2016 budget to kick-start Nigeria’s economic recovery – Finance Minister

Minister of Finance, Kemi Adeosun

The full and diligent implementation of the 2016 budget would help the federal government achieve recovery of slowing economic growth, to forestall the remote possibility of recession, Minister of Finance, Kemi Adeosun, said on Thursday.

The minister said the focus of the Muhammadu Buhari administration was to stimulate the economy and achieve real gross domestic product, GDP, growth rate of 4.2 per cent through the 2016 budget.

Mrs. Adeosun said the present administration was equally determined to reduce the cost of governance, extract efficiencies in public service and enhance revenue collections.

“The administration plans to increase government expenditure on infrastructure, namely transport, roads, housing and power with a view to achieving a substantial increase in gross capital formation and to fund the budget deficit and the negative trade balance in a cost effective and efficient manner,” the minister said.

“This will keep the government within the acceptable debt sustainable ratio expected of most emerging economies.”
The minister who presented a paper titled: ‘Nigeria’s Economy: The Road to Recovery’, noted the impact of sliding crude oil prices on the Nigerian economy, saying government’s main macroeconomic objective in 2016 was to combine an expenditure-led growth strategy with a stimulant approach based on injections of more efficiently collected revenues and blocking of leakages.

“The combination of these fiscal injections will have a catalytic multiplier effect on the GDP growth rate,” she explained.

With budget deficit at N2.2 trillion, or 2.16 per cent of GDP based on an estimated benchmark crude oil price of $38 per barrel, the minister said present realities and dynamics in the global oil markets, calls for preparation for further decline in oil prices.

She said the government has developed a “shadow budgeting process with tactical responses to build in the flexibility in the country’s borrowing needs”.

Mrs. Adeosun said the present administration would go ahead with its robust commitments on infrastructure development in spite of dwindling crude oil price.

“For an economy dependent on crude oil for 70 per cent of government revenues, the 12-year low in oil prices, the downward revisions to the global outlook and the re-ordering of the global economy, are ominous signs,” she said.

“For years, oil prices were at historic highs, and at US$114 per barrel, we spent, government spent; people spent and our economy seemingly ‘grew’. But, this growth masked much vulnerability.

“There were consistent warnings about the volatility of oil prices and the need to diversify our economy to support our huge population. Whilst we paid lip service to this need and extolled the potentials of many sectors, we did not plan adequately to ensure that we worked towards this.”

She said as long as oil was available and the dollars flowed, the country kept spending, pointing out that even when prices fell, as in 2008 during the global slowdown, the spending continued, through the cash reserves in the hope of a future oil price recovery.

Now crude oil prices have crashed, and the outlook showed that prices would be “lower for longer”, she said Nigerians have been compelled to critically evaluate their expenditure on oil proceeds.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD: Revealed!!! The Only Way Left of Getting an Extra Large Manhood and also Last Up to 38Mins+. Get the Insider Secret Here


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • ikenna

    only a dump person will believe this woman.

    • Kazeem

      You’re not being objective in your comment.
      Theoretically is possible but practically, that is question we must ask ourself.

      • Romberg

        So what sense is in theoretical budget that has no practical thrust? May God heal Nigeria.

      • ikenna

        My brother she is complaining about oil price downfalls yet she based her budget on 38 dollar per barrel and today oil is 27 dollar to a barrel and still falling. Standard and Poor’s just predicated that they are expecting Nigeria to devalue they currency by second quarters of this year while inflation is almost 10%. Now all the economic indicators use to measure any economy in our case are down yet we want to borrow almost 1tr naira to fiance consumptions. IMF warned us that this budget is not workable given that our major foreign reserves earner which is oil is falling and won’t recover soon. The other day customs complained about a drop in they earnings. Exchange rate is nothing to write home about. Her economic theory won’t work. I’m objective not ethically blinded by something that will never work.

    • tundemash

      And only a dumb person will write dump instead of dumb.

    • Maria

      Hahahahahahahahahahaha… you already show that you are the grand master of the dumb…. dump or dumb…which one, the dumbest animal in the biafraud zoo?

      • ikenna

        Lol I repeat that only a dumb will believe this woman the question is which one are you? I don’t jump from one newspaper to another with a funny name insulting people. You can call me biafraud zoo or whatever you like but it doesn’t change what is happening to the economy now.

        • tundemash

          Mor0n, stop displaying amazing stup1dity and listen when u are corrected. What has dumb go to do with comprehending or understanding. Dumb is not being able to speak, what has that go to do with not being able to understand???

          • ikenna

            I don’t respond to all comments. I have a life lol

          • tundemash

            Indeed we can see you have a life not knowing the meaning and spelling of dumb. My advice; concentrate on that your little chemist shop where u sell fake drugs instead of dabbling into issues well above your education.

          • ikenna

            LoL This guy will have high blood pressure. Oh boy take it easy with your internet ranting.

          • tundemash

            wow ! What a compound f00l you are ? Dump an idi0tic expression ? Stop using cheap drugs, it is messing you up!

