Whynotthetruth:
..

Yes no date that's format of that news agency...

Reading the content...what did u see them discuss?
NOI was the one addressing journalists directly on the economy vis a vis 2015 budget... so what again do you wanna see or hear?

Whynotthetruth:


Nawa... Does any rule stop borrowing or supplementary budget? BTW Only 473b was taken to augment salaries for 4months...

No funds to continue ALL projects at a time ...Does it mean projects won't be done placing them on a scale of preference

elampiro:


That was a discussion on proposed budget. The passed and approved budget is what I posted
Mine has the figure which was eventually passed by Senate and approved by Jonathan.

Some of the things you argue now, I have already addressed on this thread but you didn't read the flow. In December 2014 NOI reduced Capex to 676 billion in 2015 proposed budget from 1.4 trillion in 2014 budget. In February as oil price fell too low to less than $60 she again halfed the Capex to 387 billion.

However at the end 500 billion was passed and approved on $53/barrel oil price benchmark.

elampiro:

The 2015 Capex budget was meant to be financed from loans. But things got too bad that the total loan negotiated and secured for 2015 is being used to finance salary payment. Half of the loan secured was already used to fiance salary payment to the tune of trillions of naira between January and April alone.
You asked if we cannot borrow. The 2015 budget is already being run on deficit from borrowing. Then what are we borrowing against, or you think the creditors are Father Christmas?
As for the projects, Onolememen said in March, that only 33 of 210 ongoing projects can be continued in 2015. Again that was when oil price was still above $60/barrel. He also said what was allocated to his ministry of works to operate expenses was just $11 billion instead of $100 billion in 2014.
Read the below and pay attention to the highlighted.
............

Nigeria borrows to pay salaries with cash crunch worsening
May 06, 2015
A cash shortage caused by low oil prices has forced Nigeria to borrow heavily through the early part of 2015, with the government struggling to pay public workers, officials said Wednesday. “We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year,” said Finance Minister Ngozi Okonjo-Iweala.
Nigeria, Africa’s top economy and largest oil producer, has been hammered by the 50 percent fall in oil prices, with crude sales accounting for more than 70 percent of government revenue. “As it stands today, most states of the federation have not been able to pay salaries and even the federal government has not paid (April) salary and that is very worrisome,” said Imo state Governor Rochas Okorocha.
Okonjo-Iweala said the federal government had a projected borrowing allowance for 2015 of 882 billion naira ($4.4 billion/4 billion euros). But 473 billion naira had already been used up to meet recurrent expenditures, including public worker salaries. “We have front-loaded the borrowing programme to manage the cash crunch in the economy,” the minister told reporters.
While Okonjo-Iweala said the severity of Nigeria’s cash crunch requires daily management, the problem will almost certainly be off her desk in less than a month. President-elect Muhammadu Buhari will be sworn in on May 29 and is not expected to retain any of the key ministers appointed by outgoing president Goodluck Jonathan.
http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/

elampiro:


[s]The 2015 Capex budget was meant to be financed from loans. But things got too bad that the total loan negotiated and secured for 2015 is being used to finance salary payment. Half of the loan secured was already used to fiance salary payment to the tune of trillions of naira between January and April alone.

You asked if we cannot borrow. The 2015 budget is already being run on deficit from borrowing. Then what are we borrowing against, or you think the creditors are Father Christmas?

As for the projects, Onolememen said in March, that only 33 of 210 ongoing projects can be continued in 2015. Again that was when oil price was still above $60/barrel. He also said what was allocated to his ministry of works to operate expenses was just $11 billion instead of $100 billion in 2014.

Read the below and pay attention to the highlighted.
............




Nigeria borrows to pay salaries with cash crunch worsening

May 06, 2015
A cash shortage caused by low oil prices has forced Nigeria to borrow heavily through the early part of 2015, with the government struggling to pay public workers, officials said Wednesday. “We have serious challenges. Things have been tough since the beginning of the year and they are likely to remain so till the end of the year,” said Finance Minister Ngozi Okonjo-Iweala.

Nigeria, Africa’s top economy and largest oil producer, has been hammered by the 50 percent fall in oil prices, with crude sales accounting for more than 70 percent of government revenue. “As it stands today, most states of the federation have not been able to pay salaries and even the federal government has not paid (April) salary and that is very worrisome,” said Imo state Governor Rochas Okorocha.

Okonjo-Iweala said the federal government had a projected borrowing allowance for 2015 of 882 billion naira ($4.4 billion/4 billion euros). But 473 billion naira had already been used up to meet recurrent expenditures, including public worker salaries. “We have front-loaded the borrowing programme to manage the cash crunch in the economy,” the minister told reporters.

While Okonjo-Iweala said the severity of Nigeria’s cash crunch requires daily management, the problem will almost certainly be off her desk in less than a month. President-elect Muhammadu Buhari will be sworn in on May 29 and is not expected to retain any of the key ministers appointed by outgoing president Goodluck Jonathan[/s]

http://www.vanguardngr.com/2015/05/nigeria-borrows-to-pay-salaries-with-cash-crunch-worsening/

elampiro:


That was a discussion on proposed budget. The passed and approved budget is what I posted
Mine has the figure which was eventually passed by Senate and approved by Jonathan.

Some of the things you argue now, I have already addressed on this thread but you didn't read the flow. In December 2014 NOI reduced Capex to 676 billion in 2015 proposed budget from 1.4 trillion in 2014 budget. In February as oil price fell too low to less than $60 she again halfed the Capex to 387 billion.

However at the end 500 billion was passed and approved on $53/barrel oil price benchmark.

Whynotthetruth:


Bro, I don't argue for the sake of arguing and given that I am impatient I get irritated easily seeing people arguing blindly... My last reply to you on this issue is;

1)Your link began this way... Investigation by our correspondent on Monday revealed... That's reported speech ...

2)Mine was Finance Minister addressing journalists directly this year 2015 after Jonathan signed budget...

And you want me to accept your reported speech over a direct speech

3)It is bill that was amended and specifically oil benchmark was changed...it became budget after Jonathan signed it...

4)So many projects are already funded...eg Airport remodeling...

5)NO budget is funded ab initio...Budgets are funded from expected revenue for same fiscal year...

Thanks and goodnight

Whynotthetruth:


Sorry but you don't know what you're saying...goodnight

dustmalik:


You are wasting your invaluable time trying to educate him. Trust me, i know this for a fact.

PDPwayoo:


we r coming. when we will look into the details of the contract and im sure they must be fowl play

erico2k2:

That thing inside ur skull is called a brain plz use it.

DrLee:
this has always been a problem in this country! every administration will abandon their predecessors works and waste resources