Why Jonathan didn’t announce fuel subsidy withdrawal


•House may overrule Presidency on subsidy

Security reports forced President Goodluck Jonathan from announcing the withdrawal of the fuel subsidy during his budget presentation on Tuesday.
A top government official, who confided in our correspondent, said there were plans by 69 members of the National Assembly to humiliate the President at the session.

The source said: “Based on security reports, the President decided to shelve a formal announcement of the withdrawal of fuel subsidy.
“It was not a question of ambush but the presidency chose to avoid the issue during the presentation to avoid generating heated argument at the session.
“We have reports that some members were mobilized to start shouting down the President once he announces the withdarawal of fuel subsidy. So, we designed a way out.

“About 69 of some of these bad elements were mobilized to embarrass the President. And if that happened, the image of the nation will be rubbished before the international community. The boos and jeers will also overshadow the budget presentation.
“To beat them to their game, the President was silent on it. It was a case of being proactive.

“Do not forget that some members of the National Assembly had attempted to humiliate the President.”

There were feelers that the House of Representatives may overrule the presidency on the withdrawal of fuel subsidy.
The House is poised to restore fuel subsidy in the interest of the masses.

But fresh facts emerged that security reports allegedly forced the President from announcing the withdrawal of the fuel subsidy during the presentation of the budget on Tuesday.

Investigation by our correspondent however revealed that most members of the House were caught unawares by the ambush tactics adopted by the President.
It was also learnt that many of the Representatives are angry that the President opted for Executive Fiat contrary to the advice given him by the National Assembly.

Some caucuses in the House met on Tuesday night and early Wednesday on how to reverse the Executive Fiat during the consideration of the budget.
A principal officer of the House, who spoke in confidence, said: “We have not heard the last word on this matter. We are poised to resist the Executive Fiat.
“We will include the fuel subsidy in the 2012 Appropriation Bill in line with the desire of the majority of Nigerians.
“We have taken a position to reject the removal of subsidy and we will not go back on that. It is going to be an interesting battle between the Executive and the Legislature.

“Since the President has used Executive Fiat, we will also invoke our powers as enshrined in Sections 80, 81, 82, 83 88 and 89 of the 1999 Constitution as amended. Do not forget that we are empowered to exercise control over public funds.

Section 80(3 and 4) says: “No moneys shall be withdrawn from any public fund of the Federation, other than the Consolidated Revenue Fund of the Federation, unless the issue of those moneys has been authorized by an Act of the National Assembly .
“No moneys shall be withdrawn from the Consolidated Revenue Fund or any other public fund of the Federation, except in the manner prescribed by the National Assembly.”
“Section 83(1) says: “The National Assembly may by law make provisions for the establishment of a Contingencies Fund for the Federation and for authorizing the President, if satisfied that there has arisen and unforeseen need for expenditure for which no other provision exists, to make advances from the Fund to meet the need.”
Another top leader in the House said: “We can also jack up the budget benchmark to accommodate subsidy. The benchmark is based on $70 per barrel whereas the international price is $100 per barrel.
“Just wait and see how we will handle the Executive. We are eager to start the debate before we go for recess on December 23.

“We will certainly overrule the President on the withdrawal of subsidy.”

A source in the presidency however said the President was well-guided by the law in withdrawing the subsidy.

The source said: “The President weighed all options based on the law and the provisions of the 1999 Constitution. He relied on sections 16(1) and (2) of the constitution.
“Before withdrawing the fuel subsidy, he also obtained legal advice. The option left for any aggrieved group or individual is to go to court.
“The President took this decision in the interest of the nation.
Section 16 (1) (b)(c) reads in part: “The state shall, within the context of the ideals and objectives for which provisions are made in this Constitution –control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equal of status and opportunity;
“The state shall direct its policy towards ensuring that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group.”
“That the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group.”

Source: http://www.thenationonlineng.net/2011/index.php/news/29852-why-jonathan-didn%E2%80%99t-announce-fuel-subsidy-withdrawal.html

Consolidate the votes or risk losing due to split support.

Interesting read.

