Abacha came with vision 2020
Did he live to see it

grandstar:


I don't think Buhari is aware of the roundtripping. Buhari is not smart. He retained Emefiele as governor because of his loyalty. If it was Sanusi as governor, Buhari would have cried.

Even if he was not aware, don't you think with all the noise made by sanusi he'll be aware by now? There's something you need to know abt people who demand unconditional loyalty. They always tend to protect those they perceive as been loyal which is why you see babachir lawal, Daura etc walking freely. Even if their misdemeanour become known, the principal is wont to turn a blind eye or just a harmless reprimand. That's what I believe is going on.

Doyin2:


Trash.

This is FG budget at official rate of N305.

A budget is an estimate of expected revenue and expenditure,it does not equate to actual revenue or spending.


Even if you put it at N400,it does nothing to actual spending and revenue.

The more reason why we normally compare actual to estimate, via budget variance analysis.

The most critical factor in national budgeting is sincerity, accountability and proper execution.

The bench mark exchange rate is secondary.

Deliberately throwing away $2.3b can only be an absolute fiction of your imagination.It does not exist!

If you don't understand something, it's better you ask instead of advertising ur ignorance. If govt gets income as stipulated in the budget at 305 to $1 and spends at 360 to $1 who pays for the shortfall?
Have you asked urself why CBN has been pumping dollars into the forex market or what exactly do you think is the excess dollars being pumped for? CBN spends an average of $200m per week on forex so the actual amount lost on the naira may actually be more than $2.5bn

Doyin2:


Trash.

This is FG budget at official rate of N305.

A budget is an estimate of expected revenue and expenditure,it does not equate to actual revenue or spending.


Even if you put it at N400,it does nothing to actual spending and revenue.

The more reason why we normally compare actual to estimate, via budget variance analysis.

The most critical factor in national budgeting is sincerity, accountability and proper execution.

The bench mark exchange rate is secondary.

Deliberately throwing away $2.3b can only be an absolute fiction of your imagination.It does not exist!

If you don't understand something, it's better you ask instead of advertising ur ignorance. If govt gets income as stipulated in the budget at 305 to $1 and spends at 360 to $1 who pays for the shortfall?
Have you asked urself why CBN has been pumping dollars into the forex market or what exactly do you think is the excess dollars being pumped for? CBN spends an average of $200m per week on forex so the actual amount lost on the naira may actually be nite than $2.5bn

Agboriotejoye:

Even if he was not aware, don't you think with all the noise made by sanusi he'll be aware by now? There's something you need to know abt people who demand unconditional loyalty. They always tend to protect those they perceive as been loyal which is why you see babachir lawal, Daura etc walking freely. Even if their misdemeanour become known, the principal is wont to turn a blind eye or just a harmless reprimand. That's what I believe is going on.

It is obvious you don't like him

amaridigital:


Sad, very sad. UK budget is almost 30 times that of Nigeria and Nigeria's population is almost thrice that of the UK.
Brazil's Budget was $780 Billion.last year. More than 22 times Nigeria's budget and Nigeria has more population than Brazil. Australia with population slightly above 25 million spent $485 Billion last year. That's 13 times the 2020 budget of Nigeria.
We really need to find alternative source of generating income as Nigeria is set to replace the US as the world's third most populous country in the next 30 years. How are we going to provide jobs and infrastructure for the 405million Nigerians by 2050?

Kindly do me a favour by confirming the major source of revenue/income for the U K government.

grandstar:


It's Buhari's wish. He said he does not want people to suffer. He said he has not seen anywhere in the world that devaluation has helped.

This is a man who thought East Germany existed as at 2015, 16 years after the fall of the Berlin wall! Was he even aware of tbat? I just pray he does not request an official visit to Czechoslovakia or the USSR!

Let me get this straight

The oil coys pay federal government in dollars.

For the budget , this dollars are changed to naira at 305 naira to 1 dollar.

Why doesn't buhari know that if they use 360 naira to one dollar that means more money for federal government to spend on the people ?

Agboriotejoye:

If you don't understand something, it's better you ask instead of advertising ur ignorance. If govt gets income as stipulated in the budget at 305 to $1 and spends at 360 to $1 who pays for the shortfall?
Have you asked urself why CBN has been pumping dollars into the forex market or what exactly do you think is the excess dollars being pumped for? CBN spends an average of $200m per week on forex so the actual amount lost on the naira may actually be nite than $2.5bn

Your ignorance and financial illiteracy is first class!

