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FG To Borrow N633bn To Fund 2013 Deficit - Politics (2) - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG To Borrow N633bn To Fund 2013 Deficit (3790 Views)

FG To Fund Budget Through Sukuk Bond / Buhari Seeks Senate Approval To Borrow N2.10 Trn / Nigeria To Borrow $2Billion From World Bank - Okonjo-Iweala (2) (3) (4)

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Re: FG To Borrow N633bn To Fund 2013 Deficit by chucky234(m): 3:56pm On Jul 17, 2012
Billyonaire: The Medium Term Expenditure Framework 2012 – 2014 obtained by one of our correspondents in Abuja on Monday showed that out of a proposed expenditure of N4.83tn in 2013, the Federal Government would resort to the domestic debt market to borrow N633.85bn.

Any intelligent reader will understand that the writer is biased. But according to his data:

Between 2012 to 2014
Proposed Expenditure N4.83tn and govt "to borrow" N633.85, "based on" 'Niger Delta' oil benchmark price of $72 per barrel. (If price of oil goes up, they no go borrow) Una for go explore your own state resources help Nigeria now, Niger Delta oil money no reach to spend on infrastructure and we wan borrow. If Groundnut and cocoa is helping, may be we suppose no borrow.
Whether its proposed or not our current domestic debt is enough cause for alarm, $38.37bn!!! Haba, we are finished.
Re: FG To Borrow N633bn To Fund 2013 Deficit by chucky234(m): 3:56pm On Jul 17, 2012
Billyonaire: The Medium Term Expenditure Framework 2012 – 2014 obtained by one of our correspondents in Abuja on Monday showed that out of a proposed expenditure of N4.83tn in 2013, the Federal Government would resort to the domestic debt market to borrow N633.85bn.

Any intelligent reader will understand that the writer is biased. But according to his data:

Between 2012 to 2014
Proposed Expenditure N4.83tn and govt "to borrow" N633.85, "based on" 'Niger Delta' oil benchmark price of $72 per barrel. (If price of oil goes up, they no go borrow) Una for go explore your own state resources help Nigeria now, Niger Delta oil money no reach to spend on infrastructure and we wan borrow. If Groundnut and cocoa is helping, may be we suppose no borrow.
Whether its proposed or not our current domestic debt is enough cause for alarm, $38.37bn with less than $10bn in foreign reserve.
Haba, we are finished.
Re: FG To Borrow N633bn To Fund 2013 Deficit by OjujuCalabar(m): 4:19pm On Jul 17, 2012
This country called Nigeria is a funny entity. I can tell their plans, to ensure this entity become bankrupt before revolution takes place.
Re: FG To Borrow N633bn To Fund 2013 Deficit by jennyb2: 4:27pm On Jul 17, 2012
may the mystery of d tower of babel become d portion of our so called leaders in dis country! AMEN!
Re: FG To Borrow N633bn To Fund 2013 Deficit by dayokanu(m): 4:42pm On Jul 17, 2012
Another Retardeen Jonathan production
Re: FG To Borrow N633bn To Fund 2013 Deficit by Nobody: 4:43pm On Jul 17, 2012
Billyonaire: Who is Bakare to be taken seriously ?

You oga still dey chop $30,000/day meals abi? How much was the cost of Breakfast, Lunch and Dinner for EVERYONE in your family today?

But you wan dey here dey defend the indefensible all because of greed, myopic thinking, and the crumbs youre being given by those who run the bakery.

SMH youre a loser, dude, kill urself.
Re: FG To Borrow N633bn To Fund 2013 Deficit by manny4life(m): 4:48pm On Jul 17, 2012
Nigerians, when will all this nonsense STOP? angry angry angry

As much as I have hope for GEJ and his administration, but this will head Nigeria into total bankruptcy which will cripple Nigerian economy sooner or later. angry angry angry
Re: FG To Borrow N633bn To Fund 2013 Deficit by Kobojunkie: 4:52pm On Jul 17, 2012
GAR3TH: They do realize that they can raise that money by cutting unnecessary overhead cost in government. For god sake 72% of the N4.7 trillion federal budget is recurrent expenditures. Why put the country in more debt when you can easily pay the deficit by cutting and stopping your corrupt ways.

