Vanguard News
Prosper Gbemudu
Di problem for naija be like di magic bullet theory for di JFK case.
Dis kin(d) yeye transition programme wey de go on for our country get
as di ting be. Go come no de for inside. No do no do, ex-convicts de
win ticket to take govern us....many of di councillors, chairmen,
including the guber and prezo aspirants don go jail finnish as
convicts. Weder dem commit di crime or not, na anoda tory. Di ting be
say, dem be criminals. God forbid bad ting make ex-convicts come rule
man pikin. Anoda ting, na dis our petrol wahala. Na wetin be di reason
why naija no fit put oil for naija motor for dat country? I go tell
you why. Because oyibo man still de live for medieval tinking, dem
tink say since Biafra-Naija war period, di best ting na to destabilise
di country make we small like di other countries we de around us. All
di multinational companies wey de pump oil for naija na wetin dem do
sef? If na our refinery wey de spoil every two days na im be di wahala
for fuel shortage, na why di oil companies na take am for dem head to
repair/service/maintain dem? Na only oil dem just de take comot from
our land. Ijaw people never begin deal with dem yet. Na who dey give
dis Ijaw people arms and ammunition at all? How dem de get dem? Na why
our Ajaokuta Steel never get head? If di people for home never sabi
say na oyibo industrial espionage and sabotage na im de go on for
naija, dem no go ever sabi anyting.
Di best ting na to stop oil production patapata for naija until tings
come settle down. Drive all di oil companies comot. Man pikin no see
wetin di oil money don do for poor people. Import fuel from Libya and
Iraq, dem no go sell inferior quality give us. Shut down Ajaokuta.
Appoint people wey no get criminal record and non-pdmers (civilian,
military, police) make dem be councilors, chairmen, gubers, prezo.
Make all naija people wy tink say dem don succeed return home "en
masse" for real work. I no say na mostly poor naija still de for
outside, but na how much money you need to take return help dat
country? All dis election go reach completion; but after dat, di
reality be say God no go let bad ting happen for our country. Dat
kin(d) single bullet wey put seven holes for one man body wey been dey
for JFK car, de "wreak the same havoc" for naija today.
Gbemudu, Prosper
---Nubi Achebo <ki...@rocketmail.com> wrote:
>
> FG budgets N667bn for fiscal ’99
>
> Tagged Budget of Realism
>
> New fuel price regime stays
>
> Marketers, consumers to bargain
>
> Return to Vanguard front page
>
> highlights
>
>
> Full autonomy for CBN
>
>
> $1.5bn for debt servicing
>
>
> Official exchange rates scrapped
>
>
> New VAT sharing ratio coming
>
>
> Pre-shipment inspection agents to go
>
>
> Professional Import Duty Administrators (PIDA) scrapped
>
>
> IDR, 25% Import Duty Rebate abolished
>
>
> Gross revenue — N146.7bn
>
>
> Oil revenue — N453.7bn
>
>
> Non-oil — N214bn
>
>
> Capital expenditure — N88bn
>
>
> Recurrent expenditure — N211bn
>
>
> Fiscal deficit — N34.1bn
>
> FEAP allocation — N1.5bn
> The Federal Government this morning rolled out the 1999 budget
> promising to smoothen all the rough edges before it finally hands over
> to the next civilian administration.
>
> Government plans to spend N299 billion in 1999. N88 billion has been
> provided for capital expenditure compared with N122 billion in 1998
> while a total of N211 billion has been set aside as recurrent
> expenditure.
>
> The two expenditure positions stem from a total Federal Government
> revenue of N667.7 billion of which its own share is N146.7 billion and
> a projected deficit of N34.1 billion.
>
> The lean budget, according to General Abubakar was as a result of
> slump in oil prices in the global market. Consequently, the budget was
> predicated on $9.00 per barrel and an exchange rate position of N86 to
> $1 was adopted.
>
> "Given the change in the exchange rate conversion factor, the
> estimated total revenue for 1999 has dropped in real terms by 54% from
> its 1998 level."
