Buhari Speaks: How we intend to fund Nigeria’s N6 trillion budget

President Muhammadu Buhari has explained that despite the fall in the international price of crude oil, measures taken to block leakages in the nation’s revenue generating agencies would ensure enough cash to fund the N6 trillion budget he recently submitted to the National Assembly.

The president gave the explanation in an interview with Mansur Liman of the BBC Hausa service on Christmas eve. He also spoke on his government’s ‘success’ at defeating the Boko Haram insurgents.

PREMIUM TIMES’ Sani Tukur translated the interview;

Q: You recently submitted the biggest budget estimates in Nigeria’s history to the National Assembly, and this came at a time the price of oil has drastically gone down in world markets. How do you intend to get money to fund the budget?

Buhari: As a government, we inherited N1.5 trillion domestic debt and when foreign debt is added we have about N2.2 trillion. Everybody knows Nigeria is not a poor country, we are rich, and we have human resources, the problem had been that leadership did not take seriously, curbing corrupt tendencies.

Apart from highlighting our debt profile, we have also shown the changes we have made in the Customs for instance, how; much we are making from the Customs service, how much from petroleum, that is NNPC; how much we are making from the ports. There have been lots of leakages in these sectors. If we block these leakages, we would make much more money to run the country despite the fall in the price of oil.

Q: Are you sure you can block all the leakages? Because if one looks at it, it was just the leaders of these agencies that were changed while most of the lieutenants who were part of the system of the “leakages” are still in place. What do you think would change to make sure that “business as usual” does not continue and Nigeria would get those monies?

A: It is generally believed that a fish begins to rot from the head; once the head is rotten, the whole body is also rotten. We have tried to remove all the heads of the organisations, and most of the lieutenants have been changed. A lot is happening in this government that people do not appear to understand; many permanent secretaries of ministries have been changed; we used to have 42 ministers, now we have 36 because the constitution requires that each state of the federation must have a minister; we used to have 42 ministries, now we have 24.

Q: You have also allocated 30 per cent of the budget to capital projects; what informed that decision?

A: It is a must. Remember during the campaigns, we said Nigeria is facing three things and nobody disputed that assertion. Firstly; there was widespread insecurity, war in the north east, while the country’s oil was being stolen at random in the south; secondly; there is massive unemployment, 62 per cent of the nation’s population are youth from the age of 35 years downward; most of them are unemployed, including those who went to school and those who did not, that is a serious problem. Therefore, it has become necessary to restore peace and create employment.

That is why we are returning to agriculture and mineral resources. Thirdly, bribery and corruption was basically suffocating the country. If we don’t kill these monsters, this country would go down.

That is why those who stole monies meant for arms procurement and shared it among themselves are being arrested and are being shown documents, so that they would be asked to refund the money or face prosecution; we would use those documents to prove what they stole, collect all the assets acquired from the proceeds and then jail them.

Q: You have initiated a programme in which poor and vulnerable Nigerians would be paid N5,000 monthly; what have you put in place to ensure that there is justice and fairness in the running of this programme?

A: It is not possible for everyone needing it to get it; but the Federal Government has said it would collaborate with the states and local governments. At the local government level, almost everyone knows each other. It would be easy to identify those to give who would go into trading and how to get it back. It would be like a cooperative and we all know how it operates. Also, state governments would identify those who have capacity to employ more people and all we need to do is to empower them. Our people already know how to go about implementing these modalities to create employment for the citizens.

Q: You earlier mentioned Boko Haram. After your assumption of office, you gave a deadline of December to bring an end to Boko Haram insurgency. We are almost at the end of December, does it mean you and the armed forces have failed?

A: I want people to understand that after I settled down and got good grasp of what the country is going through, we removed all the service chiefs and appointed new ones. We also undertook an investigation and found out how the monies meant for arms procurement were diverted and shared by officials in the last administration. They sent the boys to the war front without arms and ammunition, leading some of them to mutiny after which they were arrested and detained.

