₦airaland Forum

2billion naira donation from a former minister. Kwurruption!!!

These are people who should receive national award.

It doesn't just make any sense... How can the government justify the increase in the budget for Aso rock from 24 billion in 2015 to 39 billion in 2016. And they are sending out signals of how broke the country is. Terrible!

roseval:
am not a side chick dear, just Dat I want to know weather dis is luv

Well... On a second thought, I could be wrong. We African men show love and affection differently.

roseval:
My fiance is in the habit of forgetting my birthday, when ask he will boldly tell me that he forget. And this is the man I want to spend my entire life with. Then he will not apologize or sent an sms even if I remind him. Should I walk out?

Read my lips.... You're a side chick.

.

Bad news everywhere

Miracle working God!

Well... Its celebration time. Your Excellency Chief Nyesom Ezenwo Wike. Please use your good office to advance the general wellbeing of the good people of Rivers. Thank you.

Ok

Cultism=Cancer

Really?

Nice one there from Efcc. The only sad part is that bulk of the recovered funds will still develop wings in their very watch.

WTF... End time wife

Its sure gonna be an interesting day at the Supreme Court. Court of Appeal been goofing since time immemorial.

EdCure:
This is very typical of a PDP-minded politician. They try as much as they can to rubbish the image of their critic, discredit him and deflect focus from the real issues at stake.

Jonathan and his gang of thieves used this silly tactic and are still using it.
They have taught their herd of hypnotic wailers how to tow this line of ignominy.

What is this one saying? Dino is one of the founding fathers of APC. Still trying to decipher what brought PDP into the picture.

Inspiring

Not a surprise. Children of hate!

Cc: Lalasticlala please do the needful

End time stamp charge

Happy new year to the house... @youngExec
Thank you for this thread. I just came across it and am already feeling blessed Please I have been trying to research on agro products with respect to packaging and exportation. My cousin that has a permanent residence visa in Holland is already in touch with a company over there that buys products like onions, carrot, potatoes etc. Its actually a learning process for we both. An advice from you will really go along way. Thanks for the anticipated response.

Nice

The starting position

The Nigerian economic and political landscape has journeyed from Obasanjo’s reform agenda to Yar’Adua’s seven-point agenda; we also had a transformation agenda under Jonathan, and presently we have Buhari’s change agenda. Under the previous leaders the national budgets were skewed to achieve the goals of their respective governments; none of them improved the standard of living. The budget of N6.08 trillion, going by analysis, is likely to suffer the fate of its predecessors because it looks misleading and fraudulent, according to the PDP.

The budget was premised on an estimated daily crude oil sale of 2.2 million barrels at $38 per barrel with a conservative exchange rate of N199 per dollar. Simple multiplication and addition will show that N6.08 trillion will be exercised if economic variables go as planned. However, as sales do not equal profit, what the president presented to the National Assembly were oil revenue estimate of N820 billion (the federal government share of the expected oil profit), non-oil revenue of N1.45 trillion and independent revenue of N1.51 trillion. It means that using the 56%-revenue formula the federal government share accounts for N820 billion out of the N1.459-trillion total profit from the crude oil sales.

The balance of N4.620 trillion represents the cost of selling 803 million barrels of crude annually. This huge cost accounting for 76% of revenue nourishes the economy of the refining country to our detriment. The pertinent question is: can the federal government sustain this budget when oil price falls below $38 per barrel, considering that we already have a deficit of N1.8 trillion?

The budget breakdown

Just like its predecessor, the 2016 budget is expenditure-focused; there are no plans for income generation – only how to share the “oil money”. The proposed diversification of the economy is a mere hoax, the party’s propaganda. Agriculture as a major component of the diversification drive has N29.7 billion share in the budget. It entails that agriculture has just 0.48% of the budget; in other words, out of every 100 naira in the budget President Buhari allocated 48 kobo to agriculture. N1.2 out of every 100 naira went to the universal basic education (N77.1 billion), 11 kobo to the ministry of labour and employment (N7.8 billion) and 43 kobo to the ministry of science and technology (N25.8 billion). The ministry of special duties (N72.8 billion) received more budget allocations than the ministry of science and technology and the ministry of transport combined. What is the status of that ministry without a defined objective or portfolio in the national development? Where is the diversification, Mr President? The NSA office received N57 billion, which is exclusive for security budget; does Mr President want to create another Dasuki in his government?

The 2016 budget may kill the Nigerian economy

Furthermore, the 2016 budget was presented to the National Assembly without recourse to the 2007 Fiscal Responsibility Act, thus there was no medium term expenditure framework. If the president had focused on the medium term expenditure framework, he would have known it was suicidal to incur a national debt of N1.8 trillion in just one fiscal year. By the end of this dispensation the national debt will have increased in an asymmetric manner as the loan has to be serviced, and we already have the service cost of N1.36 trillion in the 2016 budget. In addition, since the loan will be used to feed school pupils and pay vulnerable people, it is a dead-weight debt incurred to meet the current needs without the security of enduring assets. This will undoubtedly lead to more debts in the future. Naira, on the other hand, has depreciated so greatly that repaying foreign loans will cost the government much more now. Alternatively, the N1.8-trillion domestic loan will have the crowding-out effect on small and medium-sized enterprises to the extent that they will have limited access to the loan. Head or tail, the 2016 budget deficit will be hostile to the Nigerian economy. Considering the fall in oil prices with no prospect for increase one would expect a lower budget figure, but the government is spending more when the country is almost broke. What an irony!
The government is also planning to broaden the tax base without enabling architecture. Imagine a situation when fuel subsidy is removed, toll gate is introduced, VAT is increased and the state governors’ salaries are reduced to the N18, 000 minimum wage! Nigerian workers will be bleeding financially from all angles.

