CoronaVirus & Nigerian Economy: It Will Be Difficult For Federal Government To Pay Salaries In The Coming Months - Economist.

I don't pray this� happens.

Dear Salary Earners, as you keep your jobs, please make sure you are working on a viable side business that can compliment your salary.

Never bet your financial well-being on salary, I beg you.

The internet is offering a level playing ground to any serious business minded individual to explore the riches of online business and build a financial fortress around yourself.

Don't wait until you get thirsty before you start digging your well. Start now.

If you are open to give online business a try, feel free to send me a DM.


https://www.youtube.com/watch?v=XKtwIRi4RVc

Salaries? They’d have to levy new taxes

oldsol:
CoronaVirus & Nigerian Economy: It Will Be Difficult For Federal Government To Pay Salaries In The Coming Months - Economist.

I don't pray this� happens.

Dear Salary Earners, as you keep your jobs, please make sure you are working on a viable side business that can compliment your salary.

Never bet your financial well-being on salary, I beg you.

The internet is offering a level playing ground to any serious business minded individual to explore the riches of online business and build a financial fortress around yourself.

Don't wait until you get thirsty before you start digging your well. Start now.

If you are open to give online business a try, feel free to send me a DM.


https://www.youtube.com/watch?v=XKtwIRi4RVc

Sadly, our foreign reserves are depleted and price of crude has nose-dived rapidly, worst is our ships (tankers) are not able to get sell

If federal govt can't reduce the jumbo pay those holding political offices go home with,they have no right not to pay workers.
Charity they say, begins at home.

I think it's getting to a point where we will start drinking our crude oil.

Or better still, pay salaries with jerricans of crude oil and individuals will go look for buyers on their own.

OgunLaakaye:
I think it's getting to a point where we will start drinking our crude oil.

Or better still, pay salaries with jerricans of crude oil and individuals will go look for buyers on their own.

Difficult to pay salaries but not difficult to pay outrageous amounts to political office holders.
This country is gradually turning into a very big joke.

I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

fernandoc:
Difficult to pay salaries but not difficult to pay outrageous amounts to political office holders.
This country is gradually turning into a very big joke.

you right!

OgunLaakaye:
I think it's getting to a point where we will start drinking our crude oil.

Or better still, pay salaries with jerricans of crude oil and individuals will go look for buyers on their own.

Mad ooo

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

No mind am... Some people just need attention.. Salaries will be paid.. The problem is recession!!..

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

He is so right, key word there is difficult. This is simple Economics, fall in revenue affects spending.

babyfaceafrica:

No mind am... Some people just need attention.. Salaries will be paid.. The problem is recession!!..

He is spot on.

Why American is looking for a means to better the life's of his citizens, this people are thinking of how they will not pay the workers, that work hard and deserve to be paid.. What a useless Country we found ourselves

CsRockefeller:


He is spot on.

how is he spot on... There is money to pay salaries for fg workers this year.. The issue is will the salary be enough for the workers?

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

You and many other Nigerians need serious enlightenment.

Listen, budget is NOT money.

A budget is a financial plan that details projects and programs the government wants to embark on for the year and where it intends to get the funds to finance those projects and programs.

Fund that is planned to be spent in budget is largely divided into recurrent and capital expenditures. While capital expenditure takes care of infrastructure, recurrent expenditure takes care of salaries and overheads.

Now read clearly: The money for executing the plans is NOT available anywhere. That's why the government plans that it hopes to sell the crude oil and make some petrodollars and then seek from international lending agencies, banks and countries just to finance the budget. Not to mention that it may also get from its own savings.

If any of the plans don't work, it simply means that the government will have to look for an alternative.

In summary,

1. Budget is a financial plan NOT available money.

2. The funds for running a budget is NOT available anywhere.

3. The analyst is 100% right

4. Let me know if you have any questions

Thank you

babyfaceafrica:
how is he spot on... There is money to pay salaries for fg workers this year.. The issue is will the salary be enough for the workers?

Lol. There isn't. Government earns it's money every month before it distributes it. Oil is our major earner, now prices have fallen, it's simple, they can't sell what they have and even if they do, the price is very low.

After selling, they still share what they sell to the 2 other forms of Government. When it gets its share, it's first commitment is its statutory transfers, payment to it's soldiers before recurrent expenditure.

By the way, do you know the wage bill per month of the FG? It's huge, very huge. There's a big storm coming, I pray we overcome it.

This also happened during the tail end of Jonathan's reign, Govt had to borrow to pay salaries.
https://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html

CsRockefeller:


Lol. There isn't. Government earns it's money every month before it distributes it. Oil is our major earner, now prices have fallen, it's simple, they can't sell what they have and even if they do, the price is very low.

After selling, they still share what they sell to the 2 other forms of Government. When it gets its share, it's first commitment is its statutory transfers, payment to it's soldiers before recurrent expenditure.

