₦airaland Forum

The endemically corrupt Amaechi and his co-looting noisemakers to be officially assigned their channels to recoup their election funds invested to foist a propaganda government on Nigerians.

But they failed too quickly! !!!

The time for propaganda is over, Reality is on the table.

APC all in a haste to claim undue glory put incompletely maintained plants in service and further worsening their state in the process.

They better get into partnership with renowned firms whose core business is refining and with refining chains across the globe and sell of these moribund plants

Mynd44:
Do you have any idea how many Nigerian firms do not pay tax?
And the Nigerian economy is not in recession, just slow growth so there is still a lot of money swimming around to be tapped.

You are totally disconnected. The economy is long gone. At the moment there is no real sector.

And the few firms that evade tax will generate you 4 trillion?

Positive or negative shock?

Cos when they promised change, they forget to include the word 'retrogressive' infront of it.

They will be waiting for a very long time.

With a president who is only interested in crushing opposition and a cabinet made up of the most corrupt elements ever, a party made of propaganda and denial of campaign promises....... its gonna be a looooong wait.

Mynd44:
I doubt you have notice two significant appointments that the president has made.
FIRS and Customs... These two along with TSA means that the presidency is tracking the money and they are hinging the budget on them.

If you think the FIRS won't deliver between 2-3 trillion, you guy have no idea who Babatunde Fowler is.

As for customs...Hameed ain't there for a tea party. It is a Bîtch Better Have My Money situation now

Oh, there is a certain 1.24 trillion coming from the MTV fine already

Do you really understand what economic downturn means? From which economy will FIRS generate the multi-trillions quoted?

The problem is not APC scam leaders, its the gullibility of the followers that baffles me most.

The few remaining foreign investors will be all gone by mid next year. Buhari seem to be racing against time to wreck Nigeria.

What does Buhari mean by genuine? Genuine by APC standards means pro-APC contractors approved by Elrufai and oshiomole.

What happens to contractors with evidence of work done but not considered genuine by APC's standards?

Wont it be right if he pays contractors with clear evidence and verifiable work done?

Statements like these clearly scare even the genuine investors as the definition of genuineness can be very subjective.

Why did it have to take Buhari 6 months to start considering payment for services rendered by contractors?

Buhari's govt is a joke

That was exactly how APC hailed all known criminals ranging from Amaechi, Saraki, Kwankwaso, Timi Alaibe, Timipreye Sylva etc into their group of looters and propagandists

If democracy is about the people. .... then Fayose is getting it right.

Oshiomole has become a measurement standard on idiocy. Not one of his statements since the new govt have come out true.

Lara has being a very bad influence.

Why are the Dayos, Femis, Kunbis all very interested in this Biafra even when they are against it?

Buhari is not living by example cos he already rides a 30 vehicle convoy..... online videos on Buhari's convoy already litter cyberspace.

Hypocrisy and propaganda uncensored

Buhari and his APC govt should just own up and apologise to Nigerians on the propaganda of 5k for poor unemployed Nigerians. ....... Not like they would be forgiven but at least they might be viewed as getting serious with governance and less propaganda.

What database do we have to identify the poor and unemployed amongst us?

What logistics mechanism will be used to get the funds to the poor and at what cost in addition to the 5k?

In this period of low earnings and economic downturn, where are they going to source 6 trillion naira for a lame social welfare?

Now APC are being forced to fulfill their propaganda. amidst APC senators disagreement and Lai Mohd agreement. Very confused government.

texazzpete:
Your calculations are laughably wrong. But even without going into a detailed rebuttal of your figures, if you claim earnings are at a cap of 3.6tn, how do you account for the budget of 4.4trn for 2015?

As for ministers, you talk like if there are no permanent secretaries in the ministries to do most of the legwork.

Either way, wait for the first draft of the budget to show up before you start babbling.

2015 budget was not based on $40/barrel......

The guys are meeting with Buhari demanding for payments over jobs done. Buhari is yet to make any milestone payment to any construction contractor since he assumed office

mapet:
Stupid analysis will be better. Premise and arguments wrong and lopsided. Besides @Flets, stop brandishing wrong information. Production cost (Cost per Barrel)in the Oil and Gas industry is NEVER near 50%

Production cost today is over 50%. Production cost per barrel today stands at about an averaged $23/ barrel for optimal producers (higher for others). How much is $23/ barrel in relation to $40/ barrel (58%).

It was a different story when crude sold for $80 to $90/ barrel ..... though production cost was slightly less than $30/ barrel, it was still within 30% of selling price.

kel4soft:
These re the informations you re now privy to know courtsey of Buhari's transparency election promise. Our non oil sectors have been a drain pipes for years.

This has been public knowledge for a long time. Your ignorance is no excuse.
Infact... Buhari is yet to understand this yet

jomoh:
Typical Jonathanians.

Same way someone once said Nigeria does not have N30tn in 5years.

First go and learn what is called ZERO BASED budgeting.

It is the most frugal system of budgeting where you assume you have no money in your pocket and you want to spend N8trn. Meaning you have to go street wise. Nothing like wastage, nothing like excess.

If in 3months after all the trillions spent on election, After the bailout, despite the sharp drop in crude oil price, TSA can still generate N1.4trn. You can then imagine what past government has been stealing.

BTW they are now in government now. So they now see the through picture of things clearer than they even did when they were in the opposition. So you cannot claim the don't know what they're saying.

Maybe you need to go learn about zero based budgeting for yourself first.

IT IS NOT ASSUMING YOU HAVE NO MONEY IN YOUR POCKET ....... DO YOU UNDERSTAND THAT NOW?

Zero based budgeting means building your budget from new cost components and structures. It means developing new basis for all budget components and not referencing previous budget basis.