It is the time to make amends

Year 2016 is a year of belt-tightening, when most Nigerians have no belt at all. It is a year of austerity, yet the president is allocating N1.7 billion for feeding while his predecessor spent N542 million in the period of plenty. At this stage it is very apt to re-echo the words of Ronald Reagan: “Government is not the solution to our problem, government is the problem.” The Nigerian government is the problem because the economic mess it has created will be paid for by the suffering masses. The National Assembly should make the president see the reasons why more funds should be allocated to the priority sectors like agriculture, solid minerals, education, power and research. The president should as a matter of urgency fix the refinery because the cost-profit relationship of selling crude abroad and buying back refined products accounting for 3:1 is not favourable to the Nigerian economy.

Source: Ubaka Chukwuka Maximus for Naij.com

Cation:
@Johnrake69 pls how do i change the number i use to register my armmmf account.i want to put anoda d old one is lost for long

That is not a challenge at all. All you need do is fill an update form with your passport photograph and attach any federal government issued ID you have. Please send me an email (Kelvin.chiejine@arm.com.ng).

calyx:
No you can'tc choose to focus on misinformation.

Where the president reduced the BMW budget from N3.4 bn in 1st version to N340mn in 2nd, he added an outrageous N3.9bn for maintenance of the villa in 2016 in the 2nd version...for a villa that was just tastefully refurbished. In addition, he added a N795mill website update for solid minerals ministry in 2nd version amongst others.

How is the 2nd one better

Thanks for the response

My guy are you sure its not lie Mohammed that is behind that moniker, tuale4u?

The guy is so stupid, foolish, ignorant and dumb.

tuale4u:
Nobody is disputing d fact it wasnt properly done. But House of Rep never complained. It was also presented to house of rep. Senate alone does not make up NASS.

My post is more on the fact that the president made adjusted base o d masses request.
Only d presidency knew why they choose to do it d way they did.

There is no illegality in d Act. No law was broken. Yes, proper protocol wasnt followed. But no law was broken.

As far as I know. The only cry of the masses from time immemorial have been the issue of high cost of governance and the current budget your masturbating on didn't address. Or if it did how can you justify the increase in the Presidency's budget from #20,085,865,120 in 2015, to #39,124,978,811 in 2016? And before you spew another rubbish, the aforementioned figures are currently sitting on the site of the budget office of the federation.

And if I got you right, we should applaud him for inflating the budget. Apc zombie!

pro2010:
Its obvious your one of the police recruits that the IG introduced mental check because of.
You are not embarrased that Saraki (the senate president) has numerous financial miss-appropriation cases currently on his neck and still occupies a sensitive office, but somehow the withdrawal or better put, the sneaking out of a budget to adjust the presidents bills downward gives you a hard on? You see its not difficult to see that something is terribly wrong with you.

In defence you quote the presidential spokesman denial, like they ever speak the truth. Nigerians dont care that Lai mohanmed keeps lieing, we care that the cost of running our government is reduced period. If they like let them snatch the budget to adjust it downward, its a welcome development.

Why abandon the topic under discussion? And to even clear your wrong assumption of the 2016 budget. The budget for the Presidency actually increased significantly in comparison to the preceeding administration's budget. It increased from #20,085,865,120 to #39,124,978,811. (figures are directly from site of budget office of the federation) and so, it will sound absurd for anybody to adjudge the current government as far as this budget is concerned of being fiscally responsible.

You just wasted your time committing ad hominem fallacy.

tuale4u:
Stupid post.

I can understand. The topic is simply beyond your comprehension. Abeg waka pass.

Ioannes:
OP what exactly is the point you are trying to make, because I don't gerrit. has this bill been passed into law? can it be amended before it is passed or not? or you just wanna be a drama queen?

Yes its yet to be passed into law but, have you thought about the reason Senator Enang will want to smuggle another version into the National Assembly? Am really surprised at us. The fg is saying there was never an attempt to withdraw or adjust the budget and someone working for the same Fg is trying to smuggle in another version.

And to the significance of it... Is it not whatever is found in the appropriation bill that will be debated on?

pro2010:
Silly post, the fact that the Senate of Nigeria is presently been lead by a man who currently has numerous cases bothering of financial misappropriations court somehow does not bother you.

A Nigerian president for once hearkens to the voices of the masses and acts humanely by cutting down on the amount budgeted to his office/person and it becomes a national disgrace...you head needs to be examined!

It's your head that needs to be critically examined. It seems your really clueless as to what is really happening and you have the audacity to come spew your ignorance in public. Shame on you. The same government that have always insisted it never withdrew the appropriation bill for any reason.

The following reference will help to cure your ignorance. Get well soon.

[/color]The Federal Government has denied speculations on a purported withdrawal of the 2016 Appropriation Bill from the National Assembly for certain “alterations”. The Minister of Information and Culture, Alhaji Lai Mohammed, in a telephone chat with our correspondent last night described it as a “big lie”. There were speculations that President Muhammadu Buhari had written to the National Assembly requesting to withdraw the budget proposal.[color=#990000]

Read more at http://www.dailytrust.com.ng/news/general/fg-2016-budget-not-withdrawn/127359.html#7MuxDtP2HZV1SW8z.99

http://www.thisdaylive.com/articles/buhari-didn-t-withdraw-2016-budget-say-presidency-senate/229625/

Desanta:
Does anyone know the current fixed deposit rate at first bank?

Why not consider the ARM Money market fund? Why tie down your capital for 180days for mere 5%, and by the time the rate comes back up like we are anticipating it should. You will be at a disadvantage. My one kobo! Peace.