EDITORIAL: The 2016 Budget, the Naira, the CBN, and National Priorities

Central-Bank-Of-Nigeria

As it worked on its first full budget, the Buhari administration had to contend with two unfavourable factors inherited from the previous administration.

First, was the unusual, and ultimately deleterious management of the economy during President Goodluck Jonathan’s five years in office. Then there was the drop in oil prices, which accounts for a disproportionately high portion of government’s revenue, beginning mid-2014, which reduced by half the country’s earnings from the sector.

Given this, the challenge for the 2016 budget is how to revamp the economy via increased government spending in the light of dwindling official government revenues.

The new budget seeks to do exactly that. Of the proposed N6.08tn, N3.86tn is revenue projected to come from the much-diminished crude oil sales and what to us seem like excessively optimistic earnings from “non-oil taxes” and “independent revenue”.

In the budget, the administration has allocated N4.28tn for recurrent expenditure and N1.8tn for capital investments. PREMIUM TIMES note that the budget proposal breaks with a long-standing harmful tradition that has seen daily spending consume more of the national budget than the economy’s need for infrastructure and productivity-enhancing spending would suggest.

With 30% of the budget, the capital allocation makes the right nod to infrastructure, and the need to secure the parts of the country currently ravaged by an insurgency-induced war, both of which are necessary if business is to thrive. The 9% drop in recurrent expenditure, while sufficiently indicative of a more prudent approach, does however raise the question of the large portion of the budget (N1.36tn) dedicated to debt servicing. In terms of the economy’s overall size, this remains a piffling sum.

However, against the expected revenue streams, there is much to be worried about what is in absolute terms the country’s largest allocation for debt service.

And this is where the worries over the 2016 appropriation bill begin. First, it comes with an unusually large deficit (N2.2tn]. More worrisome is that its projected financing for the deficit—N900bn from overseas sources, N984bn locally, and N380bn from recovered misappropriated funds—includes what appear to be heroic\unrealistic assumptions even in the best of times.

For one, higher interest rates in the United States would mean that the eventual costs of servicing such loans, as we will acquire would be significantly higher than proposed. Although it has been argued that with the right structure (extended moratoria), and sources (a lot of borrowing from the Chinese) we may keep this manageable, this remains a source of worry.

However, it is doubtful that the current situation in monetary policy will aid the budget. Many commentators doubt that non-residents would willingly put money in an economy with no discernible outlets for repatriating earnings, which is one consequence of the Central Bank of Nigeria’s (CBN) current management of the nation’s foreign exchange space.

A far bigger worry is with the deficit’s impact on the domestic space. Whereas N984bn might not seem big enough to disrupt the market for domestic borrowing, it is doubtful whether current market rates are sufficient to attract domestic savers to invest in government securities. And it would not help to have the CBN mandate banks to lend at current rates. Higher yields on government debt, though, would mean that the private sector faces elevated borrowing costs just as consumer demand falls off.

There is a strong case for government to run an expansionary budget this year, if only to help prop up falling consumer spending. And indeed, government reinforces its spending priority most emphatically by opting to spend more on education this year than it plans to on defence.

Over a much longer horizon, the economy’s crying need is for reforms that make it easy for businesses to thrive. And this would include rapid transitions to market-based pricing, whether for domestic fuel sales or for foreign exchange transactions. The planned unbundling of the Nigerian National Petroleum Corporation (NNPC) is but a half-way house in this direction.

Ultimately, a budget requires for its success, disciplined execution. The 2016 appropriation bill raises enough questions to make us worry about the likelihood of its successful implementation. Yet, PREMIUM TIMES permits itself to hope that things would be different this time around.


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  • Benedict Achu

    Editor of Premium Times,

    Nigerians are living in the dark without hope at all. No electricity, no water, no safety, no jobs for youths.
    Those four things i told you are the factors that make Nigeria a jungle of the hopeless and the wretched.
    Our President does not really know what to do, but you don’t say it, and you are talking another thing.
    Where do you see a father planning for a family with money to be recovered from armed robbers in the area?
    But is this not what President Buhari is doing now with his 2016 budget? We are now to live from expected loot.
    Suppose the loot does not come back, what happens, do we all have to take to stealing and looting to survive?

