion by enforcing the Fiscal Responsibility Act? Slippages on the revenue side will translate to a larger than expected budget deficit and higher financing needs.

One issue that would be worth clarifying is the impact of a naira depreciation on the budget. Today, the exchange rate in the parallel market is at least N264 per dollar, indicating some overvaluation of the official rate (34 percent using the difference between the two rates but of course there are other ways to assess an overvaluation, which I will not go into here). At N197 per dollar, the current official exchange rate that is assumed in the budget reflects the government’s use of administrative measures to stem the depreciation of the naira. My sense is that this reflects Buhari’s concerns of the impact of higher inflation on the population. The price of imported goods such as food imports would go up if the naira depreciates. Difficulties in obtaining U.S. dollars are increasing the cost of doing business and have led to Nigeria’s removal from two benchmark bond indices (JP Morgan and Barclays).

The budget recognizes the impact of the U.S. dollar shortage on the Nigerian economy. Buhari stressed that he is aware of the problems traders, business operators, manufacturers, airline operators, and the financial services sector are facing. But is not clear what the proposed solution for the Central Bank to “fine-tune its foreign exchange management to introduce some flexibility and encourage additional inflow of foreign currency” entails.

Given the current level of foreign exchange reserves ($29.5 billion in mid-December) and the shrinking dollar export revenues coupled with the likely increase in imports associated with the stimulus, it is not clear how long the Central Bank can resist market forces and continue to rely on foreign exchange management.

It would be wise to revisit the budget in a scenario that includes a naira depreciation. On the one hand, a depreciation would increase naira-denominated oil export revenues (the pass-through should be close to one). On the other hand, debt servicing costs would increase. But given the fact that about two-thirds of total revenues are derived from oil exports, the resulting fiscal deficit may be lower than the one in the 2016 budget. A depreciation may also help revive or increase foreign investment. Uncertainty about the future path of the naira is leading investors to adopt a wait-and-see attitude and postpone their investment decisions.

How does the government plan to meet them?

Spending on infrastructure and human development to stimulate the economy: The government intends to increase capital expenditure as a share of total budget to more than 30 percent from 15 percent. Infrastructure spending is expected to revive economic growth and help create jobs in a number of sectors such as agriculture and mining. The government intends to also spend resources in education, health, and security to foster human development. Tax rates for smaller businesses will be lowered, and priority sectors such as agriculture and solid minerals will be subsidized. On the education front, unemployed graduate teachers will be recruited, trained, and deployed in public schools. In partnership with state and local governments, financial training and loans will be provided to market women, traders, and artisans through their cooperative societies. In partnership with development partners, conditional cash transfer programs are envisioned for the poorest and most vulnerable segments of the population.
A lean and cost-effective government: Spending more is not the only way to have an impact, and the budget rightly emphasizes the need for a “lean and cost-effective government” by targeting efficiency losses associated with the current budget and public expenditure framework. It will enforce the Fiscal Responsibility Act requirement for ministries, departments, and agencies (MDAs) to present their budgets in advance and remit their operation surpluses. In a departure from the previous budgeting approach under which only incremental expenditures have to be justified, a zero-based budgeting approach will also be implemented. The new Efficiency Unit will seek to reduce inefficiencies in spending, and the government will keep a close eye on personnel and pension costs, including through a new continuous audit process and the extension of the integrated personnel payroll information system.
Raising non-oil revenues: The government hopes to increase non-oil tax revenues by 20 percent in 2016 by expanding tax collection. Beyond improving domestic revenue mobilization, the hope is that the expansionary fiscal stance will help generate growth in the non-oil economy, which then can be taxed. Although the government will not increase the value-added tax rate—one of the lowest in the world—it plans to free up resources by removing fuel subsidies, a politically courageous initiative.
Fighting corruption: Buhari has clearly indicated his resolve to fight corruption and has replaced the heads of revenue generating agencies, including at the Nigerian National Petroleum Corporation (NNPC). He also plans to recover misappropriated funds to help supplement fiscal revenues. The budget also plans for the implementation of a Treasury Single Account to increase transparency in and improve the remittance of collections of revenues.
What are the risks to achieving the objectives?

The new budget is consistent with the “new normal” in international oil markets and assumes a lower benchmark oil price of $38 per barrel down from $58 in the 2005 budget (together with reduced production).

As all planned expenditures (N6.08 trillion, or about $34.5 billion using the official exchange rate) will not be covered by expected revenues (N3.86 trillion), the budget forecasts a federal fiscal deficit of N2.22 trillion in 2016. This is equivalent to 2.2 percent of GDP and is twice the 2015 figure of 1.1 percent. This begs the question of how the deficit will be financed. The budget plans for a blend of new domestic (N984 billion) and international (N900 billion) borrowing totaling N1.84 trillion, which would be complemented by the recovery of misappropriated funds.

