₦airaland Forum

2016 Budget: N1.84 trillion borrowing amounts to borrowing N5 billion per day, PDP warns Buhari

The Peoples Democratic Party (PDP) has thrown more light into why the N6.08 trillion 2016 federal budget presented by President Muhammadu Buhari is a huge fraud, warning that with the proposed N1.84 trillion borrowing, the nation is going the way of Greece.

Speaking with journalists on Tuesday in Abuja, the National Publicity Secretary of the PDP, Olisa Metuh, explained that a breakdown of the N1.84 trillion shows that Nigeria would be borrowing N5 billion a day for the next 365 days, starting from January I, 2016, without corresponding provision for economic production and a clear repayment plan, a scenario that spells doom for the future of the nation.

According to Metuh, “Some people may be wondering why we raised an alarm about the budget. The reason is simple. When we analyzed the budget, we discovered it is a misshapen attempt at a Keynesian economics of applying deficit spending to stimulate growth even when studies have proven that GDP growth rates decrease by over 50% when debt goes from low or moderate to high. But then we know the borrowing here is to pay huge campaign debt and fund a political war chest.

“By every standard, this budget is a booby trap against the nation. When you break down the proposed N1.84 trillion borrowing, you discover that it amounts to borrowing N5 billion everyday for the 365 days in 2016. The questions are: for what specific projects are they borrowing N5 billion per day and how do they intend to pay back?

“The President should explain to Nigerians how they intend to pay back the loan. Is it by continuous borrowing to service the interests, and does he intend to accumulate colossal debt for future generations of Nigerians?

“The truth is that this administration cannot justify this proposal. There is no known economy in the world where you can justify borrowing N1.84 trillion without specific projects and precise repayment outline. This is worse still in an oil-driven, mono-economy at a time crude oil is selling at $30 dollars per barrel and is speculated to go down to about $20 dollars or even lower in the next one year. The idea can only come when you diversify the economy and boost production capacity in manufacturing and other critical sectors, a direction, which the budget clearly failed to provide.

“From all indicators, the borrowing will be negative. They are driving us to be like Greece, and to plunge us into unnecessary debt. When the PDP took office in 1999, we achieved the cancellation of inherited debts. This administration, in seeking to accumulate debts, should know that there is no possibility that any country in the world will give us debt cancellation anymore.”

Metuh added, “More importantly, we are really worried about negative economic policies of the present administration and the copying of strategies that failed in other economies. Recall that we had earlier alerted on the negative consequences of the retrogressive foreign exchange controls wherein this government is making it impossible for honest Nigerians to engage in free trade and regulate their personal activities.

“There seems to be the erroneous belief that the controls will create foreign exchange stability or strengthen the Naira by limiting foreign currency outflows. This policy had badly affected other countries in the recent past; including Argentina, whose new government had to reverse the policy to save their economy. Why then are we copying a policy that failed in other countries?

“In practice, the kind of crude controls the Federal Government is implementing have been proven ineffective in preventing capital flight. By limiting the local availability of foreign exchange, the controls have instead increased the demand for foreign exchange, putting greater pressure on the naira and achieving the exact opposite of what the government in its naivety believed would happen.

“The negative impacts of the ill-conceived controls include the hindering of international trade and discouraging of foreign investment. We have seen first-hand the crippling of the private sector in the last six months, upon the implementation of these measures were out. Traders, importers and all manner of businesses are being destroyed as a result of the contrived unavailability of foreign exchange.”

The PDP spokesman challenged the Federal Government to a public and open debate on the budget devoid of the sentiments of the APC-controlled National Assembly and who are minded against any cuts in their own allocation.

SOURCE: http://www.vanguardngr.com/2015/12/2016-budget-n1-84-trillion-borrowing-amounts-to-borrowing-n5-billion-per-day-pdp-warns-buhari/

ha

mynd44

Source: http://www.igberetvnews.com/32830

BUHARI..... in Japanese tune

David even bleeped on his last day 1king 1

DonUjay:
The Bible is confusing sha! How can the Bible tell me that if I look at a woman lustfully I am in danger of going to hell. what happened to Solomon who Bleeped anything Bleepable or David who also Bleeped anything he set eyes on? will they go to Hell?

No1 is .......

I saw d buk of Mary in d quaran. Check it out

bamdexfarms:
pls does anyone have the book of Mary Magdalene. I need to authenticate all I heard in that da Vinci code movie.

