₦airaland Forum

This was same question, I asked one Buckeye yesterday that debt is on the increase and they are doing father Christmas with bursary that with not achieve anything.
Our debt is becoming highest in the reason and most of our roads are death traps. The only noise is rail that connects nowhere than the region. Infrastructure is non, but people have different meaning of it in Nigeria.

Lalasticlala.

Budget deficit has risen to N20.64tn under the president, Major General Muhammadu Buhari (retd.), according to analysed data from the budget office.

The data covered periods from 2016 to 2020.

According to the budget office, more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits.

According to Investopedia, a budget deficit occurs when expenses exceed revenue and indicate the financial health of a country.

The budget office said the Federal Government generated a revenue of N3.42tn to fund the budget in 2020.

It said total government spending for the year was N10.02tn, 0.43 per cent above the N9.97tn budgeted.

Hence, the budget deficit for the year was N6.59tn (14.17 per cent of the 2020 GDP), and this was partly financed through domestic borrowing of N2.06tn.



In 2019, the Federal Government generated a total of N4.12tn to fund the budget. For the year, total expenditure was N8.29tn, a decrease of N618.14bn (6.93 per cent) from the annual projection.

Budget deficit stood at N4.18tn (2.9 per cent of 2019’s GDP), and was partly financed through domestic borrowing of N912.82bn.

In 2018, a total of N3.48tn, excluding other funding sources, was generated in revenue to fund the year’s budget.

For the year, total spending was N7.51tn, a decrease of N1.61tn from the budget. This meant a budget deficit of N3.65tn (2.85 per cent of the 2018 GDP), which was financed to the tune of N2.50tn through foreign borrowing of N1.17tn and domestic borrowing of N1.34tn.

According to the budget office, the implementation of the 2017 budget was affected by poor revenue outturn as oil production and exports remained below the budget estimates while the performance of the economy continued to impact negatively on non-oil revenue.

The office said a total of N2.38tn revenue, excluding other funding sources, was generated to fund the budget in 2017.

It added that actual expenditure in 2017 was N6.46tn, a N977.57bn decrease from the annual projection.


This left a budget deficit of N3.81tn, which was financed to the tune of N2.50tn, comprising of N1.17tn and N1.34tn of external and domestic borrowings respectively.

In 2016, the Federal Government generated a revenue of N2.95tn to fund the budget. For the year, total government spending was N5.36tn, an expenditure shortfall of N700bn of the budget estimate of N6.06tn for the period.

Budget deficit was N2.41tn (2.37 per cent of GDP) or 45 per cent of total expenditure.

For the period under review, N7.76tn was released for the implementation of capital projects and programmes of MDAs for the years under review.

In descending order, N1.95tn was released in 2020, N1.17tn was released in 2019, N1.86tn was released in 2018, N1.56tn was released in 2017, and N1.22tn was released in 2016.

In her budget presentation for 2015, then Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, disclosed that the budget deficit for the year was going to be N755bn (or 0.79 per cent of GDP).

She added that the budget deficit for 2014 was N994bn (or 1.24 per cent of GDP).



According to her, there was a need to keep the deficit under three per cent of GDP because of the Fiscal Responsibility Act, 2007 and in accordance with the international norm.

Recently, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed that the Federal Government was going to borrow to fund its N6.25tn deficit in the proposed 2022 budget.

She said, “If we just depend on the revenues that we get, even though our revenues have increased, the operational expenditure of the government, including salaries and other overheads, is barely covered or swallowed up by the revenue.

“So, we need to borrow to be able to build these projects that will ensure that we’re able to develop on a sustainable basis.

“Nigeria’s borrowing has been of great concern and has elicited a lot of discussions. But if you look at the total size of the borrowing, it is still within healthy and sustainable limits. As of July 2021, the total borrowing is 23 per cent of GDP.”

Echoing the words of his minister, the President, Major General Muhammadu Buhari (retd.), while presenting the 2022 budget to the joint session of the National Assembly, said his government planned to borrow as much as N5tn from local and foreign sources to cover the budget deficit for 2022.

He said, “We plan to finance the deficit mainly by new borrowings totalling N5.01tn; N90.73bn from privatisation proceeds and N1.16tn drawdowns on loans secured for specific development projects.”


The President of the Senate, Ahmad Lawan, had at the joint session of National Assembly for the budget raised concern about the rising spate of borrowing.

