Read the press statement below...

Ekiti State Governor, Mr Ayodele Fayose has raised the alarm over President Mohammadu Buhari’s scheduled trip to China to borrow $2 billion as part of the N1.84 trillion programmed to be borrowed to finance the 2016 Budget, describing the move as an attempt to mortgage the future of Nigeria and its people.

The governor, who said the 2016 budget was not a reflection of the present economic reality in the country, added that; “By the time they borrow N1.84 trillion to fund their N6.06 billion budget; I wonder how Nigeria will survive in 2017 when the Federal Government will be servicing debt with about 50 percent of its budget.” It has been widely reported that Nigeria wants to raise about $5 billion abroad to cover part of its 2016 budget deficit.

This was said to be projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed its export revenues.

In a release issued on Friday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said; “In elementary economics, you don’t propose to spend more when your income reduces and I still can’t understand this Buharinomics in which Nigeria is going to spend N6.06 billion with crude oil bench mark of $38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil bench mark was $53 per barrel.

He said since the President claimed to have recovered and still recovering trillions of Naira looted from the treasury and over N3 trillion saved from the Treasury Single Account (TSA), the 2016 budget should be funded with the recovered fund.

The governor said he was alerting Nigerians of the danger in the federal government plan to fund the 2016 budget with loan, adding that; “Tomorrow, it will be said of me that I did not keep silent when Nigeria was being mortgaged to unnecessary debt.

He warned that with the proposed N1.84 trillion borrowing, $2 billion of which President Buhari is already going to borrow in China, the nation may soon be going the way of Greece because Nigeria will be borrowing N5 billion per day for the next 365 days. “If your income was N200, 000 per month last year and your expenditure was N195, 000 per month; does it make any economic sense for you to propose to spend N300, 000 per month this year that your income has reduced to N120, 000?

“Only President Buhari can explain to Nigerians what manner of Economic theory encourages borrowing of N1.84 trillion to fund a N6 trillion budget. As for me, it is nothing but a voodoo economic theory and Nigerians must take note that the income that should accrue to them in five years’ time is about to be spent in one year by the Buhari’s APC government,” the governor said.

source
http://www.reportnaija.com/2016/04/fayose-raises-alarm-over-buharis-china.html

cc lalasticlala

This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

kenonze:
What does he know?

Fayoshe loving female Fruits since 1921

That is not Fayose. Please discontinue with this facade

Adminisher:
This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

Fayose is not completely wrong. We have to be careful not to accumulate too much debt

Adminisher:
This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

I wished you had kept quiet.

Adminisher:
This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

Its a pity you are the certified dullard here with a badge of honour. A consuming economy like Nigeria cannot borrow her way to prosperity only a producing economy does that and come out prosperous.....yes Fayose is right.... Do you understand now?

I was asking this same question, on finance minister thread,' titled financing our future '.
Buhari said he has saved 3 trillion already in the TSA account already, that is in the first quarter of 2016. That means half the amount of the budget. Plus all the recovered loot.
Are we saying the balance for funding the remaining part of the budget cannot be raised from crude oil sales in the remaining quarters of the year. Plus tax and other revenue?
Except sombody is not telling us the truth. Or i dont under

I was asking this same question, on finance minister thread,' titled financing our future '.
Buhari said he has saved 3 trillion already in the TSA account already, that is in the first quarter of 2016. That means half the amount of the budget. Plus all the recovered loot.
Are we saying the balance for funding the remaining part of the budget cannot be raised from crude oil sales in the remaining quarters of the year. Plus tax and other revenue?
Except sombody is not telling us the truth. Or i dont understand, so please nairalanders shld help explain it to me. Thanks

A wise ruler will or should be grateful that a wise man is helping him think and suggest the best policies that will benefit his citizens free of charge . For acclaimed giant of Africa to be begging other countries for help diminish our integrity shamefully .

Ekiti State House of Assembly on
Wednesday unanimously approved
N19.6bn loan facilities for the state
government.


“Apart from the loan being used to
pay the backlog of workers’ salaries,
it will also enable the government
provide some basic social amenities
in the state.”

http://www.punchng.com/news/ekiti-assembly-approves-fayoses-n19-6bn-loan-request/

Coming from the fool that is borrowing to pay salaries

Even Saudi Arabia with over 600B dollars in reserves still borrow money to balance up their budget in time of deficit. we can spend all we got because of elementary economics.

Obiagelli:
Ekiti State House of Assembly on
Wednesday unanimously approved
N19.6bn loan facilities for the state
government.


“Apart from the loan being used to
pay the backlog of workers’ salaries,
it will also enable the government
provide some basic social amenities
in the state.”

http://www.punchng.com/news/ekiti-assembly-approves-fayoses-n19-6bn-loan-request/

Coming from the fool that is borrowing to pay salaries

are you really justifying china loan with this ? Zombie is a curse

Luckylife:
are you really justifying china loan with this ? Zombie is a curse

Grow a useful brain

Obiagelli:

Grow a useful brain

chio haba at his age growing a useful brain seems late.

You dont know what is Finger-ing.

Change that topic..

Did Fayose actually finger buhari and how ?

Fayose is right.

