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N6.08trn Budget: Nigeria Going The Way Of Greece —PDP - Politics - Nairaland

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N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by DONSMITH123(m): 6:33am On Dec 30, 2015
…Says N1.84trn borrowing amounts to Nigeria borrowing N5bn per day

THE national leadership of the Peoples Democratic Party, PDP, yesterday took a swipe at President Muhammadu Buhari and the All Progressives Congress, APC-led government, saying with government’s proposed N1.84 trillion borrowing as contained in the 2016 budget, Nigeria as a country was going the way of Greece.

Speaking with journalists, yesterday, in Abuja, PDP National Publicity Secretary, Chief Olisa Metuh, noted that a breakdown of the N1.84 trillion shows that Nigeria would be borrowing N5 billion a day for the next 365 days, starting from January I, 2016, without what he termed, a corresponding provision for economic production and a clear repayment plan, adding that the scenario would spell doom for the future of the nation.

According to PDP, President Buhari must explain to Nigerians why the N6.08 trillion 2016 federal budget would not be considered a huge fraud, designed to mortgage the future of the country, just as it challenged the Federal Government to a public and open debate on the budget devoid of sentiments of the APC-controlled National Assembly and who are minded against any cuts in their own allocation.

Metuh said: “Some people may be wondering why we raised an alarm about the budget. The reason is simple. When we analysed the budget, we discovered it is a misshapen attempt at a Keynesian economics of applying deficit spending to stimulate growth even when studies have proven that GDP growth rates decrease by over 50 per cent when debt goes from low or moderate to high. But then we know the borrowing here is to pay huge campaign debt and fund a political war chest.

“By every standard, this budget is a booby trap against the nation. When you break down the proposed N1.84 trillion borrowing, you discover that it amounts to borrowing N5 billion everyday for the 365 days in 2016. The questions are: for what specific projects are they borrowing N5 billion per day and how do they intend to pay back?

“The President should explain to Nigerians how they intend to pay back the loan. Is it by continuous borrowing to service the interests, and does he intend to accumulate colossal debt for future generations of Nigerians?
“The truth is that this administration cannot justify this proposal. There is no known economy in the world where you can justify borrowing N1.84 trillion without specific projects and precise repayment outline. This is worse still in an oil-driven, mono-economy at a time crude oil is selling at $30 per barrel and is speculated to go down to about $20 or even lower in the next one year. The idea can only come when you diversify the economy and boost production capacity in manufacturing and other critical sectors, a direction, which the budget clearly failed to provide. “


Cc: lalasticlala

http://www.vanguardngr.com/2015/12/n6-08trn-budget-nigeria-going-the-way-of-greece-pdp/

2 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 6:37am On Dec 30, 2015
Metuh the chief wailer...anyway am still on my bed sha...i will be back to see any wailer who will come here to defend Metuh.

7 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by DONSMITH123(m): 6:40am On Dec 30, 2015
PDP National Publicity Secretary, Chief Olisa Metuh, noted that a breakdown of the N1.84 trillion shows that Nigeria would be borrowing N5 billion a day for the next 365 days, starting from January I, 2016, without what he termed, a corresponding provision for economic production and a clear repayment plan, adding that the scenario would spell doom for the future of the nation.


Before we attack Metuh, can anyone read the above statement? Not wailing but just wanna know the facts here. I support PMB 100% so Onankpaba, no hating o... grin grin grin just wanna know bro.

9 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 6:41am On Dec 30, 2015
for the facts that its coming out of Metuh's mouth...i knew what it means already.


DONSMITH123:
PDP National Publicity Secretary, Chief Olisa Metuh, noted that a breakdown of the N1.84 trillion shows that Nigeria would be borrowing N5 billion a day for the next 365 days, starting from January I, 2016, without what he termed, a corresponding provision for economic production and a clear repayment plan, adding that the scenario would spell doom for the future of the nation.