Pls i nid it too, reading it wil gv me more insight y they remove it. Seprebokemuel@gmail.com

Abigail09:
I have sent it

explain pls

tripplephi:
there are exchangers o

f

Did you know that 26% of engagements happen at Christmas time? Right up there with the stress of holiday obligations and partying, two people decide to commit their futures to each other. Not a good idea.
An engagement ring is not a gift. Unlike jewelry or a cashmere sweater, an engagement ring signifies a commitment, a promise that is fulfilled when you marry.
If you decide not to marry your fiancee, you have to return the ring.
Seems obvious, right? Well, who gets to keep the ring depends on where you live.


Most people see engagement rings as ‘conditional gifts given in contemplation of marriage’. If you’re not going through with it for any reason, whether you call it off, or your fiancée does, you have to give the ring back.
In Nigeria, considered to be an ‘implied conditional’ country, if the man breaks the engagement, he won’t get the ring back. If he doesn’t break the engagement but you do, he can ask for it back. Maybe he’ll get it, maybe not, but he can go to court to try.

In Montana, an engagement ring is considered to be an unconditional, completed gift. You don’t have to give it back and there’s nothing he can do about it.
Whether you return the ring , or you get to keep it, I feel sorry for the poor guy who may be paying for years on a ring that loses more than half its value the minute he buys it. (A diamond, like a car, is worth a lot less when you try to resell it.) It doesn’t seem fair in this day of gender equality that a man should go into debt to prove his love.
Getting engaged is a two-way street. I believe that couples should exchange engagement rings that they both can afford. It would be interesting to know if the biggest engagement rings resulted in the happiest marriages. Meanwhile readers, check the law in your countries…unless you live in Nigeria.

http://www.hygist.com/2015/12/an-engagement-ring-is-not-christmas-gift.html

ye

how do u fund the account. the worst part of it is that i was thinking it will commence 1st January 2016 but to my greatest surprise, after my my card failed to pay for my products i visited my Bank UBA- Abonnema Branch Rivers State, the manager said it has been implemented and for now he does not think any card will work for me as long as am using it on a foreign e-com. site

tripplephi:
ITS ONLY PAYONEER card that is our solution now brother

i no get big eye just observe dis clean blog

www.hygist.com

what is the way forward webmaster, E-marketers, many bloggers have been complaining that they cant run ads with foreign companies any longer, domain hosting and all that. if u have any solution to help ur fellow geeks drop it here. tanks

and naija muslims be like ....................wen did muslim start protecting xtains

very funny

oshdam2015:
... Need to have a chat with you.

it was officially announced yesterday that verysoon Nigerian wnt be able to shop with their ATM Cards. these are reactions from Nigerian bloggers and others

that is just it

tendercharles:
U should be corruption free to fight corruption. PMB shd clear himself before continuing his fight against corruption.
By now we should have seen his certificate to show he met the minimum requirement of being president.
What has he to say about his indictments?
What kind of money was used for his presidential campaign and he even had a jet for campaign?
Just saying...

There are indications that the Economic and Financial Crimes Commission (EFCC) might write former President Goodluck Jonathan to explain his involvement in the arms scandal.

According to Punch Newspapers, an EFCC source said this is because his name has come up severally during its investigations.

The source reportedly said “You see, this is an investigation. In a situation like this, the commission has a thin chance of not inviting those whose names have been thrown up.

“They have to be invited to make clarifications; it does not necessarily mean that they have been indicted but it is only a standard procedure for them to appear to make clarifications where necessary.”

Adding that “I think by now, Anenih, Bode George and all those who were mentioned during the investigation should have been invited but the commission has not been given the directive to pick them up.

“They know what they are doing. Anytime from now, possibly this week, they will be invited.”

The source also said they will have to receive clearance from President Buhari before they write the former President a letter.

You will recall that the former National Security Adviser (NSA),Sambo Dasuki said that former President, Goodluck Jonathan instructed him to share N10 billion to members of the Peoples Democratic Party (PDP) during his administration.

http://www.hygist.com/2015/12/finally-efcc-agency-to-interrogate.html

he has nothing to show

Demdem2:
[s][/s]

Rubbish. Oya show us pictures of full loaded buses end route.

who are they leaving the pdp for? hungry men, looking for wr to loot

empty seat

evidence
https://www.nairaland.com/2812800/breaking-rivers-people-shuns-wikes

and

https://www.nairaland.com/2812800/breaking-rivers-people-shuns-wikes

lalasticlala hmmm

mcheew https://www.nairaland.com/2812800/breaking-rivers-people-shuns-wikes

a

lalasticlala, ishiluv

very funny

ibietela2:
Why? Go to his office and tell him what he is doing is wrong.

BREAKING!!! Rivers People Shuns Wike's Carol As Free Buses left Empty (photos)

https://www.nairaland.com/2812800/breaking-rivers-people-shuns-wikes