          • ikenna

            This is my response to Kazeem:

            My brother she is complaining about oil price downfalls yet she based her budget on 38 dollar per barrel and today oil is 27 dollar to a barrel and still falling. Standard and Poor’s just predicated that they are expecting Nigeria to devalue they currency by second quarters of this year while inflation is almost 10%. Now all the economic indicators use to measure any economy in our case are down yet we want to borrow almost 3tr naira to finance consumptions. IMF warned us that this budget is not workable given that our major foreign reserves earner which is oil is falling and won’t recover soon. The other day customs complained about a drop in they earnings. Exchange rate is nothing to write home about. Her stamp duty will not work because many people will start avoiding putting they money in banks which will cause liquidity problems in the economy. Her economic theory won’t work. I’m objective not ethically blinded by something that will never work

    • Ajayi Ifayemi

      Try not to get stuck with one viewpoint. Make efforts to learn about what the government is already doing. Some of them may surprise you.

  • tundemash

    Easier said, we’ll see what happens as per the implementation.

    • Akatikpo

      The probe should start from the 20 billion dollars that Sanusi alleged. It is a low hanging fruit for Buhari. Sanusi is there as a prime witness. Why probe only security vote.

      • tundemash

        Has the probe ended ? If he started from NNOC, some would claim why NNPC and not Haliburton?
        If you listened to the news yesterday when Adesina was asked if Dumbo would be arrested, he said soon the probe would move to NNPC and aviation. Sanusi is not dying soon.

        • Romberg

          But if Buhari succeeds in killing the corrupt PDP, who will kill Buhari’s own corruption? Is APC truly a saint? Did Buhari ever receive donations from APC states? Are such donations the donors’ personal income?

          I agree, one step at a time. But, if you live in glass house, why throw stone?

          • tundemash

            Whoever comes after Buhari should also attack corruption. Atleast u now know stealing of corruption and punishable .

          • Romberg

            Has anyone been punished? Will anyone be punished, perhaps without executive bullying the courts? Our institutions are so drenched in inhibition that they look like a dirty sponge being used to clean a ‘clean’ plate. You get what I mean?

            Corruption is only a part of our problem. the way I see it, incompetence is our main curse. Can Buhari define corruption? Maybe he’d do a Nigerianized definition like GEJ did, perhaps in a different way.

            Competence abhors corruption. Rather than seek competence, we always love to hack into the cognitive space of political correctness. It’s like a blind man wearing binoculars. He won’t see the stars even if he lives amongst them. That is why we remain unchanged, regime after regime.

          • tundemash

            While you claim no one has been punished, some claim Buhari is too hard on corruption; bottom-line someone has come onboard now to make Nigerians realise stealing is corruption and punishable.
            I don’t understand what you mean by asking if Buhari can define corruption? And u yourself have not defined corruption and yet you have written so much. Nigerians chose the better of the candidates that presented themselves for election, if you have a better plan, please do present yourself for election for any post at any level and do your part. Football analysts are usually experts on how it should be done and I have seen many fail when they get appointed eventually e.g. Alan Shearer. Hopefully we’ll see your name on the ballot box in 2019.

          • Romberg

            If every critic of government must run for election, then we are unreal. The political class is criticised all over the world; in the media, in schools and in the public. It’s not bad though, I will come out for an election when I catch the calling. But that shouldn’t stop us from telling the truth.

            I have asked that we define our concept of corruption. Perhaps this will require us to reset our laws. Buhari got two cars from Dasuki. Whether it was Buhari’s entitlement or not, it was a payout from Dasuki. How is that right, and other payouts wrong? I know he didn’t ask whether the money was oil money, security vote or a part of Abacha loot.

            There were contributions to the APC from the stages. It’s been like that for ever. Such monies are freewill donations from the purse of their respective states, tax payers’ monies! They may not be meant for Bokoharam, rather for something in the budget and not for Buhari or APC. Isn’t that corruption?

          • tundemash

            No one has told you not to criticise but please don’t be ridiculous asking if someone can define corruption; what is that supposed to mean ? There is nothing wrong with our laws but the will to enforce those laws was what was lacking all along because the mantra preached was “stealing isn’t corruption”.

            U claimed ” Buhari got two cars from Dasuki. Whether it was Buhari’s entitlement or not, it was a payout from Dasuki.”

            What a contradiction? I guess u are bent on nailing someone by all means necessary. The question you ought to ask are which office under the Presidency buys the cars entitled to former Presidents and was it ascertained that the cars were bought with the arms money being investigated ? No you just jumped on the bandwagon of PDPigs mud’s slinging. How come same PDPigs are now silent on the car issue while u still go on about it ? Just as the smear campaign didn’t work pre-election, this won’t work too.

            U claimed “There were contributions to the APC from the stages. It’s been like that for ever. Such monies are freewill donations from the purse of their respective states, tax payers’ monies! They may not be meant for Bokoharam, rather for something in the budget and not for Buhari or APC. Isn’t that corruption?”

