[size=16pt]Reps raise alarm on dwindling Nigerian economy [/size]

  Written by Idowu Samuel, Abuja   Friday, 15 October 2010

The House of Representatives, on Thursday, took a critical look at the state of the nation’s economy which it said had been in shambles owing to negligence by the Federal Government.

The House said the budget performance has been woeful, most especially in the current fiscal year, noting that with less than 40 per cent level of implementation, ministries and agencies of government could not have done much in running the economy.

It raised the alarm on the consistent depletion of national revenue as well as drastic reduction in the excess crude account of the federation, noting that all have been showing signs of near collapse of the Nigerian economy.

The House said the government had been making releases to ministries and agencies, lamenting rather that most of the releases were not utilised.

It alluded to the cases of Ministry of Water Resources, which it said got close to N161 billion in national budget whereas it had up till now not got more than 30 per cent of the fund; the Ministry of Education, which had N97 billion in the budget and had not been able to assess up to N20 billion and the Ministry of Health, which got N67 billion and had not been able to obtain more than N16 billion of the lump sum.

The House, through its Committee on Finance addressed the media, stressing that the 45 per cent drop in national revenue in the previous year was a bad omen for the country, even as it expressed outrage that all the revenue generating agencies of government had been short-changing Nigeria with the paltry sums they had been remitting into the national coffers.

The committee chairman, Honourable Johan Eno, who addressed the media, noted that in the past three years, the Department of Petroleum Resources (DPR), Nigerian National Petroleum Corporation (NNPC), Nigerian Customs and Federal Inland Revenue Services (FIRS) had failed to remit over N3 trillion into the national treasury.

http://www.tribune.com.ng/index.php/news/12176-reps-raise-alarm-on-dwindling-nigerian-economy

I thought the minister of finance said that Nigeria's economy is the third fasting growing economy in the world?
It seems the nation is in the grip of 419ers these days! 

Nna na wa o!

Who is looking after our money? 

The EFCC is busy chasing political opponents of the president while our coffers is being pillaged by vandals.

Our nation is in the grip of scoundrels.

What are these reps up to and where have they been when all the pillaging happened. What is their own role, because I don't buy this holier than thou gambit.

The only truth here is that our economy is being ravaged.

Soludo pretty much said the same thing, but was shouted down by a dubious federal government.

THE IMF said only this week or last, that our economy is the third fastest growing in the world.

So, what is going on.

my brethren,

for those who followed the thread on IMF info last week will remember how i diagreed with Paddy-Lo on d truth of d matter maintaining its a weak projection.

now the truth is coming out. i only wish to see the response of Paddy-Lo on this. i trust his objective outlook on economic and national matters though i guess he still doesnt realize dt d book values are not reflection of actual values here at home.

GEJ is surely not doing well.

THE IMF said only this week or last, that our economy is the third fastest growing in the world.

So, what is going on.

@LouisThoru,
which one do u believe now? i know u believe nothing but goodluck jonathan. companies are running out of nigeria and our power supply is not helping matters and u are there expecting growth. all our public funds are flying without wings out of naija and u expect growth abi? tell urself the truth, we are not doing well.
jonathan has just left this country in another auto piloting system so crash is a possibility.

Soludo said this months ago, and Sanusi labeled him an Alarmist.

They should use their indefinite tenure clause to solve the problem, abi.
Thieving scumbags

Orangemen

I stopped reading your postings since i read on one other thread, your problem with Jonathan is the fact that he is or has stollen the "Zoning" that belonged to the North.

You see, when people like you occupy Nigeria, then, the end of Nigeria is near.