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Nairaland Forum / Nairaland / General / Politics / MTEF: FEC Approves N6tr Expenditure For 2016 (29407 Views)
FEC Approves N80bn For Second Niger Bridge, Roads Construction In 12 States / MTEF: FEC Approves N6tr Expenditure For 2016 / Independence Anniversary Expenditure For The Past 5 Years. - Nasir El-rufai (2) (3) (4)
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Re: MTEF: FEC Approves N6tr Expenditure For 2016 by dancewith: 2:07pm On Dec 08, 2015 |
Bevista: This is an incredible way to make a comparative analysis. Have you stopped to ask yourself if the surplus in the previous era was used for savings like the SWF, or for future appropriations due to later discovered and unbudgeted needs as is common the world over?. This current projections literally means the entire revenue would be spent, with scant possibilities for surpluses and savings. Also if reflating the economy is the target, rising dollar value and galloping cost of goods and services means quantum inflation may be the end product. It would appear to me as if budgeting may not infact be the bane of our growth but implementation. I actually think the previous administration's budget is more growth oriented than this which is reactive and a total submission that things have gone out of control, much like "Spend all you have got and worry about the coffers later as long as you have mint roads and some fancy buildings to show you are working". Finally you will find that a huge chunk of this budget is targeted at existing and budgeted public borrowing interest servicing. This isn't at all smart in my opinion 2 Likes |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by chinchum(m): 2:08pm On Dec 08, 2015 |
sammhi: Naija would have shut down by now under GEJ, brent oil price now at 38dollars /barrel, GEJ period had oil boom of over 100 usd on the average, though budget benchmark was at avg of 75usd, meaning the extra 25usd + over budget benchmark was saved in to excess crude account. Many do not realise the enormity of the current situation in a Nigeria that was virtually anchored on oil price. I daily praise God, majority of Nigerian voters did not make the mistake of bringing GEJ back. 2 Likes |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by Sagamite(m): 2:08pm On Dec 08, 2015 |
4Play: I doubt. I think no one should expect anything tangible from 6 months of cleaning up a cretin's 5 year mess. Nigerian government makes money from 6 streams: 1) Oil revenue 2) VAT 3) Company Income Tax 4) Customs and Excise 5) Sale of Assets/Equity/Licences 6) Return on Equity/investments By and large, the oil revenue forms the largest bulk of these streams. Considering the budget planning from this was pegged at a realistic, if not conservative, level of $38 per barrel, I can hardly see any error in this. NNPC is also being cleaned up. No more selling of Nigerian assets for peanuts, oil bunking and the non-remittance of billions of oil revenue to the federal account with impunity, while the Cretin of Otuoke was shacking Orijin in Aso Rock. (3) is likely to increase after we now have ministers. Policies would be revealed and investors would know it is a clean party they are being invited to, not the "goat must eat yam" party rot the Cretin of Otuoke was running. We are likely to see new FDI and an increase in existing FDI. (4) was another avenue of leakages that is going to drastically improve. PMB was already cleaning that sector with the mass sack of the crooks running it. Now we will no longer have Customs men pocketing import duties and turning into Abubakar Atiku. Mate, Nigeria had a previous budget of about $28bn. Of which (conservatively) at least 40% was being looted. Only a NSA on his own was stealing $2bn because they knew it was a Mumu that was running the country. Don't let us talk about what PDP officials were looting. I know of a PDP Chairman that was filling a private jet with millions of dollars during elections. Despite these lootings, Nigeria was functioning without much debt. Even if PMB reduces these looting to just 10%, we will be able to manage. Also don't forget some of these criminals, pendusky loves to worship, would be returning their loot before going to jail. That would be going into the pot too. 7 Likes 2 Shares |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by ismyheal75: 2:10pm On Dec 08, 2015 |
Wailers, food is ready. 5 Likes
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Re: MTEF: FEC Approves N6tr Expenditure For 2016 by amaechi1: 2:16pm On Dec 08, 2015 |
I am compelled to respond to Dr Ngozi mail that "we need not to go the west for help as victim". A simple answer is that Nigerians are victims of their corrupt practices. Despite the high price of crude during the last administration, they practical do not have anything to be proud of except the current revelation of arm scam and contract racketeering. God bless nigeria. 3 Likes |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by Nobody: 2:17pm On Dec 08, 2015 |
Bevista: good analysis ... + under. obj Nigeria's debt was drastically reduced , under Gej. we suddenly became heavily indebeted(locally n internationally ). again. Gej really transforms naija shaaaaaa 1 Like |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by Nobody: 2:17pm On Dec 08, 2015 |
deking: Your calculation is wrong. You didn't put into account the cost of producing the 2.2Million barrel a day, the International oil companies profit in Join venture and shares in Production sharing. Out of the 2.2million barrels, the actual amount that comes to Nigeria government as revenue is about 1.4Million barrels a day. out of this about 1.4Million barrels, only about 52% of that comes to Federal government. the remaining 48% goes to states government. so repeat your calculation with 0.8Million barrels( 800,000 barrels per day). |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by DEDON8181(m): 2:23pm On Dec 08, 2015 |
gebest: See mentality. Tell me, "what happened to other people that had ruled this country in one capacity or the other at one point in time, what positive impact did any of them have in this country? Why are youths of today so senseless, myopic and sentimental? With this kind of attitude, we will never move forward in this country. Does it mean its only PDP that had governed this country? ost of the people in APC now who were once part of the PDP, can you tell me their positive input then? 1 Like |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by JuanDeDios: 2:28pm On Dec 08, 2015 |
