WaffenSS:

Bevista:
I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. That the government has been able to come up with that size of budget - even in the face of declining oil prices & lower oil production levels - without depreciating the official exchange rate of the Naira - is truly remarkable.

How GEJ (with benchmark oil price of over $75 throughout his term) was not able to come up with a budget of up to N5T beggars belief. One can now say without equivocation that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, oil price was actually higher ($105) than the budget benchmark and yet our Foreign Reserves and ECA was declining.

Thanks for the budget history I was actually trying to lay my hands on them. I don't care how slow Buhari is, all I know is that God has finally given Nigeria the leader it has been yearning for. May this man succeed in Jesus name- Amen

ril19:
About 15 Percent Of That Sum (1.4trn) Will Be Coming From The Coffers Of Empty Hen [sic].

#NaJokeO

Hehehehehe

SeverusSnape:

Hehehehehehehehehehe
Hehehehehehehehehehe

Who's gonna jail him?... You??... The dull'ard??

I laugh in German.

well, you people said the same thing about Dasuki....he's in EFCC cell right now.

And yes, the 'dull'ard' has all the means at his disposal to jail a certain sheepish, loony, clueless, drunken, thieving, incompetent, inexperienced, incoherent, unintelligent fake PhD holder, were it to his pleasure.

And the neutered PDP can only wail endlessly about it.

baralatie:

One like.

Just to make you feel better about yourself.

WaffenSS:


One like.

Just to make you feel better about yourself.

Have ever thought how the fg is going to fund a $30 billion expenditure budgetbudget without running into problems!

the budget still centered on oil production...when would we ever learn as a country...why has foolishness become the forte of our leaders....oil oil and oil...this government is a joke...

Bevista:
I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. That the government has been able to come up with that size of budget - even in the face of declining oil prices & lower oil production levels - without depreciating the official exchange rate of the Naira - is truly remarkable.

How GEJ (with benchmark oil price of over $75 throughout his term) was not able to come up with a budget of up to N5T beggars belief. One can now say without equivocation that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, oil price was actually higher ($105) than the budget benchmark and yet our Foreign Reserves and ECA was declining.

i hope you never failed to ask yourself what the excess crude cash was used for...it was embezzled by all governors including the ones shouting change now...do not always rush to condemn gej...be slow to condemning people....

WaffenSS:



well, you people said the same thing about Dasuki....he's in EFCC cell right now.

And yes, the 'dull'ard' has all the means at his disposal to jail a certain sheepish, loony, clueless, drunken, thieving, incompetent, inexperienced, incoherent, unintelligent fake PhD holder, were it to his pleasure.

And the neutered PDP can only wail endlessly about it.

You're only ranting you SS wannabe!

B00HARI won't do shit_.

We didn't say anything about Dasuki, Besides, He's on a revenge mission as far as Dasuki's case is concern.

But he can kill Dasuki for all I care.

As long as he doesn't touch GEJ, Ngozi and maybe Diezani.

baralatie:

Have ever thought how the fg is going to fund a $30 billion expenditure budgetbudget without running into problems!

I daresay if there were possibilities of running into deal-breaking problems, neither the FEC nor the NASS would ever contemplate such suicide. Indeed they'd settle for a more conservative one, even perhaps lower than norm.

But the fact remains that to wean ourselves off oil revenue as a mainstay, money must substantially be spent to revive or kickstart other means of generating revenue.

It's a painful pill we all have to swallow. We can all stop whining, toughen up, and survive it. People survived the Dust Bowl and the Great Depression. We're no worse off than Greece.

I'm not Pro-APC. I cannot stand PDP (on account of history), and I'm only cautiously optimistic about PMB, as I was when GEJ was sworn in after Yar'adua keeled over.

The solution is to look beyond the 'US vs Them' of PDP and APC and look at ourselves as being in the same boat.

I'm not your enemy.

IzonOwei:
i hope you never failed to ask yourself what the excess crude cash was used for...it was embezzled by all governors including the ones shouting change now...do not always rush to condemn gej...be slow to condemning people....

So quick to blame governors. Yes, the governors joined in embezzling it, but that was so that the FG alone does not embezzle it. However, can the FG account for its own share of the Excess Crude Account? - NO!

SeverusSnape:


You're only ranting you SS wannabe!

Mein Gott und Himmel!! Ketzerei!!!


Nicht noch einmal sagen Sie das!