We have been able to raise money and fund the war. Go and ask the people of Borno, Yobe and Adamawa; how many of their local governments were under the control of insurgents? And how many are currently still under the insurgents?

May be we would not win the war completely by the end of the month, but the insurgents have now resorted to putting on explosive vests on young children, mostly girls aged 15 and below and then sending them to markets, mosques and churches to detonate. Boko Haram themselves know that the era of them taking over communities and local governments are over. If people would be fair to us, they would know that the Nigerian Army has basically met the deadline and are winning the war. You cannot find any significant number of Boko Haram members in Adamawa, and Yobe, only may be in about three local governments of Borno in the area around our borders with Chad Republic. They are not in a position to threaten Nigeria now, so we have won.


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  • share Idea

    According to Buhari “…We have been able to raise money and fund the war. ” Can he let us know how he raised the money and if this raising money includes procurement of arms.

    He said that during last administration they were stealing crude oil without government doing anything and now that he is at the helm of affairs, I take it that he has stopped the stealing but allowed scarcity to be everywhere in the country. Buhari should be ashamed of himself.

    He wants to fund the budget by blocking leakages, the leakages he has been blocking since he assumed power but still went to NASS to request increase in this year’s budget. I pity the gullible

    • Wilson Eseago

      WHY DONT YOU WAIT AND SEE ME BEGIN TO THINK YOU ARE THE ONLY ONE WHO IS NOT SEEING THE
      PROGRESS MADE SO FAR.

    • It is only a person benefiting from the corruption of the previous government that will be a sad person now. As for people who are sincere with the true state of Nigeria will thank God for Change. Buhari will not fail.

      • Suleiman

        Sunday John, wait a minute. Who are the real benefctors of the previous government? is it Tinumu and Odetola, the oil barons who benefited the most form the fuel subsidy and have thrown the country into the fuel crises? Never in the history of this country have we had it so bad and buying fuel at N200 per litre. Can we at least try to be honest with ourselves. OR is it Kwankwaso who left Kano State with over N400 billion debt? Or is it Ameachi, Wamako and Tabuwwal who provided GMB with the privates jets for his campaign?. GMB now PMB is known to asked them, “how do you people get these things?” Or is it Fashola who left Lagos once more as one of the most chaotic cities in the world? Why are we blaming only the PDP officials and not these so-called changed agents? Or have we forgotten that Saraki, the Senate president is trying to run away from justice at the CoT? Please let’s have some dececy when discuss about this issue of corruption. All Nigerian policians are corrupt, simple and short and none has the moral high ground today to speak about the other. Even some of contributors here have beneiffed one way or the other from these corrupt politiians. Call a spade a spade, the people shouting today about corruption are among the most corrupt in this country. If we are serious about corruption let’s spread the net to all. I am yet to see any APC member other Saraki whom they did not want to be the Senate President probed. His is political persecution by his own party! Probe Fashola, Amaechi, Wamako, Kwankwaso and the so-called nPDP members and the story will be different. It is unfortunate the very people who ruined his country and are among the most corrupt are the ones shouting wolf. Shame on you bind followers! The judgement of God will soon descend on your heads!

        • Ango

          Wailer keep wailing! We are having fun Sai Baba

        • Relax and judge the results after 4 years. If we can wait for Jonathan’s incompetence for six years why are you in a rush with PMB? So relax you are in safe and experienced hands. PMB will deliver.

        • Your point is well stated, however are we suppose to throw our hand up because the man we elected GEJ allowed this same thug to run number and rain on the nation parade or maybe we should give PMB a chance, hoping he can rain-in or curtail this professional “politicians” who move from party pillaging and robbing the country blind?

          Kennedy quote:
          Better to light a candle than to curse the darkness

      • share Idea

        Keep thanking God for fuel scarcity, high exchange rate and government propaganda

        • Why are you killing yourself with a bleeding heart for nothing? Only God enthrone kings. For your information, I voted Jonathan in 2011 and when he messed up I voted him out in 2015. So if this government fail to deliver #Change I will vote them out but for now I am convinced that PMB will deliver. He is on the right track. Cheers!