            Behaving like a bull in china shop will only expose your ignorance. What is being investigated is arms money spent by the office of the National Security Adviser. If Dasuki gave any money to APC, then let him say so. If Jonadaft approved any money to be given to APC, let him say so . Stop muddling up the water ! If APC got any money from any states , the state govt. have the power of prosecution, let those states prosecute whomever got money from them. Wike set up and probed Amaechi and none of you cried witch-hunt then. Tell me what is delaying and stopping Wike from using the outcome of that probe to prosecute Amaechi ? Or is the outcome of that probe just to tickle the feeble minds ?

            U claim “If every critic of government must run for election, then we are unreal. The political class is criticised all over the world; in the media, in schools and in the public. It’s not bad though, I will come out for an election when I catch the calling. But that shouldn’t stop us from telling the truth.”

            Ofcourse no one has stopped you from criticising so also Buhari cannot please all. So far he’s doing exactly what he campaigned to do; attack and kill corruption. In that process, some will not feel comfortable with it. He has a date with Nigerians again in 2019 who will determine his fate not a few individuals who are still shocked and in denial of the outcome of the March 28th election

          • Romberg

            You won’t change: your best is in vituperous anhilation of facts and in derailing the truth. But the truth is clear: Fighting corruption is not exactly synonymous with muscling the law courts. For Emperor Buhari to be the prosecutor, the judge and the jury, that is incompetence, corruption and bullying combined. Where on earth does a head of state dictate which court order to obey or how a court should decide? If you don’t see this bullying attitude as corrupting our legal system, then what type of person are you? You can’t break the law in the name of killing corruption, when it is obvious you are a product of the same monster. That is grandstanding and hyper-corruption.

            In my reference to APC governors’ donations to Buhari’s campaign, I did not mean, and did not suggest the money was from Dasuki. They donated from their states’ treasuries. The monies may not be meant for Bokoharam. But perhaps staff salary, education votes et al. Are you denying this fact or are you saying it’s no corruption as long as it’s given to Buhari? I know you will come back to say it never happened, or Buhari never took it or that it was free will donations from the states but coordinated by the governors. It is cruel to fight a cat when both of your are struggling for the content of the same pot.

          • tundemash

            U claim “You won’t change: your best is in vituperous anhilation of facts and in derailing the truth. But the truth is clear: Fighting corruption is not exactly synonymous with muscling the law courts. For Emperor Buhari to be the prosecutor, the judge and the jury, that is incompetence, corruption and bullying combined.”

            Wailing wailer, why not petition the Chief Judge of Nigeria on this. Dasuki was initially charged for possession of arms upon which he was granted bail and rearrested for the corruption case. can u remind us which court granted him bail on that ? Stop behaving like a bull in a china shop.

            In my reference to APC governors’ donations to Buhari’s campaign, I did not mean, and did not suggest the money was from Dasuki. They donated from their states’ treasuries. The monies may not be meant for Bokoharam. But perhaps staff salary, education votes et al. Are you denying this fact or are you saying it’s no corruption as long as it’s given to Buhari?

            Cl0wn, I repeat again, the states govt also have the power of prosecution. Why has Wike not prosecuted Amaechi based on the outcome of his probe panel or is he waiting for Buhari to also do that job for him ? Fayose claimed the former gov spent N50b on bed at the gpvt. house, what is he waiting for to prosecute that former gov. You can rant all day long it moves no muscle. Minority can have their say but majority must have their say. The rogues who looted your destiny did it for 16 years and u raised no objection and someone has come along asking and querying the looters on why your destiny was looted and u are here ranting on behalf of those who looted your future. Keep wailing !

          • Romberg

            The saints in APC now were from the corrupt PDP. What has changed in their record? Joining APC? PDP that looted for 16 years (no one in APC did, just PDP!) created the EFCC that the APC is using now. The plan was clear: fight corruption. OBJ did it. The super-corrupt Tinubu turned Lagos to a mini Nigeria, choosing political officers across the country, violating democracy and electoral laws in the process. His desecration of the Appeal Court is well documented. And since the ‘demise’ of Salami phenomenon in the Appeal Court, did you see his ilks in the courts again? He stole all he could, enthroning his cronies everywhere possible. Isn’t that corruption? Didn’t Buhari benefit from this? Are you ignorant of this fact or you are just pretending?

            There was an EFCC. There is one now. 16 years on, the legacies are still there. What exactly is the difference that APC has added to our polity? Using the structures created by PDP and claiming nothing happened? Due Process, EFCC, ICPC all started early in PDP’s government. Tell me one clear plan of the APC to ‘deworm’ these organization. If you say there is nothing to show for PDP’s rule, you know you lied. The little democracy you have now, the one being torn apart by Buhari, was nursed by PDP. They gave us the credible election that produced the APC. What is the record of APC, from the states to the central? No local government elections for nearly a decade! Debt and debt and debt! Impunity! A government without focus. No originality. It’s all militarisation. Defiance of the courts. What is APC’s economic plan? ‘Anti-corruption’? What is APC’s health, education, power and infrastructure plan? ‘Anti-corruption’? Is that a visionary government?

