For someone d wailers called a dullard
And a no certificate leader imagin him putting education on priority
While the so called PHD holder did not do anything as regards education.

Then, who is truly wise?

vkon2:
Hop they still ave in mind the monthly payment of #5k for the graduate every month

Should be under special intervention programs

4Play:


It's the projected non-oil revenues that I find wildly optimistic. 2016 is only a few weeks away and so far we are not seeing any substantial increase in non-oil revenues which will justify the revenues projection being made for next year.

What might save us is a rally in oil prices which could happen next year but that is a big gamble. My view is that this is budget of irresponsibility.

So you mean Nigeria cannot generate N1.6trn from all these

Customs (huge)
Ports (huge)
FIRS (huge)
Aviation
Immigration
Agriculture
Mining
CBN (remember the BVN fines)
Fines (remember MTN and other companies to come)
Ministry of justice (remember huge bail fees)


Please think again. Nigeria is filthy rich if we manage our resources very well. Far richer than any african country.

Love Machine:
But the price and demand is going down in the international market.

Agreed.
But the pson I quoted was trying to say that just because petrol prices are declining, it follows that new crude oil exploration is a waste of funds.Its a very wrong impression and poor understanding of the crude oil market.

vizion:


The Federal Inland Revenue Service (FIRS) says it generated N1.97 trillion in revenue in the first half of this year (2015).
http://www.vanguardngr.com/2015/08/firs-realises-n1-97trn-revenue/

See Also
FIRS Generates N4.69tn Revenue in 2014

The report also indicated that N2.45 trillion, representing 52.96 per cent, was collected from petroleum profit tax while N2.24 trillion, representing 47.04 per cent, was collected from non-oil taxes during the period.

http://www.thisdaylive.com/articles/firs-generates-n4-69tn-revenue-in-2014/200484/

If you look at that 2014 Thisday article, 4.6 trillion was generated in a year oil prices were above $100 for the first half of the year. That 4.6 trillion is 1.4 trillion less than we are planning to spend in year we are expecting oil prices to be less than $40. It takes some optimistic assumptions to expect that those gaping revenue holes will be filled.

What is even more chilling is recent revenue collection stats in the post-GEJ era, if revenue collection remains lacklustre now how are we supposed to believe it will improve markedly in the coming months?

PS: For those in the know, are those FIRS stats after states and local governments have collected their 48% share of revenue?

doctokwus:

Agreed.
But the pson I quoted was trying to say that just because petrol prices are declining, it follows that new crude oil exploration is a waste of funds.Its a very wrong impression and poor understanding of the crude oil market.

don't forget our crude is light crude....the crude that gi you so much that serves as raw materials for other products is the heavy crude

jomoh:



So you mean Nigeria cannot generate N1.6trn from all these

Customs (huge)
Ports (huge)
FIRS (huge)
Aviation
Immigration
Agriculture
Mining
CBN (remember the BVN fines)
Fines (remember MTN and other companies to come)
Ministry of justice (remember huge bail fees)


Please think again. Nigeria is filthy rich if we manage our resources very well. Far richer than any african country.

Simple question: why are they not generating those revenues as we speak?

I can see you expect to achieve a sustainable budget by imposing huge fines on foreign investors. There is a phrase economists use which is apt here: there is no free lunch in economics.

This is a good move!.

More on Education and health.
Increase in Capital expenditure!
Less reliance on Oil revenue.

Now I know better. This is the reason why our leaders are busy looting our national treasure knowing fully well that there's no future for this country. A country where half of there national budget is for servicing of local and foreign loans is gone forever. In the next five years, 65% of budget will go to the hand of US, UK etc. Still economists like Soludo, Sanusi, Ngozi etc are Nigerians. God help my children.

centvin008:
Nigeria’s President, Muhammadu Buhari, on Tuesday presented a 2016 budget proposal of 6.07 trillion Naira.
Nigeria’s 2016 Budget is based on a crude oil benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016.

GDP Growth Rate Projection 4.37%
Revenue Projection 3.86 Naira
Deficit 2.22 trillion Naira (equivalent to 2.16% of Nigeria’s GDP)
Oil Related Revenues 820 billion Naira
Non-oil Revenues 1.45 trillion Naira
 Projected Independent Revenues 1.51 trillion Naira
Capital Expenditure 1.8 trillion Naira (30%  of total budget)
Works, Power and Housing 433.4 billion Naira
Transport 202.0 billion Naira
Interior 53.1 billion Naira
Special Intervention Programs 300 billion Naira
Education 369.6 billion Naira[
Defence 294.5 billion Naira
Health 221.7 billion Naira
Ministry of Interior 145.3 billion Naira
Foreign and Domestic Debt Service 1.36 trillion Naira
Sinking Fund towards the retirement of maturing loans 113 billion Naira
Non-debt Recurrent Expenditure 2.65 trillion Naira
Note:

Deficit will be financed by a combination of domestic borrowing of N984 billion, and foreign borrowing of N900 billion totalling N1.84 trillion.

There is a proposed a 9% reduction in non-debt recurrent expenditure, from N2.59 trillion in the 2015 Budget to N2.35 trillion in 2016.

The budgeted N300 billion for Special Intervention Programs, takes the total amount for non-debt recurrent expenditure to N2.65 trillion.

The Efficiency Unit set up by the current Administration, together with effective implementation of GIFMIS and IPPIS, will drive a reduction of overheads by at least 7%, personnel costs by 8% and other service wide votes by 19%.
http://www.channelstv.com/2015/12/22/breakdown-of-nigerias-2016-budget/

Lalasticlala

This budget is indeed a fraud owing to the fact that godfathers from Lagos, Rivers, Borno and Kano are ready to perform dasuki on this estimates.

