cap28:

yes business as usual, the worst thing about these world bank loans is that they come with crippling interest rates, so i expect that the nigerian govt will end up paying back 3 times the $3.7 billion after interest has been added on.

No wonder the west just love nigeria.

The Loan outlays(Spread) is reaching $12 Biliion dollars Cap28, if they pass this
Phoney Fiscal Budget for 2011, see my Post "Foreign Experts to Manage
Nigeria's National Budget in 2011" 21/12/2010

They are getting real bold & MORE reckless now,

O.k people i have not been around for a while,
But reading this story makes me see that the Nigerian Ruling Elite
do not need to even cover their lies and fraud no more.

This story now showes the length to which these people (Naija Ruling Elite)
will go to sell its Citizens down the river!!!

I have put my explaination of the Article in Bold Brackets as you read along as it about time we break down and analyse what these so called leaders are really saying!


Thursday, December 16, 2010

Foreign experts will manage 2011 budget - Jonathan

John Ameh and Oluwole Josiah


President Goodluck Jonathan said on Wednesday that the Federal Government would engage the services of foreign experts (White Men, Non-Africans, Oyibos!!!) to manage the implementation of the national budget ($35 Billion Dollars), especially the delivery of capital projects,(This is the area of Spending where the Politicians are making their Super-Super Profits)

He said this when he formally laid the 2011 budget estimates before the joint session of the National Assembly, where he admitted that the 2010 budget performed below average.
(A.K.A A majority of the Budgetary Funds could not be accounted for due to Stealing
or looking the other way as Members of NASS Stole)

He said, "While improving the quantum of our capital outlays is important, enhancing the quality and efficiency of public expenditure is more critical. We are in the process of engaging global project management firms (Consultancy firms from abroad that are in Joint Venture-ship with "Equity firms that the Politicians in Govt have step up to benefit from the National Cake ie National Budget, especially the Capital Expenditure) to enhance capital project management and delivery.

"This will complement the construction sector transparency initiative governance structure,(A load of Big Grammar to dazzle Average Nigerians, bullsh**t basicallY),which is being introduced to enhance transparency and accountability in the execution of capital projects."(Transperancy among the Politicians so that no one feels cheated that another politician took more than their share!!)

Jonathan was also told by the Speaker of the House of Representatives, Mr. Dimeji Bankole, that before the budget estimates would be considered, the Central Bank of Nigeria and 30 other Federal Government revenue generating agencies must first attach their respective budget estimates to the national budget.(Hmmm this is an indirect Hush Hush/Please less noise/Dont Talk statement for the CBN Boys not to fight the Financial Excesses that the Politicians are going to indulge in coming 2011, as its an Election Year)

Jonathan also said that the N4.226tn budget was N933bn less than the aggregate of the budget for implementation in 2010, which amounted to N5.159,bn.($7 Billion Dollars has gone missing or shall we say has been used to settle Politicians, Backers & other Govt High Officials to grease the system that maintains these *Liars" in Power)

He said, "There is a deliberate reduction in budgeted expenditure from the N5.16tn approved in the 2010 amendment and supplementary budgets.
(Note the word used Deliberate, Yeah he got that right! they have siphoned of $7 billion dollars, as War chest/Settlement/Grab what you can if you dont get elected back to office next year Money as elections are coming up in 2011, My Inside source confirms this)

"Aggregate expenditure for 2011 is projected at N4.226tn, comprising N196.12bn for statutory transfers;(Money transfered to Revenue Generating Depts like ie Custom Dept, they have to keep these guys happy for Obvious reasons!etc) N542.38bn for debt service;(Payments to Foreign Bankers) N2.481tn for recurrent (non-debt) expenditure (hmmmm can we have an Official dept by dept Breakdown Mr President!! U wish!!!) and N1.005tn for capital expenditure (Infrastructure Projects etc that goes to those Politically connected, and the beat goes on and on!)

"This represents 18.1 per cent contraction from the N5.159tn appropriated by the 2010 amendment and supplementary budgets." ( A contraction which will never be acconted for!!!, Mr President what happenned to the £7 Billion Dollars??)

