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Nairaland Forum / Nairaland / General / Politics / TSA: Nigerian Government Realises N7trillion (26703 Views)
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Re: TSA: Nigerian Government Realises N7trillion by mrtheo33: 10:32pm On Apr 17, 2017 |
how does that affect the price garri in the market |
Re: TSA: Nigerian Government Realises N7trillion by deomello: 10:38pm On Apr 17, 2017 |
sarrki: You should be thanking his cabinet members instead of PMB because they and the agencies they control are the ones generating the revenue specifically the finance minister. Give credit where credit is due. |
Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 10:50pm On Apr 17, 2017 |
LionDeLeo: 1. Having an official exchange rate is economic illiteracy and represents the government short-changing itself. I used the official rate in my rebuttal but the market rate of N420/$1 makes my case with greater force. The government, in its adherence to a debunked model of economics, decided to over-value the currency at a fixed rate and effectively deprived itself of spending resources to meet its domestic obligations. That's not an argument in the government's defence but it's an emphatic exemplar of the government's utter incompetence. 2. This is a vacuous postulation. Irrespective of the original denomination of the government's income, what matters most is the denomination of the government's obligations. Yes, there are constraints to quantitative easing but this is academic in this context as the exchange rate depreciation offset most of the problem. It helps that Nigeria's government spending is small as a percentage of the economy ab initio. 3. You are plucking numbers out of the air. For instance re debt-servicing, total FG foreign debt was $9.5bn when GEJ left power with yields of about 5-7% (an upper range of $665m per year). Foreign reserve is not an FG "expense" at all (reserves are accumulated/depleted as part of monetary operations but has no bearing on the FG's fiscal position). The FG's capital expenditure on military operations are abysmal and referring to diplomatic expenses is scraping the bottom of the barrel stuff. 4. The $30 p/b excuse again! This government has been in power for almost 2 years and oil prices made a brief excursion to that price range and quickly bounced up. Oil prices have spent far longer in the $50 range in the GEJ era (its current range) than it did in the $30 range in the Buhari era. Indeed, oil prices are today roughly where they were when the present government was making fantastic promises of free healthcare for all. Contrary to your friend's analogous 70% plunge in government revenue (implied to have happened during the Buhari era), oil prices are close to where they were in Q1 2015 and when Buhari took over power. See image below. My point isn't that the fall in oil revenue has no adverse impact on the government's fiscal health but that the melodramatic claim of a 70% plunge in revenue which the household analogy made by your friend evokes is preposterous. Yes, there has been some adverse impact (at the very least, via the inflation channel and the general health of the economy) but this need not have been and is not as dramatically bad for the FG's budget as some of the Buhari apologists suggest. Again, and this keeps being sidestepped, the supposed uprightness of the Buhari government in accounting for oil revenue (in sharp contrast to the uber-dishonesty of the GEJ government) seems to be ignored as a factor. Surely, if the new government is more competent and honest, this should to a great degree offset some of the adverse impact of the oil revenue collapse? 2 Likes
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Re: TSA: Nigerian Government Realises N7trillion by LionDeLeo: 11:06pm On Apr 17, 2017 |
4Play: As I have stated earlier, time is not by my side, I'm too busy for now. I have to complete a task b4 daybreak and as soon as I'm done, I will create time to respond to every detail of this submission. But a quick one, the exchange rate issue, don't use parallel market value in one administration and official value in the other because even the 197 was only the official value in the previous administration. But check the post you quoted again, you didn't quote it completely. For now, bye. |
Re: TSA: Nigerian Government Realises N7trillion by AlphaStyles(m): 11:07pm On Apr 17, 2017 |
LOVEGINO:those bunches of thief's |
Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 11:19pm On Apr 17, 2017 |
southpole: You are conflating two claims - oil as a source of forex inflow (which many, though questionable*, cite as constituting 90%) and oil as a source of FG income. As a source of FG income, oil has been in the 60-70% range. Look at this 2014 article: In 2013, oil revenue actual receipts for the federal government totaled N1.99trillion, as against N2.35trillion projected in that year’s budget, despite oil prices staying above average $100 per barrel against the $79 per barrel benchmark.Source:http://www.premiumtimesng.com/news/headlines/173682-budgit-analysis-2015-budget-shows-nigerian-govt-not-committed-austerity-measures-oil-price-falls.html Non-oil revenue was N1.07 trillion (billion was a typo) or 33% of FG receipts. You also failed to understand that what affect the oil sector affects all other sectors since it constitute about 90% of the financial back bone. Sorry, the above is balderdash. This thread is about the FG's budget and I took