Another look at the 2012 budget - top 10 items

Another look at the 2012 budget

Nigeria budget - another cut, inspired by the budgit analysis above

dayokanu:

Thanks a lot

That shows that SE is the least populated of all the GeoPolitical zone

So what spin are we expecting now?

I tire oh!

ON A PER CAPITA BASIS (Ie with population)

SEPT ALLOCATION PER HEAD
SS: N3,242
NC: N1,175
NE: N1,162
SE: N1,135
SW: N1,053
NW: N898
All Zones average per head (incl SS): N1,382
All Zones average per head (excl SS): N1,049




STATE GROSS ALLOCATION - SEPT Population   Per capita     RANK ZONE
NIGER   4,839,001,829.97                  4,425,910.63 1,093.33 15 NC
BENUE    4,516,409,876.51               4,727,296.15 955.39 17 NC
KOGI   4,200,217,007.05               3,673,259.70 1,143.46 22 NC
PLATEAU    4,116,090,731.45       3,561,470.49 1,155.73 26 NC
KWARA     3,601,761,866.67               2,656,599.12 1,355.78 33 NC
NASSARAWA 3,557,236,344.75       2,087,637.67 1,703.95 34 NC
     24,830,717,656.40            21,132,173.76 1,175.02

STATE GROSS ALLOCATION - SEPT Population   Per capita     RANK ZONE
BORNO    4,944,656,388.54              4,651,050.92 1,063.13      11 NE
BAUCHI    4,858,691,740.96              5,239,572.53 927.31      14 NE
ADAMAWA   4,178,297,323.39              3,549,581.79 1,177.12        24 NE
YOBE 4,038,372,712.83              2,601,140.91 1,552.54      29 NE
GOMBE 3,701,054,477.02              2,637,316.81 1,403.34      32 NE
     21,721,072,642.74            18,678,662.96 1,162.88

STATE GROSS ALLOCATION - SEPT Population   Per capita     RANK ZONE
KANO 6,674,241,014.31            10,513,600.01 634.82 6 NW
KADUNA 5,309,174,726.28              6,797,055.39 781.10 8 NW
KATSINA 5,042,564,487.97              6,490,080.13 776.96 10 NW
JIGAWA 4,614,496,358.90              4,872,283.20 947.09 16 NW
SOKOTO 4,342,627,951.23              4,142,166.02 1,048.40 18 NW
KEBBI 4,196,742,969.91              3,628,601.16 1,156.57 23 NW
ZAMFARA 4,096,750,856.25              3,652,374.08 1,121.67 27 NW
TARABA 4,061,542,356.17              2,577,774.70 1,575.60 28 NW
      38,338,140,721.02            42,673,934.69 898.40


STATE GROSS ALLOCATION - SEPT Population   Per capita     RANK ZONE
IMO        4,885,879,143.46              4,408,712.29 1,108.23 13 SE
ANAMBRA 4,272,515,349.08              4,685,603.34 911.84 20 SE
ABIA 4,214,342,462.96              3,175,249.54 1,327.25 21 SE
ENUGU 3,979,318,181.99              3,649,519.27 1,090.37 30 SE
EBONYI 3,497,910,458.91               2,435,218.94 1,436.38 36 SE
  20,849,965,596.40            18,354,303.37 1,135.97


STATE GROSS ALLOCATION - SEPT Population   Per capita     RANK ZONE
RIVERS      18,478,177,166.31      5,809,789.96 3,180.52 1 SS
AKWA IBOM 17,553,954,603.08      4,392,252.30 3,996.57 2 SS
DELTA      16,577,716,313.58      4,591,890.87 3,610.22 3 SS
BAYELSA      14,353,041,176.96      1,908,464.58 7,520.73 4 SS
EDO           5,095,899,922.46      3,605,861.25 1,413.23 9 SS
CROSS RIVER 4,280,337,681.01      3,236,835.28 1,322.38 19 SS
             76,339,126,863.40     23,545,094.24 3,242.25