Jonathan said the budget was based on an oil projection of 2.3 million barrels per day
(Hell No!!! This is a load of Bull, we are only producingg on average 1.5mpd now!!!) and a benchmark price of $65 per barrel. The joint venture cash calls were put at $5.4bn (O,K So they tell the truth here but i guess they do becos its them forming the Joint Partnership with their off-shore companies with the MNC's) while the projected Gross Domestic Product growth rate was put at seven per cent (What a Load of Bullsh**t, i guess the Foreign experts told them this lol)

The President further said, "Our expenditure plans indicate that the 2011 fiscal balance will be a projected deficit of 3.62 per cent of GDP (They are going to Borrow $12 Billion Dollars from Foreign Creditors courtesy of our Wonderful Finance Minister!!!) New spending obligations such as the recent public service wage increases have contributed to the size of the deficit."(Yeah right, Public Sector wage increase which is just a con for Senator, Reps, and Other Politicians Expense Increases, plus Connected top Public officials, University staff, Govt Dr & Nurse should all find their Level!!! a.k.a U R ON YOUR own says your Leaders in Abuja!)

While admitting the failure of the 2010 budget (dUe to the $7 billion that went missing!!!) Jonathan said, "A total of N749.75bn had been cash-backed for capital expenditure as at the end of October through the first, second and third quarter capital releases[b](More bullsh**t double speak and garbage talk that means nothing to Nigerians!)[/b]

"With the fourth quarter releases shortly to be implemented, a total of N900bn will have been released (Please can we have a Summary Break Down of the Release and to which
dept did the money go Mr President! Yeah Right!)

"This would compare favourably with any level of capital implementation ever achieved in a 12-month fiscal year (Mors Bullsh**t talk) While capital performance varies across the MDAs, the average capital utilisation is just under 50 per cent as at the end of October."Can anybody tell me which new roads, Bridges, High-ways, Dams, Gas Power Plants are being built please outside of the FCT and Kaduna)

Meanwhile, the President of the Senate, Mr. David Mark, in his address at the budget presentation, said the legislature would lead the crusade for cuts in recurrent allocations to all government agencies (O.k here they have played their hand, if we the Politicians cant get our pay increases pushed throuhg as Law, we will start cutting
so called unneccessary budgets of Govt Dept ie Civil servants, to get our money to maintain our life-style, GET READY FOR MORE GOVT JOB LOSSES at the mid & low level of
staff come 2011!!!)

Mark, who noted the disproportionate ratio of recurrent and overhead expenditure to capital expenditure (This is where the Politicians are chopping your money!!!) said that members of both chambers of the National Assembly were willing to raise the standard by rising above the formalities of annual budget passage (Doublespeak: we are ready to work around existing laws to make sure that our capital projects are not cut which is a benefit to us Politcians and our Consituents ie our Familes that we use to run our businessess that eat from the National Capital Expenditure Cake!!!)

He said, "The National Assembly, in the discharge of its responsibilities, will, from the 2011 Appropriation Bill, re-evaluate these budget aggregates and other major macroeconomic variables across the board for all government MDAs and other arms of government to lower the personnel and overhead expenditures (Here we go, they said it as plainly as the light of day, we are cutting Govt Human Resource in 2011!!!)
and improve the level of appropriations for capital expenditures (And from the cuts we make from Govt Human Resource we are transfering this funds to our Capital Expenditure projects to Benefit our Friends and Family, as i have stated before)


Mark added that the National Assembly would lead the crusade by making the required sacrifice (Sacking powerless Mid Level & Low Level Nigerian Civil Servants) and review downwards the legislature's recurrent expenditure (Changing the Civil Servant Laws in the process) while expecting others to make similar sacrifices (Getting other senators to get civil servant budgets cut in their States!)

************************

Conclusion -

1 - Get Ready for more Austerity in 2011 in the Govt Sector

2 - Foreign Experts do not come cheap, they are expensive to maintain and command high Compensation Packages

3 - We (The Ruling Elite in Nigeria ie Politicians & Party Members) are Making sure we have a tight grip on Capital Budget Expenditures
and we will control all contract and increase contract distribution even if
this means we must cut Revenue Spending ie Sack, down-size, get rid of
civil service dept!!!

dami_paul:

These past three days have been full of drama. My wife brought a maid to the house for me to interview and decide whether to take her or not. After the interview, I told her without mincing words that I didn't want the maid. For the past three days she hasn't said a word to me. Will I see temptation right in front of me and embrace it? Pls, do I backdown or stand my ground. Advice pls

Dont you have younger nieces that can stay with you and be house
assistants and also you can train educationally as payment?
Thats want my cousin is doing, the house-help (our younger relative) is at LASU Part-time and assist with the 4 kids of my cousin.