What the heck kind of suggestion is that? You want this government to be seen as a government of common sense, ehn? undecided undecided undecided
Re: FG To Borrow N633bn To Fund 2013 Deficit by dedeike: 5:06pm On Jul 17, 2012
The problem is that most people on Nairaland do not have the patience to read thru a post before making comments.
They come with a made up mind that nothing good will happen, so they just take a glance at the headline and jump into a spree of insults and abuses.

Any objective mind who reads thru will first of all acknowledge that the FG has started early enough to make projections for the 2013 budget. It is a welcome development given our history of carelessness and late planning.

Then to the crux of the matter. The minister says our domestic debt profile has increased and we may record a huge budget deficit that may require borrowing for 2013 not 2012.
She went further to explain that the huge debt profile was due to increasing wage bil since 2005. We all know that GEJ has not been president since 20005 so it will be most unfair to isolate the president for bashing.

On the other hand, she revealed that there was over 200% increase recently. The question then is, why this astronomical rise in debt profile?
We would all recall that president GEJ increased minimum wage from N8,000 to N18,500. Even corpers now earn N19,000 monthly. All these increments will definitely increase our wage bill.
It's not rocket science to understand this.
,
Re: FG To Borrow N633bn To Fund 2013 Deficit by Nobody: 5:19pm On Jul 17, 2012
dedeike: The problem is that most people on Nairaland do not have the patience to read thru a post before making comments.
They come with a made up mind that nothing good will happen, so they just take a glance at the headline and jump into a spree of insults and abuses.

Any objective mind who reads thru will first of all acknowledge that the FG has started early enough to make projections for the 2013 budget. It is a welcome development given our history of carelessness and late planning.

Then to the crux of the matter. The minister says our domestic debt profile has increased and we may record a huge budget deficit that may require borrowing for 2013 not 2012.
She went further to explain that the huge debt profile was due to increasing wage bil since 2005. We all know that GEJ has not been president since 20005 so it will be most unfair to isolate the president for bashing.

On the other hand, she revealed that there was over 200% increase recently. The question then is, why this astronomical rise in debt profile?
We would all recall that president GEJ increased minimum wage from N8,000 to N18,500. Even corpers now earn N19,000 monthly. All these increments will definitely increase our wage bill.
It's not rocket science to understand this.
,


But its rocket science to understand why Trillions keep missing from the Treasury since this inept, drunken, murderous and deceitful fisherman took over, abi?

1 Like

Re: FG To Borrow N633bn To Fund 2013 Deficit by CyberG: 5:28pm On Jul 17, 2012
Where are the bigoted, narrow minded Nigerians from the SS/SE mostly, who voted 98% for this retrogressive bastard retardeen slow president?? Have you gotten your airports, floating cities in the Niger Delta, etc yet? One man once paid about $12 B dollars to take Nigeria off the debt books just a few years ago and now, the country is > 3X more indebted with the foreign reserve and ECA almost wiped out? Yet, no new roads, constant power, better security, etc. what did the Jonadaftest retardeen do with all the money? Cassava bread and $ 1 B feeding bill? Una go suffer die foolish people!!

2 Likes

Re: FG To Borrow N633bn To Fund 2013 Deficit by VolvoS60(m): 5:44pm On Jul 17, 2012
ypzilanti: Many people do not understand the level of decline we are facing as a nation.

It has got to the point where anyone with the means should have a plan B just in case.



^^^That's the truth up there. I'm surprised more posts do not have warnings like this.

He who has ears, let him hear.

The time for online debates and critiques has passed - we are marching inexorably towards the denouement.

Anyone who is smart should be prepared. The wise hope for the best but prepare for the worst.
Re: FG To Borrow N633bn To Fund 2013 Deficit by OnlyemmyM(m): 6:14pm On Jul 17, 2012
My fellow nigerians please what is our country turning to, A nation with debts, Ngozi okonjo iweela and Get want to scrumble this country into an abject poverty country, After borrowing 633.sumtin billion dollar, If the country cannot pay back then one day they will buy our country as a whole with all the natural resources given to us by God, crude oil, coal, mineral and fertile soil, May God help Nigeria.
Re: FG To Borrow N633bn To Fund 2013 Deficit by CyberG: 6:27pm On Jul 17, 2012
Nigeria voted for the most incompetent SOB as president, why should anyone complain? Next time, vote with your sense based on fact and not your narrow-mindedness and bigotry!

1 Like

Re: FG To Borrow N633bn To Fund 2013 Deficit by chucky234(m): 6:58pm On Jul 17, 2012
dedeike: The problem is that most people on Nairaland do not have the patience to read thru a post before making comments.
They come with a made up mind that nothing good will happen, so they just take a glance at the headline and jump into a spree of insults and abuses.