STATE GROSS ALLOCATION - SEPT Population   Per capita     RANK ZONE
LAGOS 10,076,271,301.28        10,098,881.35    997.76           5    SW
ONDO 6,008,184,729.92           3,855,368.28    1,558.39           7    SW
OYO        4,913,893,369.91           6,264,889.43    784.35          12    SW
OGUN 4,125,011,226.87           4,177,009.75     987.55           25    SW
OSUN 3,913,690,147.37           3,835,773.38    1,020.31          31    SW
EKITI 3,526,364,205.05           2,671,302.30    1,320.09           35    SW
      32,563,414,980.40        30,903,224.49   1,053.72

TOTAL - all zones
    214,642,438,460.36 155,287,393.52

I havent seen any reliable updated population per zones, but I may cross-refer to some tables I used during the elections.

STATE GROSS ALLOCATION - SEPT RANK ZONE
NIGER         4,839,001,829.97           15           NC
BENUE         4,516,409,876.51           17           NC
KOGI        4,200,217,007.05           22           NC
PLATEAU        4,116,090,731.45           26           NC
KWARA        3,601,761,866.67          33           NC
NASSARAWA 3,557,236,344.75          34           NC
               24,830,717,656.40

BORNO        4,944,656,388.54          11            NE
BAUCHI        4,858,691,740.96          14            NE
ADAMAWA 4,178,297,323.39          24            NE
YOBE         4,038,372,712.83        29            NE
GOMBE         3,701,054,477.02        32            NE
              21,721,072,642.74

KANO         6,674,241,014.31        6            NW
KADUNA         5,309,174,726.28       8                    NW
KATSINA        5,042,564,487.97     10                   NW
JIGAWA             4,614,496,358.90          16                   NW
SOKOTO        4,342,627,951.23     18            NW
KEBBI        4,196,742,969.91     23                  NW
ZAMFARA       4,096,750,856.25             27                  NW
TARABA      4,061,542,356.17            28                 NW
            38,338,140,721.02

IMO               4,885,879,143.46    13     SE
ANAMBRA      4,272,515,349.08         20 SE
ABIA       4,214,342,462.96  21 SE
ENUGU       3,979,318,181.99        30 SE
EBONYI       3,497,910,458.91      36 SE
              20,849,965,596.40

RIVERS        18,478,177,166.31 1 SS
AKWA IBOM 17,553,954,603.08 2 SS
DELTA       16,577,716,313.58 3 SS
BAYELSA       14,353,041,176.96 4 SS
EDO                5,095,899,922.46 9 SS
CROSS RIVER 4,280,337,681.01 19 SS
                76,339,126,863.40

LAGOS      10,076,271,301.28 5 SW
ONDO        6,008,184,729.92 7 SW
OYO              4,913,893,369.91        12 SW
OGUN        4,125,011,226.87 25 SW
OSUN        3,913,690,147.37 31 SW
EKITI        3,526,364,205.05 35 SW
             32,563,414,980.40

The top 5 states that received allocations are all oil producing states that received 13% derivation. 

Feel free to cross-check the table in case I have made any errors or if you have better data. Also if there is a per capita analysis (ie per population).

Zonal allocation

Instead of speculating on the allocations why don't we check the facts out:

September 2011 is the latest federal allocation by state that has been published: http://fmf.gov.ng/images/FAAC/faacrepSep2011.pdf

It is in PDF, but any body interested in the breakdown can take a look.  The SS is doing quite well when the total gross amount is taken into account.  The second page may be the useful page.

Sept allocation:
SS: N76.3bn (twice as big as NW)
NW: N38.3bn
SW: N32.5bn
NC: N24.8bn
NE: N21.7bn
SE: N20.8bn
TOTAL: N214.6n

Would also be good to know the numbers per capita (per capita data is further below, the SE's position improves as it is reported to have a lower population). 

In 2009, Reuters estimates that it cost Nigeria between $15 to $30 to produce a barrel of fuel - including extraction costs (http://www.reuters.com/article/2009/07/28/oil-cost-factbox-idUSLS12407420090728).  Note the peak cost of barrel of crude oil in 2009 was $80.