tbaba1234:These guys are too scared to even consider devaluation - maybe for the political repercussions. They don't want to hear of it. I'm watching them twist and turn. They think they can do magic. |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by chuose: 2:28pm On Dec 08, 2015 |
Trust b00hari, all the money go go North |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by Bevista: 2:44pm On Dec 08, 2015 |
dancewith:I am not yet privy to the details of the budget, as such I cannot make definitive comments about it. In anycase I do not hold brief for the Federal Government. I was only making an independent review. There is absolutely no evidence that savings was made during the last administration. Infact, it was so bad that they had to borrow to pay salaries at the twilight of the administration. In terms of SWF, there were legal battles with State Governors who did not support making deduction to the Fund before FAAC. They had opined that the FG should go ahead to save its own share while they would also save their own share as they deem it fit. Ofcourse, the rest is history. The only other avenue to have saved the surplus would have been the Excess Crude Account, but we all know that by the time the last administration ended, ECA was reduced to around $2b, from a figure of over $10b inherited. The import of this is that we did not save a dime during the last 5 years - worse still, we depleted the little our predecessors saved. 2 Likes |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by galadima77(m): 2:49pm On Dec 08, 2015 |
SeverusSnape: Why dont u just quote where they said 8trillion instead of thinking? 1 Like |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by kaymatic: 2:58pm On Dec 08, 2015 |
Go for a brain test cos it's hard for you to comprehend. ayemerbarth: |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:01pm On Dec 08, 2015 |
chinchum: The actual glut was caused by non-OPEC drilling, particularly by the US. This non-OPEC production is set to go down by 2016. The only problem i foresee is the cut in carbon emissions, which means faster adoption of renewable energy. However, if we immediately enhance agriculture and non-oil extractions, we may just pull through by 2018. |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:04pm On Dec 08, 2015 |
4Play: The crash of oil is never any regime's fault, even Jonathan's. However only about N2t is set to be borrowed, which is still less than our GDP. And as you know, any borrowing less than total GDP is healthy. Even the mighty US borrows crazily from the Chinese. |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:05pm On Dec 08, 2015 |
SeverusSnape: At least it's about 1 trillion higher than the highest your patron saint GEJ ever attained, before he promptly turned around and stole 90% of the budget. And back then oil was like $70 1 Like |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by santuse: 3:05pm On Dec 08, 2015 |
nice improvement from the norms |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by SeverusSnape(m): 3:09pm On Dec 08, 2015 |
WaffenSS:No. He even stole 100% of the budget. ![]() |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by SamuelOjiulo: 3:10pm On Dec 08, 2015 |
Please who wants to talk again, over to you wailers! Bevista: 2 Likes |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by baralatie(m): 3:11pm On Dec 08, 2015 |
WaffenSS:Can you read what you wrote slowly |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:12pm On Dec 08, 2015 |
SeverusSnape: 150% Because he stole half of next year's before he left. 2 Likes |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:13pm On Dec 08, 2015 |
baralatie: Is that how you read? Why, is your brain deficient, Mr Zombie? |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by baralatie(m): 3:14pm On Dec 08, 2015 |
WaffenSS:At last you realise your mistake! Good |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by SeverusSnape(m): 3:18pm On Dec 08, 2015 |
WaffenSS:Yes yes... And he's gonna steal the one of next year under Buhari. |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by chinchum(m): 3:18pm On Dec 08, 2015 |
WaffenSS:I am not privy to the US cutting down oil production in 2016, but i know the iran nuclear deal agreement will mean iran will also flood the market with oil soon in 2016, and OPEC is not ready to agree to cut quota of member countries, i trade crude oil in the forex market, the analysis on technicals points a further fall in price of crude, the current rate for oil is 36.80, brent oil is only 1-2 usd higher. , it may hit 30usd before the end of december, and even slide further. but who knows. IMO, the 38 usd is not a well placed benchmark. The Non oil sector is where the govt must be thinking of getting bulk of its revenue, and maybe VAT may be jerked up from 5%, Govt. oil subsidies should be removed too, FIRS generated over 4 thrillion naira in 2014 alone, it can make more than that in 2016, NPA, Customs, NIMASA, immigration, NNPC and the introduction of TSA will up the government revenues if well managed. 1 Like |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:19pm On Dec 08, 2015 |
baralatie: Quite true. Note to self: " Never presume sense from the walking dead". |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by baralatie(m): 3:21pm On Dec 08, 2015 |
WaffenSS:and again you enter reverse! |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:25pm On Dec 08, 2015 |
chinchum: 1. ISIS is selling cheap oil to NATO via Turkey. Russia is bombarding their supply lines and hopefully the oil fields. Also, oil is being smuggled from Libya, which is now shaping up to be ISIS's new stronghold especially as they're being squeezed in at Raqqa. 2. Steins Law. |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:26pm On Dec 08, 2015 |
SeverusSnape: Nah. By next year he's going to be cooling his heels in jail. |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by WaffenSS(m): 3:27pm On Dec 08, 2015 |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by greatiyk4u(m): 3:27pm On Dec 08, 2015 |
ayemerbarth: Ur brain has been programmed 2 believe dat nothing good can come out of Nigerians........wake up cos change has come. 1 Like |
Re: MTEF: FEC Approves N6tr Expenditure For 2016 by SeverusSnape(m): 3:28pm On Dec 08, 2015 |
WaffenSS:Hehehehehehehehehehe ![]() ![]() Who's gonna jail him?... You??... The dull'ard?? I laugh in German. |
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