He had said, “Mr President, the need to enhance revenue generation and collection cannot be overemphasised.

“The level of budget deficit is high, and both the legislature and the executive should work to reduce this deficit through the availability of more revenues.”

Lawan added that the government should consider other sources of funding its projects in order to reduce borrowing.

In a recent interview with The PUNCH, the Chief Executive Officer of Financial Derivatives Company, Bismarck Rewane, said the only way to finance a deficit was by borrowing.

In April 2021, the Edo State government accused the FG of printing money indiscriminately to be able to meet up with some of its obligations.

A report by The PUNCH in August showed that the Federal Government’s total borrowing from the Central Bank of Nigeria through Ways and Means Advances had ballooned to N15.51tn under Buhari.



Ways and Means Advances is a loan facility used by the central bank to finance the government in periods of temporary budget shortfalls subject to limits imposed by law.

According to Section 38 of the CBN Act, 2007, the bank may grant temporary advances to the Federal Government in respect of temporary deficiency of budget revenue at such rate of interest as the bank may determine.

While the FG has borrowed N7.97tn from domestic and foreign sources to finance its N20.64tn budget deficit in the period under review, the shortfall of about N12.67tn may have been financed by the CBN.

In June, London-based Capital Economics, in a report titled ‘The perils of deficit monetisation in Nigeria’ disclosed that the FG had been turning to the CBN to plug its budget deficits.

They added that this move would deepen some of Nigeria’s existing economic woes, including high inflation, downward pressure on the naira and weak economic growth.

The organisation said, “The authorities in Nigeria have routinely relied on the Central Bank of Nigeria to help finance budget deficits in recent years.

“This was the case even before the onset of the pandemic and has also occurred irrespective of whether the budget shortfall was in line with official projections or not – Nigeria has a pretty poor track record of sticking to its budget plans.”


It added that over the past six years, on average, around 55 per cent of annual budget shortfalls had been financed by the CBN.

https://punchng.com/budget-deficit-rises-to-n20-64tn-under-buhari/

deltateam:
To what extent has government executed minimum wage?

Federal pensioners are being owed as we speak and you are talking of wailers?

Are you for real?

Who cares about APC or PDP? What we need is to fashion ways to improve our economy.

Dont mind all these people. Most time they think they are addressing zombies like themselves. A government that can not meet her budgetary responsibilities, but borrowing, yet adding more loads.

Buckeyemedia1:
Go & apply for your bursary money, shameless element, go & give your sister the money to do her hair, so she can look descent if Na so your money long,? Hungry Jack.

You are not well cultured, you cant type without abusing, it shows bad home training you got. A government that can not fund her budgets and putting extra burden. I am only asking fundamental question, every sane man should ask and you are throwing tantrum. God help you buck eye!

Buckeyemedia1:
Na so the bursary issue dey pain you? Or maybe you are a drop out & don’t qualify for the payment, why are you vexed?

I can pay you the bursary termly if you so desired! How many states are sustaining payment of bursaries all over the country? It is just a Greek gift.

Buckeyemedia1:
What concerns you, do you work for the ministry of budget & planning, or the finance ministry?

You just live on impulse of the moment, you always defend without reasoning of the implications of it. We they borrow to fund it?

This government, how sustainable is this? How many of the people will end up in class rooms? How many students do we have in Faculties of Education, all over the nation? How this be funded?

Lalalalastic.

Former President Olusegun Obasanjo, on Friday, declared that his faith in a better Nigeria remains unshakable.

Obasanjo insisted that, the country would not be destroyed by the myriads of challenges confronting it.

Obasanjo disclosed this during the opening of Abeokuta Window on America held at the Olusegun Obasanjo Presidential Library Abeokuta, the Ogun state capital.

The Abeokuta Window on America is a type of American Space located in over 150 countries worldwide set up to engage Nigerian youths in learning about American culture and politics.

The Space is set up in the youth centre of the OOPL in partnership with US consulate in Nigeria.

Delivering his keynote address at the event, Obasanjo expressed optimism that no matter what the country is currently going through, evil would not triumph over good.

The former President who was represented by the Deputy Coordinator of OOPL, Mr. Ayodele Aderinwale said, “Whatever maybe the problem or challenges currently confronting Nigeria today, I assure you that they are not problems on the attack they are actually problems on the retreat.



“My faith in Nigeria remains unshakable. My optimism about the future is resounding. Some may wonder how is the future will be rescued?

