₦airaland Forum

kaboninc:
I see the benefits but what about the opportunity cost? For the fact that a certain program has benefits doesn't make it the best alternative. Secondly, brother, it is not and should not be a right for every Nigerian child to be fed per day. It is best and safe to say that it should be the right for every Nigerian child to be educated up to secondary level. This too can be contested.

We should stop belittling ourselves in the eyes of the International Community. They should not give us fish but teach us how to fish!

barcanista:
@Obiagelli: I have tried to break it to your level pls re-read my comment. The money declared by FIRS is inclusive of ALL earnings accrued to the FG. Where do you think the 4.67trn came from? Lol.. Or you expect the FG to take all 5trn? Do you you think the Oil Companies and other players are Charity organisation? Do you have an idea how much in percentage is for the government? Abeg no fall your hand jare... de

HzRF:
U think dey give money for free??

Omooba77:
Uwc sir,I hope they will allow criticism the way GEJ allows and will not see it as a distraction.

Mykevp2p:
One question GMB and APC supporters haven't been able to answer is... the money to be recovered from corruption will start from which government? do we go back to 1985 and start probing from there, or do we start probing from Jonathan? Do we probe only PDP members?

For example, Saraki who is being probed for corruption is being angled for senate presidency, do we wish allegations against him away or do we recover from him as well? Hoping on recoveries from corruption to augment budget shortfalls isn't really wise but let's see how GMB will achieve this miracle

trillville:
The startup cost in any business is usually higher than the cost to run the business. In the case of feeding the children, foreign assistance may be needed as support to set up irrigation, power and storage facilities across the country.

This program though initially setup for children may increase growth in the whole agriculture industry.

From feeding our children, we'll start feeding ourselves, and then even start exporting to neighbouring countries.

No man is an island, so if the international community offers aid, Nigeria will not be foolishly proud to reject it. It is the proud fool that will always die first.

oduwani:
Why are people showing this level of ignorance.
The school feeding scheme will be a kind of collaboration between the three tiers of government.
It's just an enhancement of what Osun state is currently doing.
I think its financially feasible but there are other implementation modus oparandi that must be finetuned, otherwise the usual Nigeria factors could bungle down.

Obiagelli:
Officially, Nigeria exports 2 million barrels of crude oil
daily. At the current price of 60 US dollars per barrel, that
translates into 120 million US dollars.

120 million x 365day = 43,800,000,000

43 billion dollars @ 60% ( rumoured sharing formula between Nigeria and oil companies)

That means Nigeria makes 25.8 billion dollars annually.

$25.8 billion x 200 naira = 5.1 trillion naira.


Nigeria's 2014 budget was N4.6 trillion meaning we still have about 0.5 trillion naira change.
www.channelstv.com/2014/04/09/nigerian-senate-passes-4-6-trillion-naira-2014-budget/


FEDERAL INLAND REVENUE

Nigeria generated N4.69tn Revenue in 2014

www.thisdaylive.com/articles/firs-generates-n4-69tn-revenue-in-2014/200484/

Adding N4.69 trillion (firs) + 5.1 trillion (crude oil) = 9.79 trillion.

If our budget was N4.6 trillion then we have a balance of 5.1 trillion naira that nobody accounts for.

Barcanista asked where we will find 1.8 trillion to take care of our most vulnerable citizens, this balance of 5.1 trillion will be taken away from the pockets of criminals and militants.




EDIT.


I forgot the FG gets 52% of total income, even at that we have a balance of 0.6 trillion naira which is sufficient for the first stage of the social programs.
The APC government has said one of its major income earners is the mining industry.

This plans with financial discipline is very much achievable.

Please note that my analysis is based our major source of income ( oil and taxes), i have not touched other income earnings.

doctokwus:
Yeah.Accurate data base has always been our Achilles heel.I found it amazing that even with d pvc at d last elections, election riggers could circumvent d system using even open faced fraudulent means.
But d fact is that our tax base just has to increase.Its curious that d colonialist and even our pre colonial institutions depended on rigorous enforcement of tax revenues to run regions and govt's, but in these modern times,we av more tax dodgers than payers.
VAT too has to go up,even if slightly.I would have suggested a sectorial,differing scale increase: luxury and non essential items could go up to 15-20% while consumer goods can be 7.5%
Leakages plugged
Mining and agriculture should see heavy investments.
Fuel subsidy should honestly go or be gradually phased out over a 4yr period.I would prefer outright stop because it would make prices to be competitive faster and heavy investment in refining industries which would ultimately even bring down domestic prices or at best keep them at current rates,sooner rather than later.
Something drastic must be done about d cost of running our governments at all levels,its damn draining on d economy.
Etc

Obiagelli:
Except i don't know i to interpret your figures, all i see here is 40%

Obiagelli:
Officially, Nigeria exports 2 million barrels of crude oil
daily. At the current price of 60 US dollars per barrel, that
translates into 120 million US dollars.