Any objective mind who reads thru will first of all acknowledge that the FG has started early enough to make projections for the 2013 budget. It is a welcome development given our history of carelessness and late planning.

Then to the crux of the matter. The minister says our domestic debt profile has increased and we may record a huge budget deficit that may require borrowing for 2013 not 2012.
She went further to explain that the huge debt profile was due to increasing wage bil since 2005. We all know that GEJ has not been president since 20005 so it will be most unfair to isolate the president for bashing.

On the other hand, she revealed that there was over 200% increase recently. The question then is, why this astronomical rise in debt profile?
We would all recall that president GEJ increased minimum wage from N8,000 to N18,500. Even corpers now earn N19,000 monthly. All these increments will definitely increase our wage bill.
It's not rocket science to understand this.
,
You were patient enough to read but ended up posting a ridiculous comment,how many states currently pays the minimum wage you are talking about?
Before you look forward to 2013 as proposed why didn't you take a second to ponder at our domestic debt which stands at N5.97tn with N1.21tn of that coming between March 2011 and 2012, always think before coming out here to sell your ignorance in the open.
Mumu agbaya ode olodo.
Re: FG To Borrow N633bn To Fund 2013 Deficit by asha80(m): 7:08pm On Jul 17, 2012
CyberG: Where are the bigoted, narrow minded Nigerians from the SS/SE mostly, who voted 98% for this retrogressive bastard retardeen slow president?? Have you gotten your airports, floating cities in the Niger Delta, etc yet? One man once paid about $12 B dollars to take Nigeria off the debt books just a few years ago and now, the country is > 3X more indebted with the foreign reserve and ECA almost wiped out? Yet, no new roads, constant power, better security, etc. what did the Jonadaftest retardeen do with all the money? Cassava bread and $ 1 B feeding bill? Una go suffer die foolish people!!
CyberG: Where are the bigoted, narrow minded Nigerians from the SS/SE mostly, who voted 98% for this retrogressive bastard retardeen slow president?? Have you gotten your airports, floating cities in the Niger Delta, etc yet? One man once paid about $12 B dollars to take Nigeria off the debt books just a few years ago and now, the country is > 3X more indebted with the foreign reserve and ECA almost wiped out? Yet, no new roads, constant power, better security, etc. what did the Jonadaftest retardeen do with all the money? Cassava bread and $ 1 B feeding bill? Una go suffer die foolish people!!
and the sw and nc voted for who?abeg relax and sip moet o jare.we are in this honeymoon together
Re: FG To Borrow N633bn To Fund 2013 Deficit by ypzilanti: 7:15pm On Jul 17, 2012
Shebi Bakare said it, and the messenger was shot. He's not my pastor, but he knows what he's talking about.

The country is borrowing and spending on reccurrent expenditures and overheads.

You do not have to be a nobel lauraete in Economics to know that this is a recipe for bankruptcy.

If the oil prices move to like $60, we are royally skrewwwed.
Re: FG To Borrow N633bn To Fund 2013 Deficit by asha80(m): 7:21pm On Jul 17, 2012
by the way what about states that are heavily indebted and have been reeling out deficit budget for sometime now?
Re: FG To Borrow N633bn To Fund 2013 Deficit by Kobojunkie: 7:27pm On Jul 17, 2012
Does it matter what states are heavily indebted here? The problem is much of the borrowing here is for Federal projects, which remain waste pipes.
Re: FG To Borrow N633bn To Fund 2013 Deficit by ypzilanti: 7:58pm On Jul 17, 2012
Kobojunkie: Does it matter what states are heavily indebted here? The problem is much of the borrowing here is for Federal projects, which remain waste pipes.

Bros, even worse, the borrowing is for salaries and overheads.
Re: FG To Borrow N633bn To Fund 2013 Deficit by femmy2010(m): 9:20pm On Jul 17, 2012
Boko Haram where is thy sting?
Re: FG To Borrow N633bn To Fund 2013 Deficit by bizgynbala(m): 10:14pm On Jul 17, 2012
kingoflag:

You oga still dey chop $30,000/day meals abi? How much was the cost of Breakfast, Lunch and Dinner for EVERYONE in your family today?

But you wan dey here dey defend the indefensible all because of greed, myopic thinking, and the crumbs youre being given by those who run the bakery.