>
> Ongoing projects such as the Federal Secretariat Building, the
> Legislative Building and accommodation for incoming elected lawmakers
> will be the focus of this year’s capital expenditure. "Some projects
> in the agriculture, health, education, roads, water supply and rural
> electrification sectors will also be implemented."
>
> Out of the total recurrent expenditure of N211 billion, N100 billion
> has been provided for personnel emoluments compared with N56 billion
> for 1998, to cater for the recent increase in public sector salaries
> and allowances as well as additional expenditures on members and staff
> of the National Assembly. Overhead is maintained at N61 billion,
> domestic debt will gulp N39 billion while N1 billion will be used to
> settle debt owed local contractors and which has been cleared by the
> National Economic Intelligence Committee.
>
> Overall fiscal deficit for 1999is projected at N34.1 billion
> representing 1.05% of projected GDP. This will include anticipated
> transfers including draw down from external reserves.
>
> In 1999, "the Federation Account Revenue is estimated at N262.4
> billion. The existing allocation formula will be maintained.
> Therefore, the Federal Government will receive N127.2 billion;states,
> N63 billion, local government councils, N52.5 billion; the Federal
> Capital Territory (FCT), N2.6 billion and special funds, N17.1
billion.
>
> The estimated VAT amount is N50 billion. The projected increase
> derives from the fact that the base of VAT will be increased by the
> expansion of VAT-able items through reduction of the exemption list."
>
> "In line with the new VAT distribution formula introduced in this
> budget, the actual allocation to the Federal Government will be
> reduced to N7.5 billion while that of the states and local governments
> will accordingly be increased for them to receive N25 billion and
> N17.5 billion respectively.
>
> Government yesterday tactically accepted the failure of the 1998
> budget by rather projecting conservatively the Gross Domestic Product
> (GDP) at 3% down from 5% in 1998. "Overall economic performance,
> including real sector growth was stultified by erratic supply of
> petroleum products, epileptic power supply situation and persistent
> crumbling infrastructure."
>
> The Head of State in setting the agenda of public expectations said
> that the task to revive the economic growth and improve living
> conditions will be an enormous one.
> ---------------------------
>
> Budget ’99: A departure from the usual
>
> By Lanre Alabi, Obinna Nwachukwu, Rotimi Ajayi (Abuja), Ray Ugochukwu,
> Olusola Bello, Abdul Imoyo, Phillip Isakpa, Austin Odibo & Sam Udeala
>
> THE 999 budget speech by the Head of State, General Abubakar showed
> some remarkable departure from previous budgets, especially the 1998
> budget.
>
> For example, against the 1998 projected oil revenue of $16-17 per
> barrel, this year’s budget is hinged on US$9 per barrel. Based on an
> exchange rate of N86 to US$1, the sum of N453.7bn is estimated to
> accrue as revenue from oil and gas sources, while non oil revenue is
> estimated at N214 billion bringing projected total federally
> collectable revenue to N667.7 bn.
>
> The radical changes aside, the cut in projected oil revenue are,
> granting of autonomy to the Central Bank of Nigeria (CBN).
>
> Transfer of parastatals (retail) accounts from the Central Bank to
> commercial and merchant banks and permission of merchants banks to go
> into retail banking activities.
>
> Others are, scrapping of the Professional Import Duty Agents, (PIDA),
> Import Duty Report (IDR) and pre-shipment agents.
>
> Also included, is reduction of the GDP from 1998 figure of 5.5% to 3 %
> in 1999, scrapping of official exchange rate of the naira, as well as,
> maintaining for the first time in recent times, a realistic budget.
>
> Justifying the need for the radical changes, Gen. Abubakar has this to
> say: "Ours is a realistic budget. Some of the decisions we have taken
> are hard and they will be painful in the short run. However, in the
> medium and long term, the national economy would be better off."
>
> The granting of CBN autonomy has been a tough battle fought over the
> years by the apex bank.
>
> According to the Head of State, "the decision was taken in recognition
> of the critical role, which an independent Central Bank can play in
> the maintenance of price stability and sound economic management."