Ich bin SS-und Polizeiführer.

SeverusSnape:

B00HARI won't do shit_.

I dont speak for him.

SeverusSnape:

We didn't say anything about Dasuki, Besides, He's on a revenge mission as far as Dasuki's case is concerned.

Whether revenge mission or not, Dokpesi has already hammered in the final nail in Dasuki's coffin. It's the case of killing two stones with one bird.

SeverusSnape:

But he can kill Dasuki for all I care.

They've a nasty habit of keeling over by themselves....Audu, Alams...etc.

SeverusSnape:

As long as he doesn't touch GEJ, Ngozi and maybe Diezani.

I dont believe jailing GEJ is his priority, even if to accord the feeble gentleman some measure of recognition for his position. NOI is most likely going off scot free because i dont believe she was guilty of anything besides complacency. As for Diezani, well, cancer is avenging us enough.

Bevista:
So quick to blame governors. Yes, the governors joined in embezzling it, but that was so that the FG alone does not embezzle it. However, can the FG account for its own share of the Excess Crude Account? - NO!

let the blame go to every one who pressured the excess crude cash be shared amongst the mofos we called/call governors...let us direct our anger to everyone equally,including the governor of whatever state you come from..enough of this one sided blame game... ...buhari should diversify our economy and stop planning budgets on oil production...i thought this government should have learnt a thing or two but no they are as foolish as previous governments..nonsense..

WaffenSS:


I daresay if there were possibilities of running into deal-breaking problems, neither the FEC nor the NASS would ever contemplate such suicide. Indeed they'd settle for a more conservative one, even perhaps lower than norm.

But the fact remains that to wean ourselves off oil revenue as a mainstay, money must substantially be spent to revive or kickstart other means of generating revenue.

It's a painful pill we all have to swallow. We can all stop whining, toughen up, and survive it. People survived the Dust Bowl and the Great Depression. We're no worse off than Greece.

I'm not Pro-APC. I cannot stand PDP (on account of history), and I'm only cautiously optimistic about PMB, as I was when GEJ was sworn in after Yar'adua keeled over.

The solution is to look beyond the 'US vs Them' of PDP and APC and look at ourselves as being in the same boat.

I'm not your enemy.

Okay,let me try this way!
1,the 6trillion is $30 billion dollars
2,as at now the budget is 4.4tr is $20 billion plus 1tr ($5 billion loan)
3.the reason it is $5billion is the benchmark was reduced from $65 to $53
4.can you see the issues spring up now
5.that $30billion will have $10-$12billion as loan
6.this is no joke
7,i can only pray the buhari team know what they are stepping into maybe just maybe the price of oil will jack up and give the govt a lifeline.there are sooo many things involved right now
9,federal oil receipts is technically$9-$10 billion while fedral non oil is above $8 billion

WaffenSS:


At least it's about 1 trillion higher than the highest your patron saint GEJ ever attained, before he promptly turned around and stole 90% of the budget.

And back then oil was like $70

.

IzonOwei:
let the blame go to every one who pressured the excess crude cash be shared amongst the mofos we called/call governors...let us direct our anger to everyone equally,including the governor of whatever state you come from..enough of this one sided blame game... ...buhari should diversify our economy and stop planning budgets on oil production...i thought this government should have learnt a thing or two but no they are as foolish as previous governments..nonsense..

How convenient for you to tell Buhari to diversify the economy in six months, when your brother had 6 years and could not achieve same.

Is it not clear from the proposed 2016 budget that government revenue has already been diversified? If your brother was still in power, our budget would have been a lot lower with $38 oil price, or he would armtwisted the CBN to devalue the Naira to 250 so he fund the budget.

WaffenSS:


At least it's about 1 trillion higher than the highest your patron saint GEJ ever attained, before he promptly turned around and stole 90% of the budget.

And back then oil was like $70

Mind u $70 was just a benchmark. There was a time crude was sold for $130 p barrel wch means the excess ll go into the excess crude account . but due to the mumu and d thieves we ve as leaders , they neva tot thr ll be a decline so everyday na xmas. So they kept looting and ECA was later share among states

WaffenSS:


At least it's about 1 trillion higher than the highest your patron saint GEJ ever attained, before he promptly turned around and stole 90% of the budget.