Some budget assumptions can be questioned: Will the government be able to raise non-oil revenues (corporate tax, VAT, customs and excise duties, and federation account levies) to the level of N1.45 trillion or 38 percent of total revenue?

Will it be able to raise an additional N1.51 trillion by enforcing the Fiscal Responsibility Act? Slippages on the revenue side will translate to a larger than expected budget deficit and higher financing needs.

One issue that would be worth clarifying is the impact of a naira depreciation on the budget. Today, the exchange rate in the parallel market is at least N264 per dollar, indicating some overvaluation of the official rate (34 percent using the difference between the two rates but of course there are other ways to assess an overvaluation, which I will not go into here). At N197 per dollar, the current official exchange rate that is assumed in the budget reflects the government’s use of administrative measures to stem the depreciation of the naira. My sense is that this reflects Buhari’s concerns of the impact of higher inflation on the population. The price of imported goods such as food imports would go up if the naira depreciates. Difficulties in obtaining U.S. dollars are increasing the cost of doing business and have led to Nigeria’s removal from two benchmark bond indices (JP Morgan and Barclays).

The budget recognizes the impact of the U.S. dollar shortage on the Nigerian economy. Buhari stressed that he is aware of the problems traders, business operators, manufacturers, airline operators, and the financial services sector are facing. But is not clear what the proposed solution for the Central Bank to “fine-tune its foreign exchange management to introduce some flexibility and encourage additional inflow of foreign currency” entails.

Given the current level of foreign exchange reserves ($29.5 billion in mid-December) and the shrinking dollar export revenues coupled with the likely increase in imports associated with the stimulus, it is not clear how long the Central Bank can resist market forces and continue to rely on foreign exchange management.

It would be wise to revisit the budget in a scenario that includes a naira depreciation. On the one hand, a depreciation would increase naira-denominated oil export revenues (the pass-through should be close to one). On the other hand, debt servicing costs would increase. But given the fact that about two-thirds of total revenues are derived from oil exports, the resulting fiscal deficit may be lower than the one in the 2016 budget. A depreciation may also help revive or increase foreign investment. Uncertainty about the future path of the naira is leading investors to adopt a wait-and-see attitude and postpone their investment decisions.

Washington D.C. based think tank, The Brookings Institute has hailed the 2016 budget of change by the Federal Government. In a new research paper entitled Foresight Africa 2016, the Institute said “The 2016 Nigerian budget provides a useful template for African countries. This is the leadership that we expect from the country.”

An article by Amadou Sy, a director of the Africa Growth Initiative and a Senior Fellow, Global Economy and Development, entitled ‘President Buhari’s budget sets the right course’, bestows praise on the Buhari administration even as it seeks to unravel the workings of the 2016 budget and how it can possibly bring development and progress to the Nigerian people.

The article reads:

Nigeria—Africa’s largest economy and its most populous nation—is feeling the full brunt of a falling oil price. The value of the commodity has fallen by more than 65 percent since mid-2014 from $112 per barrel to less than $39. Such a decline is a significant negative shock for a country that typically derives two-thirds of its government revenues from oil. How will Africa’s giant react to this shock in 2016?

President Muhammadu Buhari’s 2016 budget proposal charts the course for Nigeria in the next three years to not only manage the current external economic turbulence but also set the stage for strong, sustainable, and inclusive growth in the medium-term.

What are the key objectives of the 2016 budget?

By ramping up infrastructure spending, reducing existing inefficiencies public expenditures, raising non-oil revenues, and fighting corruption, Buhari’s 2016 budget seeks to stimulate economic growth, increase competitiveness, and improve human development. There is a clear objective to diversifying the Nigerian economy and using the expected economic gains to increase the welfare of Nigerians, including by reducing youth unemployment and extreme poverty. (For a great visual breakdown of the budget, see here).

Bassee:
That's why I used "still" in my earlier comment. And it won't end with him, right? Where then is the change??!!!!

well, like he dealt with boko Haram, so he shall deal with the herdsmen . He needs time and support.

Pavarottii:
Oga they promised more than wat they offering. And which bokoharam has been defeated? Go to villages in maiduguri and stay now, and why is the US govt offering us support to defeat dem if we av really defeated dem. They are still LG's under bokoharam. Don't let media deceive u. If u av a friend or fam member that was deployed to maiduguri ask him well. To tell wat is on ground. Don't follow media hassle and all.

name one LG thats under boko Haram control.

malton:


Lemme lie in waiting for the hateful ones...

the masquerade dressers are still busy dressing the masquerade, they'll soon be here.