120 million x 365day = 43,800,000,000

43 billion dollars @ 60% ( rumoured sharing formula between Nigeria and oil companies)

That means Nigeria makes 25.8 billion dollars annually.

$25.8 billion x 200 naira = 5.1 trillion naira.


Nigeria's 2014 budget was N4.6 trillion meaning we still have about 0.5 trillion naira change.
www.channelstv.com/2014/04/09/nigerian-senate-passes-4-6-trillion-naira-2014-budget/


FEDERAL INLAND REVENUE

Nigeria generated N4.69tn Revenue in 2014

www.thisdaylive.com/articles/firs-generates-n4-69tn-revenue-in-2014/200484/

Adding N4.69 trillion (firs) + 5.1 trillion (crude oil) = 9.79 trillion.

If our budget was N4.6 trillion then we have a balance of 5.1 trillion naira that nobody accounts for.

Barcanista asked where we will find 1.8 trillion to take care of our most vulnerable citizens, this balance of 5.1 trillion will be taken away from the pockets of criminals and militants.




EDIT.


I forgot the FG gets 52% of total income, even at that we have a balance of 0.6 trillion naira which is sufficient for the first stage of the social programs.
The APC government has said one of its major income earners is the mining industry.

This plans with financial discipline is very much achievable.

Please note that my analysis is based our major source of income ( oil and taxes), i have not touched other income earnings.

taharqa:
OLODO, d OP 'didn't try' cos the OP was very wrong.

That's what we have been trying to say from the 1st page. Can't you read??

aresa:
Cutting cost means saving billions we pay out in form of fraudulent estacodes and other official looting schemes. Governors, agency directors, ministers and even the presidency organizes jamborees for themselves and their personally hired cronies specifically to pocket estacodes. Many government officials make almost same like their official salaries in one year off estacodes alone.

Cutting cost means instead of flying to Abuja with tons of aids and collecting estacodes for officials engagements including security council meetings, let them do it via video conferencing.

All the ministries practically seek conferences to jamboree to every month just to loot and collect estacodes. Cut out unnecessary travelings to attend irrelvant conferences.

Cut out embassies in places like Mali budgeting for railway and boats that doesn't exist

Cut out foreign ministries budgeting millions for fuel and generators in countries where they have uninterrupted power supply.

Cut out ministries and SGF offices looting billions every year by replacing thousands of computers and overcharging for 2 dollar softwares. Computers shouldn't be replaced every year unless absolutely necessary..

Cut out re furnishing, rebuilding and reflowering VP's, speaker of the house's and the senate president's residence every year.

Cut out ministries and agencies hiring consultants/ cronies with billions just for the consultants to send the money back into their pockets to do everything instead of government officials within the ministry sitting on their assess doing nothing..

Hiring consultants is the new and most profitable looting scheme in Nigeria today.

This is why the government spends 90% of the yearly budget maintaining themselves while Nigerians scrambles for the remaining 10% that they still loot anyway.

This is the reason why they can not spend anything on any project or program to better the people, the money is just not there.

Nearly everything GEJ awarded was done with loans from china from billions of dollars to on kpangolo railway to repainting airport, power plant, $500 million abuja cctv toy scam and so on.

We still have subsidy scam, oil theft, revenue diversion, unaccounted fees collected by federal agencies and parastatals and so on..


No, they don't have to lay off any civil servant to save billions and even trillions....

chuna1985:
Obiageli biko ekwuzina ozo oooo.

Lemme just show u a few things ..

1) Crude oil is 56 dollars per barrel now, not 60.

2) U don't just multiply daily exports by 365 days, basically it made u never calculate annual running costs of extracting crude oil from the ground. cost of salaries, explorations, Change, repair n servicing of all pipelines, depots, refineries, settling of communities etc.

please running cost of crude oil production is 50% of whatever is made from it.(u can investigate that)

Did u calculate pipe line vandalization n all forms of crude oil theft?

