₦airaland Forum

nonsobaba:
Wike will become very restless in the coming weeks as the Supreme court will reverse all the kangaroo judgements that he bought from the very corrupt and now suspended CJN. APC will be reinstated back into the election and Amaechi will resume his much beloved hubby of tormenting Wike till PDP is booted out of Rivers state

You just said rubbish

alakid:
As a Nasarawa State indegene, I can say that Maku stands no chance.

Who do you think would win?

I would say again for anyone who cares to listen buhari is a senile old man suffering from dementia

Blue3k:
Gas pipeline.

The oil is also from Niger delta. Or does Nigeria want to import crude oil?

kayfra:
He can buy crude from anywhere in the world. Don't be so myopic

There is already a pipeline from Niger delta to link to his refinery

GERALD710:
I have always assumed Nigeria on average has climate similar to Mombasa, where many people have Solar water heaters for heating water for cooking(it saves on electricity.A LOT!) and in the cooler months, bathing. Heck I have even seen several solar and wind powered gates and security lights like Sollatek on the Mombasa Malindi Road, the Streetlights around PetroCity and in Kenyatta University. Given that Nigeria is hotter than much of Kenya(Given that Kenya's highlands moderate our climate a lot) you would think they would use solar and in their Harmattany North, Wind. But it is Generators

Harmattan occurs over West Africa not Northern Nigeria. Occurring from Nov - March just like winter I guess

https://www.nairaland.com/4976227/kenyan-man-gets-stuck-while




I like the way stupid Kenyans were bashed on that thread

Tsav goan and seat the fûck down... Every Tom, dick and Harry wants to claim Elder statesman and feel important these days

TIGRITIS:
[s][/s]
Shinedu, I thought igbos own Lagos. So how are Yorubas bragging about lagos? And I'm not even yoruba.

Oga swerve

Keep deceiving yourselves. Iffa hear say them sabi speak English for yobe. Dem just give am placard hold e no even know Wetin dem right
Na who teach Hausa man English

TMKsouth:
Expect the white-factor argument.

Mumu South African slave always trolling us on Nairaland

TIGRITIS:
Crappy statistics

Richest cities in the world are:
Anambra
Imo
Abia
Enugu
Ebonyi
The cost of living in these states are so high that 95% of the indegenes don't live there.

Stupid yorubanger always bragging about Lagos the no man's land.what happened to ogbomosho,ibadan,abeokuta idp camps

TMKsouth:
U need salvation. I hear there's a church in Roodepoort thats accepting Nigerians ripe for a beating.

darfay: crook by day, church congregant by night. Typical.

These cops won't waste their time. Obviously this wonderful lady was just seeking justice from a deceptive fraudster. He definitely swindled her out of her hard earned cash or something. Typical.

Chanel your anger to your white slave master

Black South Africans a lazy and xenophobic. Such bàstard slaves

Cc tmksouth

Jonraid:
Of course i got it from someone else,when you quote about Kenya it is usually from sources right? And not you! You asked where the balance went,I helped you on finding it.If you don't agree with it,challenge it!

Provide the link here

Jonraid:
So the Nigeria government is the one saying that the federal government budget was 86% implemented? It would be more better if an independent source would actually tell out this!

Stupid 18yrs old boy

Jonraid:
So if the states budget are grossly upped as said by your own officials citing the sources I have given you,what then is their real budget? I mean, a budget proposal of 60% higher than your own state IGR is just absurd.Even those(STATES) who made it 'below 40%' aren't going to click it,40% or below it is still much higher!

The FG itself has some issues when it comes to those assumptions it is making when tabling the budget proposal,oil which brings in lots of revenues won't be selling at 60 per barrel.People don't see that happening.The highest it can go up is 55! Many reckon that you'll grow at 2% or some points above that but not the 3% you reckon this year! We know the dollar won't easily come to 305 to the Naira as it's now at 362?

You are so dumb!!!. The above means the government is understating revenue by #57 for every $ earned.
It means they govt would have an exchange gain of #57 for every dollar earned you dumb bàstard

Jonraid:
Challenge it,don't just call it rubbish

You just copied and pasted you didn't even understand it

Jonraid:
It's interesting learning that the IGR itself can't fund the states budget. Actually,the FG often comes in to give this states a boost.The states are in a competition to present higher budget proposals which are grossly unrealistic!