E.g. The 2015 budget for developing a kilometer of road would have been based on escalating 2014 actual cost to reflect current day basis. Under zero budget budgeting, no reference will be made to the previous budget basis.... rather the budget will be based on today's executable bids and rates.

Now run along.......

chinchum:
You underestimate revenues from FIRS, NPA, Customs, Immigration, , those 4 agencies alone can easily rake in nothing less than 6 thrillion/annum. Put in mind that FG makes over 9 thrillion Naira in the yesteryears as total revenue, from which it keeps 52%, over 4.5 thrillion .
Customs in 2015 had a target of 944 billion naira, if loopholes are plugged, it will easily make over 1 thrillion naira in 2016, Single treasury account will also plug loopholes with many FG agencies.

I don't do hearsay... put the numbers down. Crude drives 70% of our budget, the remaining 30% is where those IGRs come in.

Forget about loopholes, you cant plug loopholes for non-existent funds.

Ok

This government should be reminded that elections are over. Enough of these noises as reality have set in already.

Lets do some simple mathematics.
Nigeria's total crude production currently hovers at 2M barrel per day, but I will assume 2.5M barrel for sake of optimism
Crude oil sells at slightly above $40/ barrel but I will assume $45/ barrel
Most JV agreements with Oil corporations stands at an average of 60% for Nigerian govt.
Cost of production of oil for most companies stand at almost 50% but I will assume 30% (optimist case) and then 70% profit
Only about 52% of total earnings goes to the FG, the remaining goes to state allocations and host state derivation
Assuming an exchange rate 200 naira per dollar and 365 days a year

Federal Government can make approximately 1.8 trillion naira from crude sales for 2016 optimally. Details below
so 2.5Million x $45 x 60% x 70% x 52% x 200 x 365 = 1.8 Trillion Naira

Historically, crude has formed about 70% of our budgets.... following same logic, total budget can only be 2.6 trillion Naira (1.8Trillion/ 70%)

Even if we increase taxes, collapse all tax and duty exemptions and without any diversification efforts by the current government, we will be lucky to add another 1trillion the 2.6 trillion to make it a maximum of 3.6 trillion.

So realistically speaking, 8 trillion FG budget is impossible for 2016. Propagandically speaking, APC govt have said it and they believe their zombies will believe it.

In addition, APC FG has claimed that 2016 budget will be developed through zero budget based budgeting. Now without ministers who are supposed to draw up the budget components within their ministries ..... how exactly did Osibanjo come up with 8 trillion when zero based budget was the agreed method?


And for those quoting revenues from Gases- NLNG; Inflow from Royalties (Oil and Gas and other ones); Non- Oil revenues; Custom Duties; Fines and Penalties; Licenses etc...... You need to understand that these are not new revenue sources, they have always been there and only contribute about 30% of the budget while crude sales provides the rest. Y'all need to learn, crude earnings - 70%; non-crude earnings - 30%. As such, estimated budget of 2.6 trillion had that all included if non-crude contribution remains at 30%.

When we told them the change was a scam, they said they were ready to vote for people without certificates

Today, we are all reaping the fruit of ignorance, ethnocentrism and gross stupidity by the most of us.

Under GEJ, the argument was that either the lagos ibadan expway upgrade was not fast enough or that the agricultural exploits are centered in the north or that the airport upgrades were not speedy or that the trains were not speed trains. We argued that the improved economic indices were not well reflected at the level of the masses. But at least, the arguments were about issues affecting Nigerians directly

Under this APC govt, arguments have been Saraki and trial, amaechi, Tinubu, ministerial nominees, stalwarts, obasanjo, secession, armed robbery, economic downturn, denial of campaign promises etc which are of no tangible value to Nigerian masses. No arguments on policies or capital projects. We have even seized objective arguments on bokoharam and chibok girls despite their everyday rampage

This is clearly a very bad retrogression.

Enough of the noise. This is no excuse for an almost balkanized Nigeria under Buhari.

Buhari has the details, let him probe the people involved and prosecute the guilty. Until then, this is just the typical distraction of the APC govt from actual governance.

Kapish

Nigeria's only hope is true federalism.

Otherwise its countdown to anarchy, violence, strife, poverty and heightened desperation.

Unfortunately Buhari is the wrong person to manage this emerging Nigeria.

dustmalik:
He was simply at the villa to give accounts concerning his trip to Tanzania, and nothing else. After all, he was in Tanzania only on the recognition of being a former president of this country. In other words, he was representing Nigeria. Do not, for one second, think that he was invited.

And you are desperate enough to make sure no extra dignity is milked from his trip to asorock....... if I may ask, of what gain is that to you?

Take it or leave it, under current circumstances, Buhari needs GEJ.... GEJ does not need Buhari

No govt with Amaechi in its cabinet has the moral justification to claim anti-corruption.

Buhari has no clue.

Why wont investors quit Nigeria?
Why won't be job losses?
Why wont the economy deteriorate?

I thought APC claimed $20billion was stolen by the ex-govt ...... why cant tgey retrieve these funds to pay contractors?

Shell and Chevron are about sacking about 8000 workers. Everything going downhill yet no clear economic plan.

Buhari directly supervised NNPC for 3 months and we recorded 120 billion naira loss already. Reality and propaganda are worlds apart.

Buhari actually believes Nigerians are zombies

Who is more PDP than Obj, Amaechi, Ngige, Saraki, Atiku and his long list of criminal confidants?

The PDP that wrecked Nigeria are still in Asorock under this govt. Buhari has run out of excuse on the fast deteriorating state of Nigeria.

He personally supervises NNPC yet we lost 120billion in 3 months

Dummies everywhere

The unnamed army officer is a sponsor