SMH youre a loser, dude, kill urself.
.... Crumbs of cassava bread I wonder how it will taste... Fresh Pungent Air....
Re: FG To Borrow N633bn To Fund 2013 Deficit by dedeike: 1:05am On Jul 18, 2012
chucky234: You were patient enough to read but ended up posting a ridiculous comment,how many states currently pays the minimum wage you are talking about?
Before you look forward to 2013 as proposed why didn't you take a second to ponder at our domestic debt which stands at N5.97tn with N1.21tn of that coming between March 2011 and 2012, always think before coming out here to sell your ignorance in the open.
Mumu agbaya ode olodo.
Biggest fool of all time. I'm talking of federal government and you're talking of state.
See how you have come to advertise your ignorance and illiteracy on this thread. In your little dull ogogoro soaked brain , OKONJO IWEALA prepares budget for the 36 states abi? F.OOL!
for your information, the reference to huge wage bill refers to the new increased federal govt minimum wage and that largely accounts for the huge debt profile.
And I will advice you go back and read the well thought pan for the 2013 budget deficit. Make sure you don't smoke your Skunk before going to read it otherwise you will stil come back empty
Re: FG To Borrow N633bn To Fund 2013 Deficit by Nobody: 5:20am On Jul 18, 2012
There is nothing wrong in running a deficit if such will be judiciously used to finance what can help grow the economy.
Here is abc of sovereign debt for the handicapped:
 
https://www.youtube.com/watch?v=mEVqeaFHsHE



But GEJ administration is the most corrupt on earth. He will simply embezzle the money.
Re: FG To Borrow N633bn To Fund 2013 Deficit by Nobody: 11:01am On Jul 18, 2012
Poor financial and budgetary control. Why would a country in dire need of infrastructal infrastructal development spend over half of her budget on recurrent expenditure? Its sickening
Re: FG To Borrow N633bn To Fund 2013 Deficit by jpphilips(m): 4:56pm On Jul 18, 2012
Demdem:

grin grin grin

Billygoat, i know its a proposal like this one i highlighted before:

The MTEF document also showed that the Federal Government would spend N1.69tn on personnel as against the N1.65tn it proposed on the same item in 2012.

Does this makes sense especially from a govt that tells us recurrent expenditure will constantly go down. BillyGoat, use ur brain, if at al u av one.

more militants have been added to the recurrent expenditure of the Govt, so what do u expect? lol cant u see how happy beaf is lately?

by the time they add boko haram, recurrent expenditiure will be 95% and a population of over 167 million will depend on only 5% revenue per annum.

PDP is a curse
Re: FG To Borrow N633bn To Fund 2013 Deficit by jpphilips(m): 5:07pm On Jul 18, 2012
dedeike: The problem is that most people on Nairaland do not have the patience to read thru a post before making comments.
They come with a made up mind that nothing good will happen, so they just take a glance at the headline and jump into a spree of insults and abuses.

Any objective mind who reads thru will first of all acknowledge that the FG has started early enough to make projections for the 2013 budget. It is a welcome development given our history of carelessness and late planning.

Then to the crux of the matter. The minister says our domestic debt profile has increased and we may record a huge budget deficit that may require borrowing for 2013 not 2012.
She went further to explain that the huge debt profile was due to increasing wage bil since 2005. We all know that GEJ has not been president since 20005 so it will be most unfair to isolate the president for bashing.

On the other hand, she revealed that there was over 200% increase recently. The question then is, why this astronomical rise in debt profile?
We would all recall that president GEJ increased minimum wage from N8,000 to N18,500. Even corpers now earn N19,000 monthly. All these increments will definitely increase our wage bill.
It's not rocket science to understand this.
,

before you sound like reno omokri aka brain dead beaf, please what percentage of the recurrent expenditure is the wage bill?
Re: FG To Borrow N633bn To Fund 2013 Deficit by billyG(m): 8:33pm On Jul 18, 2012
Wher is d deficit coming frm in an oil boom when crude oil sell over $100/barrel d slowpoke & PDP will bankrupt nigeria
Re: FG To Borrow N633bn To Fund 2013 Deficit by nimi1: 6:58am On Jul 19, 2012
We need to understand that the minister of finance has regularly been opposed to the idea of piling domestic debt. Her opposition is based on the fact that piling up domestic debt will choke our economy. We need to understand her point and embrace her proposal. I am of the opinion that she has a good plan for Nigeria.

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