UPDATE 2-Nigeria proposes 2016 budget of 7 to 8 trillion naira - vice presidency document

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Nov 7, 2015, 2:36:43 PM11/7/15

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Wow! Hmm! Looks like Pastor Osinbanjo is about to replicate the miracle of 'five loaves and two fish' with the economy!

http://af.reuters.com/article/nigeriaNews/idAFL8N13152620151106?sp=true

UPDATE 2-Nigeria proposes 2016 budget of 7 to 8 trillion naira - vice presidency document

Fri Nov 6, 2015 9:13pm GMT

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By Felix Onuah

ABUJA Nov 6 (Reuters) - The Nigerian government is proposing a budget of 7 to 8 trillion naira for 2016, up from 4.4 trillion this year, a document from the office of Vice President Yemi Osinbajo seen by Reuters showed on Friday.

Nigeria, which has Africa's biggest economy and is the continent's top oil producer, faces its worst economic crisis in years brought on by the sharp fall in crude prices. It relies on oil exports for 70 percent of government revenue.

The document, used as the basis for a presentation by Osinbajo to the cabinet during a two-day retreat, proposed capital expenditure of 2 trillion naira next year, up from 1.3 trillion naira in 2015, but did not say how it would be funded.

President Muhammadu Buhari, who shortly after taking office in May said that treasury coffers were "virtually empty" , opted to take ministers on the retreat on Thursday, prolonging the wait for portfolios to be assigned.

Many investors have grown concerned at the lengthy process of appointing cabinet jobs in the five months since Buhari was inaugurated. Critics have said the absence of a finance minister created a policy vacuum that exacerbated the economy's problems.

The document presented to them, bearing the title "The Economy - Where We Are Today", laid out the extent to which the country has been hit by plunging oil prices, stating that in May foreign reserves hit a 10-year low of 29.6 billion naira.

A page headed "How can we get out of a possible recession?" outlined the need for a "massive infrastructure building" programme for roads, rail and power, along with "expansionist" fiscal and monetary policies.

The presentation by Osinbajo, who has been asked to oversee economic policy by Buhari, stated that this would be paid for by a 25 billion naira infrastructure fund and a 2.5 trillion naira "special intervention fund". But it gave no details of where this money would come from.

A draft report outlining the long-term strategy of OPEC predicts that oil will remain under pressure in the next few years, suggesting that the challenges faced by Nigeria may prove difficult to overcome for a nation so reliant on crude exports.

Nigeria's 170 million inhabitants experience severe electricity shortages that have crippled economic growth, something Osinbajo's document identified as a key challenge.

"Fixing the transitional electricity market is currently the most important priority area," it stated.

"This administration will have a strong focus on solar energy most especially for the provision of power for social services like health and education," it said. A partnership agreement had been signed with the British government to "assist with driving the Nigerian solar revolution".

Agriculture, mining and manufacturing were listed as key areas to develop in order to diversify the economy. "Collaboration with China Exim bank to develop 40 rice milling plants" was among the specific plans highlighted. ($1 = 197 naira) (Writing by Alexis Akwagyiram; Editing by Mark Heinrich)

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12 Comments by Nigerians on "The Mystery of Buhari - Amaechi Union and the Jonathan Connection" that must touch and reveal to u in full how Amaechi of APC was created by GEJ!

1.
Chief Eze,i read ur article titled,"The mystery of Amaechi-Buhari union nd GEJ connection",with tears of joy nd Happiness.
At the Amaechi's naiveness abt GEJ,has vindicated him. Wike nd his cohorts re d one hit d rock of their corruption nd injustice.
Bravo Lion of Niger Delta.
Bravo Rt.Hon Amechi,
Bravo FRN.
May God bless GMB,Amechi nd all ardant supporters of Amechi nd Good govt.
Dr Ezema kenneth Chijioke

2. @ a point in time, I was not happy with what Amaechi did to us the naija delta cos I was not clear until I read this post titled the mystery behind the bond between Amaechi, Buhari on facebook written by Eze, infact, Amaechi is a lion, he fought well for the people not only niger delta but nigeria as a whole. Asekome Aliu, a music producer, singer and writer from Edo State

3. Good evening sir. I particularly want to commend your write-up on Amaechi/Jonathan/Buhari. I must say that it was a beautiful and well arranged piece, I guess dats y I had d interest to read to the end. I'm particularly nt judging bcos I hv learned nt 2 judge a one sided story, all I want is a better Nigeria and I sometimes wish Father Abraham would come bk and be the President of Nigeria because I trust him absolutely. It was a gud 1 holistically and I liked it sir. I pray for more grace for you. Samuel Simpa

4. Hello good day sir my name is Sanni kehinde from Ogun state but I reside in Lagos state. Sir I read your article written by you consigning Amaechi and Jonathan I really impressed on your article about them.
because I came to know what I don't know before. sir thank you very much for writing this . It will teach some ignorance people who does not know anything saying nonsense on social media. Sir please I want you to tell me something or what did you see concerning the election of Rivers or did you see Govnor wike winning the appeal tribunal in the state. So sir once again I thank you very much of writing this . i will await your good day respond on this thank you sir. Am Sanni Kehinde a through loyal supporter of president Buhari,

5. Sir, good evening, you sounded honest in your great piece, yet one sided. Your write up makes us understand the trouble those that where in power had. It was obvious, they all become enemy because of power, despite being brothers and friends. Since them all are close to you, tell them to reconcile their difference. I thought you where going to end with that. God bless you greatly sir Obelema Braide