          • tundemash

            U claim “The way you talk, you have lost more than a destiny. You have lost commonsense too. If your destiny is in $2.1bn, mine is not there. Buhari has spent more than that. ”

            U are still hallucinating. If our destiny has been stolen , u have lost all and i wonder what is common sense when u ahve lost your destiny to the looters. $2.1b is just arms money alone, wait till when the probe gets to NNPC, Customs and Aviation, maybe then u would realise the looters u seek to defend have also stolen the future of your generations unborn!

            Atleast u didn’t claim Buhari stole money, he spent it .

            U claim “Are you asking APC’s sit-in and sit-tight govenors to prosecute themselves? Does the fact they have not been prosecuted mean they are innocent and will never be questioned? They will answer for their sins someday.”

            Dunce, what an excuse ! Is Wike in APC? What stops Wike from prosecuting Amaechi; till now u keep skipping this and just ranting. Since u know they will answer for their sins one day, why are u crying a river over those who sinned yesterday and are answering for their sins today. When your PDPigs get their in 2019, let them prosecute any corrupt APC person, that is what we want ! And u crying about Tinubu; he has ceased to be a gov since 2007 and has no immunity from prosecution, what stops your PDPig govt from prosecuting him since then. What PDPigs couldn’t do in 8 years is what Buhari to do within 9 months now; u are just a sore loser still crying over the March 28th loss ! Keep wailing . Nothing changes until 2019, come back with your PVC then . Until then , you are just another noisy labour crying over loss of crumbs from his looters being picked up one after the other.

  • PROMOPROMO22

    Brand: DIFFERENT TYPES OF VEHICLES ON AUCTION TO THE PUBLIC AT A CHEAP RATE

    Model: 1999 TO 2015

    Contact : CUSTOM EVELYN ON 08165951876

    Condition: Clean

    Description: Factory Fitted A.C , Automatic Drive, Low Gas

    Consumption, Engine: 6 Cylinder, Injection Engine, Steering

    controls,Leather Seat, Front wheels Drive, Power Steering, Driver

    Air Bag, Passenger Air Bag,Cd player, FM/Am stereo,Power

    Windows, Power Lock. etc

    Price: FROM #200,000 TO #1,500,000^

  • Tritcall

    Olodo that does not know what she is saying or wants to do.

  • Olawale O

    I am sorry but this is not clever. How do you pay for the loan irrespective of ratio to GDP? Already paying 35K in every Naira earned by FG to pay debt. Borrowing $11billion on annual deficit will make the matter worse by 2019.

    • Ajayi Ifayemi

      My understanding is that all money that is borrowed will be spent on capital projects that can bring revenue. So, the idea is to invest in these projects and invariably let them pay for themselves.

      • Romberg

        Which capital project brings revenue in Nigeria? Will they bring revenue this year? If previous capital projects are that successful, we shouldn’t be talking about budget deficit now, should we? Can township road bring revenue? Will a power plant bring revenue in Nigeria? Will rail track that is not designed to make profit until after 25 years of prudent management bring profit before it starts? Can east-west road, second Niger bridge, lagos Ibadan expressway yield profit for Nigeria in 2016? Omg!

      • Olawale O

        Govt does not invest in revenue generating Capital projects. Also Capital projects have long gestation periods. Borrowing is paid from what you earn n not GDP. Its madness to borrow N2.2T when you are only earning an exagerated N4T using $38 oil benchmark.

    • Izedomi Ohirein

      You must pay your Loan or you lose ability to borrow. This is the best time to borrow & reduce our US$11bn per annum food imports.
      These will create millions of jobs for our people in agribusiness value chains in farming, logistics, processing, distribution at home & export. Agriculture has more potentials than Oil.
      Over 60% of our arable Land is uncultivated & 80% under cultivated. These requires huge capital investment to unlock its potentials.

      • Romberg

        Funny! You actually want to borrow to reduce debt? What type of economics is that? Does that change your true debts? Interest rates arent lower now than before, if you care to know. To think that debts stimulate Nigeria’s economy to grow is such a mess to consider as thought… What is our record doing same?

        We need capital to unlock our arable land, by doing what? Can you go to farm? Will you send your sons and daughters to farm to plant akpu and banana, and how are you sure all of these will happen in just 1 year?? Grrhhhhhh…

        • Izedomi Ohirein

          I own a fish farm. farming is a noble profession. if my children born in England are not interested in farming, I will give it away. They love farming. Prince Charles & Princes Ann own farms.

          • Romberg

            I am a farmer too. But I know there is no future for agriculture in Nigeria. You’d wonder Agric is not taught in Nigerian schools. Poor school leavers will prefer to ride Okada than to go to farm.

            You will be lucky to find someone to accept your farm when you consider giving it out. Even those who are working with you at the moment are only interested in stealing and travelling abroad… It’s such a huge shame.

          • Izedomi Ohirein

            Peasantry is not farming. Chief Audu Ogbe is a farmer who has been complaining about how we waste money importing food instead of empowering our young people to farm.
            I am currently working on $36.5Million agribusiness project for a client if we could close, would create 15,000 indirect & 250 direct jobs through the value chains. A client is building one in Ghana.
            What Dangote is doing in Kano with tomatoes is the right approach our various State governments failed to follow.
            Buhari is our best hope of a better Nigeria. Audu Ogbe is the best Man for the Job.