Did u calculate repayment of our debts which is about 67 billion dollars ?

Did u calculate the monies that will go into government savings

what makes u think the government does not spend but only receives?


And many many more I cant even remember.....


I can't even type all u need to know here, please read up oooo

MrCcf:
Take a course in basic economics, but u won't. Our annual budget is in the region of 4 trn and don't forget part of this budget is financed through borrowing. A budget of this amount makes useless the social programme of 5k to 25 million poorest families in the country. If u are good in elementary maths, u will find out that it will cost abt 25% of our budget to finance that program. Economically, it is not feasible, bearing in mind that recurrent expenidtures costs more than 60% of the same budget.
Am not surprised because you just like MyGeneral failed Economics at O' Level.
#Peace

anonimi:
What nation's investment

Is the nation same as Shell, Total, BP, Elf, Philips, Agip and other foreign oyinbo oil companies?

jpphilips:

Justfollowit:
It is 4000mw per year

As for the rest, only a fool would believe them

barcanista:
@Obiagelli: I have tried to break it to your level pls re-read my comment. The money declared by FIRS is inclusive of ALL earnings accrued to the FG. Where do you think the 4.67trn came from? Lol.. Or you expect the FG to take all 5trn? Do you you think the Oil Companies and other players are Charity organisation? Do you have an idea how much in percentage is for the government? Abeg no fall your hand jare... de

Reference:
Hmmm. The beauty of democracy is that people have to and often get informed to get ahead and sometimes stay ahead.

There is nothing wrong in making campaign promises way out of the norm. Any one who desires to really excel sets seemingly unachievable targets and works towards them to the extent that though they may not be attained, improves the state of the person. To say Nigeria cannot raise its revenue base in the short, medium or long term is just ridiculous. Plugging waste and increasing efficiency for instance can double our earnings overnight.

However for the sake of an academic argument the facts are clear. Budgets are subjective. They are not one plus one. They contain a lot of assumptions and thus experienced economists build a lot of safety mechanisms to bring them in line. One of such assumptions is the 2 million barrels x 365 days. Is this the minimum, maximum or average. Second, the 60 or so dollars is a bench mark or in layman's terms, the market price. Anyone who buys and sells stuff knows that that price is not cast in stone. Refiners negotiate prices per cargo. Oil is delivered on contract. Contracts are negotiated.

There are so many other points of education. Someone mentioned solid minerals. The infrastructure required to make the industry viable from mine to market is not there. It doesn't take a genius to note that if DeBeers and Rio Tinto and the other Chinese giants are not banging at our gates it is because there just isn't any attraction. Something is basically wrong about our decades old hallucination about solid minerals.

Finally the politicking. I say it again. Anyone who thinks the Buhari led government should not be taken to task for whatever reason is just not serious. The standard to which the out-going regime took freedom of speech and freedom of information and from which the APC benefitted from cannot suddenly stop or be reversed and I repeat again. Democracy only works with an effective opposition. No true APC member will hold Buhari accountable for campaign promises. It is his opponents the masses are hoping that will compel him to perform.

Omooba77:
I guess you can pass your comments without been abusive ;shows your upbringing. Unless we reduce recurrent expenditure. Please learn more about basic economy and how to be formal in public forum sir

jpphilips:
Obviously you can't read properly, what is this about comprehension problem in Nigeria, is it the new trend for this generation?

chuna1985:
The most educated reader, I see ur towing that same stu.pi.dity lane as she is.... If u can still read, re-read my post, If ur blind to it, Investigate n find out running cost of crude oil production in the world today, U phone can still browse abi

kaboninc:
I thought you have one mouth when you wrote ^^^^

Then I realized you have so many mouths when you wrote this:



You either contract my comments or you better get a life!

jpphilips:
You see, when you come online to make careless statements, you forget that sane people are reading right?
Look at the nonsense you wrote to prove the level of emptiness that came up with the original submission.
You dont say Niger delta oil because before Niger deltans saw the first oil, a lot has transpired, people like you who are blank will go ahead and say it anyways and hopefully pray to get free lectures online.
Face your work it is Monday morning.

kaboninc:
We do not need foreign assistance to feed kids. In fact, in as much as we need foreign assistance, we should not belittle ourselves. Also, most of these 'foreign assistance' used as a "support to set up irrigation, power and storage facilities across the country" actually come in the form of loans. So we eventually pay back.

Do you then suggest that we borrow to feed primary school children?

Please understand where am coming from.