What has pumping forex to defend the Naira got to do with a budget estimate and benchmark of N 305.

Where did you get your ignoramus information that government is spending at N360.

You better short up before I expose your financial illiteracy.

Which govt will willingly " lose" $2.5b?

It is only on Nairaland that an absolutely ignorant person will label superior knowledge,ignorance.

So if the government changes the benchmark of the budget from 305 to 360,then we stop losing $2.5billion,abi?

Clown!

urahara:


Let me get this straight

The oil coys pay federal government in dollars.

For the budget , this dollars are changed to naira at 305 naira to 1 dollar.

Why doesn't buhari know that if they use 360 naira to one dollar that means more money for federal government to spend on the people ?

That is the billion dollar question. As I earlier told you, he doesn't believe in devaluation. He only grudging allowed the Naira to move from around 197 to 305. This was despite the fact that the 197 official exchange rate led to a massive shortage that sank the economy into a severe recession.

Let me make it simple. Imagine your brother sent you $500 through Western Union from overseas, and the bank said they'll change it at 197 rather than at 300 at the balck market, will you be happy? Now, imagine if you were an investor and wanted to pour in $10m, will you bring in money to be changed at 197?

Forex dried up in the market and manufacturers and other business had no forex to purchase capital goods from overseas. Factories and other businesses began to collapse like a pack of cards.

amaridigital:


Sad, very sad. UK budget is almost 30 times that of Nigeria and Nigeria's population is almost thrice that of the UK.
Brazil's Budget was $780 Billion.last year. More than 22 times Nigeria's budget and Nigeria has more population than Brazil. Australia with population slightly above 25 million spent $485 Billion last year. That's 13 times the 2020 budget of Nigeria.
We really need to find alternative source of generating income as Nigeria is set to replace the US as the world's third most populous country in the next 30 years. How are we going to provide jobs and infrastructure for the 405million Nigerians by 2050?

What Britain expects to generate from taxing fuel, 29.4billion pounds, is probably more than the country's budget. This is $38,682,609,000 in US$

grandstar:


That is the billion dollar question. As I earlier told you, he doesn't believe in devaluation. He only grudging allowed the Naira to move from around 197 to 305. This was despite the fact that the 197 official exchange rate led to a massive shortage that sank the economy into a severe recession.

Let me make it simple. Imagine your brother sent you $500 through Western Union from overseas, and the bank said they'll change it at 197 rather than at 300 at the balck market, will you be happy? Now, imagine if you were an investor and wanted to pour in $10m, will you bring in money to be changed at 197?

Forex dried up in the market and manufacturers and other business had no forex to purchase capital goods from overseas. Factories and other businesses began to collapse like a pack of cards.

The earlier people like you realise that you do not use parallel or black market rate for budgeting ,the better for you.

The official rate remains N305.

grandstar:


What Britain expects to generate from taxing fuel, 29.4billion pounds, is probably more than the country's budget. This is $38,682,609,000 in US$

Thank you.

This same people complaining are the same already complaining about VAT increase.


Tax is the major source of revenue for any developed nation.

Doyin2:


The earlier people like you realise that you do not use parallel or black market rate for budgeting ,the better for you.

The official rate remains N305.

Isn't that madness ?

urahara:


Let me get this straight

The oil coys pay federal government in dollars.

For the budget , this dollars are changed to naira at 305 naira to 1 dollar.

Why doesn't buhari know that if they use 360 naira to one dollar that means more money for federal government to spend on the people ?

What of if Buhari use N10,000 to the dollar,then Nigeria will become a paradise!

My brother,it does not work like that.

Using 305,360 or 10,000 in the budget does not translate to more money to spend on the people!

Doyin2:


The earlier people like you realise that you do not use parallel or black market rate for budgeting, the better for you.

The official rate remains N305.

There is also the exporter window rate which is 360. That is officially recognized by the Central Bank.

Your problem isn't the official exchange rate. Your angst is because you're a Buhari fan.

The official rate is unrealistic. Simply accepting the official rate is what the government dictates it to be is unsound. The government is living in cuckoo land.

In 1992, the British Pound Sterling was overvalued. George Soros, a currency speculator knew that the exchange rate was overvalued and the overvaluation was adversely affecting the U.K economy.

He knew that the government would be forced to devalue before long. He took positions in the market based on his predictions and the pound fell. He made $1bn profit from that trade. They call George Soros "the man who broke the Bank of England''

The 305 rate is unrealistic. 350 would have been more realistic. I'm neither PDP or APC. Just saying it as it is.