      • Amen!

      • Burbank

        Amen

    • Ologbonlolode

      Just read what your wrote again and clap for yourself!

    • Kekedu

      You didn’t know he raised money for the regional force and insisted a Nigerian must head it? You didn’t know why he went to NASS to request for additional budget? I want to assume you went on no-news vacation during the period and missed the details

    • ELKINGS

      If you dont know, Ringoversea calling App is now very cheap to call Nigeria and they also give 20% bonus when you recharge in this festive season.,

  • ultimate

    Good response from PMB.2016 a better year indeed.changes i see

  • Wilson Eseago

    PMB IS RIGHT THIS IS THE KIND OF SERVANT WE ARE LOOKING FOR,IN THE PAST GOVT THEY WERE SERVING THEM SELF BY THIS TIME NEXT YEAR NIGERIANS WILL BE PROUD OF THEM SELF.

    • Romberg

      Like we are proud of his achievements now? Which job has he created? What policy does he have? It’s too early to ask? Sadly the questions will not be different in the next 4 years.

      • Samadani

        And only time will spell it clearly! So why wait for it? Thank you.

    • ELKINGS

      If you dont know, Ringoversea calling App is now very cheap to call Nigeria and they also give 20% bonus when you recharge in this festive season..

  • PETER UDOFIA

    The N5000 stipends Promised by APC during campaign has now turn to co-operatives society loans that shall be monitored by the local government. Was this the election promise our president you promised the youths after NYSC service for those who cannot secure a job. Is this not another deceit from your table? or is it the print media that lie on your behalf please let us know.

    • blackdove

      Please get someone knowledgeable from your village to translate what the President said in your language. Thank you.

  • Romberg

    You see this liar again? He has been a liar all his life. He promised N5000 per month to 25 million vulnerable Nigerians and unemployed youths. Now he says it is cooperative. No defined modality, but he actually thinks N5000 can help create jobs. What type of job, when the money is not even enough for transport from where the money is received to the beneficiaries’ homes? How can anyone take care of family responsibilities with N5000? Or are the unemployed not expected to have families and responsibilities?

    Buhari thinks his plan to spend 30% of the budget on capital project will create jobs. Which job? The companies that will win these contracts are already busy. They will not increase their workforce becuase they now have new projects. That is how they have always behaved. He said jobs will be created through solid minerals and agriculture. But how? We will wait for answers until the end of 2019. These are ministries with no clear legislations on how to create and manage new opportunities. Who studies for a MSc in Science and engineering but head to farm thereafter? Ok farming is good, but with machete and hoe? How about storage and price control. Is it enough to just send people to farm? This is a government of zero detail.

    Buhari said he is keen to jail those who collected money from Dasuki. How about the money he also collected? Money paid out from the NSA were not only about BH, were they? The crux of it all is that Buhari knew they were already guilty without trial, he knew the verdict irrespective of the law. He is the investigator, the prosecutor, the judge and the prison warden at the same time. But he too collected a part of the money. Will he go to jail as well?

    • dmitri

      U r such a daft and dowdy to think that nothing can be done: ur vitriolic is so hateful that I began to think whether u r human. He presented the biggest budget in the history of ur life as a Nigerian, leakages are being blocked to ensure more monies for the running of ur wretched country, without the 5000# vulnerable youths were patching and living like any other human being but with it life could be better for the vulnerables.u just sit and watch how we make ur pathetic life better for u.

      • evidence

        Proposing the biggest budget is meaningless if it is unrealistic and not in tandem with the current economic situation or indices, infact proposing the biggest budget in Nigeria’s history when oil is at an all time low and still sliding, shows that buhari is clueless and will just end up taking us back to the pre Paris Club debt days. ‎Benchmarking crude at $38, when crude is $31 is economic harakiri and borrowing a whopping 2 trillion to fund social welfare instead of capital projects, this is in addition to billions he has already borrowed for reconstruction and rehabilitation of the north and deradicalization of boko haram members, $75m for Oshiomole, $200m for lagos, and 40 bn for oil exploration in the north, is mortgaging the future of this country. You guys should start using your brains. 