Before we attack Metuh, can anyone read the above statement? Not wailing but just wanna know the facts here. I support PMB 100% so Onankpaba, no hating o... grin grin grin just wanna know bro.

8 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by DONSMITH123(m): 6:44am On Dec 30, 2015
smiley
OnankpaBa:

for the facts that its coming out of Metuh's mouth...i knew what it means already.


Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OsusuMustFlow(f): 6:46am On Dec 30, 2015
smiley
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by acenazt: 6:57am On Dec 30, 2015
Can metuh be any less foolish?? Nigeria and Greece are two different countries on two different continents. Greece was not as rich as Naija in anyway, their country's gdp is way lower than naija,compare their gdp of $237.970 billion and our $574 billion. They are 45th and we 21st in world economy. Their source of income is basically services and agriculture we on the other hand choose to just explore crude,what if we go into Real subsistence Agriculture and mining??

2 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by oluwaSmith1(f): 6:58am On Dec 30, 2015
Iranu

6 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by SLIDEwaxie(m): 6:59am On Dec 30, 2015
And how is Greece now if u compare with Nigeria?
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by Ayt27(m): 7:04am On Dec 30, 2015
Abeg someone should explain, economics isn't my forte
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:06am On Dec 30, 2015
my brother, forget Metuh. He has nothing to say.




acenazt:
Can metuh be any less foolish?? Nigeria and Greece are two different countries on two different continents. Greece was not as rich as Naija in anyway, their country's gdp is way lower than naija,compare their gdp of $237.970 billion and our $574 billion. They are 45th and we 21st in world economy. Their source of income is basically services and agriculture we on the other hand choose to just explore crude,what if we go into Real subsistence Agriculture and mining??
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by BALLOSKI: 7:18am On Dec 30, 2015
BUHARI is going to take productive loans and, not non-productive loan that pdp has taken in the last 16 years.


The difference between BUHARI' borrowing and that of pdp/gej is: BUHARI is going to borrow to invest in agriculture , solid mineral sector, etc, while pdp borrowed to fill private pockets, hence their failure to show anything commensurate of their (pdp) borrowing over time.



Again, we are very sure there will be 80% implementation as regards the budget and, a kobo won't be taken by anyone.
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by BALLOSKI: 7:21am On Dec 30, 2015
acenazt:
Can metuh be any less foolish?? Nigeria and Greece are two different countries on two different continents. Greece was not as rich as Naija in anyway, their country's gdp is way lower than naija,compare their gdp of $237.970 billion and our $574 billion. They are 45th and we 21st in world economy. Their source of income is basically services and agriculture we on the other hand choose to just explore crude,what if we go into Real subsistence Agriculture and mining??
metuh is a drug addict!

5 Likes

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by VampireeM(f): 7:22am On Dec 30, 2015
Olisa Metuh should pls go and learn Opposition Politics before spitting nonsense..... LIE Mohammed needs to enlighten him cause if this is what he could cook up with then am sorry for PDP

2 Likes 1 Share

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by veraponpo(m): 7:26am On Dec 30, 2015
Olisa , just like other wailers, would just carry out his analysis on the surface without any thorough dissection of the parts that make up the whole.

The reasons for this #6.08t budget is first and foremost to boost our dying economy that PDP killed. They ran dry our savings even when oil was sold at $120/barrel.

Also, the essence is to boost our infra structure. Virtually all our roads are bad, power needs to be generated more and other basic amenities need to be touched.

Finally, the commoners deserve to be encouraged. The gap that PDP created between the have and the have not is too wide. This must be bridged. Therefore, social security fund is needed for such purpose.

It is worth noting that the borrowing is not necessarily a cash borrowing but domestic debt of majorly credit service from contractors that will be paid later and some external borrowings too. This is not a rocket science.

It should be noted that borrowing to fund budget is not a new thing in Nigeria, the last administration of Jonathan too did a deficit budget and borrowed to finance despite the global oil price not being as poor as this.