And back then oil was like $70

Mind u $70 was just a benchmark. There was a time crude was sold for $130 p barrel wch means the excess ll go into the excess crude account . but due to the mumu and d thieves we ve as leaders , they neva tot thr ll be a decline so everyday na xmas. So they kept looting and ECA was later share among states

baralatie:

Okay,let me try this way!
1,the 6trillion is $30 billion dollars
2,as at now the budget is 4.4tr is $20 billion plus 1tr ($5 billion loan)
3.the reason it is $5billion is the benchmark was reduced from $65 to $53
4.can you see the issues spring up now
5.that $30billion will have $10-$12billion as loan
6.this is no joke
7,i can only pray the buhari team know what they are stepping into maybe just maybe the price of oil will jack up and give the govt a lifeline.there are sooo many things involved right now
9,federal oil receipts is technically$9-$10 billion while fedral non oil is above $8 billion

I'm not about to start bandying about figures with you.

Evidently you know more than the FEC, with all it's Minister of National Planning, the Ministry of Finance, the MTEF, the army of consultants, the CBN, and countless other resources.

Nope. Those arseholes in government dont have a clue how to do budgets.

I wish i could send your CV to PMB and beg him to consult a pro like you. Heck, he could even abdicate and make you president!

allawizzow:



Mind u $70 was just a benchmark. There was a time crude was sold for $130 p barrel wch means the excess ll go into the excess crude account . but due to the mumu and d thieves we ve as leaders , they neva tot thr ll be a decline so everyday na xmas. So they kept looting and ECA was later share among states

Exactly!

My $70 estimate (the real benchmark back then was like $62 or so) was conservative, since the ECA was constantly dipped into at every whim.

WaffenSS:


I'm not about to start bandying about figures with you.

Evidently you know more than the FEC, with all it's Minister of National Planning, the Ministry of Finance, the MTEF, the army of consultants, the CBN, and countless other resources.

Nope. Those arseholes in government dont have a clue how to do budgets.

I wish i could send your CV to PMB and beg him to consult a pro like you. Heck, he could even abdicate and make you president!

let us wait for their budget breakdown!

baralatie:

let us wait for their budget breakdown!

Great idea.

Bevista:
How convenient for you to tell Buhari to diversify the economy in six months, when your brother had 6 years and could not achieve same.

Is it not clear from the proposed 2016 budget that government revenue has already been diversified? If your brother was still in power, our budget would have been a lot lower with $38 oil price, or he would armtwisted the CBN to devalue the Naira to 250 so he fund the budget.

please explain the bolded wih facts and stop blabbing,,...because what we both read up there is that the budget is highly hinged on oil production and sales...so explain to me how the economy is already diversified with respect to the budget...thank you...

dabriggs:



They are being optimistic. No mind them. They forget to plan for the worst and hope for the best.

Also we need to get away from this attachment to oil. We don turn oil-wrapper. Like I will say, the number of Charging points for electric cars being constructed in public parking lots in Europe is alarming. I fear for my country. Now they are planning to reduce global warming. While this seems tall, it cannot be disregarded. Reducing emissions will one way or another impact the use of hydrocarbons. The more it becomes irrelevant, the less the value and the more Nigeria will suffer financially.

This is exactly d case. Energy play is taking a new dimension. The only way Nigeria can optimise its oil and gas reserve to benefit all and sundry is to build refineries, develop world class petrochemical industry and encourage indigenous companies who will be making use of the petrochemical raw material to manufacture different products; Tyre, textile, packaging, fertiliser, cream, perfumes, name it.

But vested interests, who are trading the collective success n glory of this country for their selfish gain won't allow this to happen.

All wht we do is pump crude n sell in international market. Hv we ever asked ourselves this question "those countries buying this crude wht are they doing with it?"

All oil wells shud return to the NNPC n IOCs . Local content shud b on downstream sector. And servicing arm of upstream.

But this, and agricultural investment can only begin to evolve if we delvove power n practise true federalism. Some state r dormant not tht they hv nothing to survive with.

SeverusSnape:


You're only ranting you SS wannabe!

B00HARI won't do shit_.

We didn't say anything about Dasuki, Besides, He's on a revenge mission as far as Dasuki's case is concern.

But he can kill Dasuki for all I care.

As long as he doesn't touch GEJ, Ngozi and maybe Diezani.