        • Burbank

          “Benchmarking crude at $38, when crude is $31 is economic harakiri”

          “Venezuelan government sets $40/b target price for oil in 2016 budget” Oct 22, 2015
          “FINANCE Minister Colm Imbert (of Trinidad and Tobago) yesterday unveiled a $63 billion 2015/2016 Budget — pegged on an oil price of $US45 per barrel” Oct 6, 2015
          “With oil prices now hovering around $42/ barrel, officials said the 2015 (Alberta, Canada) budget was calculated on $50/barrel oil estimates for 2015.” Oct 27, 2015

          You should start using your brain.

          • evidence

            Maybe you should have done a bit of research on before posting. Venezuela is suffering from its deepest econmic crisis in its history because it has has a government that is similar to buhari; clueless, tone deaf and incompetent. Comparing Nigeria to Venezuela is like comparing Nigeria to Zimbabwe, you only end up showing your ignorance and foolery and lack of facts on current economic trends.

          • Burbank

            And you ignored Canada and Trinidad and Tobago!

            Maybe you should have done a bit of research on before posting.

          • 9jaBrozz

            What is the percentage contribution of oil to the government finances of those countries? At least 75%?

            SMH! Why don’t we kukuma set the benchmark at $100pb

            Mtcheew!

          • Burbank

            Why can’t we set it at $38pb?
            Mtcheew!

          • 9jaBrozz

            Dude! Are you on twitter?

            Give me your handle so that I can follow.

            Thanks

        • blackdove

          Since you know more than the President and his economic advisers please run for President in 2019. Nigeria needs your economic expertise.

          • evidence

            Buhari has put Nigeria and the economy on hold because he is chasing political foes in the name of fighting corruption. Anti corruption fight is his economic blueprint. By the time the economy turns to that of Zimbabwe, Buhari will then have time listen to anybody, but right now, he only listens to the voices in his head.

      • Romberg

        I pity your life. Truth they say is bitter. That is why he has been all movements but still at the same spot. We know you can’t tell him the truth, let the rest of us who know better than you do the needful. Which leakage has he blocked? You mean Dasuki? It would be crazy to think that Dasuki is all that is wrong with Nigeria. But Buhari also benefitted from, Dasukigate.. What have you got to say to that? Ooh it’s not corruption because it’s your lord and master, Buhari that’s involved. You better go scan your brain.

        • kinsly

          Same rubbish post.

        • Burbank

          “But Buhari also benefitted from, Dasukigate.”

          And not a single PDP member; FFK, Metuh, Alhaji Ahmed Gulak, Fayose; none has made any complaint about Buhari benefitted from Dasuki.

          • Romberg

            Will you ever read such a complaint? No you will not! It’s Buhari now, your demigod. He can never be wrong, can he?

          • Burbank

            “Will you ever read such a complaint?”

            Point out to me where any PDP member including FFK, Metuh, Alhaji Ahmed Gulak, Fayose, has made any complaint about Buhari benefitted from Dasuki.

          • Romberg

            Read Fayose latest comments – was published within the last 24 hours.

          • Burbank

            Fayose comment is NOT a court complaint.

          • blackdove

            Fayose is your source of information? Waoh!!!

          • Romberg

            He doesn’t even know how to spell ‘wow’ correctly. No wonder you don’t know the difference between white and black. Awful!

          • Romberg

            Also read Garba’s very recent outburst.

        • Oladele

          U well so?

          • blackdove

            E well but him nor really understand the topic.

