₦airaland Forum

Splashme:
I am also a professional accountant ...

Sir,
First, Nigeria's federal budget is an estimate of how much money govt will make (revenue) and spend (expenditure) over the next one year.

Second, 'expenditure proposals' of the budget do not exist in a vacuum but are tied to '
'projects/items'

Third, Sen Ningi is saying that 3 Trillion expenditure proposal cannot be traced to any expenditure items/projects ... meaning, that amount was padded and will be fraudulently siphoned.
.

You have answered me sir. I wasn't querying the issue in the news but the commenter's statement that regards a budget as an expenditure which is not. A budget is simply a statement of expected income and expenditure of a fixed period. It may or may not be realized.

An expenditure is actually money spent for a certain purpose. In a public forum like this people come here to learn. We shouldn't be making statements that we have no sound knowledge.

Splashme:
Nothing has changed Sir.
The Senator is even ready for suspension.

He maintains that the extra 3 Trillion was padded and that their expenditures cannot be traced
.

Is a budget an expenditure? I'm a professional accountant. I want to learn something new please.

wirinet:
Meanwhile, dollar is still N1600 in the black market and N1590 in the official market.

The key factors are:
*Volatility has reduced
* Near convergence with the parallel market.
This is a major achievement

Sheuns:
Do you know that CBN has printed new Naira notes this year?

Yet finance minister blames the previous administration for printing too much Naira.

The pictures I attached are for the doubting Thomas.

The 1000 naira note I attached was withdrawn by me over the ATM.

If truly there is excess naira in circulation, why is the new administration printing more in less than a year in office?

Funny man... hahaha. Printing new notes in economics palace means the CBN granting the government ways and means by allowing the government to draw down on credit that is not backed by production.

This is shameful. CBN governor of all people involved in forging documents and president's signature. What a shame.

PissInside:
Where will they see him to arrest ?

He has already been arrested in Nigeria. You people think that this nation is small.

EdwinBorngreat:
It is sad that he couldn't predict and think of possible solutions in three months

Are you guys playing politics, funny or outrightly being mischievous? How can you "predict and think of possible solutions" within three months even for a company that is moribund talk more of a complex country like Nigeria?

Procashtips:
Overvalued by who?

So now that they have returned back to "pegging" the naira like before but at a much higher rate, what has it changed except that it has brought more problems to the nation?

Before May last year, it was below ₦500, From May to November, went up to ₦981.

From November to now (4 months), went as high as ₦1900+, until the govt decided to cushion it again at ₦1580.

So how is this a good news?

Pegging how? Can anyone peg the parallel rate? There is official floating. The good evidence is that the spread between the official and parallel rates are thinning out. The attraction for speculators are reduced.

The government through the CBN fixed rates arbitrarily before now. Many people became overnight millionaires without production through round tripping.

Major gain for Nigeria: no more round tripping.

ImoleNaija:
Does one type with data? I no understand .

If you don't have data how can you type and post?

Seezion:
Nigeria is already known as one of the poorest countries in the world but i believe the duty of governments of the country (if they are sincere to themselves) is to work to change the status and not to make policies that deepened the poverty situation.

Whether anybody likes it or not, the policies taken by this government which is responsible for the hardship Nigerians are currently going through would only render more Nigerians poor and poorer.

In a country where unemployment/underemployment is so high, people are struggling to even feed and survive. A very good example is myself. I am underemployed, that is to say my salary is poor and nothing to write home about. Not as though i'm happy about this as i am still looking for better opportunities.

Of truth, only N600 was left with me yesterday. I couldn't afford to have dinner and so i slept empty stomach that yesterday. There's this woman selling bread near a bakery along the road i pass to work. Her price is considered the cheapest, so many people buy from her. My plan was to use the N600 to buy bread from there, which i can manage throughout the day or even till tomorrow, hopefully miracle can happen and another money enters my hand.

As i went there this morning, the N600 bread is now N800. No surprise about that at all, knowing the country we are living in today. This spoilt the plan and i was confused, disturbed and broken down. I stood there for over 5 mins hopelessly, with hunger and anger in me.

That small time, one elderly woman in the shop was sobbing. I later realized she started crying after she couldn't afford the current price of rice. Another guy came and asked for a pack of indomie and was told N1000. He sighed bitterly and left. Then i saw another two guys who came to the shop, joined their money together (400+400) and bought the N800 bread and divided it into two, for each.

