NIGERIA WILL ACHIEVE SURPLUS BUDGETTING THROUGH CONSOLIDATION!

ZION B-BC   NEWSLETTER.  

(Looking at Nigeria's Political System From a Godly Perspective).

[VOL. 6. NO 222. 12th November, 2017.} “…ONLY The Truth, Will Set You   Free! (John.8:32).

NIGERIA WILL ACHIEVE SURPLUS BUDGETTING THROUGH CONSOLIDATION!

Since 29th May,1999, when democratic governance began a third stride in Nigeria, deficit budgeting had been an annual ritual which the management teams have had to grapple with till date for various unavoidable economic reasons ranging from fluctuating global price of crude-oil, the nation's mono-foreign exchange earner, non-implementation of annual budget appropriations up to 50%, to massive institutional corruption, embezzlement of State Funds and a FIVE-QUARTER period of economic recession between 2015 to 2016!  But those occurrences would soon be cast into the archives with the emergence of the 2018 Budget of Consolidation, judging by the fresh romance between the Executive and the "born-again" Legislature, which is "very determined" to co-operate righteously, this time around if the statements of both the Senate President and the Speaker of the House of Representatives could be relied upon!

When the sincere spirit behind the conviviality and camaraderie which greeted the 2018 Budget presentation, by President Muhammadu Buhari to the joint plenary of the National Assembly (NASS), on 7th November, 2017, translates to the expected, united and swift legislative oversight on the legal document fully manifests, the CONSOLIDATION would enjoy a seamless execution of not less than 70% at the end of the new financial year of January to December, 2018! This is not a wild dream. It is achievable and "do-able", contrary to the ignorant opinion of some People’s Democratic Party (PDP), opposition legislators who believed that since the 2017 National Budget was yet to be fully executed, a new one was therefore a misnomer! The 2018 Budget of Consolidation was specifically designed by the budgeters: experts who are versed in the principles, laws, regulations and accountings that must be put in place to group and join together, combine, unite, and solidify the previous document (i.e. 2017 Budget of Economic Growth), with the present (2018 Budget of Consolidation), into one workable document for the process to operate seamlessly and made stronger!

The articulate and germaine reasons for this strategic move can be attributed to the following facts:
(1) That, 2018 is very strategic in Nigeria's political calendar as the preparatory year for the 2019 general elections: Presidential, Governorship and Legislative and aside from this fact, two gubernatorial elections would equally take place in Ekiti State (July 14, 2018 ) and Osun State (September 22, 2018), of this same year!
(2) That, there will be an inordinate mad rush by ambitious political jobbers in the executive, among sit-tight legislators who would rather die in office and those who are yet to be selected, "elected", appointed or the desperate opportunists, who will never give up, rain or shine, for fresh mandates from the electorate; and
(3) That, in 2018, those idle legislators whose seats had always been noticeably empty at plenary, would invade their constituents with GREEK GIFTS of sewing machines, motor bikes, tri-cycles, "tokunbo vehicles" grinding machines, bags of rice, beans, millets etc, in order to lure gullible electorate to vote them back into the RED and GREEN CHAMBERS for another four-year-term to corruptly collect salaries, and all manner of dubious constituency allowances with impunity; courtesy of Hon. Abdulmumin Jibrin's revelations, yet to be contradicted, but temporarily swept under the CARPET!

The kind of budget that unarguably conforms with international best practice is SURPLUS BURGETTING ( i.e. a situation where government revenues exceeded the expenditures), with makes room for governments to cater adequately and efficiently for citizens' social contract, but economic research has shown that, it is far more practicable in countries with small population than those with  large ones. For instance, with budget surplus, most Asian countries like Kuwait, Qatar, Nepal, Singapore etc, are able to be more proficient and to make substantial economic impacts/improvements for their societies without external indebtedness.
FRUGALITY is the key-attitude to executing a surplus budget because governments have to ensure that large revenues were deployed to take care of both Capital and Recurrent expenditures without external borrowings.

Nigeria with the new economic thrust of looking inwards to merge agricultural revolution with aggressive drive for natural mineral resources, coupled with massive exportation incursions into the EU, USA, and ASIAN markets and not discarding the unstable Crude Oil incomes, is definitely set to record greater budget surplus by the year 2021 under the incumbent Change APC Government of President Muhammadu Buhari, trusting that the 36 States will also aggressively resuscitate INTERNALLY GENERATED REVENUES (IGRs), to achieve the national venture!