          • Romberg

            If I had known you are out to promote Audu who has had no clear policy direction on Nigeria’s agriculture sector, I wouldn’t have bothered you. The poor guy who left the position was praised to high heavens. But did anything really change? The only thing we remember now is Dasukigate, Ooduagate, Arunagate, FaroukLawangate and Deziannigate….

            I make bold to say chief Audu does not have the energy for what he is proposing. I am sure his lots are wishful thoughts.

            I did not refer to peasantry in my last post. My point is Nigeria lacks the skill, the resource and the systemic interest to go beyond that point. Audu can’t change this, not even in another 25 years. That is why Nigeria can’t go beyond primitive farming. Those doing mechanised farming in other parts of the world were not successful because of government. Your agribusiness is not becuase of Audu. It’s private sector driven. Governments only make available an environment, but in all honesty they don’t seem to understand what that means in Nigeria – it’s all noise, irredentism and lies!

            If a state as poor as Osun cannot not produce tomatoe and Kano did, yet Aregbe claimed he employed 200,000 people cleaning the road, what do you make of that? In Oyo, Ekiti, Ogun….the golden age is gone. People only think mean scale agriculture is a punishment. Agric graduates in Nigeria are poorly skilled, they will prefer the banks. Nigeria has always been the same on this point. One million steps, on the same spot.

          • Izedomi Ohirein

            Osun has gold deposit to develop ETC Not every State is ideal for every form of development. Ekiti has Quartz to develop ETC. These States & Ogun are ideal for aquaculture & poultry production ETC.
            The purpose of good governance is to exploit areas each State has comparative advantage. We have no need wasting US$11bn per annum importing food we should be producing & exporting. Audu Ogbe is a practical farmer, not a theoretical administrator like his immediate predecessor in office.
            I expect Audu Ogbe to add more value to Nigerian agriculture in the next 3yrs than in the preceding 10yrs. Time will tell. They need our prayers & encouragement.

          • Romberg

            The last time I spoke about Adeshina on this forum, one of his co-loosers nearly bit a hell out of me. She called me names you won’t call a demon. To this poor lady and people like her, PDP and Adesina were the best to happen to Nigeria. She said we now produce enough rice in Nigeria and that we will now start exporting….

            I have known the Nigerian rice supply chain since I was a child. Ofada (local) rice used to be Ekiti’s biggest product. By the fields are now gone. The mills are now gone. The farmers are now gone. Yet Adesina said we are on top gear to cocoon land!

            The gold you mentioned in Osun has been in the news for ever. A good government will explore the deposit’s marketable properties to attract investors. Osun is not interested in finding information on the state of her resources, the quality, the quantity, or to even secure what they think they have. Read about Ajaokuta steel plant….. I know it’s in Kogi, but it’s the same culture of incompetence and sarcasm.

            There is bitumen in Ondo. Nigeria is only waiting for foreign investors – a company was there in the 90s, but were pelted away by Abacha. We have bitumen, yet we import asphalt. With all the hills in Ekiti West, they have more than Quartz. I know they have a huge limestone and tar cement deposit. They are not interested in all these…. Fayose will rather drink Palm wine publicly than to sit up and do what he has to do. Ekiti politics has never gone beyond the primitive – vote, impeach, thuggery, rigging, etc. I know Yorubaland like I know the colour of a clean water.

            I think our problem is incompetence. Our bests are long gone. Baba Audu is the best we never had. My opinion is that he is better as an adviser. He doesn’t have the energy to implement what he claims. My prayer won’t make him younger. If we do the right thing, our nation will be better for it. Another planting seasons is now almost gone. What is Nigeria’s plan. We don’t even have a stock of our capabilities… God help us.

          • Izedomi Ohirein

            Adesina is not my idea of a good minster of agriculture. He did much better than his predecessors, but he presided over Rice, Fish, Tomatoes, frozen chicken importation & subsidy.
            He left behind US$11bn per annum food importation culture. They exploited to our detriment.
            Plants & machinery’s purchased for Cassava Four programs were inflated much above the market prices.
            Adesina’s approach to agriculture is theoretical compared to practical approach I expect from Audu Odge – a consummate agric. entrepreneur.
            I have high hope in Buhari’s administration & I expect them to add more value to Nigeria per year than Jonathan did in 3yrs from 2016.
            You must be able to separate the vagaries of the crude Oil market to be able to understand the progress.
            Asses to finance & acceptance of project Land as collateral security for project loan will help in solving our food deficit, mining & adding value to our primary products problem, Only FG can do that. Government should stop taxing investment through huge licencing fee & corrupt bureaucracy.

          • Romberg

            Sorry I missed your first line in my earlier comment. Nigeria is known for borrowing. All states borrow. The federal government is a perpetual borrower. Has any such borrowing ever ‘increased production, reduced importation of food or created jobs’? It never so happened. The fight against corruption is not the only thing, we do need real plans. Do we have that? Before we borrow, don’t you think we need clear programs? Have we learnt enough from our previous experiences?