offence to the oft-cited analogy (used ad nauseam by BMC posters here) that the FG's fiscal health was similar to a household that saw its income fall 70%. This as I have pointed out is hogwash. But if you want to widen the debate to the economy at large, your household analogy is even more fatuous. Despite perceptions to the contrary, Nigeria's GDP (the sum total of the economy's output) or gross national income is not dominated by oil exports. Oil is less than 20-25% of GDP so your example of a 70% household income decline is wholly inappropriate. * Non-oil sources of forex in 2014 totalled $52bn: $21bn in remittances, $10.5bn in non-oil exports and $20.7bn in investment inflows. See sources below: http://www.vanguardngr.com/2015/04/nigerians-living-abroad-remitted-21bn-in-2014-world-bank/ http://www.vanguardngr.com/2016/01/cbn-blames-declining-non-oil-revenue-on-low-export-loans/ http://investadvocate.com.ng/2016/03/07/investment-inflow-nigeria-drops-n2-3tn/ 2 Likes |
Re: TSA: Nigerian Government Realises N7trillion by Asebaba1(m): 11:21pm On Apr 17, 2017 |
Igboman can never like something good in this country. Hah!quote author=Ezenwammadu post=55649440]And yet nothing is moving forward Useless government [/quote] 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by Daboomb: 12:03am On Apr 18, 2017 |
AheadMarket: What have you done with your own life, with that your almost empty shop at Orile-Iganmu? You need to see this ignorant "failure" in real life, to understand why people like him abuse the President. All he does is sell fake products. If not that l want to adhere to NL rules, l for post your picture and that of your Shop here, for all to see.... but dont push it. Nonsense, under-grown Boy 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 12:04am On Apr 18, 2017 |
LionDeLeo: It is also late here in London so I will have to call it a night. I used the N160/$1 to N305/$1 currency range as the former was the exchange rate when oil began its plunge and seemed most apropos to your friend's analogy. If you use the period when the official rate was N197/$1 (Q1 2015) as the baseline, it's even more difficult to grasp why the analogy of the 70% plunge in household income has been deployed. Oil prices today are roughly where they were in Q1 2015 and apart from the brief plunge to $28, the aggregate price (the average price since June 2015) has not seen a major decline since Q1 2015. As to the rest of your earlier post, I do not think it adds much to the debate as the key issue of contention is how that affects a government whose primary obligations are local currency denominated. It is part of the reason why I have kept harping on the futility of maintaining a fixed exchange rate regime. By exchanging its dollar income at the official rate of N305 instead of N410, the government is short changing itself by reducing its purchasing power when most of its counterparties are domestic and are paid in Naira. 2 Likes |
Re: TSA: Nigerian Government Realises N7trillion by dacruz007: 12:11am On Apr 18, 2017 |
Maybe i am not getting something right here. When they say monies are not free but belongs to ministries and agencies, are these ministries and agencies not owned by the government? were they not set up for revenue generation to the government and so monies gotten belonging to the government as well? Why are the monies being monitored by the government and yet can't spend or make use of it if the ministries and agencies are its revenue channels? I need someone to shed more light on this please... thank you. |
Re: TSA: Nigerian Government Realises N7trillion by Daboomb: 12:40am On Apr 18, 2017 |
4Play: I can only laugh when people like you try to play smart with "statistics and figures"! Infact, l dont know where to start picking gaping holes in this your post that is as irrational and as outlandish as it is! YOU LIED on so many things! For example, l have reproduced a chart of Brent Crude for you below, to see the Price of Crude when GEJ became President (2009), when he was booted out (early 2015) and as of today (2017) Looking at that chart, we can see that your assertion, and l quote: "Oil prices have spent far longer in the $50 range in the GEJ era (its current range) than it did in the $30 range in the Buhari era" (End of Quote).......... IS PATENTLY FALSE and just thrown-in to deceive unsuspecting readers! That Chart shows that AT NO TIME UNDER GEJ GOVT, DID BRENT CRUDE PRICE COME AS LOW AS $50........... NOT FOR THE WHOLE SIX YEARS THAT BUFFOON WAS PRESIDENT! He took the money and wasted it while looting the rest, with his accomplices like Dezziani, Dasuki, Saraki, e.t.c Those where the times when other "Oil Producing" countries like Saudi Arabia, UAE, e.t.c where using the "excess crude price" to build infrastructure, increase power generation, expand industrial manufacturing, revolutionize agricutural production........... so that when the "lean times" as we now have occurs, the country will have something to lean on. Even OBJ, as bad as he was, used the excess crude to at least pay-off our debts and increase foreign reserve to a whopping $65Billion before he left office... ......Only for that fedora-hat drunkard called Jonathan to come and deplete everything. I wont even bother to go into their ignorant claims that you made, like saying "foreign reserve has no bearing on govt fiscal policies"! Geez, are you a primary school boy? But you are free to espouse ignorance on Nairaland......... that is what is done best over here.