>
> But he noted that the decision has been arrived at after due
> consideration and that "government was convinced that an independent
> CBN would serve the best interest of our national economy."
>
> The relevant law, he said, has been amended.
>
> Government has also directed that the much awaited transfer of
> commercial banking functions from the CBN to commercial and merchant
> banks take effect by the end of March 1999.
>
> Under the new dispensation, ministries and parastatals will be free to
> negotiate and reach agreement with concerned banks but subject to
> clearance from the Office of the Accountant General of the Federation.
> ------------------------------
>
>
> Concerns about the Budget of Realism
>
> By Dele Sobowale
>
> THE budget of realism opens with a familiar promise which had been
> unfulfilled thrice in the past. According to General Abubakar: "It is
> the last budget by the military in the administration of our country
> for one and a half decades." This is the fourth time the statement
> would be made by the military Heads of State. Babangida made it twice
> in 1992 and again in 1993, Abacha repeated it in 1998. Nigerians could
> be forgiven if they remain skeptical given the mounting problems some
> of them self-created which could once again make that promise
> difficult to redeem.
>
> FOCUS AND POLICY THRUST— Tagged Budget of Realism, the budget is
> premised on twelve policy thrusts and objectives; up from eight in
1998.
>
> These include:
>
> (a)Achieving at the minimum of a 30% overall growth rate of GDP.
>
=== message truncated ===
_________________________________________________________
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Get your free @yahoo.com address at http://mail.yahoo.com
Prosper...@yahoo.com
AD chop di rest.
Gbemudu, Prosper
In article <19990104075724....@send101.yahoomail.com>,
prosper...@yahoo.com wrote:
>
> Di problem for naija be like di magic bullet theory for di JFK case.
> Dis kin(d) yeye transition programme wey de go on for our country get
> as di ting be. Go come no de for inside. No do no do, ex-convicts de
> win ticket to take govern us....many of di councillors, chairmen,
> including the guber and prezo aspirants don go jail finnish as
> convicts. Weder dem commit di crime or not, na anoda tory. Di ting be
> say, dem be criminals. God forbid bad ting make ex-convicts come rule
> man pikin. Anoda ting, na dis our petrol wahala. Na wetin be di reason
> why naija no fit put oil for naija motor for dat country? I go tell
> you why. Because oyibo man still de live for medieval tinking, dem
> tink say since Biafra-Naija war period, di best ting na to destabilise
> di country make we small like di other countries we de around us. All
> di multinational companies wey de pump oil for naija na wetin dem do
> sef? If na our refinery wey de spoil every two days na im be di wahala
> for fuel shortage, na why di oil companies na take am for dem head to
> repair/service/maintain dem? Na only oil dem just de take comot from
> our land. Ijaw people never begin deal with dem yet. Na who dey give
> dis Ijaw people arms and ammunition at all? How dem de get dem? Na why
> our Ajaokuta Steel never get head? If di people for home never sabi
> say na oyibo industrial espionage and sabotage na im de go on for
> naija, dem no go ever sabi anyting.=20
> Di best ting na to stop oil production patapata for naija until tings
> come settle down. Drive all di oil companies comot. Man pikin no see
> wetin di oil money don do for poor people. Import fuel from Libya and
> Iraq, dem no go sell inferior quality give us. Shut down Ajaokuta.
> Appoint people wey no get criminal record and non-pdmers (civilian,
> military, police) make dem be councilors, chairmen, gubers, prezo.
> Make all naija people wy tink say dem don succeed return home "en
> masse" for real work. I no say na mostly poor naija still de for
> outside, but na how much money you need to take return help dat
> country? All dis election go reach completion; but after dat, di
> reality be say God no go let bad ting happen for our country. Dat
> kin(d) single bullet wey put seven holes for one man body wey been dey
> for JFK car, de "wreak the same havoc" for naija today.