Bassee:
The government promised to make Nigeria secure for Nigerians. With Fulani herdsmen still killing for fun a year after Buhari took over, you would agree with me that there's been no fulfillment on their part.

did fulani issues start with BUHARI?

bejeiodus:
I pray they are able to do all these. Our patience has really worn thin. Let the APC prove to us that the budget was worth the wait.

for the first time in your life as a Nigerian , you are going to experience what practical implementation of budget is all about. And when BUHARI is done achieving this feat , you'd go back to the previous administrations and start flogging everyone that served in those administrations for deceiving you with a pseudo-implementation.

Pavarottii:
The one wey dem tell us b4 d election pass this one. Yet not one promise fulfilled. We are tired of all these grammar. Start work.

point one thing they promised before election that's not there.


Has the government not fulfilled its promise of defeating boko haram?

Bassee:
I'll wait till maybe this comes from one of APC's favorite media outlets cause It won't surprise me if they deny this before midnight.

you guys are known to be choosy when it comes to good news about this government; you choose what to believe and what not to believe , depending on how it affects you.

LadyExcellency:
Who do we believe?



http://www.dailytrust.com.ng/news/business/nnpc-made-no-dollar-remittance-to-federation-account-for-8-months/126896.html

You can choose what to believe as usual.

More details

The 2016 budget has finally been signed by the President and that is great news, but there’s a next step and that is implementation.

For this purpose the strategic implementation Plan (SIP) has been created and released by the Federal Government to govern the use of the budget funds.

The Federal Government further explained that the SIP is a compendium of high-level interventions that it will initiate/complete this fiscal year.

The Federal government said in a series of tweets “The SIP has been put together by the Min of Budget & National Planning, and the Economic Management Team under the leadership of Vice President Professor Yemi Osinbajo.

The SIP will be both a source of info on government priorities for 2016, as well as a means of tracking progress.

It assembles the Budget Interventions, and Fiscal, Monetary, Trade and Investment Policy Reforms to reflate and reposition the Economy.

It also outlines more than 30 Specific, Measurable Priority Actions to be completed across 6 Strategic Intervention Areas,”

You can check out the full details below.

http://www.theheraldng.com/strategic-implementation-plan-2016-budget-finally-released-fg-see-full-details/?utm_source=nnd&utm_medium=twitter&utm_campaign=nnd

Aremu01:
Sai Buhari

the 'masquerade-dressers' won't like this.

The Nigerian National Petroleum Corporation, NNPC, said it paid N1.118 trillion into the Federation Account between April 2015 and March 2016.

In its monthly financial report for March, the agency said as part of the total, it paid N69.544 billion into the Federation Account in March. The money was from domestic crude oil and gas sold as well as other income.

It added that NNPC also recorded N107.826 billion revenue in March against N104.804 in February.
It said that the revenue rose marginally by 2.88 per cent, adding that the expenses of the corporation dipped by 12.92 per cent to N112.368 billion from N129, 034 billion recorded in previous month.

According to the report, the corporation also made a loss of N18.89 billion in the month under review.
It said the loss was an improvement from a deficit of N24.23 billion recorded in February.

A breakdown of the financial performance of its subsidiaries showed that the Nigerian Petroleum Development Company, NPDC, Integrated Data Services Limited, IDSL, and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively.
It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million,” it added.

The report said that the deficit recorded by NPDC in February and March 2016 were due to production shut–in occasioned by vandalism of Forcados Export Line.
This, it said resulted in the loss of its entire revenue from crude oil sales of about ₦20 billion.

The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion, while the associated crude plus freight cost was N20.02 billion.

It said that this gave negative margin of N3.95 billion after considering overhead of N6.87 billion.

The report also said that a total of N85.66 billion was collected as sales revenue from white products sold by PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month.

“Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion.”

The NNPC recorded total export proceeds of $170.12 million in the month under review with crude oil export accounting for $98.31 million, while gas export accounted for $71.81 million.

On dollar payments to Joint Venture Cash Call, it said total export proceeds of $141.87 million were recorded in March, 2016 consisting of crude oil receipt of 88.36 million dollars.

It added that Liquefied Petroleum Gas, LPG, and Escravos Gas to Liquid, EGTL, recorded proceed of 1.52 million dollars and Miscellaneous receipts amounting to 51.99 million dollars.

“The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016.
“Hence, all un-lifted February and March cargoes were deferred until the repair is completed.”

https://www.today.ng/business/118768/nnpc-remits-118-trillion-federation-account-year