      • REDEEM

        It has nothing to do with hate for Buhari ati the clowns in APC–All of them moaning mourners are professional liars————–thieves at best–did Buhari collect 300,000 ati 5 vehicles from Dasuki? The answer is yes! See why Buhari is soo scared of granting the man bail—fear–of being exposed by his Fulani brother Dasuki-

        • Kekedu

          Buhari scared? Joke of last week of the year!

          • Burbank

            LOLz…quite true.
            Buhari is so scared of the fraudsters he is sending them to jail in droves.

        • kinsly

          Mumu.

          • blackdove

            Original

      • Abdulazeez Oyibo

        Save your breath, goat will always eat yam!

      • Kekedu

        Bro, I see wares daily on roadside and in traffic with total worth of less that #3000. They ran after you and plead you make a purchase with smile. To these people, #5000 is like what Dasuki doled out to Dokpesi/ AIT

        • Enemona

          I don’t know why you even bother to respond to these brain dead guys who only see things through their myopic ethnic lenses. Pls click ignore on them, they are angry because their stock is dwindling since thee is no easy blood money to share around anymore.

    • Samadani

      Please, use your brain. Read the interview once more with clear conscience and mind you will understand better. Thank you.

    • Burbank

      Reading without comprehension – a common malady to those unfortunate souls who thinks they are useful to mankind.

      • Romberg

        How can you comprehend his gilbrish? He wouldn’t answer any question correctly. Even at that, his die hard faithfuls like you will take his words for an angel’s. If you have not seen failure in this man, then you need real help. We will continue to tell the truth Sha…w

        • Burbank

          “We will continue to tell the truth”

          I would be glad if you can start very soon.

          • Romberg

            You ‘would be’? Is that why you just don’t believe Buhari should be criticised? You fail to believe he is not competent. It’s just nearly a year into his government; it’s too early to see the economy is in a mess, and that jobs are not being created. We will ask you to name his achievements when he clocks a year in government. When it was 100 days, people said it’s too early. A year is now nearly gone by, we are still expecting one solid achievement on jobs, power, water, safety and the economy… Have you seen anything from his highfalutin ministers yet?’ They promised to fire on all cylinders some months ago. Tell me his policies on education, health, foreign affairs, policing….. Too early, though the government is nearly one year in the saddle? We have had several millions of uneducated graduates in Nigeria. Enrolments into elementary schools have also been massified, even when teachers are treated like minnows. We are yet to get a policy answer, rather he thought that N5000 cooperative mantra is the solution to re-skilling and development.

            We won’t pick a fault where there is none. To say the least, its shameful. We all want the same thing: a good Nigeria. But some of us are able to know from the first minute which team is likely to win a match even though they have only spent 20 minutes on the pitch. It’s an expertise.

          • Burbank

            How long did Lee Kuan Yew fixed Singapore?
            1 year?

          • Romberg

            Give Buhari 9000 years, Nigeria will definitely be in its usual reverse gear. I will remind you again next year.

          • Burbank

            Thanks!

          • blackdove

            I’m sorry to say that your criticisms are dishonest, poorly constructed, childish and most of all “of no consequence “.
            Majority of Nigerians are ready to believe in General Buhari because they know him, trust him and voted massively for him. They are ready to give him the benefit of doubt rather than blind hatred or constant propaganda. 7 months in a 4 year life of an administration to clean up a pile of garbage left by your hero is not the same as 6 years of building up that same garbage. All the same – goodluck with your criticism!

      • blackdove

        I taya my brother. Didn’t know that graduates in Nigeria can no longer comprehend the most simplest form of write ups.

  • dan

    This Buhari get skilloo, him no mention the 2trillion loan he intends to borrow to fund the budget, but quickly stated he met 2.2trillion debt, na wao, this one pass Maradonna.