    • REDEEM

      Buhari is going to spend over 1.36 trillion to service money he borrowed from the World Bank–among other debts—————4.3trillion for recurrent expenditure———is the money going into projects embarked upon by Jonathan–or we are going to be chasing fresh ones–Recurrent in the lay mans views-views simply means ongoing projects—-Aware last years budget as prepared by Jonathan was 4.4 trillion—Now Buhari and the thieves in APC are telling Nigerians that they are going to spend the equivalent of the entire budget of this year–which is 4.4 trillion as recurrent expenditure—-Ministry of—Transport alone is going to take 200b-whereas Trabnsport and aviation under Jonathan had a lesser budget than the dummy Buhari is now selling to the Nation-in his budget of madness!

  • Burning Spear

    I honestly do not understand why Editors at Premium Times, hardly ever put on their thinking Cap when penning Editorials for the Apes in APC. Was Jonathan president of Nigeria for 7 years? A clear indication that the Editorials was penned for PT by Liar Mohamed- Hear PT again; (Buhari administration had to contend with two unfavourable factors inherited from the previous administration). 1, Accoring to PT, ( the deleterious management of the economy( deleterious simply means dangereous way Jonathan handled the economy period) What an excuse ati insult from Buhari! (Then there was the drop in oil prices, which accounts for a disproportionately high portion of government’s revenue, beginning mid-2014, which reduced by half the country’s earnings from the sector) Rubbish! Yet the Buhari government, instead of pruning down her budget of Madness! Upped it from 4.4trillion to 6.8trillion—And even went on to erect the budget around 38 dollars per barrel for my crude oil. What a shame! When oil is already selling @ $31—–what type of excuse does Buhari have for these rubbish? Was it Jonathans socalled ( Deleterious) government that helped Buhari prepare the budget of madness! again? Yesterday Liar Mohamed celeberated the end of the Boko War———Ha the war really ended? The same old BUHARI lies–what a shame

  • REDEEM

    Buhari Budgets N1.75Billion For His Feeding in 2016.

    The Nigerian President, Dr Muhammadu Buhari has allocated the sum of N1.75 billion for his feeding for the year 2016. This implies that Buhari will be spending N4.7 Million everyday (around £15,913.86 a day) on food.

    Although Buhari promised Nigerians that he will cut cost against what was obtainable in the last administration, his feeding budget was increased by 70% from last year’s budget.

    Former President Goodluck Jonathan was abused for budgeting N1billion for the Presidency during his tenure and one wonders why Nigerians are silent when Buhari doubled his feeding budget-unquote————

    Yet the Buhari mice—ati the moaning mourners in APC- blame what they call the (deleterious)–dangereous government of Jonathan over the glaring mind buggling waste in the Fulani ati Yoruba led government of Buhari—Nigerians were all over the globe shouting their heads off and cursing the day Jonathan was born, when he came out with a budget of 1b for food—But now that Buhari has allocated 1.75b for the same food-the Buharimice, who were hired to chase Jonathan on the Web, have all gone into their dingy holes————–to hide—what a shame——what a country–Separation is the answer–not the rule of the Fulanis ati Yoruba traitors–again————–animals

    • THE SOURCE

      After reviewing the trends in the global oil industry, we have set a benchmark price of $38 per barrel and a production estimate of 2.2 million barrels per day for 2016. We have focused on non-oil revenues by broadening our tax base and improving the effectiveness of our revenue collecting agencies – Muhammadu Buhari addressing the joint house on the 2016 national budget

      The assumption on what will accrue to Nigeria from oil in 2016 is utopian, given the fact for the last 6 months not enough buyers are in the market for Nigerian oil. In addition, the unprecedented dropping of unit price of oil on daily basis, does not tell well of any light in the tunnel for OPEC. The price, according to Babatunde Ggbadamosi in his critique of what he termed as unrealistic budget presentation by Buhari, “was at $31/barrel as at yesterday, giving the lie to the $38/barrel benchmark set by the authors.”

      Ggbadamosi added that If oil will not give us N800b as projected, it would make sense to look to other sectors to make up the inevitable shortfall. Customs alone provided over N900b in revenue in 2014,/missing their target of N1.2b by a wide margin.

