The FG announced a budget of N17.127Trillion which was signed with fanfare as a great achievement. I know Lai Mohammed is waiting on the wings to sing to us that Buhari administration has signed the biggest budget in Nigeria history. So, I attempted to check what this big budget translated to in USD and I am in shock. With Naira now depreciated to N570 to $1, this budget is actually $29.8 billion. The City of New York 2022 budget $102.8 billion. It means that all of Nigeria budget for 2022 is actually only 29% or say 1/3 of New York City 2022 budget. For your information, New York city is not New York State. Even Dubai just approved $79 billion for 2022.
You can now understand why we are where we are as a nation. Please, let us send APC packing, hence in another 4 years, Nigeria will be so poor that we may start borrowing from Burundi

We can raise extra money by

1.Removing subsides

2.Raising the tax to gdp ratio from 6.4% to somewhere near 40% or more...meaning we have to tax the 65 million untaxed people who fall in the tax bracket...or the 70% of people who don't pay income tax to state or federal government.

(For more information on what I am saying, read here)

3.Cut corruption. NO excuses

4.Diversify, diversify

Modified

Basically, the main issue is we rely too much on oil...whose international prices are

1.Unstable. IN 2012, oil was around $100-120 per barrel, in 2016 it fell as far as 20 per barrel, same in 2020, and now it is at 75 per barrel, as it was in 2018.
Nigeria's fiscal breakeven oil price...was at $122 in 2012, $139 in 2019 and $133 last year. That's the price we need oil to be at least.

2. We don't set the price of oil...or at least we can't wake up and set it at a price that would favour us.


3.Agriculture, and minerals, while good, have the same problems.


For me, short term, a combination of improving revenue from tax with diversifying away from oil= more revenue for the budget.

Long term, removal of subsides in power and petroleum...more profits, and investment in both sectors....which means more revenue again for the budget.

LONGER term...we become industrial, and start exporting industrial goods and services, more money...healthy budgets.

In as much as I have shown so many times how much I detest this current administration....
That doesn't make me absorb this one sided and myopic assertion... Pls Mr OP try and prove to be an erudite thanks...