PDP should know that we know more than they think.

1 Like 1 Share

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:29am On Dec 30, 2015
grin grin grin grin grin


BALLOSKI:
metuh is a drug addict!
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:30am On Dec 30, 2015
you nailed it for the very first time my love.

Merry xmas and happy new year in advance. Despite that you refused to wish me. God dey sha.

VampireeM:
Olisa Metuh should pls go and learn Opposition Politics before spitting nonsense..... LIE Mohammed needs to enlighten him cause if this is what he could cook up with then am sorry for PDP
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by HiddenShadow: 7:31am On Dec 30, 2015
acenazt:
Can metuh be any less foolish?? Nigeria and Greece are two different countries on two different continents. Greece was not as rich as Naija in anyway, their country's gdp is way lower than naija,compare their gdp of $237.970 billion and our $574 billion. They are 45th and we 21st in world economy. Their source of income is basically services and agriculture we on the other hand choose to just explore crude,what if we go into Real subsistence Agriculture and mining??

Look at your unwise comment which I highlighted

Oil is losing value and instead of Buhari to invest more into Agriculture, he planned to invest more in propaganda by giving Ministry of Information more money than Ministry of Agriculture.

In today's world where oil price might fall to as low as $20 or lesser

1 Like

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:32am On Dec 30, 2015
My brother, PDP seems to have forgotten so soon what they did during their 16 years in power. They should keep wailing.




veraponpo:
Olisa , just like other wailers, would just carry out his analysis on the surface without any thorough dissection of the parts that make up the whole.

The reasons for this #6.08t budget is first and foremost to boost our dying economy that PDP killed. They ran dry our savings even when oil was sold at $120/barrel.

Also, the essence is to boost our infra structure. Virtually all our roads are bad, power needs to be generated more and other basic amenities need to be touched.

Finally, the commoners deserve to be encouraged. The gap that PDP created between the have and the have not is to wide. This must be bridged. Therefore, social security fund is needed for such purpose.

It should be noted that borrowing to fund budget is not a new thing in Nigeria, the last administration of Jonathan too did a deficit budget and borrowed to finance despite the global oil price not being as poor as this.

PDP should know that we know more than they think.
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OsusuMustFlow(f): 7:33am On Dec 30, 2015
veraponpo:
Olisa , just like other wailers, would just carry out his analysis on the surface without any thorough dissection of the parts that make up the whole.

The reasons for this #6.08t budget is first and foremost to boost our dying economy that PDP killed. They ran dry our savings even when oil was sold at $120/barrel.

Also, the essence is to boost our infra structure. Virtually all our roads are bad, power needs to be generated more and other basic amenities need to be touched.

Finally, the commoners deserve to be encouraged. The gap that PDP created between the have and the have not is too wide. This must be bridged. Therefore, social security fund is needed for such purpose.

It is worth noting that the borrowing is not necessarily a cash borrowing but domestic debt of majorly credit service from contractors that will be paid later and some external borrowings too. This is not a rocket science.

It should be noted that borrowing to fund budget is not a new thing in Nigeria, the last administration of Jonathan too did a deficit budget and borrowed to finance despite the global oil price not being as poor as this.

PDP should know that we know more than they think.
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by HiddenShadow: 7:36am On Dec 30, 2015
BALLOSKI:
BUHARI is going to take productive loans and, not non-productive loan that pdp has taken in the last 16 years.


The difference between BUHARI' borrowing and that of pdp/gej is: BUHARI is going to borrow to invest in agriculture , solid mineral sector, etc, while pdp borrowed to fill private pockets, hence their failure to show anything commensurate of their (pdp) borrowing over time.



Again, we are very sure there will be 80% implementation as regards the budget and, a kobo won't be taken by anyone.