      In the event the bill that proposes that the US becomes an oil exporting nation after 40 years of remaining just a consumer nation becomes passed into law, Will Nigeria’s oil market compete internationally in that wake?

    • Imam OLODO

      Dr Mohammadu Buhari? Shooooooooooooooooooooooooooooooooooooooooooooo……..Are you shwure? Pls which unibersity gabe him Dwortuoreit? That institution must have its license to operate revoked asap!

  • _PREDICTIONS _FOR_2016

    ……Check out predictions 6 & 7

    1.WORKERS STRIKE
    There will be so much industrial unrest, especially in the first quarter of the year.

    2. SUBSIDY
    There will be removal of fuel subsidy and petrol (PMS) will sell over and above N100/litre, leaving the masses in more serious hardship. Product will not be available and long queue in petrol stations will persist throughout the first quarter of 2016 and beyond.

    3. ELECTRICITY
    Power generation will drop to the lowest ebb. Still, Federal Government will increase tariff in 2016.

    4. UNEMPLOYMENT
    Millions of jobs will be lost in 2016 as against the three million jobs promised by the APC yearly. Most States and Federal Government will retrench workers as evident in the over 2,000 Federal University workers already sacked.

    5. ECONOMIC POLICY
    Most private owned middle-class businesses will fold up because of bad economic policies of the Buhari-led government.

    6. DEVALUATION
    The Naira will continue to have a free fall which will take it to as low as N320 to one Dollar.

    7. ECONOMY
    The Buhari-led FG will have no solution to country’s economic problems.

    8. SECURITY
    Boko Haram will keep spreading and the Shiite Muslims will get more emboldened.

    9. HUMAN RIGHTS
    Penchant for dictatorship will rise with rampant human rights abuses and disobedience to court orders.

    10. ANTI-CORRUPTION
    Insincerity in the fight against corruption will continue and the fight will not only be selective and political, but targeted more at Southerners.

    11. ELECTIONS
    Attempt to forcefully control any of the South South States of Akwa Ibom, Rivers and Bayelsa by the APC will lead to unprecedented deaths.

    12. ECONOMY
    Crude oil price will fall to below and about $30 per barrel.

    • joe

      Wishful thinking of an evil mind

      • Julius

        The most cruel and undesirable elements are those who refuse to accept reality and insist on living in denial in the very facts of the times.—– Nelson Mandela

  • e_orpheus

    We hope with you premium times. We’ve groped around as a nation far too long. We hope with you.

  • Ebubedike

    Bla, bla bla. Blame, blame and more blame. Another half-baked editorial by Propaganda Times University of Oshodi graduates. This is the hand of PT’s half-educated “journalists” but the voice of APC’s certificate forging illiterates. Check out the contradictions:
    1. And this is where the worries over the 2016 appropriation bill begin. First, it comes with an unusually large deficit (N2.2tn].
    2.There is a strong case for government to run an expansionary budget this year, if only to help prop up falling consumer spending.

    A government of hopeless propagandists and its shameless empty-headed supporters – confused beyond any imagination.

  • Captain Okadigbo Chukwuka

    ———————————————————————————————————————————————————
    UPDATE: – BIAFRAN Government Constituted – Retired High Court Judge, E. Ozobu, now leads Biafra Campaign, Officials named
    ———————————————————————————————————————————————————
    Retired High Court Judge, E. Ozobu, now leads Biafra Campaign as reported by the New York based news media outfit Republic Reporters.

    Justice Eze Ozobu will now lead a new coalition of several pro-Biafra groups, the announcement was made today in Enugu. The fresh initiative involves the setting up of what is called “Customary Government” in the Eastern part of Nigeria.

    “ The new coalition also announced the formation of what it called “shadow government.”. The coalition pledged to work for Igbo self determination in a peaceful and coordinated manner. We are going to press for self determination of the Igbo people is an organized but peaceful manner. We are making contacts with members of the international community for diplomatic assistance. Our campaign will be non-violent”, Chidi Onwuka, an official said.
    .
    “…the new coalition will not break any Nigeria laws but will assert the right to self determination as enshrined in the United Nations, (UN) Charter. The groups that merged were Movement for the Sovereign State of Biafra, (MASSOB), the Indigenous Peoples of Biafra, (IPOD) and several other community-based groups with shared dreams and aspiration for a sovereign nation of the Ibo speaking people.” – Chidi Onwuka

    Another official of IPOD, a lawyer, Emeka Emekesiri told the audience that the new group will abide by laws and operate within the confines of international conventions. The group also announced what it called the “Customary Government of the Indigenous People of Biafra.”