          • Izedomi Ohirein

            Every government borrow. It is good to borrow to invest. It is bad to borrow to pay salaries or for Oil & food import subsidies.
            I have had a hard copy of Nigeria Integrated Standard Railway plan since 2006.
            Jonathan chose to rehabilitate the outdated narrow gauge railways built with condemned parts from UK 75years ago instead of the a new standard gauge Rail Line.
            Corruption in Nigeria Railway, East West Road & 2nd Niger Bridge will soon be exposed.
            God bless Nigerians who worked & voted for change.

          • Romberg

            We borrowed to build Ajaokuta. The outcome? Buhari was in gvernment then…. Nigeria spent close to $100b on Ajaokuta in current prices. They sold it for a crony firm for $300m. All Nigerian privatisation schemes are like this. NITEL? NEPA?

            We borrowed to build all our refineries. The outcome? Nigerian airways? Everything about us is borrowing. The mirage is our concept of productivity…. We never planned to make anything work. We only allucinate on wishful thinking.

            For example, Lagos is a perpetual borrower. Edo, Rivers, and Osun are in the same lane. You will find that they only borrow to augmented their wasteful and blind spending. If you think I am incorrect, what part of their borrowing in the last decade has stimulated any meaningful income?

            By the way, what is the wise investment option in Buhari’s budget. The billions he voted to feed his mouth, to repair Aso Rock, the amount to be spent on festivals, and the N500b planned to shameful handouts?? By the time they mention the names of the capital projects, you will want to smack your device on Olumo Rock.

            These people are hopeless. I don’t trust them.

          • Izedomi Ohirein

            Government has no business building factories at inflated rate. All government owned business including NNPC should be privatized.
            Government should assist private sectors to set up & not tax them to set up without assistance as they are currently doing.
            BT, British Steel, Water, BP, BA, Power ETC were all privatized by Mrs Thatcher. they are now paying taxes in private hands compared to when they were making losing losses in government hands.
            We have more hope today than under Jonathan when our money were looted when Oil price was $140PB despite Oil selling at $25PB today.

          • Romberg

            We are not very much better sir. No conviction yet. So I dont know how you came to that conclusion. GEJ’s situation is not entirely different to the situation of Lagos and Rivers, which are APC states. I’d wish these states go into the hands of opposition parties. I will be happy to apologise profusely if after intense investigation it is found that APC campaign didn’t receive money from States…

          • Izedomi Ohirein

            You are missing the point. No one is probing what PDP received from Jonathan’s & PDP State governors security votes.
            They are probing how NSA office diverted $2.1bn meant for our national defence. Sates have no Police or Armed forces. These are capital offence in many Countries. Other shameful looting by PDP in Nigerian Railways, Powers, NNPC, NDDC & Federal Ministry of works are yet to come to light. These determents budgets are more than most Nigerian States budgets.
            No one is a saint, but APC States are more prudent than PDP States.
            Kwankwanso declared free Education in Kano State for the first time within 3months of joining APC. Money they would have shared in PDP.

          • Romberg

            You are a little bit speculative. The last time I checked, it’s a war against corruption, not necessarily against a particular cash vote and not the other, at a time or another. Corruption, by its universal meaning, implies those who stole and abuse their privileges should be reprimanded. Whether it’s Jonathan, Buhari or Farouk, they should all be punished. How come $2.1b knows no bound. The reach of the arrests, as reported in the news, is far beyond a total sum of $2.1b. As long as you are listed to have had anything to do with Dasuki, you must answer questions. EFCC’s invitations have included international firms in far away Canada and Russia…

            Money was spent. Those who abused the system must be jailed. It’s the same as fuel subsidy and pension probe stuff. Those who abused the process must all be jailed. But let’s leave the conviction to the courts. How are we sure money was diverted in the first instance? We shouldn’t accuse, prosecute, be the judge and the jury at the same time. The matter is now in court.

            If this is a fight against corruption, let our institutions do their jobs. Buhari does not have to dictate whose turn it is. There are five layers of law enforcers in Nigeria; why should it be Buhari’s mandate to say when it should be the turn of Railway, NNPC et al. EFCC is now arresting people, hundreds of them I believe. Where is the Nigerian police? Where is the DSS? Where is ICPC? What about our other law enforcement agencies?

            If EFCC is busy with $2.1b Dasukigate, there are other items on Dasuki that the DSS can look into. Farouk Lawan is still there. NNPC could be taken up by a different agency, and so on and so forth.

          • Izedomi Ohirein

            At the moment President & Governors are not required to account for how they spent their security votes budgets in Nigeria. They all fight elections & give away government money under security vote expenses, they are not expected to account for at the moment.
            You are sounding disingenuous to want to dictate who to charge first & not acknowledging that being are being charge. You should understand that they can not charge all cases at a time. What is important is that they are working.
            Stealing of $2.1bn meant for national defence, which lead to death of our Soldiers is the worst crime of all the crimes. This should be a capital offence.
            EFCC is yet to start persecuting Petrol subsidy loots or NNPC loots which Farouk Lawan crime comes under.
            Please appreciate that corruption is being fought, again in Nigeria since Nuhu Rebadu was removed from EFCC, they can only do it their way & not your way.