>
> Gbemudu, Prosper =20
>
> ---Nubi Achebo <ki...@rocketmail.com> wrote:
> >
> > FG budgets N667bn for fiscal =9299
> >=20
> > Tagged Budget of Realism
> >=20
> > New fuel price regime stays
> >=20
> > Marketers, consumers to bargain
> > =20
> > Return to Vanguard front page
> >=20
> > highlights=20
> >=20
> >=20
> > Full autonomy for CBN
> >=20
> >=20
> > $1.5bn for debt servicing
> >=20
> >=20
> > Official exchange rates scrapped
> >=20
> >=20
> > New VAT sharing ratio coming
> >=20
> >=20
> > Pre-shipment inspection agents to go
> >=20
> >=20
> > Professional Import Duty Administrators (PIDA) scrapped
> >=20
> >=20
> > IDR, 25% Import Duty Rebate abolished
> >=20
> >=20
> > Gross revenue =97 N146.7bn
> >=20
> >=20
> > Oil revenue =97 N453.7bn
> >=20
> >=20
> > Non-oil =97 N214bn
> >=20
> >=20
> > Capital expenditure =97 N88bn
> >=20
> >=20
> > Recurrent expenditure =97 N211bn
> >=20
> >=20
> > Fiscal deficit =97 N34.1bn
> >=20
> > FEAP allocation =97 N1.5bn
> > The Federal Government this morning rolled out the 1999 budget
> > promising to smoothen all the rough edges before it finally hands over
> > to the next civilian administration.
> >=20
> > Government plans to spend N299 billion in 1999. N88 billion has been
> > provided for capital expenditure compared with N122 billion in 1998
> > while a total of N211 billion has been set aside as recurrent
> > expenditure.
> >=20
> > The two expenditure positions stem from a total Federal Government
> > revenue of N667.7 billion of which its own share is N146.7 billion and
> > a projected deficit of N34.1 billion.
> >=20
> > The lean budget, according to General Abubakar was as a result of
> > slump in oil prices in the global market. Consequently, the budget was
> > predicated on $9.00 per barrel and an exchange rate position of N86 to
> > $1 was adopted.
> >=20
> > "Given the change in the exchange rate conversion factor, the
> > estimated total revenue for 1999 has dropped in real terms by 54% from
> > its 1998 level."
> >=20
> > Ongoing projects such as the Federal Secretariat Building, the
> > Legislative Building and accommodation for incoming elected lawmakers
> > will be the focus of this year=92s capital expenditure. "Some projects
> > in the agriculture, health, education, roads, water supply and rural
> > electrification sectors will also be implemented."
> >=20
> > Out of the total recurrent expenditure of N211 billion, N100 billion
> > has been provided for personnel emoluments compared with N56 billion
> > for 1998, to cater for the recent increase in public sector salaries
> > and allowances as well as additional expenditures on members and staff
> > of the National Assembly. Overhead is maintained at N61 billion,
> > domestic debt will gulp N39 billion while N1 billion will be used to
> > settle debt owed local contractors and which has been cleared by the
> > National Economic Intelligence Committee.
> >=20
> > Overall fiscal deficit for 1999is projected at N34.1 billion
> > representing 1.05% of projected GDP. This will include anticipated
> > transfers including draw down from external reserves.
> >=20
> > In 1999, "the Federation Account Revenue is estimated at N262.4
> > billion. The existing allocation formula will be maintained.
> > Therefore, the Federal Government will receive N127.2 billion;states,
> > N63 billion, local government councils, N52.5 billion; the Federal
> > Capital Territory (FCT), N2.6 billion and special funds, N17.1
> billion.
> >=20
> > The estimated VAT amount is N50 billion. The projected increase
> > derives from the fact that the base of VAT will be increased by the
> > expansion of VAT-able items through reduction of the exemption list."
> >=20
> > "In line with the new VAT distribution formula introduced in this
> > budget, the actual allocation to the Federal Government will be
> > reduced to N7.5 billion while that of the states and local governments
> > will accordingly be increased for them to receive N25 billion and
> > N17.5 billion respectively.
> >=20
> > Government yesterday tactically accepted the failure of the 1998
> > budget by rather projecting conservatively the Gross Domestic Product
> > (GDP) at 3% down from 5% in 1998. "Overall economic performance,
> > including real sector growth was stultified by erratic supply of
> > petroleum products, epileptic power supply situation and persistent
> > crumbling infrastructure."