7. . Chief am happy that @ the End Rt Hon Rotimi Amechi was Confirmed a Minister of the Federal Republic of Nigeria. I pray God Mercy & Guidiance in his new task. Kudos to you chief. Great job well done and God bless FRN. Adeshola

8. Chief, the piece encapsulate all the travails of the Minister-Designate. Santuraki

9. I sincerely thank u for comprehensive and intelligent report about former president Jonathan / his wife worst attitude for Rivers people. Amaechi will remain great in Jesus Mighty name .Amen Loveday Onyeoyibolovdy

10. My dear Chief Eze,

Greetings as ever.
It is left for your readers to decipher the truth, the false and those not so much of the truth and those not so much of the false.
One thing I could personally observe, was that, because you were more on the negative side of President Jonathan, you could not mention any one single good thing he did, and the reverse was the case for Governor Amaechi, you could not find anything wrong Amaechi did.

Would you remember the main argument between us where we drifted apart? The Karibi Whyte mega-Teaching Hospital (1,500-bed reduced to 500-bed facility) which has not yet seen the bright light of the morning, yet the Port Harcourt General Hospital was demolished for same. Is it true that over Nigerian 3 billion Naira had been spent just for clearing the bush for the mega-teaching hospital?! This, I didn’t belief! The giant mono-rail transportation, etc! The non-payment of salaries and pensions (Rivers State) and diversion of same funds to Rtd Gen Buhari’s presidential campaigns as head of electioneering campaigns, etc?!
Note that I’m not a big fan of President Jonathan nor Bar Nyesom Wike as a RS Governor today.

It is not over yet until it is over.

I wait to hear from you.

Best.

Abio

11.
Good afternoon Mr Eze. I read your write up that was posted on Olufamous.com about President Muhammadu Buhari and former Governor Rotimi Chibuike Amaechi...I couldn't stop reading over and over again because you made me learnt so many things about how the journey all started,and I must confess that I so much respect Hon Rotimi Amaechi because he has done all it takes to bring about the change we have always yearned for,he did it with his life as far as I am concerned and there is nothing anyone can pay him with except prayers and I am sure even Baba Buhari knows that...With all the humiliation and hatred his people showed and are still showing to him,please help me tell him that we In the Northern part of Nigeria and Katsina in particular would forever be grateful to him and will always pray for him and INSHAALLAH he will become Nigerian President one day,and then we will show him the maximum support and care we have for him...History shall never forget about Rotimi Amaechi....We will always be with him through thick and thin...I couldn't help but laughed when he entered the hallowed chamber for his ministerial screening,I knew he was going to make it and even his enemies knew that.... From Hafsat Abdulqadir Yammama

12. The mission of the article - "For the avoidance of doubt, the main attempt of this treatise is to examine the facts that led to President Buhari’s victory in the 2015 presidential election of March, 25, 2015 so convincingly; and to ascertain if the involvement of Rt Hon Chibuike Rotimi Amaechi was all that was required in turning this giant of Nigerian politics into a winning candidate, after three failed attempts. Most interestingly, the part erstwhile President Jonathan played in midwifing the union between Buhari and Amaechi, thereby indirectly making the presidency of Gen Muhammadu Buhari a reality will also be examined and discussed.

Now that the main task of this attempt has been exposed, let us critically examine why Rt Hon Chibuike Amaechi, a thoroughbred PDP man should be the one to lead and spearhead, not only the loss of the presidential election of 2015 by PDP but reducing the party to a mere unprepared opposition political party after 16 years as the main ruling party in Nigeria. For a party that brags and prides itself as the largest political party not only in Africa but in the entire black nation of the world to be so decimated by the attempt of one single man is a study in political wonder. This political phenomenon and enigma, described in some quarters as the Lion of Niger Delta Politics, is a study in modern political engineering. Two-time Speaker of the Rivers State House of Assembly under the PDP, two-term chairman of Speakers’ Forum of Nigeria under the PDP; two-term governor of Rivers State under Peoples Democratic Party, of which he spent two years out of the eight as an APC governor and two-term chairman of the Nigerian Governors’ Forum. If you talk of a truly thoroughbred PDP personality in Nigeria, then Amaechi should be the fellow. The reason why he joined the opposition to wrestle power from his party, as I stated earlier, is one of the attempts of this study."

Further Links on this revealing article of the future of Nigerian politics. -

http://www.thenigerianvoice.com/news/195531/1/the-mystery-of-buhari-amaechi-union-and-t.html

http://www.olufamous.com/2015/11/the-mystery-of-buhariamaechi-union-gej.html

http://nigeriana.org/467205.html

http://citynews.ng/the-mystery-of-buhari-amaechi-union-amp-the-gej-connection/

http://nigerialatestpolitics.blogspot.com.ng/2015/11/the-mystery-of-buhari-amaechi-union-and.html

http://www.codewit.com/politics/26436-the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection

http://www.naijacenter.com/editorital/columnist/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://globalreportersnews.com/2015/11/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://africanspotlight.com/2015/11/03/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://gobarireport.com/2015/11/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://www.puoreports.com/2015/11/opinion-they-mystery-of-buharii-amaechi.html

http://www.nigerianmonitor.com/2015/11/03/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://globalvillageextra.com/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://africannewshungary.blogspot.com.ng/2015/11/opinionessay.html

http://www.ndokwareporters.com/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

http://www.50report.com/2015/11/03/the-mystery-of-buhari-amaechi-union-and-the-jonathan-connection/

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Date: Sat, 7 Nov 2015 19:36:29 +0000