“I see hope in the determination, resilience and the indomitable spirit of Nigerians. I see hope, in their resistance when they are pushed to the wall.

“I see hope, in the zeal, commitment and courage in the face of adversity. I see hope, in the boundless and incurable optimism of young Nigerians.

“I see hope, in the willingness of Nigerian young and who are resistance with all their might the evil that are being perpetrated.

“I see hope, in the unwavering conduct and uncompromising drive of Nigerians in demanding a democratic process. I see hope, in the ingenuity and infinite creativity of the Nigerians. I see hope, in the youth and young, for our tomorrow lies in them.

“I see hope in the great potentials of the Nigerian, empowered, motivated and well led. I see hope, in the blending of experience, energy and dynamism of the old and the new.

“I see hope, in the dynamism, vibrancy and richness of our culture. And I see hope, in the commonality of humanity.”


Speaking on the importance of the Abeokuta Window on America, the U.S. Consulate Public Affairs Officer, Stephen Ibelli disclosed that, the space would offer a calendar of programmes on topics of interest designed to bring Americans and Nigerians closer together.

He noted that the space would further deepen the US – Nigerian relationship, saying no fewer than 100 youths would be engaged on weekly basis in learning about the culture, history and politics of America through books and over 300 online publications.

https://punchng.com/my-faith-in-nigeria-remains-unshakable-obasanjo/

Femi Adeshina should remember, he will one day become a man of yester year!

Maxymilliano:
Charity begins at home, but Buhari's charity begins in Niger and South Sudan.

Foolish man

Are you sure he is not from there?

alizma:
I knew Nigerians were going to misunderstood the NCC on the matter.
Simple thing, they blow it out of proportion. If your child is below 18, get him/her a Sim card in your name. Simple as that, when he/she becomes of age to take full responsibility of his/her actions, the person can walk into any service provider office and get as many sim as possible within the law.

But they can sleep with 16 year old!

Jimasun:
There is always an unfortunate person

You forget to add Abba Kyari, the supercop tailor to it!

If there are good policies at home, many will not migrate, but Nigeria economy has NEVER been this worse!

Cost of goods and services will astronomically increase.
Hope we are not becoming a failed system already!

Lanrelagboi:
BUILDING COLLAPSE: SANWO-OLU LAUNCHES FITNESS CERTIFICATE TO ENFORCE STATE’S PLANNING CODES



https://oyotoday.com/building-collapse-sanwo-olu-launches-fitness-certificate-to-enforce-states-planning-codes/

How much again?

There is a government!

AkalaJ:
Then you're either just being mischievous in your arguments, or you're just one that likes arguing blindly. In any case, good luck.

Bye and go and sleep sir. Maroko same way.

AkalaJ:
I think you are mistaken bro. The Eko Atlantic project is an essentially private project while Lagos State government is merely a strategic partner that ensures that the private funders of the project are keeping to their mandate. It's similar to how a private investor can buy land from government, develops the land to his taste (infrastructure inclusive) and then starts selling plots of land to other interested private individuals.

It won't be the first privately funded project that would be targeted at the rich. Banana Island and some other exclusive areas are already like that. But the thing is, even as we speak, people are already living in some of the apartments in the few skyscrapers that are already there. You don't even need to be rich to even enter the place sef. I consider myself average, yet I have taken my wife on a dinner date more than once at one of the restaurants located within one of the the Eko Pearl Towers. And to our surprise they don't even ask much questions before allowing guests to go into Eko Atlantic. Also, to my surprise, many people are already living on different floors of the skyscrapers, both foreigners and locals alike.

The downtrodden you claim to be fighting for need to first of all rise out of poverty before thinking of living in Eko Atlantic. It's not a must that anyone lives in Eko Atlantic. Lekki dey there, Ikoyi sef dey, Magodo dey. etc.

You will not tell me about Eko Atlantic sir, I have the Blue print!

Kano where they smoke pit latrines! These people always play ethnic cards. Go to the North, Borno, Jigawa people smoke gums. Indian helm, codeine, tramadol, coke are just like phensic over there.

AkalaJ:
Change that mentality bro, for it will not take you anywhere. Like I said, often times poverty boils down to choices, ignorance, and environmental factors Wrong choices and ignorance can be cured through exposure to better education. In this Internet age, most valuable knowledge out there can be obtained for free. E.g, there are many I.T experts that taught themselves I.T skills they learned online via their phone, all it demands is the discipline and will power. Young lads are making millions legitimately from editing comedy skits that make us laugh. Etc.