An irrelevant individual's rantings.

ayemerbarth:
How come it's exactly 6 trillion? Maybe the billions and millions on top means nothing to them. This budget is inconclusive on arrival. Common sense would ve been when benchmark was 75 dollar per barrel, budget was 4.75trillion. When it's now 38, budget would have been divided by 2 to give 2.37 trillion approximately. Only in this govt we see dwindling oil prices and high budget figures at the same time. Wonders ll never seize in Naija.

olodo

Impunity and corruption has prevented past budgets from being effective........

Corruption must be tackled before the 2016 budget is effected.

The intelligent are already preparing proposals to key into budget.

ayemerbarth:
How come it's exactly 6 trillion? Maybe the billions and millions on top means nothing to them. This budget is inconclusive on arrival. Common sense would ve been when benchmark was 75 dollar per barrel, budget was 4.75trillion. When it's now 38, budget would have been divided by 2 to give 2.37 trillion approximately. Only in this govt we see dwindling oil prices and high budget figures at the same time. Wonders ll never seize in Naija.

wat de ar tryin to tel u is: wit a benchmark of $75/per barel, our budget is supos to clock atlist 10trn. Bt hw woul dat hapun wen we hav dullards (GEJ & co) whose aim is to embazzle d country's money. Imagine, wit a benchmark of jox $38 per barel PMB is budgetin 6trn . Well, u cant stop d wailers frm waillin.

$25 looks more realistic. We all know that 6 trillion den budget won't even judiciously used so why not curb it

chinchum:
i will recommend 30 dollars /barrel as budget benchmark, instead of 38 dollars per barrel. As at today, oil is now under 40 dollars /barrel, it has achieved a 11 year low(since 2004), and i see it going towards 25 dollars/barrel, iran will be pumping more fuel in to the oil export market in 2016. Nigeria must look beyond oil to a great extent in 2016.

Bevista:
I'll help with some figures of the budget proposals of the FG from 2011, just to provide some perspective:

2011
Budget Proposed - N4.97Trillion
Oil Price Used - $75
Oil Production - 2.3mbbls/day

2012
Budget Proposed - N4.75Trillion
Oil Price Used - $70
Oil Production - 2.48mbbls/day

2013
Budget Proposed - N4.98Trillion
Oil Price Used - $79
Oil Production - 2.53mbbls/day

2014
Budget Proposed - N4.91Trillion
Oil Price Used - $75
Oil Production - 2.39mbbls/day

2015
Budget Proposed - N4.49Trillion
Oil Price Used - $53
Oil Production - 2.28mbbls/day

2016
Budget Proposed - N6.0Trillion
Oil Price Used - $38
Oil Production - 2.2mbbls/day

I am interested in seeing the revenue details from the budget to know exactly how government intends to fund the budget. My first instinct, though, is that leackages in revenue generating agencies (like NCS, NPA, NNPC, etc) have been blocked and all funds channeled into the TSA. That the government has been able to come up with that size of budget - even in the face of declining oil prices & lower oil production levels - without depreciating the official exchange rate of the Naira - is truly remarkable.

How GEJ (with benchmark oil price of over $75 throughout his term) was not able to come up with a budget of up to N5T beggars belief. One can now say without equivocation that, had PMB met an oil price of $75, we would be talking about a N10T budget. Kindly note that during GEJ term, oil price was actually higher ($105) than the budget benchmark and yet our Foreign Reserves and ECA was declining.

you have said it all! Lets wait and see how the budget implementation fare by the end of first quarter 2016 before we can pass comments. Fingers crossed .

IzonOwei:
please explain the bolded wih facts and stop blabbing,,...because what we both read up there is that the budget is highly hinged on oil production and sales...so explain to me how the economy is already diversified with respect to the budget...thank you...

(1) If you multiply the production rate of 2.2mbpd by $38/bbl, you can find the total $ revenue per day.
(2) Multiply the value in (1) above by 365, then you get the annual $ revenue
(3) Multiply the value in (2) above by 60%, then you get accruable $ revenue to Nigeria (IOCs and other JV partners share the other 40%)
(4) Multiply the value in (3) above by 54%, then you get FG $ share of the revenue
(5) Multiply the value in (4) above by N197, then you get the Naira value of FG revenue from crude oil
(6) Find the percentage of (5) above of N6T, then you will observe that crude oil is not that significant in Nigerian budget the way it used to be in the past.

The import of this is that FG is expecting revenue from other sources. I do not know what those other sources are until I see the full budget breakdown.

Kindly note that the steps above are a bit crude and has not taken into consideration certain circumstances, but it will give you a very close estimate of the actual.

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Cheers bro