    Officials appointed into the Governing Council of the movement are:
    —His Royal Majesty, (HRM), the Honourable Justice Eze Ozo¬bu, OFR (Chairman);
    — Dr Dozie Ikedife, OON, JP (Deputy Chair¬man);
    —Brig. Gen. Joe Achuzia, (Secretary-General);
    — HRM, Eze Iheanyi Nwokenna, OFG, JP (Public Relations Officer).
    Achuzia, alias Air Raid was a prominent iconic figure during the Nigerian civil war.

    The statement released at the end of the meeting further stated:
    ‘‘The Supreme Council of Elders of Indigenous People of Biafra has approved a 24-member National Executive Council (NEC) that will run the government. The NEC will consist of the representatives from all pro-Bia¬fra groups and all the provinces in Biafra land so that none will be excluded…The junior staff officers of the CGIPB have commenced work at the Secretariat but the Director of Administration and Principal Of¬ficers of the Customary Government shall be announced to the public soon.”

    ‘’The Biafran Government has taken off under Customary Law within the Nigerian Legal System. It is similar to the Sharia Government in the North. We shall not break any Nigerian law. It is a transitional government. Everything we do is legal. All the Indigenous People of Biafra are therefore advised to submit themselves to the authority of the Government of Indigenous People of Biafra headed by the Supreme Council of Elders” Emekesiri stated.

    • Very Proud Oily IZON Redeemer

      Buhari your foolishness led to this–the same way u advised Abacha to hang Ken Saro wiwa—————Now another mumu-Sagay the head of the buharimice is advising u not to–Release Kalu from your gulag—u want 2m barrels of crude oil but is planning to lock up Tompolo-SEPARATION IS THE ONLY ANSWER NOT THE RULE OF THE FULANIS ATI YORUBAS–Animals

  • Very Proud Oily IZON Redeemer

    MINISTRY OF INFORMATION – N39,172,778,886
    Vs
    MINISTRY OF MINES AND STEEL DEVELOPMENT – 9,523,165,652

    Mines and steel the bed rock of development gets relegated to the background while lies and propaganda office takes precedence. All na change!

    • Imam OLODO

      FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!
      FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!
      FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!
      FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!

      …It is called Buharinomics. But those with discerning minds prefer to call it Olodonomics or if you like Wasclessnomics. It is what you get when someone who scored 3 out ot 100 marks to bag an F9 fail grade in Maths in a High school exams is made to preside over Trillions of Naira with a Capital intensive budget. Sad indeed!

  • Okiemute Henshaw

    Oil spills keep devastating Niger Delta

    Amnesty International is blaming two oil giants for more than 500 oil
    spills in Nigeria’s Niger Delta in 2015. The area has been mismanaged
    for decades. Could the upcoming election bring a solution?

    …On one side are Royal Dutch Shell – the fourth largest company in
    the world – and ENI, Italy’s biggest industrial enterprise. On the other

    side are the local people with 70 percent of the population living below

    the poverty line.

    The companies have been conducting large-scale oil extraction in the
    Niger Delta for many years. Amnesty International has leveled heavy
    criticism: A recent analysis has come to the conclusion that the
    companies are responsible for more than 550 oil spills within just one
    year.

    —-“Last year Shell reported 204 separate oil spills, while
    —–ENI reported 394 spills,” says Mark Dummett, a researcher on the

    business and human rights team of Amnesty International.

    . “The number of oil spills occurring in the Niger Delta is really disturbing. It
    is the highest in the world.”…According to the companies, 5 million liters

    (1.3 million gallons) of oil were spilled during that time. But Dummett doubts
    those figures are correct: “According to past research, companies

    underestimate the amount of oil that is spilled.”