Through education a farmer can learn or device innovative means to improve his crop yield, because nothing you are experiencing in life is peculiar to you alone; others have also passed through and overcame.

Environment can also be a factor in the sense that if you only surround yourself with poor people that prefer to wallow in self pity in their condition, you will never rise above that condition. Rather you should look to ambitious people to motivate you to do better. Nobody owes you jack sheet. But you owe it to yourself to be a better version of you. Selah.

I know what I am saying sir, When Fashola brought GEJ to commission it and fenced out Kuramo beach on Ahamadu Bello, my office used to be around Adetokunbo those days, in the evening we used to go to the beach, But some cartel condone off everything. I have entered the Eko Atlantic severally, see the bridges and roads and yet they collect our taxes without doing anything, I am only fighting for the down troddens, by God's grace I am BLESSED!

AkalaJ:
Nobody is stealing from any poor people because most poor people aren't even productive to start with, hence their condition. So what's there to steal from them? Infact, most poor people put themselves in that position due to their own poor life choices. Every country in the world has them in varying numbers.

They also need to stop giving their small money to pastors in the form of tithes and offerings, that way they will have more to spend on themselves to beat poverty. I repeat, nobody owes a poor man anything in life. Rather, he owes it to himself to improve his own lot. Capish.

Most poor are hardworking than the rich only that their opportunities are limited. It is only someone whose palm tree survives that is a good farmer.

AkalaJ:
Don't worry. It might just motivate some ambitious poor persons to rise above their situation and make something tangible of themselves. The world doesn't owe anybody anything. If you are poor, you have oy two options; either upgrade yourself to beat poverty for the sake of your future generations, or you do nothing about it and remain poor.

Not in a society that steal from the poor to make criminals rich. If there is a form of level playing ground only 10% will complain.

Hunter2009:
Governor Abiodun's positive strides against detractors


It started like comedy on September 30 when the shadowy Ogun State chapter of New Nigeria People’s Party (NNPP) petitioned the State House Assembly, asking that the State Governor, Prince Dapo Abiodun, and his Deputy, Mrs Noimot Salako-Oyedele, be impeached over a spurious allegation that both of them had abdicated duty.

Interestingly, the petition was presented on the same day the Governor returned from his trip to the United Kingdom. The NNPP alleged that the Governor had failed to transmit power to his deputy prior to his departure to the UK as the constitution stipulates. The party's Chairman, Olaposi Oginni, submitted the petition at the House. But even as he prayed the House to commence the impeachment proceedings immediately, he still went ahead to address a press conference where he accused the Governor in a move that can only be subjudice, thereby revealing a diabolic intention against the Governor. He even vowed to approach the courts if the House Assembly failed to accede to his request.

Hardly had the NNPP comedy subsided when the opposition People's Democratic Party (PDP) took over, unjustly faulting Governor Abiodun and his Deputy as if choreographed. Deliberately oblivious of the unity with which the Dapo Abiodun Administration has piloted the state since its inception in May 2019, the PDP alleged that power to run the state had been handed to the Secretary to the State Government (SSG), Tokunbo Talabi, instead of the deputy governor.

The state's PDP Chairman, Sikirulahi Ogundele, also demonstrated deliberate ignorance when he described Governor Abiodun's trip to the UK as the height of insensitivity to governance, an uncharitable comment that was only meant to heat up the polity at a time all hands are on deck to move Ogun State forward. The opposition party's campaign of calumny is as laughable as it is ridiculous. It had the Chief Press Secretary to the Governor, Mr. Kunle Somorin, the Chief of Staff, Alhaji Shuaib Salisu, and the Commissioner for Information, Alhaji Waheed Odusile, to contact to get authentic report of the situation on the ground. But it instead opted to play to the gallery by selling spurious matters to people of the state all in the bid to set the people against the Governor with a view to causing distraction in governance.

It is just as well that against their expectation that Governor would still be away in the UK on October 1, he returned just in time to oversee the Independence celebrations.

After being apprised of the shenanigans by the opposition, Governor Abiodun said he would not be deterred from his goal of turning Ogun State to a hub of good governance, a target he had set for himself from the day he was sworn in as Governor in 2019.