THE 2018 BUDGET OF CONSOLIDATION - ASSUMPTIONS AND PROJECTIONS.
President Buhari has fulfilled his constitutional duty of laying before NASS, a comprehensive, itemized, summarized, and projected expenditures of amount of monies and resources, including expected revenues earmarked by the Executive for the 2018 Financial Year under the following assumptions and projections:
*Crude oil price bench mark: $ 45 US per barrel, * Oil production estimate - 2.3 million barrels per day, * Exchange rate - N 305/US dollars, * Real GDP growth - 3.5%,  and * Inflation Rate - 12.4%.
The proposed aggregate expenditure of the N8.612 trillion budget which is 16% above 2017 projections, will comprise the following:
(1) RECURRENT Costs, - N3.494 trn.;
(2) Debt Servicing, - N2.014trn.;
(3) Statutory Transfers. approx. N 456 bn.;
(4) Sinking Fund - N 220 bn. (to retire maturing bond to local contractors);
(5) CAPITAL Expenditure N 2.428 trn.; (excluding the capital component of statutory transfers).

THE BREAK-DOWN:
(A) Recurrent Expenditure -  Ministries, Departments and Agencies (MDA), which provide critical public services will consume a big chunk of the recurrent cost proposal in the following order: * Interior - N 510.87 bn.; * Education - N 435.01 bn.; * Defence - N 422.43bn.; and      * Health - N 269.34 bn.;
(B) Capital Expenditure - * Power, Works and Housing - N 555.88 bn.;  * Transportation - N 263.10 bn.; * Special Intervention Programmes (SIPs) - N 150 bn.; * Defence - N 145 bn. * Agriculture and Rural Development - N 118.98 bn. ; * Water Resources - N 95.11bn.; * Industry, Trade and Investment - N 82.92 bn. ; * Interior - N 63.26 bn.; * Education - N 61.73 bn.; Universal Basic Education Commission (UBEC) - N109.06 bn.; * Health - N 71.11 bn.; * Federal Capital Territory (FCT) - N 40.30 bn.; * Zonal Intervention Projects - N 100 bn.; * North East Intervention Fund - N 45 bn.; * Niger Delta Ministry - N 53.89 bn.; * Niger Delta Development Commission (NDDC) - N 71.20 bn.

OTHER KEY PROJECTS TOTALLING N 511.92 billion are:
Mambilla hydro power project, Transmission lines and sub-stations, National Housing Programme, Second Niger Bridge, Construction and Rehabilitation of Strategic Roads.
The rest are: Regional Spending Priorities for Peace, Security and Development., which include, Presidential Amnesty Programme, Increase in provision for the Ministry of Niger Delta and Completion of East West Road.

THE ARMCHAIR CRITICS!
But since the official presentation of this meticulously and painstakingly crafted Budget of Consolidation, as a stimulant for total recovery from the recent economic recession, the tongues of armchair critics have waged in all directions, mostly in condemnation rather than the appreciation, complementary and sincere critical evaluation of the legal document because talk is cheap and freedom of expression is a fundamental right!
However the ball is now in now squarely placed in the court of the legislators who are very popular for blame games! Not long ago in September 2017, they blamed the delay of implementation of the 2017 Budget on the Executive, though the budget in question was forwarded for Presidential assent in the last week of May, 2017, FIVE months after it was presented on 14th December 2016, to the joint National Assembly plenary and appended into law on JUNE12, 2017!

Nigerians are tired of the law makers who have only constituted themselves into conduit drain pipes of the national treasury and who have been identified as the worst economic liabilities to the nation since 1999, because of illicit collection of gagantuous annual salary packages, and unconstitutional quarterly MONETIZED CONSTITUENCY PROJECT ALLOWANCES!
We advocate that all patriotic Nigerians must rise in unison as organised Civil Society Groups, Trade Unions, Non-Governmental Organizations, Nigeria Labour Congress, Nigerian Union of Teachers, National Students Union, Trade Union Congress, especial the Fourth Estate of the Realm i.e. Electronic and Print Media etc, to monitor, scrutinize, investigate every move of oversight functions of the 2018 Consolidation Budget and pressurize the legislators without giving them any opportunity for delay because it was during such process that they were able to PAD, INSERT NEW ITEMS, AND RE-CREATE PAST BUDGETS!

THE HOPE OF THE TALAKAWAS IN THE COMPETENCE AND ECONOMIC DEXTERITY OF THIS CHANGE ADMINISTRATION MUST NOT BE DASHED AGAIN BY SOME UNSCRUPULOUS, UNPATRIOTIC, AND SELFISH LEGISLATORS WHO ARE ONLY INTERESTED IN THEIR OWN ILLICT GAINS ALONE!

These legislators should now remember before it is too late that they would give account of their stewardship to the Almighty GOD who Has power over life and death and therefore quickly amend their ways and repent of past misdemeanours!  As it is written: "And, behold, I come quickly; and my reward is with me, to give every man according as his work shall be." (Rev 22:12.KJV)

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com, https://www.google.com/+zionfaithbiblebelievingchurch.

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament of your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations.

I am, yours sincerely, Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08098194390.  08080243066. g-mail- dvdolufon@gmail.com.