          • Romberg

            How are you so sure all they spent was their security votes? Let them disclose how much they spent, and let the world decide whether it’s all within the limits of security votes. By the way, the purpose of security votes is not to be spent as political or personal fund. Security votes do have their constitutional purposes. They can be audited. If misappropriated, that is corruption. No corruption is bigger than the other.

            If I could add more clarifications to my previous comment, how come EFCC must (I mean MUST) be the only organ of government to investigate ALL corruption cases in Nigeria? Corruption cases can wait for ever, as long as it is not EFCC, it’s not investigation. Is that how a nation is run? A competent government will empower every sector and arm to function to its best. But because EFCC is a tool?

            And this is another point to our different opinion: we are not fighting corruption right now. We don’t fight corruption by usurping the powers of the courts to decide cases. Buhari cannot determine who goes to jail and for how long, or who should be granted bail or not. It is the height of ingenuity for us to form an opinion when the last of this case has not been heard. If you say Dasuki stole $2.1bn or that the money was distributed for the wrong reasons, fine. I have no such evidence to prove otherwise. But the times of the mutiny is certainly different. Now that he is no longer there, BH still attacks settlements in Nigeria. It’s sad we lost our solders, but is unkind to heap it all on Dasuki without fair hearing. Are you saying Army hierarchy didn’t contribute to the shame of our security dysfunctions? It’s all Dasuki because of his precedence with Buhari? APC has a way of tapping into our emotions. It’s sad they have not got me this time. To fight on the side of the law, you cannot be the law to yourself.

          • Izedomi Ohirein

            Our democracy is young & our polity need sanitisation.
            Prime Minister Golden Brown in office was made to refund £5,000. he paid to his brother for helping out at No:10. Nigeria democracy has not developed to this standard yet.
            Buhari does not decide who go to jail, the Courts does.
            With due respect, you sound confused, ignorant of due process, accountability & probity in government.

          • Romberg

            Keep your due respect. I am fine without it. I will still refrain from attacking you, though your views are delusional. You could identify a good case, but you think it is good for our country to live above its own law? Golden Brown knew it’s wrong to steal or misappropriate public fund. That is not democracy. It is competence (knowing what is right for his office) and respect for the rule of law (knowing and respecting the independence of the Courts). Which other leader of a nation anywhere in the world will say on national television that an accused whose case has not been decided will be jailed? Buhari knows why Kanu and Dasuki don’t deserve bail, yet you think a judge decides? I know you know your thought stinks.

      • Olawale O

        It id what we earn annually that pays back loans. When you borrow N2.2T and earn N4T, more than half. How will you pay interesr. When already N1.5T is already loan srrvicing. GdP does not pay back debt. Income does.

        • Izedomi Ohirein

          Borrowing for investment always pay for itself. It is wrong to borrow to pay salaries, import tooth pick, TV, or for consumables we should be producing.
          It is wrong not to borrow for investment, build infrastructures & to create Jobs.
          It make great Borrowing to reduce our US$11bn per annum food import bills. It will pay for itself + interest ETC.

          • Olawale O

            My Bro. Investments takes time to yield returns. Capital Investment should be Private Sector led under a Private Public Finance arrangement. Deficits also are not a one off. It usual ends up being annual. Borrowing to cover food or what you eat leads nowhere. It yields no return. It should never cover food imports. Also Govt is never good in business they should sticck to Politics. When you have to borrow at 10-15% per annum its careless borrowing $11Billion a year minimum.

          • Izedomi Ohirein

            Agriculture is highly subsidized, in EU, UK & USA ETC through private sector investment & their market are guaranteed.
            You have no clue of what I am talking about. Agriculture is more strategic an industry to be left in the hand of peasants to feed us. Agric. business is my passion.
            You can borrow from the bank to import Rice at 30% APR & rundown our foreign reserves by US$11bn per annum.
            Farmers & Rice processors need government support like they do in the Country’s you import Rice from.
            The previous governments were more interested in selling import licence than promoting rice production in Nigeria.
            Rice mature within 5 – 6months, processing could start from the next day.
            When Britain started Ostrage farming in the 1980’s, they gave up to £150,000 grants{free money] to farmers. Ask Col. Umar what assistant he ever got from Nigeria ETC.

  • Höly Wähala

    Tepid, Diploma Kemi talking thru her anus… you simply cannot finance a budget with debt, it causes GDP growth to slump by up to 50% as various empirical tests have proven. Mrs. Kemi Adeosun is patently not qualified, pretend as she may. Shikena!

    • Romberg

      Please ask her, how come Nigeria’s only source of income is oil! We only need 6 trillion to run APC’s budget of yam. We already have over 2 trillion through TSA. Customs and Excise? 1 Tr is a common goal for them in the last 5 years. Taxes? Courts? So the oil thing should account for only about 40% of Nigeria’s income. How come Buhari doesn’t think about this?