The Oshokomole himself, pls keep on schooling the Daura dull*rd

Please how much can Fayose generate from Ekiti state to found the budget? Make him go pay his worker salary jor

Most Nigerians don't understand d implication of this external borrowing.

Obasanjo spent all his tenure paying for Nigeria debts.

D question here is,
If we borrow this money and our income does not increase how do we service these debt.
Few weeks ago it was shared on most socia media platform that Osun March allocation is only 6m after the FG serviced deducted d amounts for servicing dre debt.

This is exactly what will happen to Nigeria as A nation.

Look at the budget, is filled with gross nonessential expemditures like feeding d school children, providing for the most vulnerable in d society.

Just like OSUN state embarked on Airport and opon or whatever they call it tablet.

How dome provide for d most vulnerable when dre is no agency or organization who hv fully captured these people, how do u classify som1 as most vulnerable?

D President said that about 3 trillion is in TSA account, why don't we use that and fund budget deficit. Or is he saving it for his cows and Black Cats.

Let's reason like Igerian for once irrespective of our Party affiliation.

Buhari and common sense be like this...........

Those attacking Fayose, are you guys this daft/Stu.pid?

The President claim TSA has help save 3 Trillion Naira.

$200Billion Recovered Loot from Dubai?

Another $600Million Recovered Loot from USA

$300 Million Recovered Abacha Loot

Undisclosed Billions of Dollar received from looters

Nigeria Custom generated 1 Trillion Naira

What about Funds for the next 9Months from CRUDE sale?

So tell me what we need more to finance this Budget that he wants to enslave and mortgage our future with mere $2Billion(1.8Trillion) from CHINA

Do you guys know that after borrowing the said money, the T&C always will be to award Capital Project to any Chinese Company that the Chinese Government choose? Even when the contract price is inflated, you have no choice?

That means more bullshit from Chinese companies



Please Good Nigerians let's not allow buhari to borrow this fund from China, please Technocrats shun hate and advice him of the consequences of borrowing to finance budget of Import dependent country

fayose the economist. when will he mark his 2years in office abeg, I wan see his economic policy manifestations.

pedestal82:
I was asking this same question, on finance minister thread,' titled financing our future '.
Buhari said he has saved 3 trillion already in the TSA account already, that is in the first quarter of 2016. That means half the amount of the budget. Plus all the recovered loot.
Are we saying the balance for funding the remaining part of the budget cannot be raised from crude oil sales in the remaining quarters of the year. Plus tax and other revenue?
Except sombody is not telling us the truth. Or i dont under

and don't forget $90bn from former minister

“In elementary economics, you don’t propose to spend more when your income reduces,

shey, one dey tell hunch-back person to stand-up?? He is clueless about Economics.

Adminisher:
This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

Ask Greece what happened to them Ignorant fellow.

Adminisher:
This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

This shows you are the complete dullard here. Where is the so called 3trillion he allegedly saved from the TSA? Ignoramus.

Obiagelli:
Ekiti State House of Assembly on
Wednesday unanimously approved
N19.6bn loan facilities for the state
government.


“Apart from the loan being used to
pay the backlog of workers’ salaries,
it will also enable the government
provide some basic social amenities
in the state.”

http://www.punchng.com/news/ekiti-assembly-approves-fayoses-n19-6bn-loan-request/

Coming from the fool that is borrowing to pay salaries

This post also comes from a bigger fool which is you. Did you read what op posted or that you have a problem of understanding?

great664:
Those attacking Fayose, are you guys this daft/Stu.pid?

The President claim TSA has help save 3 Trillion Naira.

$200Billion Recovered Loot from Dubai?

Another $600Million Recovered Loot from USA

$300 Million Recovered Abacha Loot

Undisclosed Billions of Dollar received from looters

Nigeria Custom generated 1 Trillion Naira

What about Funds for the next 9Months from CRUDE sale?

So tell me what we need more to finance this Budget that he wants to enslave and mortgage our future with mere $2Billion(1.8Trillion) from CHINA

Do you guys know that after borrowing the said money, the T&C always will be to award Capital Project to any Chinese Company that the Chinese Government choose? Even when the contract price is inflated, you have no choice?

That means more bullshit from Chinese companies



Please Good Nigerians let's not allow buhari to borrow this fund from China, please Technocrats shun hate and advice him of the consequences of borrowing to finance budget of Import dependent country

i hope people like obiagelli mynd44 and adminisher can read this.


Its not easy to be a zombie

Adminisher:
This Fayose is a complete dullard. Nigeria is not going to grow without outside funds.

Shatap dis fool. If you don't understand issues on ground, close your mouth or ask questions . What do you know about country's borrowing and the effects.

tomakint:

Its a pity you are the certified dullard here with a badge of honour. A consuming economy like Nigeria cannot borrow her way to prosperity only a producing economy does that and come out prosperous.....yes Fayose is right.... Do you understand now?

Lets look at it this way. Nigeria is about to diversify its economy . This budget is about diversifying the economy .
of cos people go to bank to borrow money at reasonable percentage to start viable bizs .
All we have to do is make sure the money borrowed is judiciously used to develop infracstructures and human resources . Thats where Fayose should be worried .