That was a nice decision though even though it would reduce the quantity, but as i didnt see someone to join too, i left the place to work without buying the bread.

Any alternatives for me?

There's absolutely no alternative for since everything is on the high side. I could have opted for rice and beans, but i wont know when i will start crying after mamaput has dished the quantity for me. Surely it will be small. So i decided not to go near there. What about Garri and soup? I dont know for everywhere but i can tell you, there's mow where i could find a plate of Garri and soup for N600. Even if there is, i would still cry over the quantity. What about noodles that used to do 'rescue mission'? Well, i just told you a pack is now N1000, when i had only N600 with me. What of biscuit? I refused to "waste" my last money on something that would not last me the next 1 hour after i have eaten. Akara? Have you seen the sizes of Akara in recent? N100 own looks very small, so i still decided not to buy.

At the end, all options failed. Till this minute, nothing has entered my stomach and i'm still holding tight to my N600. Yes i am hungry and weak but the N600 must be for something that can keep me for a while, hopefully another money would come my way before i am hungry again.

Sadly, my in quote "salary" is still far, till Thursday next week, but i have to survive however it is.

It's a very tough time for most of us Nigerians right now.

Lastly, government should know that
most Nigerians are not asking for luxury, just basic things made affordable for survival and food is obviously not affordable to many Nigerians today. Please government should do something about food crisis in the country.

May God help us, the common citizens.

But you have enough data to type this long story. Misplacement of priority.

Procashtips:
From ₦981 in November to ₦1580 and they are mentioning stability?

Stability?

Our naira was overvalued back then. Stability means that the rates are no longer volatile. When rates become stable planning and forecasting becomes easy. Whatever the rate is let it be stable over a range of time. Everything will then adjust.

seborrhic:
Omo!
FIRST loss since MTN started operating in NGR!!
Emilokan,Emilokan,here we are!!!

No big deal. If you understand accounting and finance you will know that all the indices are good. Revenue and cash flow are good. The costs are properly controlled that's why inspite of high diesel cost (major cost component) they still recorded profit.

The snag: the fx rate. What to learn: the Nigerian economy has been operating on subsidized fx rate without backing by fundamentals. That's why the slightest item is sourced outside and not local.

What to do: financial reengineering. Only bring in items not available locally. With stable exchange rate without subsidy real profits will emerge including banks.

The days of subsidized profits are gone. MTN half year report will be positive (all things being equal).

Blackhacker:
Does anyone think we are heading in the right direction now?

Yeah..... absolutely. I know Mr Yemi Cardoso. Perfect gentleman. I worked under him. He has large pool of brilliant friends that he can draw knowledge from. Nigerian problems are not one man show.

See the mess from emefiele. $7b dollars in forwards out of which $2.4b are fake. Can someone see how deep Nigerian problem is?

Benwems:
He was VP.

OBJ gave him free hand on private what did he do. He sold the old NEPA to his friends. Did we get light.

israelmao:
Even though it started 30yrs ago but it came into fruition in LP-led government. Government also has its support.

Which support? The only support came from federal in terms of policies.

israelmao:
Abia State is a prototype of LP future government.Otti is setting the pace and blazing the trail for the nearest future to come.

This project that started almost 20 years ago has nothing to do with abia state, LP and Otti. It's pure private sector investment.

zoedew:
This man Atiku as the Vice-President of Nigeria decades back was in a position to reposition the electricity power industry in Nigeria when Obasanjo as President gave him free rein in the privatisation of State assets but what did he? He feathered his nest and that of his cronies and left power as comatose as it was before he had charge. Atiku is ell known to be a critical stakeholder in the power generating set business in Nigeria. When Atiku pontificates in the manner he does here he insults the intelligence of Nigerians who know where he is coming from. Atiku will do well to be quiet!

Thank you sir.

Benwems:
Atiku tends to make sense when he speaks.

He was in government for so many years. Why didn't he take these decisions? Talk is cheap indeed.

mariahAngel:
Does the water taste fresh?

Yeah absolutely. We just fill the tank of the water dispenser. That's all. Use double filter. At the tank up and on the tap that you take your drinking water.

KingKO22:
We no go rest again bcs of this Aba electricity 😁😀😀🤣😂

There is no light in Aba ooo. People have been calling me from even outside the country congratulating me concerning the 24 hours constant like in Aba. I asked them for where? The highest that we can get if they are gracious is 2 hours per day. This geometric is geopropaganda.

