FG To Cut 2016 Budget, Increase Debt Ratio - Politics

FG To Cut 2016 Budget, Increase Debt Ratio - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › FG To Cut 2016 Budget, Increase Debt Ratio (14289 Views)

FG To Cut 2016 Budget, Increase Debt Ratio by iflywithbuhari(op): 5:43am On Jun 10, 2016

ABUJA—Federal government has opted to reduce total budgetary spending on 2016 capital expenditure plan ahead of indication that the budget would not be implemented fully. Minister of Finance, Mrs Kemi Adeosun, who gave this indication in London while addressing international investors, said the decision was favoured against an option of increased borrowing to plug the increasing revenue gap.

Though she did not specify the expected amount to be cut from the budget or any particular expenditure head to be affected, a budget office source told Vanguard that looking at the current revenue trend, over 50 percent of the capital expenditure budget would not be implemented. This gives about N900 billion out of the total N1.8 trillion budgeted for capital expenditure in 2016.

The source also said that though the present government adopted a zero-based budgeting, the unimplemented portions would be transferred to 2017 budget.

Adeosun said the government would not want to increase its debt to GDP ratio in 2016, but hinted that the ratio would eventually go up over the next three years to about 20 per cent from current 13 per cent, indicating the current government under President Mohammadu Buhari would be borrowing annually throughout its first term.

The government had planned to borrow both from domestic and international markets to plug its 2016 budgeted deficit of N2.2 trillion. Meanwhile, the minister had stated that the treasury single account, TSA, has witnessed significant increase in revenue to N3.3 trillion in May, up from N2.9 trillion in March.

Adeosun also noted that the ministry was continuing to unearth pockets of revenue that had escaped its net, including visa fees, airport landing charges and shipping levies.

http://www.vanguardngr.com/2016/06/fg-cut-2016-budget-increase-debt-ratio/

1 Like

Re: FG To Cut 2016 Budget, Increase Debt Ratio by iflywithbuhari(op): 5:45am On Jun 10, 2016

Useless, cluless government

55 Likes 3 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by MyParadise(m): 5:45am On Jun 10, 2016*

This is real bad news

1 Like

Re: FG To Cut 2016 Budget, Increase Debt Ratio by GudluckIBB(m): 5:48am On Jun 10, 2016

This is june, implemeentation of the budget has not sTarted

I voted for Buhari but I guess he wasn't prepared for gorvenance.

86 Likes 5 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Bitterleafsoup: 5:48am On Jun 10, 2016

Duahhhh!

6 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Baawaa(m): 5:49am On Jun 10, 2016

Nigeria shall be great again,God bless Nigeria.

8 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by 989900: 5:49am On Jun 10, 2016

Re: FG To Cut 2016 Budget, Increase Debt Ratio by 2undeee(m): 5:52am On Jun 10, 2016

iflywithbuhari:
Useless, cluless government

the one wey broda run ba wey get clue olodo dulonathan

2 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Bitterleafsoup: 5:54am On Jun 10, 2016

GudluckIBB:
This is june, implemeentation of the budget has not sTarted

I voted for Buhari but I guess he wasn't prepared for gorvenance.

At least your honest enough to admit when you see things are sinking.

50 Likes 3 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by coolzeal(m): 5:56am On Jun 10, 2016

Baawaa:
Nigeria shall be great again,God bless Nigeria.

Everyday Obi is a boy..when will Obi become a man.... Until this country is retructured into regions otherwise, we will keep having the same problems decades later.

40 Likes 3 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Benikuuse(m): 6:12am On Jun 10, 2016

Those who are insulting the government for this are very stupid. What will the federal government do when the illiterate unconscious delta boys are bombing pipelines and putting the country's economy to a stop

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Re: FG To Cut 2016 Budget, Increase Debt Ratio by ReabridCharles(m): 6:14am On Jun 10, 2016

There is something I don't understand about this budget.

The budget they say will not be fully implemented, then why borrow to fund it when you've recovered about $9bn.

Why cut down on capital expenditure when you can cut down on Aso rock spending. Nigeria is in dire need of those capital projects to revamp our infrastructure that lays in dacay.

Wait oh! Why am I wasting my time? Buhari has ear problem....

106 Likes 10 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by greatiyk4u(m): 6:16am On Jun 10, 2016

We are tired of speculations..............let the work start and this blame will follow later at least by then it will be understandable

By the way, this vanguard always hear their story not from authorized Government source but those not authorized to speak on the matter........how privy to the info are they?

I stopped taking them serious when they bandied false casualties figure of the Nimbo-fulani killings.

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Re: FG To Cut 2016 Budget, Increase Debt Ratio by kossyablaze(m): 6:21am On Jun 10, 2016

Mtchew Mosquito Economic Team

22 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by ShowYourCertificate: 6:26am On Jun 10, 2016

When we called this govt a dullard govt people thought we were joking. Well everyone now knows that Buhari and his team are pure dullards

26 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by sanandreas(m): 6:30am On Jun 10, 2016

Is this what governance is all about? You haven't even started implementing the budget. Insincerity will put Apc in dustbin

23 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by nonjebose(m): 6:40am On Jun 10, 2016

Effect of an oil dependent economy. Serious crises with the unstable falling price of crude and the dwindling production capacity due to the volatile nature of the Niger Delta

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Re: FG To Cut 2016 Budget, Increase Debt Ratio by Adminisher: 6:53am On Jun 10, 2016

GudluckIBB:
This is june, implemeentation of the budget has not sTarted

I voted for Buhari but I guess he wasn't prepared for gorvenance.