By the way, do you know the wage bill per month of the FG? It's huge, very huge. There's a big storm coming, I pray we overcome it.

This also happened during the tail end of Jonathan's reign, Govt had to borrow to pay salaries.
https://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html

We can as well borrow again... I ain't sold on all this panic statement by this man... We will be fine for now!!... At least for this year

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

If you cannot finance your appropriated budget , how are you going to carry out the line items?

BabbanBura:


Sadly, our foreign reserves are depleted and price of crude has nose-dived rapidly, worst is our ships (tankers) are not able to get sell

Please, let's discuss on WhatsApp. You can drop your number or here is mine. 08037458080

OgunLaakaye:
I think it's getting to a point where we will start drinking our crude oil.

Or better still, pay salaries with jerricans of crude oil and individuals will go look for buyers on their own.

Hmmm! What an intriguing picture!

Macgabe:


Please, let's discuss on WhatsApp. You can drop your number or here is mine. 08037458080

What about if I may ask?

SoNature:


You and many other Nigerians need serious enlightenment.

Listen, budget is NOT money.

A budget is a financial plan that details projects and programs the government wants to embark on for the year and where it intends to get the funds to finance those projects and programs.

Fund that is planned to be spent in budget is largely divided into recurrent and capital expenditures. While capital expenditure takes care of infrastructure, recurrent expenditure takes care of salaries and overheads.

Now read clearly: The money for executing the plans is NOT available anywhere. That's why the government plans that it hopes to sell the crude oil and make some petrodollars and then seek from international donor agencies, banks and countries just to finance the budget. Not to mention that it may also get from its own savings.

If any of the plans don't work, it simply means that the government will have to look for an alternative.

In summary,

1. Budget is a financial plan NOT available money.

2. The funds for running a budget is NOT available anywhere.

3. The analyst is 100% right

4. Let me know if you have any questions

Thank you

Thanks bro you just enlighten me

Abeg make Dem pay me March I have bills to settle.

CsRockefeller:


Lol. There isn't. Government earns it's money every month before it distributes it. Oil is our major earner, now prices have fallen, it's simple, they can't sell what they have and even if they do, the price is very low.

After selling, they still share what they sell to the 2 other forms of Government. When it gets its share, it's first commitment is its statutory transfers, payment to it's soldiers before recurrent expenditure.

By the way, do you know the wage bill per month of the FG? It's huge, very huge. There's a big storm coming, I pray we overcome it.

This also happened during the tail end of Jonathan's reign, Govt had to borrow to pay salaries.
https://www.premiumtimesng.com/business/182543-nigerian-govt-borrowing-billions-to-pay-salaries-okonjo-iweala.html

Thanks for this eye opener on statutory transfer...

I keep seeing it but never knew what it means...

I just made the research and I am wowed

They will borrow to pay. This post is dead on arrival.

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, [b]So it is already provided for.[b] The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

The money Is resting In your account right? Provided for? We still have 9months left....

SoNature:


You and many other Nigerians need serious enlightenment.

Listen, budget is NOT money.

A budget is a financial plan that details projects and programs the government wants to embark on for the year and where it intends to get the funds to finance those projects and programs.

Fund that is planned to be spent in budget is largely divided into recurrent and capital expenditures. While capital expenditure takes care of infrastructure, recurrent expenditure takes care of salaries and overheads.

Now read clearly: The money for executing the plans is NOT available anywhere. That's why the government plans that it hopes to sell the crude oil and make some petrodollars and then seek from international donor agencies, banks and countries just to finance the budget. Not to mention that it may also get from its own savings.

If any of the plans don't work, it simply means that the government will have to look for an alternative.

In summary,

1. Budget is a financial plan NOT available money.

2. The funds for running a budget is NOT available anywhere.

3. The analyst is 100% right

4. Let me know if you have any questions

Thank you

Perfect No questions.....Nothing to add at all..

Jimmyubah2:
They will borrow to pay. This post is dead on arrival.

Until when? Do you think the states didn't borrow before they reached their limit?
People will only borrow you more when you're servicing your existing debts.

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

The budget was drawn with crude oil price at 57 USD it will be difficult to pay full salary if crude oil falls below 20 USD

Though payment of salary should be the topmost priority of government, they will likely borrow from IMF to pay

samsard:
Until when? Do you think the states didn't borrow before they reached their limit?
People will only borrow you more when you're servicing your existing debts.

Let them keep borrowing until the world ends. After all Naija is only known for debts. Thank you.

Nicklaus619:
I ain't sure that man is an economist, salary is a recurrent expenditure in an appropriated bill, per annum salary of all civil servants is captured in the budget yearly, so it is already provided for. The only thing that may hit Nigeria do bad now is recession, if this corona stuff continues and we couldn't export oil as Nigeria depend solely on oil, it will plunge her economic into a serious recession

what did you just say