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Re: TSA: Nigerian Government Realises N7trillion by 4Play(m): 12:55am On Apr 18, 2017 |
The passion is inversely related to the amount of knowledge Daboomb actually has. A rather gratuitous exhibition of rank idiocy complete with coloured post! Daboomb: Wednesday 7 January 2015 14.33 EST Last modified on Wednesday 7 January 2015 19.08 ESThttps://www.google.co.uk/amp/s/amp.theguardian.com/business/2015/jan/07/oil-price-brent-crude-falls-below-50-barrel |
Re: TSA: Nigerian Government Realises N7trillion by Nobody: 2:22am On Apr 18, 2017 |
Daboomb:I have been trying to understand what you wrote and your direction. They have eluded me. It obviously for kiddies. I'm just gonna give it to my little nephew to analyse. Thanks |
Re: TSA: Nigerian Government Realises N7trillion by orisa37: 5:48am On Apr 18, 2017 |
dre11: Let The Ministry of Finance give Nigerians very low interest Loans to develop and make progress. We need Money to get out of recession. |
Re: TSA: Nigerian Government Realises N7trillion by ISTANDWITHBUHAR: 8:12am On Apr 18, 2017 |
sarrki: God bless you, PMB have done well and no Nigerians Presidents can match his achievements in some aspects, But what am expecting from him now is reshuffling his cabinets. 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by ISTANDWITHBUHAR: 8:19am On Apr 18, 2017 |
Ezenwammadu: Relocate back to your east abi what's your problem.. 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by ISTANDWITHBUHAR: 8:21am On Apr 18, 2017 |
Atiku2019: Abeg keep supporting your failure Atiku and stop mingling in the affair that does not concern you, PMB has come to stay.. 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by ISTANDWITHBUHAR: 8:23am On Apr 18, 2017 |
ijustdey: Because then there's a high price of Crude Oil above $100 per barrel so Nigeria is making alot of Dollars daily so Nigerians won't feel the effect of bad economy until when Crude oil price crashed.. 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by ADAMUdaCOWBOY: 9:12am On Apr 18, 2017 |
ijustdey:lol you get short memory fa! last government that was already borrowing money to pay salaries? guy forget that thing wey you dey talk! 2 Likes |
Re: TSA: Nigerian Government Realises N7trillion by Daboomb: 9:33am On Apr 18, 2017 |
AheadMarket: Stop fooling your self with that pretentious mien! Anyone not happy with the present Govt can relocate back to where they come from...or as usual, continue to waste their 5% vote on a "lost cause"! 1 Like |
Re: TSA: Nigerian Government Realises N7trillion by Daboomb: 9:38am On Apr 18, 2017 |
4Play: Just defend your post that "Brent was under $50 in more times under GEJ.... than it was under $30, under Buhari". If you want to argue, do so based on FACTS. I have shown you the "facts and figures".... debate them, not my person. Since you also agree that Brent came under $50 for the first time in 2015, when GEJ was just about being booted out of Office by the election of early 2015 (February, then shifted to March 2015)m it proves that your asssertion was patently FALSE. Stick to the issue in discourse and not some emotional rant.