''Speaking at the conference of the Chartered Institute of Taxation of Nigeria (CITN) on Wednesday, Vice-President Yemi Osinbajo said most states cannot survive without federal allocation.''


“The budget of all states completely outstrips their projected total revenues. The gap between projected total revenue and budgets is small in some states such as Kano, Enugu, Delta and Bayelsa. In these states, projected revenue is at least 60% of the budgets,” the NEITI report read.

“However, in 18 states, projected revenue is less than 40% of budgets (Adamawa, Akwa Ibom, Anambra, Bauchi, Benue, Borno, Cross River, Ebonyi, Imo, Katsina, Kebbi, Kwara, Ogun, Osun, Oyo, Plateau, Sokoto and Zamfara).''


https://www.thecable.ng/neiti-states-revenue-inadequate-fund-2018-budget


It seems that even the 40 billion USD I was giving you was so much.On the ground,things are different,deep down you know this! Ibrahimanis

Why are you making assumptions about a country you read about on the internet?

Jonraid:
Q: What are the revenue collection agencies of nigeria?

A: nigeria has many Revenue Collection Agencies, but the major ones are: FIRS, NCS, DPR, Others (NPA, NIMASSA, JAMB etc).#WhereIsTheBalance?

FIRS - Collects the following taxes on behalf of the Federal Republic of nigeria. - Company Income Tax (CIT)
- Petroleum Profit Tax (PPT)
- VAT
- Personal Income Tax
- WHT
- Education Tax
- Stamp Duties
- Capital Gains Tax
- NITDF Levy

Nigerian Customs Services
- Custom and Excise Duties.

Department of Petroleum Resources (via the NNPC)
- Royalties on Oil Producing fields
- Rent accruing from awarded concession
- Gas flaring penalties.

Others:
- NPA
- NIMASA
- JAMB
- Stolen Asset Recovery's
- Dividend
- etc

#WhereIsTheBalance?

Q: Where is the revenue collected by these agencies paid into?

A: They are paid into the Federation Account from where a committee known as FAAC meets monthly to divide it among the Federating units in accordance to the revenue sharing formula.
#WhereIsTheBalance?

Q: What is the sharing formula used by FAAC?

A: The sharing formula is
- FG: 52.68%
- States: 26.72%
- Local Govt: 20.60%
- There is an additional 13% derivation paid to oil producing states from oil proceeds based on the derivation principle.

#WhereIsTheBalance?

Q: Does it mean that all revenue are shared in accordance to that formula?

A: No. The VAT collected by FIRS and paid into the Federation Account is shared with a different formula.
- FG: 15%
- States: 50%
- LG: 35%
#WhereIsTheBalance?

Q: How much did d Federal Republic of nigeria earn in 2018?
A: We don’t have the full figures, but from public records, we can estimate
FIRS – N5.3 Trillion
NCS - N1.2 Trillion (Prorate from claim of N800B collected as at Aug)
DPR - N7 Trillion
Others - N500B
#WhereIsTheBalance?

Q: What is the estimated FG share of this amount?

A: First, let’s back out VAT. We know that out of VAT of N1 Trillion, the FG collects 15% which is = N150 Billion. 2ndly, we need to back out the 13% derivation from oil proceeds as well as other deductions.

Using the basic rule of the thumb, from an estimated revenue of N14Trillion, we can estimate that revenue available to the FG can't be higher than N6.5Trillion. Even this is generous just reflecting on 2018 budget performance figures.


Breakdown Of The 2019 FGN Budget ProposalThe Nigerian economy emerged from recession in Q2 2017, and the macroeconomic environment has stabilized and is recovering gradually. This has renewed confidence in the country’s growth prospects.

#WhereIsTheBalance?

Q: And the N9 Trillion Budget?
A: The N9 Trillion budget is the budget of d Federal Govt of nigeria and not the Federal Republic of nigeria. This means that the FG can only budget on its portion of federally collected revenue & not total collect-able revenue.

Since we estimate that the maximum revenue available to the FG would be N6.5 Trillion and the FG intends to spend N9 Trillion, what this means is that the FG will have to spend more than it earns and borrow the difference. This is what we call budget deficit.#WhereIsTheBalance?

Q: So where is the balance?

A: The balance is with your State Govt and Local Govt. Please engage them. Ask them questions. Challenge them to show you what they're doing with the amt of money they get from FAAC & also from igr (Internally generated revenue).