    SOLUTION;
    Let the people arise. Arise and defend your environment. Protest. Occupy the streets. Occupy the oil companies. Occupy the oil rigs until they clean up the rivers and our beaches. Imagine, there is not one single beach from Delta state to Calabar where one can relax. They are all black (instead of white) sand laden with oil. Truly, my Niger Delta is where the Vultures feast.

  • Very Proud Oily IZON Redeemer

    MINISTRY OF INFORMATION – N39,172,778,886
    Vs
    MINISTRY OF MINES AND STEEL DEVELOPMENT – 9,523,165,652

    Mines and steel the bed rock of development gets relegated to the background while lies and propaganda office takes precedence. All na change!

  • Okiemute Henshaw

    MINISTRY OF INFORMATION = N39,172,778,886
    Vs
    MINISTRY OF MINES AND STEEL DEVELOPMENT = N9,523,165,652

    Minesand steel the bed rock of development gets relegated to the background while lies and propaganda office takes precedence. All na change!
    —————————————

    FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!
    FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!
    FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!
    FRAUD ALERT!!!!!!!!!!!!………………FRAUD ALERT!!!!!!!!!!!!

    …It is called Buharinomics. But those with discerning minds prefer to call it Olodonomics or if you like Wasclessnomics. It is what you get when someone who scored 3 out ot 100 marks to bag an F9 fail grade in Maths in a High school exams is made to preside over Trillions of Naira with a Capital intensive budget. Sad indeed!

    • Yusuf

      u are the one without a grade in economics. a serious government will not channel so much money to ministry of agric or that of solid minerals bcus such sectors should be private sector driven. what the government needs to do is holistic reforms on the two sectors. there is over N200B special intervention fund provided in the budget for agric, solid minerals and over N300B for small businesses. the budget has a number of obvious lapses but on this one u are speaking from your anus

  • emmanuel

    MINISTRY OF INFORMATION = N39,172,778,886
    Vs
    MINISTRY OF MINES AND STEEL DEVELOPMENT = N9,523,165,652

    Pls where is my Baby? I mean Madam due process- Obi Ezikwizikwezizili!…Where are you? Please wont you twitterize this fraudulent budget?

    • Yusuf

      your figures may either mean the solid mineral sector will be private sector driven or that Buhari’s government will be propaganda driven. so it is too early to conclude. lets wait and see

  • Isi Agwo

    N1.7 billion (naira) for feeding in Bokohari’s Presidency Aso Rock). A whole N700 million (naira) more than budgeted for Jonathan’s Presidency last year. That’s the “change” they voted for.

  • Obi C. Kalu

    Nothing that i write and post to you is good enough to meet your standard in Premium Times but i will continue
    to say my own because 1999 Constitution has given me my human right to ‘HOLD AND IMPART’ any opinion
    that i want where and whenever i want to hold and impart it. If what i am saying is not up to your own standard,
    then publish it according to my own standard now! All i want to impart today is that BUHARI has no plans at all.
    The budget for INFORMATION MINISTRY is three times more than budget of MINISTRY OF MINES AND STEEL.
    Is that a budget of a serious man that wants to do CHANGE? Answer me, ye Mujahedeens of Premium Times!!

  • Kunle Olaiya

    EDITOR SIR,

    I had expected President Buhari
    would give Alhaji Raji Fashola 90% of the entire budget of the federation.
    It is not too late to do a budget revision for that purpose. The Buhari 2016
    budget is afterall dead on arrival; with crude oil selling below the $38billion
    benchmark and now projected to sell at 80% less than $38billion next year,
    according to the International Monetary Fund (IMF) analyzed estimates.

    Professor Itse Sagay had told Nigerians last week that President Buhari
    appointed a decidedly corrupt RAJI FASHOLA as Minister to shame, undercut
    or neutralize those who exposed Raji Fashola’s massive thefts in Lagos state.
    I then expected that the budget allocation to the Ministries will further shame,
    undercut or neutralize the whistle-blowers. But it doesn’t.

    The sum allocated to Raji Fashola
    is about 440 billion Naira or so while the Mines and Steel Ministry
    was allocated a mere $9billion under President Buhari’s CHANGE AGENDA –
    under which PROPAGANDA was allocated 400% more of the amount allocated
    to the Mines and Steel Ministry – to suggest what CHANGE means to Buhari.