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Re: TSA: Nigerian Government Realises N7trillion by Codes151(m): 9:55am On Apr 18, 2017 |
I tot that account was empty!!? Pmb.., I hope your making Money!! Not just removing left n right?! |
Re: TSA: Nigerian Government Realises N7trillion by Willie2015: 10:15am On Apr 19, 2017 |
southpole: These are general statements and you need to run a business practically to understand my position. Cost of tyres for cars jumped from =N=17,000 to =N=38,000.00, cost of battery jumped from =N13,000.00 to =N24,000.00. Other motor vehicles parts and maintenance cost have doubled during this recession and yet without corresponding increase in transportation fees by passengers. You still have to contend with police, frsc fines, other park fees,miscellaneous costs and theft by drivers while this administration also make things worse by increasing fuel cost to =N=145/litre. At the end of the month, your revenue hardly covers your running expenses. This business will have failed if I don't have enough shock absorber from other sources. I am equally surprised on your statement that stocks are for the rich. Give me that =N=100,000.00 for a year, I will double it within a year or less just in the comfort of my house with my mobile phone. TBill & Bonds gives good interest without any risk to your capital. Why do you think Banks stop giving loans to SMEs, their chance of survival is too slim and more difficult in this recession period. Palm Oil may be a hot cake in Abuja but you need to understand the dose of reality that business is not just as simple as you have just described it. You will have to deal with, - High Fuel/Transport cost from East to Abuja - Different fines by different security outfits on the roads - Presence of cabal in Abuja market that you dont even have control over and yet dictate price of your products -Inability to pass all these increasing cost to consumers because of low disposable income and on the longrun, you are even battling to even recover your capital. In summary, its not about defeat, its about giving your business the best shot of survival with your scarce resources. This is the reason you see some coys in Nigeria moving their production base to a conducive environment. |
Re: TSA: Nigerian Government Realises N7trillion by southpole: 8:12pm On Apr 19, 2017 |
Willie2015: Actually I am very much disappointed in your argument and reasoning. Now hear you. You started by listing high cost of items you need to start a business including tyres, then you stated that you can double N100' 000 in one year with a handset in the comfort of your room, what a contradiction? So it means that not all businesses need those costly items to start with. So instead of discouraging young entrepreneurs why not teach them how to start a business that can turn N100,000 into N200,000 in the comfort of their rooms using a handset which almost all of them already have?. By your claim every person with a handset already has what it takes to start a businesses that will turn N100,000 into N200'000 in one year, and those with N200, 000 will have N400,000 in one year and they dont need N34,000 to buy tyres, they dont need N24,000 to buy car battery , they dont need to contend with police, frsc and other security agents on the roads and upon that they dont need to buy fuel for N145 per liter to run their businesses so why are you discouraging them? My friend you have what it takes to support the new change. If you can organise and train just 10,000 youth in a year in this your business and each of them train another 10,000 in one or 2 years and the chain continuous it will provide jobs for millions of people. By the way money is in technology driven businesses. Not every business need those high cost items to start with as you rightly confirm with your 100,000 naira business. When you are ready to start the training let me know so that I can sponsor some people and pay what ever fees you will charge so as to contribute to the change. LET GET TO WORK AND STOP COMPLAINING |
Re: TSA: Nigerian Government Realises N7trillion by Willie2015: 11:31am On Apr 20, 2017 |
southpole: Keep your disappointment to yourself and read my comments carefully. My argument is still simple, it is not advisable to start a business in a recession period. The bottom line is that it will collapse like any other business in this harsh environment. I am not trying to discourage any young entrepreneur, I am only giving folks a dose of reality. Preservation of capital is of utmost important in this period. Dont twist my comments. You clearly stated that stocks are for the rich and also mentioned example of your friends that made =N=300 dividend from Zenith Stock. My comments is to change your mindset that stock trading is not only for the Rich, poor folks can also make use of amount like =N=100k to trade. Pls dont go about smooth talking pple into wasting their scarce resources in the name of starting one biz in this recession. The simple truth is that business are likely to survive when the economy is not in recession and I will have been on ground zero if I started my biz during this recession. |
Re: TSA: Nigerian Government Realises N7trillion by southpole: 1:40pm On Apr 20, 2017 |
Willie2015: |
Re: TSA: Nigerian Government Realises N7trillion by juman(m): 10:22pm On Apr 20, 2017 |
Senseless apc government. An unserious government. |
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