LegendHero:


What kind of budget should they have presented going by the current realities of our daily crude oil production volume and price?

Can you just give a 3 line summary of what you think will be a growth oriented budget Mr. Economist?

ourema:


I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench mark for Nigeria is 1.8 million barrels per day

ourema:


I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench
mark for Nigeria is 1.8 million barrels per day

ourema:


I The crude oil sales bench mark forthe budget is in the region of $58 per barrel. Forecast for oil prices next year put the price at the region of $50
2. Increase in VAT will increase inflation rate and poverty
3 OPEC bench mark for Nigeria is 1.8 million barrels per day

Enzorazor:
Members of the economic advisory council are currently in a closed-door meeting with President Muhammadu Buhari at the State House in Abuja.

This meeting is the first since the inauguration of the advisory council.

President Buhari last month replacedthe Economic Management Team, headed by Vice President Yemi Osinbajo, with the Economic Advisory Council which is mandated to report directly to him.

The eight-man economic advisory council is headed by Professor Doyin Salami with Dr Mohammed Sagagi as vice chairman while the Senior Special Assistant to the President on Development Policy, Dr Mohammed Salisu, is the secretary.

Appointed as members of the council is the former governor of the Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, and the Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Mr Bismark Rewane.

Other members of the committee are Professor Ode Ojowu, Dr Shehu Yahaya, and Dr Iyabo Masha.

The Council will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

https://www.channelstv.com/2019/10/09/buhari-economic-advisory-council-in-closed-door-meeting/amp/

solmusdesigns:

VillageHead:
Buhari didn't deem it fit to include Prof. Osinbajo, a SAN in the meeting?

Which way Nigeria?

LegendHero:


What kind of budget should they have presented going by the current and projected realities of our daily crude oil production volume and price?

Can you just give a 3 line summary of what you think will be a growth oriented budget Mr. Economist?

bigpicture001:

The first advice is to scrap N- power...its a waste of scarce resources

80% of N- power beneficiaries dont go to work

Even my friend who is also empower got a federal job nd still receives his N-power payments...planless govt.

topcin:


Prof Osinbajo is out of the country for official assignment

LegendHero:


Do you know last budget was based on a $60 per barrel, now crude oil averages about $57 per barrel.

Daily crude oil production was based on 2.3m barrel per day and now our daily prod averages 2.18m bpd.

Do you even know Nigeria is producing more than the 1.8milliom bpd benchmark of OPEC if I get your question correctly.

Crude oil production most times is always complemented by stability in the Niger Delta region, you would agree with me that things have been quite stable in that region but the government can do more to up crude production volume.

The world economy is slowing down, even China growth rate is reducing, same for Germany and other countries, so the president tried to present a budget within our means, although those figures quoted will eventually be at a difference of +-$3 or $4 but at least they are tryna give more attention to capital projects.

Okoroawusa:

Germany is about to go into recession

Okoroawusa:

So you r telling us that you have a corrupt friend currently engaging in a corrupt practice n u refuse to expose him?


Just assume if there are millions of you n ur friend... how we Nigeria survive?

LegendHero:


Do you know last budget was based on a $60 per barrel, now crude oil averages about $57 per barrel.

Daily crude oil production was based on 2.3m barrel per day and now our daily prod averages 2.18m bpd.

Do you even know Nigeria is producing more than the 1.8milliom bpd benchmark of OPEC if I get your question correctly.

Crude oil production most times is always complemented by stability in the Niger Delta region, you would agree with me that things have been quite stable in that region but the government can do more to up crude production volume.

The world economy is slowing down, even China growth rate is reducing, same for Germany and other countries, so the president tried to present a budget within our means, although those figures quoted will eventually be at a difference of +-$3 or $4 but at least they are tryna give more attention to capital projects.

ourema:
They better give Mr President sound economic advice. The budget that was presented to the national assembly is not growth oriented

quickberry2:


How is it not growth oriented?

Please explain.

Buckubuck:

Seems like you lots who support this govt don't know what goes on there. A budget which is simply a repetition of last year with no new additions is simply not growth oriented. Besides the budget benchmarks are not realistic which means more borrowings whereas we are already servicing debts with a quarter of the budget. Half of the budget is going into overheads while heavy taxation and minimum wage non-implementation is going to lead to further impoverishment of the people. That's how it's not growth oriented

ainas247:
We need good news...
I wonder why some guys here will be calling The President a Fool, Dumb, etc...
This is not right. Don't let your frustration or anger make you lost respect for
the elder not to talk of the President

Can you call your Father a fool if he is not doing the right thing?
If you can then I rest my case.

quickberry2:


Trash.

So, we should abandon projects that have not been completed?

How is the benchmark not realistic?

How is half of the budget going into overhead?

There is no problem in borrowing to finance developmental projects sir.

If it is not growth oriented, we would have seen a lot of respected economists saying one thing or the other about that

quickberry2:


Trash.

So, we should abandon projects that have not been completed?

How is the benchmark not realistic?

How is half of the budget going into overhead?

There is no problem in borrowing to finance developmental projects sir.

If it is not growth oriented, we would have seen a lot of respected economists saying one thing or the other about that

Buckubuck:

What does abandoned projects have to do with growth or not? Under normal circumstances, already existing projects should not stop the starting of new ones especially in an ailing economy like ours. Unfortunately, this govt is having fiscal issues and are at their wit's end, which is why they had to constitute an economic team made up largely of people who worked with previous administrations they used to berate.
2.18mbpd is unrealistic if you factor in that our OPEC quota is 1.8 which we hardly exceed most times and of course the volatility of crude oil price and gloomy economic outlook of the globe due to trade wars and the middle East.
Your question abt half of the budget going into overheads reeks of ignorance
Borrowing should be commonsensical. Right now, we're using almost 100% of our oil revenue to service debts with no visible improvement in infrastructure or standard of living.
A lot of economists have spoken if you've been following the news