FYI I live in world bank estate Aba. My office is on Aba/Owerri Road.

politicoNG:
AfricaFactsZone

Aba ke....where in Aba.

Have a good borehole. Use filter to filter your water. You have a drinkable water better than the pure disease. Use a good water bottle. This is already done in my house before now because I discovered that our pure water is pure disease.

Brendaniel:
If true, Tinubu and his financial advisers are only fighting the symptoms and not the root cause....

Wherever we start let's start the end justifies the means.

Massiveglory:
I hope this fire brigade approach will not land naira to 3000 to a dollar.
Is this the way to attract investors?
This fire brigade approach could give you tempoary reliefs but greater problems.

I should think this approach and strength should be tailored more into shifting Nigeria from a consuming nation to a producing nation and strengthening institutions to curb corruption to bearest minimum begining from the top.

If you leave root of the problem in the nation and begin to cut off the branch with all your strength, it is more of us a basket to fetch water.

Attracting investors means attracting channels of illicit money like binance?

advanceDNA:
Government keep using this low crude oil production line....

I don't get ...
Is crude oil drying up...
companies mining oil refuse to mine?.
International market ban us from mining...??

You don't just have reserves and claim that you have wealth. The reserves must be exploited in order to convert them to wealth. This will require massive investment either as joint venture with IOCs or putting forward the most attractive policies that will attract investment.

Have our leaders been doing this for years? The answer is no. This is part of your economic woes and fx shortage. So much mess on the table of the present leader.

kettykin:
some folks are just plain errors and blunders , so who exactly is his fault , Emefiele left the rates at below N750 to a dollar and today we have the rates at above N1500 to a dollar and someone who is now a round peg in a square hole is saying it is not his fault.


Can someone see how some people are brazenly dodging responsibility and looking for a scapegoat. someone should tell this fellow that the exchange rate was below N200 to a dollar while Emefiele was CBN governor before APC to into office.


This is now the new format of saying , i cant solve the problem .

Imagine the US chairman of the Federal Reserve Bank coming out in the press to say this, APC Government is the most irresponsible Goverment every

You are funny. Do you think that it's difficult for Cardoso to wake up tomorrow and say that the exchange rate is $1 = #700. Will the fundamentals support this. The former governor had an artificial and subsidized exchange rate. He had heaps of ways and means that are unpaid. The naira he released were chasing few dollars yet he pegged the rate of exchange. The impact of this is what another group has come to clear yet you call the person that was the problem a star because he gave you unrealistic exchange rate.

Ogiame:
But you were everywhere blaming Godwin Emefiele when he was governor of the CBN....


You're a FAILURE, just like the way you call Emefiele.

Emefiele was part of the problem Yemi is only part of the solution.

CodeTemplar:
irrespective of how well the suggesting person can perform, import substitution is the logical way out and never these fire brigade, indices-chasing moves.
Import substitution simply means taking something you would normally import and thus need forex for, and speed up its production locally so you no longer have to import it.
It ensures you employ local hands. Utilize local potentials and materials, then brings about a stronger local currency when you export excess.

For a start, we spend more than 60% of our income on feeding so agriculture is not a brainer.

And this should be the policy pursuit now? A policy that its yield cannot be less than five years. We had it before during the days of oil boom. Where are the results?

CodeTemplar:
The govt is trying to hang it around N1500/$ mark. Selling slightly below and pushing for it to be resold at just above that is their strategy for now.
We need some drastic import substitution and not these cosmetic shenanigans.

Sometimes I wonder how some of us (if given the the chance) will perform the miracle that we expect others to perform. Import substitution? Can you enunciate the policy and achieve the results in even two years?

abc115:
The Vice President Kashim Shettima has arrived in Aba, Abia State for the commissioning of the 181MW Geometric Power plant as part of the events launching the Light Up Nigeria South East Initiative.

What did they commission. I live in Aba. I have not seen light ooo. Maybe they commissioned darkness.

nlfpmod:
By Ugodre

I dey Aba ooo. I dey live for world bank estate. I no see light ooo. Wetin they commission self? Darkness or what?

Kaycee9242:
Trial and error government

I don't think that you understood what the CBN is saying. The new rules helps the importer to plan his cost and the customs to plan their budget. The old rules which are volatile has been in operation for long.

Let's praise these men. This is the toughest job in Nigeria right now. They are managing the damage of so many years.