It is people like you that gives Buhari confidence that Nigerians can be easily deceived

Now tell me why Buhari gave more to Information ministry than Agriculture ministry

Now tell me why he invested 40billion naira in search of oil in the North when Solid minerals are not fully explored.
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:36am On Dec 30, 2015
abacha grin

oluwaSmith1:
Iranu
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by seunny4lif(m): 7:38am On Dec 30, 2015
Make buy land first.....
My flight don arrive grin
I go comment when I reach United lipsrsealed lipsrsealed
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by oluwaSmith1(f): 7:38am On Dec 30, 2015
OnankpaBa:

abacha grin


in phyno's voice "this is nonesense"

1 Like

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by HiddenShadow: 7:39am On Dec 30, 2015
veraponpo:
Olisa , just like other wailers, would just carry out his analysis on the surface without any thorough dissection of the parts that make up the whole.

The reasons for this #6.08t budget is first and foremost to boost our dying economy that PDP killed. They ran dry our savings even when oil was sold at $120/barrel.

Also, the essence is to boost our infra structure. Virtually all our roads are bad, power needs to be generated more and other basic amenities need to be touched.

Finally, the commoners deserve to be encouraged. The gap that PDP created between the have and the have not is too wide. This must be bridged. Therefore, social security fund is needed for such purpose.

It is worth noting that the borrowing is not necessarily a cash borrowing but domestic debt of majorly credit service from contractors that will be paid later and some external borrowings too. This is not a rocket science.

It should be noted that borrowing to fund budget is not a new thing in Nigeria, the last administration of Jonathan too did a deficit budget and borrowed to finance despite the global oil price not being as poor as this.

PDP should know that we know more than they think.

The same lies SW APC told their constituency which have seen SW as the most debt burdened states in Nigeria is the same lies you are falling for.
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:42am On Dec 30, 2015
cheesy

oluwaSmith1:



in phyno's voice "this is nonesense"
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by OnankpaBa(m): 7:43am On Dec 30, 2015
Continue wailing....i just dey look you.

HiddenShadow:


The same lies SW APC told their constituency which have seen SW as the most debt burdened states in Nigeria is the same lies you are falling for.

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by BALLOSKI: 7:46am On Dec 30, 2015
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by Lanretoye(m): 7:47am On Dec 30, 2015
k
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by acenazt: 7:51am On Dec 30, 2015
HiddenShadow:


Look at your unwise comment which I highlighted

Oil is losing value and instead of Buhari to invest more into Agriculture, he planned to invest more in propaganda by giving Ministry of Information more money than Ministry of Agriculture.

In today's world where oil price might fall to as low as $20 or lesser
Mr are you any wiser? Cos I doubt it,i think Wailing has reduced ur sense of perception and reasoning. My unwise comment which you hi lighted was actually a suggestion. If you read and reasoned you would have seen I meant what if we go into Agriculture and mining
Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by luvinhubby(m): 7:55am On Dec 30, 2015
HiddenShadow:


Look at your unwise comment which I highlighted

Oil is losing value and instead of Buhari to invest more into Agriculture, he planned to invest more in propaganda by giving Ministry of Information more money than Ministry of Agriculture.

In today's world where oil price might fall to as low as $20 or lesser

And N36 billion to look for oil in lake Chad basin when the world is faced with an oil glut and you cannot even get buyers for the ones being drilled currently.

Imagine!

1 Like

Re: N6.08trn Budget: Nigeria Going The Way Of Greece —PDP by BALLOSKI: 7:58am On Dec 30, 2015
HiddenShadow:



It is people like you that gives Buhari confidence that Nigerians can be easily deceived

Now tell me why Buhari gave more to Information ministry than Agriculture ministry

[b]Now tell me why he invested 40billion naira in search of oil in the North when Solid minerals are not fully explored.
oil exploration needs to be pushed to a certain stage by the government before it can be seen with a prospect by investors, while in the mining of solid minerals, private individuals can start up everything that's required there - all the sector needs good government policies and a conducive environment and partial funding.

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