Where did you get this rubbish?

darfay:
I like how you look stupid even without trying
The budget you posted is only for federal government(states and local government would have everything in its budget from education to health etc)
Who told we can't generate a revenue of #7trillion about $20b
Firs the body in charge of federal taxes generated #5.3 last year which is projected to increase #8trillion this year which almost this size of this years budget.

https://www.premiumtimesng.com/news/headlines/304675-firs-generates-n5-3-trillion-in-2018-highest-in-nigerias-history-official.html
Note Nigeria generated federal taxes of 5.2trillion in 2012(which was about $33.3billion)

Customs generated #1.3 trillion which is expected to increase to #1.5 this year(revenue from customs and taxes alone surpasses the budget estimates)

https://leadership.ng/2018/11/20/customs-to-surpass-n1-3trn-revenue-target/


Operating surplus of government agencies
https://leadership.ng/2018/11/20/customs-to-surpass-n1-3trn-revenue-target/

On a realistic projected income from oil
$50 a barrel @ 2million a day for 365days
=$36.5billion
13% derivation for Niger delta =$4.745billion
56%(31.755)=$17.78 for federal government

The above mentioned are more than enough for the federal government to run a surplus this year

It's best you digest what I wrote or do I need to draw a map

[quote author=Jonraid postf=74975268]Your proposed budgets turn out not to be the actual for the most of the time.

The 'assumptions' are just dreams![/quote]

Ibrahimanis:
Yeah yeah yeah.
From its a shame that Nigeria's budget is about same size as Kenya's to it is a shame that Nigeria's budget is about 15 trillion (about 40billion plus).

As at now the total 2019 budget is 15.737trillion naira (FG + 33 states apart from local governments. Remaining three states to submit their budget to their respective state assembly.

Lagos wasn't even included among the 33. Total states should rise to around 17trillion plus local government of around 2trillion

Jonraid:
The 'assumptions' are dead on arrival

I can't see this happening

The 2019 budget has been prepared on the following assumptions:

$60 per barrel of oil....Really?
2.3 million barrels per day....You'd struggle here!
N305 to $1 exchange rate....It's not happening!
Real GDP growth of 3.01 per cent...2.5% should be a more realistic target!
Inflation rate of 9.98 per cent.....*facepalm*

Hope you know this is going to under state the revenue right?

You are dumb fellow, after all you are wasting your time and energy studying something as useless as geography

Jonraid:
This are facts sourced from your budget proposal tabled in parliament!

https://www.reuters.com/article/nigeria-budget/update-1-nigerias-president-presents-8-83-trln-naira-budget-for-2019-idUSL8N1YO3TE

The 2019 budget has been prepared on the following assumptions:

$60 per barrel of oil
2.3 million barrels per day
N305 to $1 exchange rate
Real GDP growth of 3.01 per cent
Inflation rate of 9.98 per cent

On subsidy, Mr Buhari said it was abused in the past but his government has made NNPC the sole importer and now, the under recovery is from NNPC account while false claim by marketers is removed.

A total of N8.83 trillion is proposed as 2019 budget – Buhari

The breakdown:

Recurrent – N4.04 trillion
Debt service – N2.14 trillion
Statutory transfer – N492.36 billion
Sinking fund – N120 billion
Capital expenditure – N2.031 trillion

https://www.premiumtimesng.com/news/headlines/301857-buhari-presents-2019-budget-to-national-assembly-live-update.html

It doesn't change the fact that firs and customs are generating over 8trillion this year. I already gave you links.

Jonraid:
*ESTIMATES*

Total budget 28B USD

Recurrent expenditure

The 2019 Nigeria's budget proposal.

Here is a look at Nigeria's recurrent expenditure in a country projected to hit 200m as of 2019!

A substantial part of the recurrent cost proposal for 2019 is for the payment of salaries and overheads in Ministries providing critical public services such as

a. N569.07 billion for the Ministry of Interior;(1.5B USD)....They are kidding much!

b. N435.62 billion for the Ministry of Defence;(1.2B USD)....Their superior military!

c. N462.24 billion for the Ministry of Education; (1.28B USD)....No words

d. N315.62 billion for the Ministry of Health. (875M USD)

What a joke!