In the absence of a reliable guide on how much refining petrol in Nigeria costs, I notice that internationally, the ($15 to $30) cost of producing a barrel of fuel represents around 74% of the total price at the pump ( http://business.whatitcosts.com/refine-oil-pg3.htm ).

If you gross the ($15 to $30) price up using a production cost to total cost percentage of 74% [/b]a guide price for a barrel of refined fuel is found to be between [b]$20 to $41. Note the market price of $100 in the papers includes demand (that is determined by  America, UK, China's EU etc market demand).  Any body who has run a business knows that own consumption is at marginal cost (ie if you eat in your own restaurant you cover your cost).

A barrel of oil contains 158 litres (divide the per barrel cost of $20 to $41 by 158 to get the per litre cost)

So a guide price of oil per litre should be 12 to 40 cents using Nigeria's production cost structure.  At current exchange rates (US$=N160) that is N19 to N64 per litre.  The top end is quite close to current price of a litre of PMS of N65. This price of N64 ignores demurrage and other non-value adding costs.  Also this cost may be what we should be paying if our refineries were working.

But obviously the above is filled with "ifs", but given the plethora of conflicting explanations from current and ex-Govt officials on this oil subsidy stuff I think we all deserve a reasonable explanation. That is a govt official explanation that does not assume we are standard 3 school children.

I think the N398bn statutory transfer line in the budget is the National Assembly.  Nigeria spends N400bn on Education and N398bn on National Assembly.

Interesting Punch Analysis below:

A Budget of Contradictions

According to the budget with the theme fiscal consolidation, inclusive growth and job creation, the Federal Government hopes to block leakages in the economy. This is removal of fuel subsidy put in other words.

Removing fuel subsidy will raise the pump price of petrol by about 100 per cent. Although the Federal Government has not been categorical on this, speculations are that the pump price of petrol will go up to N120, up from N65.

The price of petrol is going to dictate the rate of increases in other prices; yet the Federal Government hopes to achieve a single inflation rate of 9.5 per cent.

With current inflation rate from the Federal Office of Statistics at 10.5 per cent, the Federal Government hopes to drive down inflation rate. Except the inflation rate will be contrived, it sounds preposterous that the Federal Government targets that fuel price and inflation rate will be going in opposite directions in 2012.

Another quick contradiction in the 2012 is seen in the debt target. Rightly, Jonathan lamented that the domestic debt had been growing at an alarming rate in recent years. The clearest evidence of this is that in 2012, the Federal Government will spend N560bn to service debt which stands at more than $37bn.

What the Federal Government has done over the past few years was to show foreign debts the exit door and open the doors too large for domestic debts. The worst part of it was that the debts were not tied to project and could have been used on recurrent expenditure.

As much as the president spoke of curtailing domestic debt, he gave room for the government to accumulate more debt by saying that the debts should not go beyond 30 per cent of Gross Domestic Debt.

At the moment, the debt to the GDP ratio is slightly less than 20 per cent. With a latitude of 30 per cent debt to GDP ratio, the government can add up to 50 per cent of the current debt level. If care is not taken, the Federal Government will increase the rate of foreign borrowing as it cuts down on domestic borrowing.

Another contradiction can be seen in the allocation of only 1.66 per cent of the budget to agriculture and rural development. At the same time, the Federal Government wants to grow the GDP by 7.2 per cent. This growth rate is expected to be driven by non oil production.

In Nigeria, non oil production hardly goes beyond agriculture as the solid minerals sector is yet to make any meaningful impact.  Agriculture should therefore have got better allocation if a substantial rate of the growth is hinged on it. 

Expectedly, security got the lion share of 19.41 per cent. Although the United Nations had always advocated that countries should spend less on security, the times are not normal in Nigeria. Even then, 19.41 per cent on security for a country that lacks basic infrastructure is worrisome.

Even more worrisome is whether the Federal Government will be throwing money at the security challenge or provide an enduring solution to the nation’s security problem. Security may provide a new leakage pipe that the Federal Government is trying to block by removing subsidy on petroleum products.