Doyin2:


Thank you.

This same people complaining are the same already complaining about VAT increase.


Tax is the major source of revenue for any developed nation.

Government needs to tax and spend. In order to do that, taxes should be streamlined and be pro-business.. The tax base must also be high

Doyin2:


What of if Buhari use N10,000 to the dollar,then Nigeria will become a paradise!

My brother,it does not work like that.

Using 305,360 or 10,000 in the budget does not translate to more money to spend on the people!

If the oil coys give us 1 billion dollars.

If we use 305 to the dollar that gives us 305 billion naira.

If we use 360 to the dollar that gives us 360 billion naira.


So obviously that translates to more money to spend on the people. An extra 55 billion naira.

shiwex:
Niger is a broke ass country.....ABUJA, Dec 5 (Reuters) - Nigeria's Senate on Thursday passed a record 10.59 trillion naira ($34.72 billion) budget for 2020,) $35b dollars for 200m people while uk will spend £134b for health service of 70million people. We don die in Niger

NHS England -134 billion GBP
2019
Total Public Spending
in the United Kingdom
Central Government and Local Authority
-5yr -1yr Fiscal Year 2020
Public Pensions £161 billion
National Health Care + £162 billion
State Education + £92 billion
Defence + £50 billion
Social Security + £126 billion
State Protection + £33 billion
Transport + £35 billion
General Government + £17 billion
Other Public Services + £118 billion
Public Sector Interest + £52 billion
Total Spending = £848 billion

And even this tiny budget of ours is less than what we generate, and we'd have to borrow to fund it! See UK budget and revenue below. We are broke indeed, and can't possibly spend what we do not earn.

grandstar:


Government needs to tax and spend. In order to do that, taxes should be streamlined and be pro-business.. The tax base must also be high

For tax to be high, the tax base needs to grow, which is a stated aim of this budget. Achieving it is another thing entirely.

Agboriotejoye:

If you don't understand something, it's better you ask instead of advertising ur ignorance. If govt gets income as stipulated in the budget at 305 to $1 and spends at 360 to $1 who pays for the shortfall?
Have you asked urself why CBN has been pumping dollars into the forex market or what exactly do you think is the excess dollars being pumped for? CBN spends an average of $200m per week on forex so the actual amount lost on the naira may actually be nite than $2.5bn

You must think CBN is stupid, right, or don't know buy and sell rates always differ. I also guess you don't quite understand the effect on the economy of a rising exchange rate, especially for a nation that imports almost everything?

"CBN spends an average of $200m per week on forex" to keep the exchange rate from rising, and I advise you research why.

urahara:


If the oil coys give us 1 billion dollars.

If we use 305 to the dollar that gives us 305 billion naira.

If we use 360 to the dollar that gives us 360 billion naira.


So obviously that translates to more money to spend on the people. An extra 55 billion naira.

If we use N10,000 that gives us how many trillions?

The first time I heard change, my expectations were high.

Sincerely, I thought that any serious government would announce the percentage at which the previous budget was implemented before going ahead to draw another budget.

The current will continue from where the previous ended. I've yet to see what change Buhari has introduced into the system of government.

Up till now, police collects bride and no institutions have been sanitized. We don't have special tribunals for corruption.

Yet, someone is fighting corruption.

[/quote] Hail Nigerian lawmakers and politicians. Tirelessly and selflessly working day and night for the betterment of the country and citizenry. Their reward is surely in heaven!

budaatum:

You must think CBN is stupid, right, or don't know buy and sell rates always differ. I also guess you don't quite understand the effect on the economy of a rising exchange rate, especially for a nation that imports almost everything?

"CBN spends an average of $200m per week on forex" to keep the exchange rate from rising, and I advise you research why.

Actually, the confusion here is yours. Under a free-floating currency regime, a country that runs persistent trade deficits should automatically see its currency depreciate until the excess of imports is eliminated; that is the free-market working to naturally correct an imbalance.