Key macroeconomic figures

Revenue – Where government is making money

Nigeria is estimating a total revenue at N6.97 trillion(19.4B USD when the estimate is rounded off to 7 trillion Naira) - (which is 3% lower than the 2018 estimate of N7.17 trillion), consisting of oil revenue projected at N3.73 trillion(10.3B USD) while non-oil revenue is estimated at N1.39 trillion(3.8B USD).Non oil revenues 3.8B

Projected revenue from taxes

Companies Income Tax (CIT) - N799.52 billion (2.2B USD) This comes from their companis which are 4-6 times bigger than Kenya's

Value Added Tax (VAT) - N229.34 billion (636m USD)

Customs Duties - N302.55 billion. (838M USD)

Independent Revenues to N624.58 billion. (1.7B usd)

Other revenues expected in 2019 include various recoveries of N203.38 billion(563M USD), N710 billion(11.9B USD) as proceeds from the restructuring of government’s equity in Joint Ventures and other sundry incomes of N104.11 billion(288m USD)

By implication, this shows Africa's largest economy with crude oil as its cash cow will still do below average on its diversification policies as oil

takes center stage in government revenue.

All this are estimates which are greatly hinged on oil income,gdp growth of more than three percent(they will certainly do a best of 2% as of 2019 ),an exchange rate of 305 to the dollar and an inflation of 9.98%

Here is the breakdown of all that!

The 2019 budget is placed on the following assumptions (I love the word assumptions! )

a. Oil price benchmark of $60 per barrel; (Will this be the case? )

b. Oil production estimate of 2.3 million barrels per day, including condensates;

c. An exchange rate of N305/$;

d. Real GDP growth of 3.01%; and

e. Inflation Rate of 9.98%.

I'm not so impressed! With a 350 billion GDP Nigeria's budget should be kicking as**

I like how you look stupid even without trying
The budget you posted is only for federal government(states and local government would have everything in its budget from education to health etc)
Who told we can't generate a revenue of #7trillion about $20b
Firs the body in charge of federal taxes generated #5.3 last year which is projected to increase #8trillion this year which almost this size of this years budget.

https://www.premiumtimesng.com/news/headlines/304675-firs-generates-n5-3-trillion-in-2018-highest-in-nigerias-history-official.html
Note Nigeria generated federal taxes of 5.2trillion in 2012(which was about $33.3billion)

Customs generated #1.3 trillion which is expected to increase to #1.5 this year(revenue from customs and taxes alone surpasses the budget estimates)

https://leadership.ng/2018/11/20/customs-to-surpass-n1-3trn-revenue-target/


Operating surplus of government agencies
https://leadership.ng/2018/11/20/customs-to-surpass-n1-3trn-revenue-target/

On a realistic projected income from oil
$50 a barrel @ 2million a day for 365days
=$36.5billion
13% derivation for Niger delta =$4.745billion
56%(31.755)=$17.78 for federal government

The above mentioned are more than enough for the federal government to run a surplus this year

TMKsouth:

Why are you always trolling Nigerians on Nairaland. We know you lost your sister to a Nigerian drug lord.and your gf who is now your ex abandoned you for a 9ja díck

TayserMahri:
Spotted ! Still Apache rules!

Sister Tasha Maria where your oozband rvp20183 dey?

He finally wants to fight one of the cabals

Who would be so wicked as to kidnap those old women in the first place

Do you want to serve God in Nigeria or be a dish washer abroad. Because I am not sure your skill is a critical skill needed abroad and your Nigerian education puts you on the least to be considered. Do you actually think you will get a visa for 5 hour volunteer work in Germany? Lols, I am not sure. Please consult and ask the right questions. I think you need some more mentoring anyways not an advice. Anyone starting a business with the mindset of being their own boss is on the failure path obviously.

Please kindly explain this

Mimi1999:
Run!
Sorry! Flee!
I had 2 opportunities to relocate to Dubai as a registered pharmacist, I turned it down because of man. The man has relocated to Abu Dhabi working for an oil and gas firm as an engineer and making big bucks. He blocked my number before leaving and no!
I didn't do anything to deserve it. All that was in 2017. Now I am praying to leave for Canada before the end of March. You better pack your bags and not let devil use woman yo set you up.
Bye!

So sorry about your experience if you speak the truth tho... May God grant your desires and bring a good man your way

tylann:
How many people increased compared to people below poverty line
You are still world poverty capital

Ok