Laid2001:
This is a good move!.

More on Education and health.
Increase in Capital expenditure!
Less reliance on Oil revenue.

More reliance on local and foreign loans. Think pls.

Toktee:
Make you no go find work,you hear,sit there the wait,lazyman.

av join nairaland since 2012,and I av tried not to use a fowl language on any nairalander,and no one have use bad words on me too,But today You break that record(bad one I mean) But I will let you go I won't insult u cos u just too irrelevant to be observed,.4 ur info,not every nairalander are jobless as u..every month I receive a six digit figure as salary am not jobless and am not lazy.happy festive period frnd

[color=#000099][/color] good plan.bad inplementations,if care was not be taken.

4Play:


Simple question: why are they not generating those revenues as we speak?

I can see you expect to achieve a sustainable budget by imposing huge fines on foreign investors. There is a phrase economists use which is apt here: there is no free lunch in economics.

And who says they are not generating such. Where do you think they get the money being spent presently after all that had being squandered by the previous administration.

Where did they get the finance for over N500bln supplementary budget.

Where did they get the over N400bln bailout fund for states.

Or do you think the previous admin wouldn't have factored those funds into their budget if they know how to source the funds.

Or you think the previous admin left those monies in those places for the APC government to spend and yet went borrowing to pay salary for feb, march, april and may?

The fuel scarcity in may ending was due to FG's inability to pay the N400bn subsidy claim because the government was broke. Where did they get the money that was paid last month?

You need to know about finance before you can understand all this not economics.

If the economy was well managed under the previous administrations, there's nothing stopping Nigeria from conveniently having an annual budget of N10trn. We have the resources to pull it of.

CyberWolf:
you are just a sycophant..if I may ask, what makes it the best budget ever in Nigeria?

because everything is not based on recurrent expenditure like we use to have

Zoo country, zoo president

Does the non-oil revenue include the recovered looted funds and by extension
MTN and GUINESS penalty cos I find that projection rather too ambitious

UrbanMystique:
because everything is not based on recurrent expenditure like we use to have

thank
You..educate me with facts on the recurrent and capital expenditure based on the budget..I'm an entrepreneur in the agricultural sector and a stunch critic of this government but I'm keeping my cool till July next year..Bit if you are just a sycophant with noting to offer, back off

Were is dat of Education

abduljabbar4:


K

see my friend Abdul, we are in serious biz here..We are not in election era..If you have nothing to offer, just back off..Sycophants are not condoled here

4Play:


It's the projected non-oil revenues that I find wildly optimistic. 2016 is only a few weeks away and so far we are not seeing any substantial increase in non-oil revenues which will justify the revenues projection being made for next year.

What might save us is a rally in oil prices which could happen next year but that is a big gamble. My view is that this is budget of irresponsibility.

I believe govt has not invested much in Agric to expect much returns so soon . so I guess recovering stollen money and heavy fine for non compliance statutory regulation etc might be mainstead of the economy in short term .
So fellow citizen dont cry wolf when there is plea bargaining to recover loot.

luvinhubby:

That is a crazy borrowing for a country that runs a dwindling single commodity economy like Nigeria and given the fact that oil price has no plans of climbing up in the near future seeing that America has joined the league of oil exporters and Nigeria has no immediate plans of diversifying our economy any time soon. The servicing of such borrowings in the near future will simply destroy Nigeria.

APC abeg get sense small.

Another madman here

My concern is why arent we spending more on defense and power.

And please what is capital expenditure for? Is it for payment for salaries or for Buhari's continue journey around the world or is it both and more? Please someone should expanciate

baralatie:
How do we get this correction to PMB about some differences abi it is was typo error.
Mods!!!

That awkward moment when you think you are making sense and forming analyst but you are analysing incorrect analysis.

Why can't you get a copy of the budget instead of a breakdown. Trying to break down what has already been broken down is...... (fill the gap).

baralatie:
How do we get this correction to PMB about some differences abi it is was typo error.
Mods!!!

House committee will get to see it during ministerial defense or during readings

IyaIode:

Another madman here

In (Avengers)director fury's words, "do u kiss ur mother with that mouth"?

Education 369.6 billion Naira.

Thumbs up!! I pray a larger chunk of the above be channelled to Science-and-Technology-oriented Teachings,and not feeding school pupils. Equip the teeming populace with functional knowledge geared at achieving maximum productivity. Parents who can't feed their wards should consider Family planning.
#Qualitative Education,The Only way.

doctokwus:

Agreed.
But the pson I quoted was trying to say that just because petrol prices are declining, it follows that new crude oil exploration is a waste of funds.Its a very wrong impression and poor understanding of the crude oil market.

The point is exploration is a good thing, but then not at this time, there are other so many fields we should be investing in to bring on to stream by around 2017 when the prices would have picked up, our short term challenge is not about reserves but about production considering that we have been doing well below our potential. I for one think ots not a good time for that lake chad exploration especially at a time even the NNPC is having challenges meering her obligations to JV partners.

Management accounting dem teach us 4 skul da year. Confused course, confused con3, mk una tif well.

NavierStokes:


The point is exploration is a good thing, but then not at this time, there are other so many fields we should be investing in to bring on to stream by around 2017 when the prices would have picked up, our short term challenge is not about reserves but about production considering that we have been doing well below our potential. I for one think ots not a good time for that lake chad exploration especially at a time even the NNPC is having challenges meering her obligations to JV partners.

There maybe some regional undertones,but the economics cannot be faulted.Lake Chad is a known bastion of crude oil deposits,y not explore it.Its also very wrong to think countries the world over are not still exploring crude deposits,even ones with enough reserves to last a generation.

Agriculture nko ?