This has absolutely nothing to do with Buhari. They are just being honest. It is very important to understand the problem we are in. Nigeria's was over exposed to the oil market and money was actually not coming in versus the quantity going out for the first six months.

Why do you think the man did not appoint ministers on time, because of corruption?. No way.

The money Niger spent importing petrol was double the money made from crude oil sales for most of late 2015.

8 Likes

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Expensivewarrio: 7:03am On Jun 10, 2016

Baawaa:
Nigeria shall be great again,God bless Nigeria.

There was no time Nigeria was GREAT, and can never be, under the leadership of stark illiterate dullaard buharii

19 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by kenny987(f): 7:09am On Jun 10, 2016*

I've always known this budget to be a fraudulent one. They came making noise about the budget of change of #6 trillion and poor, daft sods didn't realise they basically hiked recurrent overhead expenditure aa well as capitol at the end of the day its practically the same ratio of recurrent to capital expenditure compared to previous budgets.

What was the wisdom in coming to bamboozle Nigerians with hyper inflated figures when this dumb, flat-lining bozos in government were not certain of funding? Despite claiming to reduce the number of ministries, they're all still the same thing with no commensurate reduction in the cost of governance. Who is fooling who?

33 Likes 5 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Expensivewarrio: 7:09am On Jun 10, 2016

Benikuuse:
Those who are insulting the government for this are very stupid. What will the federal government do when the illiterate unconscious delta boys are bombing pipelines and putting the country's economy to a stop

You want free OYEL, come and get it. After insulting and calling them 5% u still want to use their oil to feed 97% AMAJIRIS?

32 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by onatisi(m): 7:15am On Jun 10, 2016

I predicted this last year but many thought I was joking

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Re: FG To Cut 2016 Budget, Increase Debt Ratio by Nobody: 7:18am On Jun 10, 2016

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Re: FG To Cut 2016 Budget, Increase Debt Ratio by iflywithbuhari(op): 7:20am On Jun 10, 2016

Benikuuse:
Those who are insulting the government for this are very stupid. What will the federal government do when the illiterate unconscious delta boys are bombing pipelines and putting the country's economy to a stop

So we shouldn't blame police for the high crime rate.

18 Likes 4 Shares

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Honza27(m): 7:23am On Jun 10, 2016*

14 Likes

Re: FG To Cut 2016 Budget, Increase Debt Ratio by KINGwax007(m): 7:40am On Jun 10, 2016

GudluckIBB:
This is june, implemeentation of the budget has not sTarted

I voted for Buhari but I guess he wasn't prepared for gorvenance.

you guys are jes too dense! Buhari is not ready for govt abi u are part of his problems?

Only an idiot wldnt see things as they were!

Light got better... U blow gas pipes.
Budget... U padded it
Corruption bill... U stepped on it

There is nothing better this govt tried to do dt PDP aren't sabotaging, and u're here taking nonsense as if the rest dey foolish.

May it interest u dt many knws exactly wot is happening?

Why did u think most people stopped complaining except the Igbos?

Why did u think most people stopped batting the eye over pipeline bombings?

Dey there dey cry.. Who cares?

I hope u av received ur salary, hoped u have 20hrs of interrupted power, hoped ure enjoying the economy because anyone wey dey rejoice over the whole rhing and stikl dey complain, e no go better for am!!!!

4 Likes

Re: FG To Cut 2016 Budget, Increase Debt Ratio by babs01(m): 8:12am On Jun 10, 2016

Heyah

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Apelex(m): 8:13am On Jun 10, 2016

[quote

author=iflywithbuhari post=46434149]Useless, cluless government[/quote]But your name huh

Re: FG To Cut 2016 Budget, Increase Debt Ratio by Nobody: 8:13am On Jun 10, 2016

Adminisher:
This has absolutely nothing to do with Buhari. They are just being honest. It is very important to understand the problem we are in. Nigeria's was over exposed to the oil market and money was actually not coming in versus the quantity going out for the first six months.

Why do you think the man did not appoint ministers on time, because of corruption?. No way.

The money Niger spent importing petrol was double the money made from crude oil sales for most of late 2015.

Bros that is not true. You can't sell crude oil at $30 per barrel and import at $60 of petrol per barrel. Crude is a raw material, petrol is a finished product.

The problem of this government is lack of direction and mismanagement.

16 Likes 1 Share

Re: FG To Cut 2016 Budget, Increase Debt Ratio by opribo(m): 8:14am On Jun 10, 2016

Can we honestly trust these dudes to move this country forward with all these amateur ministers and die hard cabinet members they have all over the place.

8 Likes

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