The problem with you, Buhari and all the other Nigerian wishful thinkers is that on the one hand you say you want to curb "excessive" importation (where of course you get to choose whose imports are "excessive" based on purely subjective criteria), but on the other hand, the way you act is completely the opposite: you endorse policies which only make sense if the goal is to artificially prop up import-levels, at least for the lucky few with access to subsidized Dollars. If you all meant what you said, you'd want the Naira to be allowed to fall to its true market rate, but just as we've seen with Buhari and his extended UK holidays, or his children going to expensive UK universities, all of you supposedly "patriotic", "buy Nigeria" types are at best incapable of recognizing the hypocrisy of your actions, and at worst outright dishonest, wanting others to desist from "excessive" imports you would never deny yourselves.

omohayek:

Actually, the confusion here is yours. Under a free-floating currency regime, a country that runs persistent trade deficits should automatically see its currency depreciate until the excess of imports is eliminated; that is the free-market working to naturally correct an imbalance.

The problem with you, Buhari and all the other Nigerian wishful thinkers is that on the one hand you say you want to curb "excessive" importation (where of course you get to choose whose imports are "excessive" based on purely subjective criteria), but on the other hand, the way you act is completely the opposite: you endorse policies which only make sense if the goal is to artificially prop up import-levels, at least for the lucky few with access to subsidized Dollars. If you all meant what you said, you'd want the Naira to be allowed to fall to its true market rate, but just as we've seen with Buhari and his extended UK holidays, or his children going to expensive UK universities, all of you supposedly "patriotic", "buy Nigeria" types are at best incapable of recognizing the hypocrisy of your actions, and at worst outright dishonest, wanting others to desist from "excessive" imports you would never deny yourselves.

I do want the Naira to fall to its true market rate actually, but I recognise first that Nigeria is not and never has been a "free-floating currency regime", and second, I doubt you'd be happy at the hardship you'd face when you have to pay market prices for the rice and petrol and baby milk you import.

Do buy Made in Nigeria please so I employ more Nigerians to make it for you and tax you for purchasing it along with the pay you earn instead of creating employment in UK and increasing their tax base.

Monies for debt servicing is higher than the capital expenditure and some morons want us to continue borrowing... kontinu.

Doyin2:


Your ignorance and financial illiteracy is first class!

What has pumping forex to defend the Naira got to do with a budget estimate and benchmark of N 305.

Where did you get your ignoramus information that government is spending at N360.

You better short up before I expose your financial illiteracy.

Which govt will willingly " lose" $2.5b?

It is only on Nairaland that an absolutely ignorant person will label superior knowledge,ignorance.

So if the government changes the benchmark of the budget from 305 to 360,then we stop losing $2.5billion,abi?

Clown!

I have given you info on how much CBN spends to prop up that exchange rate. I don't see anything sensible that you've written. You sound more like the illiterate ere. What you can do is to show for example that, the CBN intervention in the forex market does not translate to losing money for Nigeria. But I'm sure you're too dull to do dat. You just want to defend buhari even if it's at the risk of sounding stupid

budaatum:

You must think CBN is stupid, right, or don't know buy and sell rates always differ. I also guess you don't quite understand the effect on the economy of a rising exchange rate, especially for a nation that imports almost everything?

"CBN spends an average of $200m per week on forex" to keep the exchange rate from rising, and I advise you research why.

Since you know the effect of a rising exchange rate, can you explain how $1 rose to 305 from 197 and what the govt was looking at while it happened.
I hope you're aware at one point in 2017, the exchange rate at the open market was 500 while official rate was 197. Kindly explain why Osinbajo a professor allowed CBN to devalue to 305 then to move closer to the open market value

grandstar:


That is the billion dollar question. As I earlier told you, he doesn't believe in devaluation. He only grudging allowed the Naira to move from around 197 to 305. This was despite the fact that the 197 official exchange rate led to a massive shortage that sank the economy into a severe recession.

Let me make it simple. Imagine your brother sent you $500 through Western Union from overseas, and the bank said they'll change it at 197 rather than at 300 at the balck market, will you be happy? Now, imagine if you were an investor and wanted to pour in $10m, will you bring in money to be changed at 197?

Forex dried up in the market and manufacturers and other business had no forex to purchase capital goods from overseas. Factories and other businesses began to collapse like a pack of cards.

I thought that was what the investor exporters window was meant to tackle .

And the investors exporters window is at 365 naira to 1 dollar.

I am very happy for the early passage of the budget for the first time in years. This is what we wanted since 2016 budget. The people putting personal interest first have been flushed out of the Senate. Nigeria is bigger than any one person.


Thank you National Assembly... It can only get better

urahara:



I thought that was what the investor exporters window was meant to tackle .

And the investors exporters window is at 365 naira to 1 dollar.

You are right. However government still keeps the other rate for God knows what! Just throwing money away!