    • Question Mark

      BUT HOW CAN INFORMATION MINISTRY GET ₦39 BILLION UNDER THIS BUDGET,
      WHILST A PRODUCTIVE SECTOR LIKE MINES AND STEEL WILL GET ₦9 BILLION?

  • Wild-Waddy

    Kunle Olaiya,

    THIS IS APC CAMPAIGN-EXPENSE REFUND BUDGET

    I can predict that not less than 30% of the capital budget in the Information Ministry
    will likely go into the pocket of BOLA AHMED TINUBU as refund of campaign expense,
    whilst the same percentage at the Power, Works and Housing Ministry will go same way.
    This budget is being criticized as ‘senseless’ but if you take what i predict into consideration,
    you will see the probable purpose which has nothing to do with economic revival of Nigeria.
    You just calculate 30% of the capital budget from the ₦39 billion allocated to Lai Muhammed.

    • Justice Man

      IF 900 BILLION NAIRA IS EXPECTED FROM RECOVERED LOOT TO FUND THIS 2016 BUDGET
      THEN IT FOLLOWS THAT GOODLUCK EBELE JONATHAN MUST BE ARRESTED AND DETAINED
      IN THE THREE DAYS REMAINING THIS YEAR – AND THEN PUT UNDER SEVERE PAIN TO REFUND.

  • W.Waddy

    @Kunle Olaiya,

    THIS IS APC CAMPAIGN-EXPENSE REFUND BUDGET

    I can predict that not less than 30% of the capital budget in the Information Ministry
    will likely go into the pocket of BOLA AHMED TINUBU as refund of campaign expense,
    whilst the same percentage at the Power, Works and Housing Ministry will go same way.
    This budget is being criticized as ‘senseless’ but if you take what i predict into consideration,
    you will see the probable purpose which has nothing to do with economic revival of Nigeria.
    You just calculate 30% of the capital budget from the ₦39 billion allocated to Lai Muhammed.

    • k. Oaiya

      EDITOR SIR,

      I had expected President Buhari
      would give Alhaji Raji Fashola 90% of the entire budget of the federation.
      It is not too late to do a budget revision for that purpose. The Buhari 2016
      budget is afterall dead on arrival; with crude oil selling below the $38 per barrel
      benchmark and is now projected to sell at 80% less than $38 per barrel next year,
      according to the International Monetary Fund (IMF) analyzed estimates.

      Professor Itse Sagay had told Nigerians last week that President Buhari
      appointed a decidedly corrupt RAJI FASHOLA as Minister to shame, undercut
      or neutralize those who exposed Raji Fashola’s massive thefts in Lagos state.
      I then expected that the budget allocation to the Ministries will further shame,
      undercut or neutralize the whistle-blowers. But it doesn’t.

      The sum allocated to Raji Fashola
      is about 440 billion Naira or so while the Mines and Steel Ministry
      was allocated a mere ₦9 billion under President Buhari’s CHANGE AGENDA –
      under which PROPAGANDA was allocated 400% more of the amount allocated
      to the Mines and Steel Ministry – to suggest what CHANGE means to Buhari.

      • Publicrecords

        “Petitions of corruption against Raji Fashola and Rotimi Amaechi should be discountenanced.
        The petitions are rubbish; they were done out of what Nigerians call ‘bad belle’ to prevent
        this government from performing well. There were some characters behind it who wanted
        to drag the country down and prevent Buhari from giving the best government that
        Nigerians deserve. This was because they didn’t want people of high capacity, ability
        and commitment to be in this government. Have you looked at the quality of the building
        or if there was misjudgement in terms of paying more than necessary for the construction
        of the particular (borehole and roads) facility? That does not mean that the person is corrupt.
        It does not mean so. Maybe it was poor judgement on a particular occasion. The point I’m trying
        to make is that there was so much remoteness and implausibility in the allegations being made
        that they were not worth investigating.”

        ……………….Professor Itse Sagay

        (December 26th, 2015)

        • Question Mark

          BUT HOW CAN INFORMATION MINISTRY GET ₦39 BILLION UNDER THIS BUDGET,
          WHILST A PRODUCTIVE SECTOR LIKE MINES AND STEEL WILL GET ₦9 BILLION?