The power sector got 3.4 per cent of the budget. This translates to N161.42bn. There is no doubt that if this money is rightly spent, the power sector can see some significant improvement. But budget implementation had been poor. Can there be change this time. Nigerians can only be hopeful.

Education with the allocation of 8.43 per cent falls short of the United Nation’s recommendation of 26 per cent. Although some agencies are supposed to augment this expenditure, this sector with the level of decay already identified could have done with more allocation. Imagine by how much percentage education is trailing security.

Science and Technology got less than one per cent of the budget. This is a sector that is touted to be so important to the transformation agenda of the president yet it is so much neglected. The importance of science and technology is seen in the fact that it provides the local technological base for manufacturing and processing of agricultural products.

The increase in the duty on imported rice and wheat is a welcome development. Nigeria can give the world composite bread but is the cassava flour cheap enough? If the base for local production is not strengthened, smuggling could be the route for increasing the amount of these products that are imported into the country.

It appears that the Federal Government doesn’t do first things first. It is similar to the issue of removing fuel subsidy when the Federal Government failed to make refineries work through privatisation or building of additional refineries.

How will the government resolve all these contradictions? Time will tell but Nigerians should brace up for tough times. Removal of fuel subsidy and increased tax drive may be sacrifices that the present generation of Nigerians must make. But how far can this government go in its transformation agenda? Or is it another mantra?

Source: http://www.punchng.com/index.php/news/item/7706-analysis-a-budget-of-contradictions

GEJ's antecedents does not give much hope that this budget will change the lives of Nigerians and I hope I am proved wrong.

N98bn Virement (unbudgeted in 2011) requested is higher than half the sectors
GEJ asked for a N98bn virement last month (November 2011). This virement is more than he has budgeted on Agric (N79bn), Niger Delta (N59bn), Petroleum resources (N59bn), Transport (N55bn), and Aviation (N50bn).

N5bn robotic equipment is 10% of Abuja budget
GEJ is reported to be spending N5bn on Aso Rock robotic bomb detectors. This amount is over 10% of the FCT total annual budget of (N45bn). May be a sensible amount to spend but lack of transparency means we do not know if this is true and on what it is being spent on

Debt now N5.3trn (more than 2012 budget), N500bn added in six months
Nigeria’s domestic debt as at 30 September was N5,317,995,945,000.00 (N5.3trn) and we are servicing this debt in 2012 at N561bn. And we think this makes sense. Domestic debt at 31 March was N4.8trn. GEJ has added N500bn in six months (ie N83bn borrowed every month) despite the debt being serviced. What was the N500bn addition spent on?

N1.35trn drop in external reserves fall (from $40bn to $31.8bn)
Under GEJ’s watch our external reserves have fallen by $9bn or N1.35trn


Naira value has dropped from N151 to a dollar to N161 to a dollar

We are not living under a military dictatorship but a civilian president. I wish GEJ well and do pray for his success as his failure will affect all 160m of us. But this budget as broadcast is uninspiring, I pray I am proved wrong.

Beaf:

You people are always the first to insult, but you cry fowl when I respond with intellectual left hooks that blind your right eye and 10 tonne staright jabs that deafen your left ear.

@BEAF

You are a troll and an intellectual midget. If you think this is the best way to represent your principal - then he is wasting his money (tax payers money).

Instead of focusing on people's concerns and defending this pathetic budget you go on the attack. It is now clear that you are employed as an online attack dog.

If you are intellectually competent why not answer people's questions? But you are incapable of doing so, that's why you resort to moroonic insults like the cretin you are.

People who actually run businesses and employ people need this information to budget and plan for next year and instead we have a half-wit come online and spew filth. Keep playing with your feces, cretin.

^^^^^^^
ODE 

You want me to do your job,  Mooroon. Politics is gladiatorial.  Your principal has brought a budget that is rubbish and I am shredding it and you now want me to do your job. On a year by year basis I am sure it would show we are worse off. I dare you do to a year by year basis. GO ON MAKE MY DAY PUNK! 

Beaf:

The budget for education last year was N304.3bn; for 2012, it is N400.15bn.