  • Burning spear

    Suspected Boko Haram militants attacked Kimba village in Borno state on Friday night and killed 14 persons. President Muhammadu Buhari had said the insurgents had been “technically defeated” while Tukur Buratai, chief of army staff, said “they can no longer attack”. Liaer Mohamed said the war with Boko haram has ended—-Just lies– lies— lies– and furthr lies by the Apes in APC! Boko Haram Fulani fighters on bicycles, launched an attack on Kimba and razed the village before leaving – without any response from the Nigerian army. Vigilantes told a news agency that not a single house was left untorched in the 10pm raid on Christmas day. The villagers fled to nearby Biu town and were admitted to the overcrowded camp of internally displaced persons (IDPs). Yet Buhari ati the maoingin mourners have continued to lie and lie to the Nation—Nigeria is finished under Buhari–separation is the only answer

  • THE SOURCE

    MINISTRY OF MIS- 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 abi? Animals

    • Kekedu

      Ministry of Mines and Steel Development???

      • Enemona

        The guy is full of shit. He doesn’t even know the ministries yet he peddles lies about them. How St*pid.

  • Abdulazeez Oyibo

    We wait …

  • QDouglas

    Buhari needs to elaborate fully on the N5,000.

  • PT put hold on a lot of post that is not in support of the biafra agenda, this might give you the optical elution that there are more igbo present online, not so

    • Otile

      La Illah illala Mohammadu Rasulla. Mutum Muslumi barka da Id-El-Maulud
      Nabiyi. Ina kwana? Where have you been recently? We suffered 2
      horrible massacres, one at Onitsha, another at Zaria North, but
      nobody heard from you. Did you not hear our cry or what? It seems your hatred of Nigbo is more important to you than the loss of innocent lives in Zaria. I
      thought you were a good Muslim.

      • The death of the believers is not one to discuss on a forum, the soul of the believer belong with Allah. I would never turn that into a joke or a pundit fader, that my brother would be consider an insult

      • I’m on this sites to support, northern Nigeria mainly Kano and PMB, i would never bring my faith or talk about the people i respect …

        Please understand

  • ELKINGS

    If you dont know, Ringoversea calling App is now very cheap to call Nigeria and they also give 20% bonus when you recharge in this festive season.

  • Very Proud Oily IZON Redeemer

    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. On therefore wonders why Nigerians are silent when Buhari doubled his feeding budget. See the double speaking Nigerians are quiet because an Ijaw man whose oil resources were used to feed the Nigerian Nation for over 60 years————-has no right to spend 1b for feeding in Aso Rock—But Fulani Buihari ati his Yoruba backers whose ancestors contributed nothing towards the development of Nigeira, has the right to spend 1.75b for his feeding——————–Separation is the only way out-not the rule of the Fulani s ati Yoruba traitors——————-

  • onome yansh

    Much ado about leakages. Someone should remind PMB that there won’t be many leakages to block with the price of crude falling so low. Corruption in Nigeria rises when there is boom in the oil sector and ebbs when oil prices fall. This is because the more money we earn, the more left-over we would have to be pilfered. The point being made is that if our revenue had remained what it was in the last four or five years, then you can bank on earning huge revenues from the blockage of leakages. But with our revenue nosediving so drastically, govt at all levels will barely have enough for salaries and there won’t be surpluses left for frivolities which give rise to the leakages. The government should therefore direct it’s effort to developing alternative revenue rather putting so much hope on blocking leakages to earn revenue.

  • Otile

    Does it is mean that they have quickly forgotten the N5000 promised unemployed youths languishing in poverty?

    • favourtalk

      Nobody had forgotten that. Change is here

  • Jon Rhoma

    Buhari hopes to find his budget from proceeds of crime. Whereas this can only happen at the end of the substantive trial and a second trial on the accused assets and liabilities. So with protracted legal proceedings that may last years in courts how feasible is this going to be?

    • favourtalk

      You don’t know billions has been recovered many times. Please seat back and relax

      • Jon Rhoma

        You living in a cloud coco world. If you believe what politicians say you must be gullible. According to you they’ve recovered billions yet they can’t release the list. Seen is believing.

  • favourtalk

    Nigeria is a going to be a better nigeria, God bless PMB for a greater things done to us. With billions of naira that was recovered. We are now in a better nation