Skip to main content

FACTS

I Agreed with what Atiku Abubakar is putting forward here...it makes sense.

Nigeria Cannot Afford Luxuries During an Austerity. 

It is to my consternation that despite the crash in the price of oil, and the inability of Nigeria to expand our revenue base through the non-oil sector, the Federal Government of Nigeria has only seen fit to slash our budget by a mere 0.6%, from ₦10.594 trillion to ₦ 10.523 trillion. This represents a reduction of only  ₦71 billion. 

Putting politics aside, this is grossly insufficient and betrays the fact we have lost touch with the current realities in the global political economy. 

For the avoidance of doubt, when this budget was presented to the National Assembly on Tuesday, October 8, 2019, it was predicated on a projection that our nation would generate crude oil production of 2.18 million barrels a day, at an expected oil price of $57 per barrel. 

Today that is no longer the case. Both our production, and the price of oil have been severely affected by the coronavirus pandemic, to the extent that we have unsold vessels, and our income has tanked by more than 50%. 

Given that this is the case, how can anyone justify a reduction in expenditure of just 0.6%? We cannot be the only nation bucking the trend? 

Saudi Arabia, a nation with a much stronger production capacity than ours and with a larger global market share, as well as a foreign reserve that is 12 times ours, has slashed her budget by almost 30%. Ditto for other oil economies. 

Nigeria cannot make up for the loss of expected revenue by taking out more loans and issuing out more bonds. Debt will be the death of our economy, and bonds will put our people in bondage. 

The best way out of this economic quagmire is to reduce our expenditure. And a 0.6% reduction is no reduction. It is only window dressing. 

My counsel to the Federal Government of Nigeria is this: put Nigerians first and cut your coat, not according to your size, but according to your cloth.

Comments

Post a Comment

Popular posts from this blog

They Killed My Husband, Not My Mind”: Widows Reclaim Hope Through Scarlet Cord Initiative In Southern Kaduna, trauma-healed widows are turning grief into business ideas and resilience into economic power.

​Widows Reclaim Hope Through Scarlet Cord Initiative In Southern Kaduna, trauma-healed widows are turning grief into business ideas and resilience into economic power. By Justin Jattim  A non-profit organization dedicated to the empowerment, education, and economic upliftment of vulnerable women and youth impacted by banditry, kidnapping, and insurgency in Nigeria, the Scarlet Cord Initiative, has extended its work to Gumel in Kachia, southern Kaduna. There, it held a two-day holistic empowerment programme for about 100 traumatized women. The programme included skills training, mentorship, trauma psycho-support, and advocacy. The event, which took place in a vibrant hall in Gora, began with a simple ball of yarn passed from hand to hand, weaving a visible web of connection among the 100 selected widows. These women shared the experience of losing their husbands to violent attacks. This was not a craft lesson, but the opening act of a profound tra...
Post a Comment
Read more

NCDC BOARD, MANAGEMENT CONDOLE MD/CEO DR. CYRIL YILTSEN TSENYIL OVER THE LOSS OF UNCLE, MISKOOM PIUS NKUP YILBIAL.

NCDC BOARD, MANAGEMENT CONDOLE MD/CEO DR. CYRIL YILTSEN TSENYIL OVER THE LOSS OF UNCLE, MISKOOM PIUS NKUP YILBIAL.  The Chairman, Members of the Governing Board, Management, and Staff of the North Central Development Commission (NCDC) extend their heartfelt condolences to the Managing Director and Chief Executive Officer, Dr. Cyril Yiltsen Tsenyil, on the passing of his beloved eldest uncle, Miskoom Pius Nkup Yilbial, who departed this life at the age of 88. The Commission joins the family, the people of Gamaland, and all those whose lives were touched by the late elder statesman in mourning this great loss. Late Miskoom Pius Nkup Yilbial lived a life of service, integrity, and dedication to humanity. As a teacher, school administrator, and one of the pioneer management staff of the Lower Benue River Basin Development Authority, he made significant contributions to education, public service, and national development. Beyond his professional accomplishments, he was a respected commu...
Post a Comment
Read more

​Plateau's Political Landscape Shifts: City Boy Movement Gains Momentum

​ Plateau's Political Landscape Shifts: City Boy Movement Gains Momentum By Justin Jattim. The City Boy Movement has ignited a fresh wave of political reawakening in Plateau State with the inauguration of 207 coordinators on Thursday, marking what supporters described as the first major spark in the build-up to the 2027 general elections. The event, hosted at Crest Hotel, brought together influential party actors, including the Speaker of the Plateau State House of Assembly, Rt. Hon. Nanlong Daniel, and senior APC leaders, who framed the event as a renewed grassroots charge aimed at reinvigorating the party's base and expanding its reach across the state. State Director of the Movement, Hon. David Daser, set a determined tone, announcing that a major empowerment programme titled "The Banga" will headline the new year, with national figures expected to attend. He portrayed the Tinubu administration as one taking "transformational decisions,...
Post a Comment
Read more