Agriculture got N38.5 in 2011, in the 2012 budget, it gets N78.98bn.

Health got N203.34 in 2011; it gets N282.77bn in 2012.

Power got N99bn, in 2012 it gets N161.42bn.

I could go on and on, it is obvious that the 2012 budget is quantums better than the 2011 one and very rightly focused on development; but the OP only wants to make an illiterates analysis, so he cherry picked only a few items from the budget. Not stopping there, he did not give a full breakdown of the security allocation and is going around lying that it is the defence allocation. For your info, the security allocation covers the police, SSS, the various branches of the army and so forth; and while there is a naturally expected increase from last year, it is very reasonable.

Anybody who wants a rational argument not backed up by voodoo logic and stup!dity is free to engage me. Lets bandy real figures and show concrete areas of improvement. I don't wish to argue with anybody that thinks the threat of boko haram can be curbed without spending money; maybe they wish to invoke okija methods or some similarly cuckoo land "solutions."

I am glad you pulled those numbers out of your a.r.se. As citizens we deserve a better analyses of the budget, so far we have had a semi-illiterate president give a speech without breakding down the numbers.  Ordinary inflation will see an uplift of the numbers but MOROONIC BEAF will have us believe 2012 is better than 2011 when both budgets were prepared by the same mooronic Man!

I asked for comparison to the 2012 security budget and you reply with Insults.  This is typical of the b.u.f.fo.ons that GEJ has employed and appointed.  Since your mouth is close to the seat of power, why don't you educate us rather than insult us. It is our taxes that keep you and your moorinic principal in gucci. Keep letting a soldier stand behind your principal ok.  ODE!

^^^^^^

It would seem you are really scum and your ignorance is showing through.

In a civilised society we do not need a military man standing behing the president when he is giving a budget speech. We could have had the Flag, the Coat of Arms, the Presidential seal.  But you are SCUM and a CRETIN!

Why wasnt it a plain clothed security personnel (SSS, Brigade of Guards etc). But it is because of silly punks like yourself that Nigeria is held back. You cannot use your brain cells to reason. You truly are SCUM!

Only in Nigeria will we have a civilian president need a Soldier to stand behind him. What function does that soldier serve, is he counting lice or inspecting GEJ's ogo?

Also I believe the defence budget was N348bn last year, why is there a N600bn increase to N920bn in 2011.

It seems some GEJ supporters cannot take objective criticism (note I am not including BEAF in this, as he has been objective on this thread so far).

What was the defence budget last year?

Businessday puts the figure at N348bn - is this comparable to this year's N920bn for security.

Military expenditure in Nigeria has gone up by 32 percent to N348 billion in 2011 to consolidate the country’s ranking as 57th globally and the largest spender in the Economic Community of West African States (ECOWAS) bloc.


http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/24131-nigerias-defence-budget-increases-32-ranks-57th-globally

@alj_harem

I respectfully disagree.

The insecurity in Nigeria was not caused by a low defence budget but by poor education, poor health and wretched infrastructure.

I would bet you that the defence budget, if looked into, will show huge amounts to be spent on things and issues that cannot tackle Boko Haram.  This budget is a recipe for future upheaval.

I would rather we educate Almajiri and provide healthcare and infrastructure to them than BOMB them to smitherings. They are Nigerians after all.

Budget breakdown is here: https://www.nairaland.com/nigeria/topic-824151.0.html

Defence is bigger than Education, Health and Works combined!

This budget speech doesnt look sound, especially in light of the "subsidy removal".

If as Gbawe says, subsidy was N1.3trn for 10 out of 12 months this year and the subsidy is being removed next year.  That is at least N1.3trn not being spent - why is this budget then 6% higher than 2011 budget (which had the subsidy provided - even if only notional)?.

What is Nigeria's actual spend for 2011, what is our borrowings and how does this 2012 budget compare to 2011 actual, ?

Defence = N921.9 (Defence is bigger than Education, Health and Works combined).