> >=20
> > The Head of State in setting the agenda of public expectations said
> > that the task to revive the economic growth and improve living
> > conditions will be an enormous one.
> > ---------------------------
> >=20
> > Budget =9299: A departure from the usual
> >=20
> > By Lanre Alabi, Obinna Nwachukwu, Rotimi Ajayi (Abuja), Ray Ugochukwu,
> > Olusola Bello, Abdul Imoyo, Phillip Isakpa, Austin Odibo & Sam Udeala
> >=20
> > THE 999 budget speech by the Head of State, General Abubakar showed
> > some remarkable departure from previous budgets, especially the 1998
> > budget.
> >=20
> > For example, against the 1998 projected oil revenue of $16-17 per
> > barrel, this year=92s budget is hinged on US$9 per barrel. Based on an
> > exchange rate of N86 to US$1, the sum of N453.7bn is estimated to
> > accrue as revenue from oil and gas sources, while non oil revenue is
> > estimated at N214 billion bringing projected total federally
> > collectable revenue to N667.7 bn.
> >=20
> > The radical changes aside, the cut in projected oil revenue are,
> > granting of autonomy to the Central Bank of Nigeria (CBN).
> >=20
> > Transfer of parastatals (retail) accounts from the Central Bank to
> > commercial and merchant banks and permission of merchants banks to go
> > into retail banking activities.
> >=20
> > Others are, scrapping of the Professional Import Duty Agents, (PIDA),
> > Import Duty Report (IDR) and pre-shipment agents.
> >=20
> > Also included, is reduction of the GDP from 1998 figure of 5.5% to 3 %
> > in 1999, scrapping of official exchange rate of the naira, as well as,
> > maintaining for the first time in recent times, a realistic budget.
> >=20
> > Justifying the need for the radical changes, Gen. Abubakar has this to
> > say: "Ours is a realistic budget. Some of the decisions we have taken
> > are hard and they will be painful in the short run. However, in the
> > medium and long term, the national economy would be better off."
> >=20
> > The granting of CBN autonomy has been a tough battle fought over the
> > years by the apex bank.
> >=20
> > According to the Head of State, "the decision was taken in recognition
> > of the critical role, which an independent Central Bank can play in
> > the maintenance of price stability and sound economic management."
> >=20
> > But he noted that the decision has been arrived at after due
> > consideration and that "government was convinced that an independent
> > CBN would serve the best interest of our national economy."
> >=20
> > The relevant law, he said, has been amended.
> >=20
> > Government has also directed that the much awaited transfer of
> > commercial banking functions from the CBN to commercial and merchant
> > banks take effect by the end of March 1999.
> >=20
> > Under the new dispensation, ministries and parastatals will be free to
> > negotiate and reach agreement with concerned banks but subject to
> > clearance from the Office of the Accountant General of the Federation.
> > ------------------------------
> >=20
> >=20
> > Concerns about the Budget of Realism
> >=20
> > By Dele Sobowale
> >=20
> > THE budget of realism opens with a familiar promise which had been
> > unfulfilled thrice in the past. According to General Abubakar: "It is
> > the last budget by the military in the administration of our country
> > for one and a half decades." This is the fourth time the statement
> > would be made by the military Heads of State. Babangida made it twice
> > in 1992 and again in 1993, Abacha repeated it in 1998. Nigerians could
> > be forgiven if they remain skeptical given the mounting problems some
> > of them self-created which could once again make that promise
> > difficult to redeem.
> >=20
> > FOCUS AND POLICY THRUST=97 Tagged Budget of Realism, the budget is
> > premised on twelve policy thrusts and objectives; up from eight in
> 1998.
> >=20
> > These include:
> >=20
> > (a)Achieving at the minimum of a 30% overall growth rate of GDP.
> >=20
> =3D=3D=3D message truncated =3D=3D=3D
>
> _________________________________________________________
> DO YOU YAHOO!?
> Get your free @yahoo.com address at http://mail.yahoo.com
>
>
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