    • Dele Awogbeoba

      For the benefit of readers only, The FG wants to stimulate the economy by spending its way through a recession. Its massive spending on infrastructure as well as spending on recurrent expenditure is meant to provide the economy with sufficient liquidity and by implication demand. The problem with using debt to do this is that it increases the FG’s debt service burden and increases the vulnerability in the FG finances. Secondly, the TSA policy (which robbed the economy of vital liquidity) should have been done after the budget had been passed and given effect to. You still seem somewhat confused on matters of the economy!

      • ikenna

        You don’t spend what you don’t have

        • tundemash

          Dunce, ever heard of credit card or mortgage? I have advised you to face your chemist shop business and leave thinking to those that went to a proper school.

          • ikenna

            So you finance a budget with Credit card or debit card. Do you actually know the meaning of mortgage?Oh boy your understand is too poor. Have a wonderful life. No need to respond to your again.

          • tundemash

            Dunce , was credit card or mortgage mentioned in the budget. I merely responded to your rant of “You don’t spend what you don’t have” and gave you an example. Also the United States is the biggest debtor nation in the world…. how about that ?

            I have advised you to face your chemist shop business and leave thinking to those that went to a proper school and looks like u are heeding that advise.

      • Höly Wähala

        Punk, if you’re going to write for your audience do so without tagging along my comments, will you? Olodo, what is heavy about a budget that allocates 30% to capital expenditure against 70% for recurrent expenditure? Goes to tell your level of understanding of advanced economics. For your information, Diploma Kemi damn near got fired in Dubai for opposing President Buhari’s attempts to recover our stolen wealth… start counting, her days are numbered just like I told you. The clown has no idea about anything economics with her roadside degree from a converted polytechnic. Clowns… both of you!

    • The truth will set you free

      How can Nigeria finance its budget then, considering that Nigeria is broke? Any advice?
      I am not an economic expert, so please use simple English!

  • kenn

    The question I am asking is where is the economic management team and who is leading it. I hear discordant tunes coming from the budget office, the President, Vice President, finance Minister on how this bugdet will be funded and the general direction of the economy.

    The President said he will fund the buget via loot recovery (that is not plausible). The VP said in Davos via the savings from the removal of oil sudsidy (have he factored in if Nigerians will agree). Now the finance minister has delivered a paper on how the bugdet will be funded.

    This is very confusing both to me and investors. Most investors are sitting on their cash because the policies and statements emanating from government is not convincing and consistent. The stock market is on a bleeding edge, exchange rate policies favour round tripping and many more.

    We need a team and someone must lead it. Then we can start making policy choices, adopting strategies and necessary interventions in critical sectors, building confidence in the economy and ultimately achieve 4.2% GDP growth rate. Otherwise we are just setting ourselves up for failure

    • Romberg

      The answer is there is no economic team…. Everyone in Buhari’s cabinet leads the non-existent economic team. The VP says trash. Buhari says another trash. The finance minister makes no sense. Even, chief Lie lectures Nigeria about economic policies. He wants 365 festivals in Nigeria to grow Nigeria’s GDP! VP wants to feed school kids to grow Nigeria’s economy. He also wants to give N5000 to petty traders to make them live meaningful lives! Buhari’s opinion? Blank! No blueprint. No vision. No policy announcement…..

  • Kickboxer

    Is not this woman the same one who used to COOK MAMAPUT under Ojuelegba bridge? Kai…only a masochistic foreign investor would see this woman’s hair & face and still invest in Nigeria…..we are in deeper wahala under APC/brainless Buhari than previously assumed

    • yukkmouff

      The moment Mr President called his would-be ministers a bunch of “Noise Makers” in Paris last summer, investors saw this joke of an administration for what it truly is. No serious minded Investor or Portfolio Manager would take a second look at Nigeria with this sorry excuse for an Applied Economist in charge of the finance ministry, period!

  • Romberg

    Capital expenditure, capital expenditure…. What particular projects will those be? These projects are meant to be awarded, not to be completed in 2016. How then are they going to impact 2016 capital formation and GDP? There is no way such expenditures can fund budget deficit because we do not know their true costs, and as social projects that they are, they are not likely to have positive commercial values.

    Finance minister that produced kindergarten budget. You will soon be sacked. If I were you, I will resign and not wait until things collapse in me. Olodo rabata.

  • PROMOPROMO2

    Brand: DIFFERENT TYPES OF VEHICLES ON AUCTION TO THE PUBLIC AT A CHEAP RATE
    Model: 1999 TO 2015
    Contact : CUSTOM ZEKERI EVELYN ON 08165951876
    Condition: Clean
    Description: Factory Fitted A.C , Automatic Drive, Low Gas
    Consumption, Engine: 6 Cylinder, Injection Engine, Steering
    controls,Leather Seat, Front wheels Drive, Power Steering, Driver
    Air Bag, Passenger Air Bag,Cd player, FM/Am stereo,Power
    Windows, Power Lock. etc
    Price: FROM #200,000 TO #1,500,000$