At the 2021 'Odun Omo Olowu' held in Abeokuta over the weekend, the Governor used the opportunity to review his governance strides and projected on the future plans. He reiterated that the welfare and prosperity of the people of the state, irrespective of age, gender, religious or political affiliations or their geographical location, were his government's priority.

The transparent public finance management which guarantees a more prosperous life for the people has been Governor Abiodun's forte, to the admiration of even his critics outside the state.

Prince Abiodun is not unaware of the current political development in the state which puts the Administration literally on the firing range of the opposition. Nonetheless, he is determined not to lose focus, despite the ceaseless scathing criticism that has trailed his government in recent months. For a fact, the government has recorded unprecedented strides in the provision of qualitative governance for the people. Many of the inherited abandoned projects have been completed while new projects have been initiated.

The critics have conveniently ignored the fact that Governor Abiodun came into power at a time the civil servants were reduced to rubbles after several months of being owed salaries, even as the state's coffers had been left empty by the preceding administration, forcing the new helmsman to use his wealth of influence in the private sector to approach several banks with a view to raising money to offset the backlog of salaries. They have also deliberately forgotten how Governor Abiodun set about correcting the glaring inadequacies in infrastructure across the state, improved education in all the local government areas, encouraged farmers on yields, rejuvenated the water works in Abeokuta that was long abandoned and attracted investors, in addition to his effort to link Ogun State up with neighbouring Lagos State in an unprecedented economic collaboration. They also conveniently forgot about the widely acclaimed fight by the Ogun State government against the Covid-19 pandemic, an effort that earned the state recognition across Nigeria and beyond.

From all the foregoing, it is just as well that Governor Dapo Abiodun has resolved not to be distracted. For the people's Governor, it can only be forward ever and backward never.

Bola Afolabi writes from Abeokuta

All these paid writers. Kindly post any good road in Ogun or what major projects embarked on in the last two years! Arrant sycophant!

A city the poor can not afford.

Budget of nothingness, 20% of the budget can not be funded. What a waste and incompetent leaders!

Abba Kyari still processing his visa.

ezenwajosh:
naijuria

Big brother Africa!

aminulive:
POLITICSNIGERIA.COM

The Nigerian Communications Commission has announced the disqualification of anyone below the age of 18 from registering and owning a SIM in Nigeria, POLITICS NIGERIA has learned.

This is according to the draft copy of the modified registration of Telephone Subscribers Regulations published on the commission’s website.

The commission in modified regulations only allowed subscribers above the age of 18 to haves SIMs. The regulation was made in line with the powers conferred upon the commission by section 70 of the Nigerian Communications Act,2003.

In accordance with Section 57 of the Act, the NCC conducted a Public Inquiry on the Registration of Telephone Subscribers Regulations, alongside the draft SIM Replacement Guidelines and the draft Spectrum Trading Guidelines at its head office in Abuja on Tuesday.

At the Public Inquiry, Telecoms giant, MTN voiced opposition to the directive adding that the age limit should be 14 years. The NCC maintained its stance adding that the age limit remains 18 years.

https://politicsnigeria.com/breaking-ncc-disqualifies-nigerians-below-18-from-getting-sim-cards/

Yet our leaders can marry 16 year old girls! Nigeria is a nation without laws!

Lalasticlala.

Father Xmas original, Mr. Santa Claus.

The President, Major General Muhammadu Buhari (retd.), has said that Nigeria is always willing to extend a helping hand to the Republic of South Sudan towards political and economic stability.

This is as he expressed concerns over the political instability of Libya, saying that so long as the country remains unstable, the proliferation of arms and light weapons in the Sahel region would persist.

Buhari said this on Tuesday in Addis Ababa during a bilateral meeting with President Salva Kiir of South Sudan.

The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement titled ‘We will always extend a helping hand to South Sudan, PresidentBuhari says’.

The President who assured the full support of Nigeria to all efforts to bring long-term stability and prosperity to the continent said, ‘‘Nigeria will contribute its quota as much as possible to the development of South Sudan. Take us into confidence and ask us what we can do.”

Stressing the need for cooperation among developing countries, Buhari said with investments in education, improved economy, and healthcare, things will surely improve.


On the situation in Guinea and Mali, he reiterated that African leaders must support efforts geared towards the return of democracy in the countries.

https://punchng.com/ask-nigeria-what-you-want-we-are-ready-to-help-buhari-tells-south-sudan/

Another pandora box opened!