Education =  N400
Health = N283
Works = N181
TOTAL = N864

No wonder the soldier was standing behind GEJ, Defence is bigger than the next three biggest sectors combined!

Budget Breakdown per Daily Trust

President Goodluck Jonathan, this afternoon, presented the proposed 2012 budget to the joint session of the National Assembly.

The proposed 2012 budget stands at N4.749 Trillion naira, representing about 6 percent increase over the N4.48 Trillion in 2011.

The petroleum subsidy allocation was not included in the budget further confirming that subsidies on petrol will likely be abolished by this month, sending prices of petrol to figures in the region of between N140-N150 per litre from the current N65 per litre.

The House will now deliberate on the proposal and return the proposal to the President after their deliberations.

While delivering his speech before the presentation, Jonathan said that "the 2011 elections, the inauguration of the new administration as well as constitutional amendment processes, all affected the full implementation of the 2011 budget" He also said "the 2012 budget will be a stepping stone to Nigeria's transformation".

Speaking earlier on the determination of the National Assembly to ensure the full implementation of the 2012 budget through their oversight functions, Senate President David Mark remarked that Nigeria has "what it takes to be a world power, but we have never really tasked ourselves in this regard."


The 2012 Fiscal year budget breakdown:

Capital Expenditure: N1.32 Trillion
Recurrent (non debt) Expenditure: N2.472 Trillion
Statutory Transfer: N398 Billion (What does this mean - National assembly?)
Debt servicing: N560 Billion (Nigeria spends more on debt servicing than on education and health)
Total = N4,749bn (N4.749trn)


Other sectors
Security: N921.91 Billion (Roughly US$5.7bn on defence or security.  The biggest sector in the budget) - defence was N348bn in 2011 budget?
Education: N400.15 Billion (vs N398bn for statutory transfer - National assembly?)
Health: N282.77 Billion
Works: N180.8 Billion
Power: N161.42 Billion
Agriculture: N78.98 Billion
Niger Delta: N59.7 Billion
Petroleum Resources: N59.66 Billion
Transportation: N54.8 Billion
Aviation: N49.23 Billion
FCT : N45.59 Billion
Water Resources: N39 Billion
Science and Tech: N30.84 Billion
Land and Housing: N24.9 Billion
Communication and ICT: N18.31 Billion
TOTAL FOR OTHER SECTORS = N2,438.9bn
UNALLOCATED ITEMS = N2,310.1bn (this is a rounding figure to match up to the total budget)
TOTAL BUDGET = N4,749bn

Source: http://www.dailytrust.com.ng/index.php?option=com_content&view=article&id=149837:jonathan-presents-n475trn-budget-to-nassno-provision-for-subsidy&catid=2:lead-stories&Itemid=8

Wexelion:

so that you will know he's the president.

I assume you are being cynical or sarcastic.

So a man in Khaki is now the seal of presidency! Not the seal, not the mandates of millions of voters,  If the man in Khaki is not there, does that mean we all wonder who he is? A real faustian pact.

He has shoes now doesnt he!

Why is there always a soldier behind him?

Puff, puff, puff, passsssssssss

Puff, puff, puuuufffff

Reno Omokri does not want to eat Cassava Bread  .  Reno has been quite busy on Twitter over the last week or so.  He even has a tweetmeet today on Power NEPA ( #NGPower).

I understand Reno Omokri handles GEJ's Facebook page though GEJ is reported to have an Ipad where he logs into FACEBOOK occasionally. Reno is rumoured to be a Nairalander sha oh,  Don't worry Reno, your secret is safe with me,

I shall not tell the world that you are really [                    !]

Nigeria's problem is not a lack of ideas. Our innovativeness when frustrated often leads us to criminal acts. The problem is the business environment that is frustrating entrepreneurs.

You can have the best business plan, with all the capital in the world. If the business environment is corrosive then your business plan is programmed to fail.

In order for your business to succeed, you need to "work around" Nigeria's business environment. Be that: 1) joining the "business as usual" crowd - and "paying as you go", 2) locating your server/factory/operations centre overseas, 3) joining forces with someone stronger, 4) downgrading your business plan.