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Nairaland Forum / Nairaland / General / Politics / Buhari And The Economy: Which Way Forward? By Henry Boyo (778 Views)
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Buhari And The Economy: Which Way Forward? By Henry Boyo by Sweetguy25: 2:18pm On Apr 20, 2015 |
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Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by Sweetguy25: 2:20pm On Apr 20, 2015 |
Buhari’s Team must therefore, hit the ground running and readily jettison Jonathan’s 2015 budget proposal, so that a fresh Appropriation bill can be presented to the National Assembly before July 2015. We may also consider 29th May to May 28th as fiscal year to align with our established Election Time Table and thereby prevent politically induced budget truncation on the advent of a new Leadership halfway into the year. This is exactly what I was saying on an earlier thread but foools thought I was blabbing. |
Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by Sweetguy25: 2:34pm On Apr 20, 2015 |
@lalasticlala; ishilove; obinoscopy; frontpage please |
Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by EmoBoy(m): 11:53am On Apr 21, 2015 |
Infact, citizens from nations with considerably less natural endowments may be excused for decrying what they consider to be an inexplicable inequity by Providence. In reality, our inability to galvanise our resources to the greater benefit of the critical mass is actually caused by the application of fiscal and monetary strategies that are antagonistic to consumer demand, and job creation. This is excellent. I totally understand what he means. Our fiscal and monetary managers (the FMF and the CBN) are doing an awful job towards stimulating employment in Nigeria. Employment in Nigeria goes beyond human unemployment(labour), land(including natural resources) and capital are also unemployed leading to very high margins of non-productivity. Our monetary managers, especially the central bank of nigeria should be blamed for our economic problems. Consequently, if Buhari must succeed, he would need to quickly reverse the ratio between capital and recurrent expenditure, such that well over 60% of total annual revenue projections would be dedicated to the enhancement of social infrastructure and human capacity in place of the prevailing humonguos salaries and allowances of public servants. This is logical but however, I think we tend to forget that we need more revenues. This is the most important. Our revenue projections are very low and this is not adequate to finance the development of the much needed capital projects around the country. We should be critically thinking of brilliant ways to increase our non debt funding by over 200 to 300 percent. Clearly, Buhari would need to also reduce the duplication of functions by various MDAS as per the recommendations in the Oronsanye report, but government must be careful to minimise the inflow of new entrants into a jobless market. Similarly, the new administration should be wary of increasing the current debt to GDP ratio, as this is a sure road to another oppressive debt burden. Supported. A situation where a relatively stable nation like Nigeria with its immense reserves and resources borrows at Shylock rates of over 15% is totally unacceptable for what are clearly risk free soverign debts. Furthermore, Buhari must immediately interrogate why our foreign reserves earn minimal interest, while we inexplicably go cap in hand to borrow externally at over 7% interest rate. This is thought provoking. The CBN is surely killing our economy. Incidentally, the yet to be assented 2015 budget, accommodates about 20% deficit; consequently, government will borrow over N1Trillion Naira and pay between N100- N150bn as interest charges to fund part of its recurrent (consumables and salaries etc.) budget. It is ironical that such huge government borrowings will exist simultaneously with the unyielding ‘obstructive’ Naira surplus deliberately created by the CBN. I have no problem with the borrowing but where I feel bad is when we borrow to fund discretionary expenses. If this borrowing was used to finance investment vehicles or capital projects, then I'll have no problems with it because they'll in turn generate revenues for the government in the long run. Buhari’s Team must therefore, hit the ground running and readily jettison Jonathan’s 2015 budget proposal, so that a fresh Appropriation bill can be presented to the National Assembly before July 2015. We may also consider 29th May to May 28th as fiscal year to align with our established Election Time Table and thereby prevent politically induced budget truncation on the advent of a new Leadership halfway into the year. This is the most important thing Buhari should propose if he wants to have a successful tenure. The 2015 budget does not favor or align with the campaign promises of the APC in the first place and if it's implemented or passed, this will ultimately mean that Buhari will running on GEJs budget for the next one year. |
Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by EmoBoy(m): 12:02pm On Apr 21, 2015 |
Henry Boyo is the only person(in the whole of Nigeria) that talks anything sensible about the Nigerian economy. The only person. Every other person talks trash 1 Like 1 Share |
Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by EmoBoy(m): 12:18pm On Apr 21, 2015 |
Its funny how everybody blames Okonjo Iweala for our problems without pointing fingers at the CBN. They don't know that the decisions of the CBN impacts on the economy as much as the decisions of the minister of finance. Everybody thinks Okonjo is responsible for everything, even for the depreciation of the naira and depletion of our forex reserves. There's so much ignorance in this country. |
Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by Sweetguy25: 12:26pm On Apr 21, 2015 |
EmoBoy: You're absolutely correct. The minister of finance controls our fiscal policy while the CBN controls our monetary policy. Nigerians don't seem to understand that. |
Re: Buhari And The Economy: Which Way Forward? By Henry Boyo by PassingShot(m): 12:28pm On Apr 21, 2015 |
Yet some m0r0ns spearheaded by Mr. protection will have us believe that GEJ's failure at the polls was a result of ganging up against their region. F00ls they are! |
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