SENATE CRIES WOLF OVER 2019 BUDGET THROUGH DEBT PROFILE ALARM!

ZION B-BC   NEWSLETTER.  

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

A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria. {Vol. 8.NO 292. 17th March, 2019.} “…ONLY The Truth, Will Set You   Free! (John.8:32).

SENATE CRIES WOLF OVER 2019 BUDGET THROUGH DEBT PROFILE ALARM!

IT IS BARELY TWO MONTHS to the expiration of the First Term of President Muhammadu Buhari and yet the Second Term Working Document (2019 Budget Appropriation), has not been placed on his table for assent and execution!
Senate legislators resumed plenary on Tuesday 12th March, 2019, following the end of general elections to discuss the general principles of the 2019, with a view to giving it accelerated attention in view of the time already lost, but expressed concern about the Executive's plan to borrow N1.6 trillion to finance part of the N9.12 trillion 2018 Budget and through proceeds of N210 billion from privatisation of some public enterprise which will also absorb part of the deficit!

Dino Melaye, publicity-conscious Senator representing Kogi West, was quick to caution the Federal Government not to borrow money to fund the 2018 Budget of Consolidation, while alleging that some Agencies were keeping UNUTILIZED FUND! He also claimed that there was an outstanding sum of overN 1.1 billion Stamp Duty that had not been remitted into the Federation Account and that Nigerian National Petroleum Corporation (NNPC), should pay the over N300 billion owed to the Federal Government to augment the budget deficit!

No Nigerian would be surprised that the legislators had delayed the passage of the 2019 budget for the umpteenth time because it is in their character to deliberately delay budgets with a view to perfecting their hidden agenda of padding, illegal insertions, re-writing, re-inventing, cutting allocations to CRITICAL INFRASTRUCTURES and increasing their own allocations, with a view to making Budget execution very difficult to implement!

LEGISLATIVE DELAY OF PAST BUDGETS!
The 2016 CHANGE Budget submitted to NASS, on 22nd December 2015, and which suffered several delays due to padding, was eventually signed into law on 6th May, 2016; the 2017 Budget of Economic Recovery and Growth Strategy, was signed on JUNE 12, 2017, and the 2018 Consolidation Budget, which was submitted to the Joint Assembly on 7th November, 2017, was delayed for SEVEN MONTHS, and Presidential assent was reluctantly given on Wednesday 20th June 2018, in order not to further slow down the pace of the ERGPS which was put into execution to cushion the effects of the dying self-inflicted recession of three consecutive Quarters!

INTEGRITY CHANGE: From inception, the Change Administration of the All Progressives Congress (APC), introduced transparency in governance at all level of FINANCIAL MANAGEMENT, beginning with the introduction of the Treasury Single Account (TSA), and also, the inclusiveness and general participation of all stakeholders in BUDGET PREPARATION!
With the TSA in place, it became very difficult and impossible for any agency of government to single-handedly dip its fingers into the Common Wealth, to withdraw one KOBO without genuine authorisation according to extant laws on financial regulations! The 2016 Appropriation Bill, tagged "Budget of Change", was the very first opportunity for the new administration to prepare its own estimates and assumptions through an Economic Management Team, which was masses-oriented to prioritize Capital Projects that would increase economic gains and benefit all sectors. It is common knowledge that the 2015 Budget, prepared by the failed administration of PDP, was SHAM that was virtually unimplementable for the following reasons:
The Peoples Democratic Party (PDP), left a virtually Empty Treasury which had been looted with impunity to forcibly entrench continuity of a very bad administration;
The USD $2.1 billion dollars, earmarked to purchase military hardware to pursue to a logical conclusion, the war against Boko Haram terrorism was diverted to fund ex-President Ebele Jonathan's inordinate ambition to contest for a THIRD TERM in office, in spite of the fact that he was not qualified!
Despite a threatening wave of Economic Recession which was noticed since 2013, Jonathan's Administration turn deaf ear to independent professional suggestions for total clamp down on Executive/Legislative financial wastages on dubious contracts/elephant projects which remained unexecuted until the advent of the Change mantra of President Muhammadu Buhari, from 29th May, 2015!
The Boko Haram terrorist had a field day from August 2009-May 2015, (six agonizing years for the downtrodden/defenceless masses) - especially in the North East States of Bornu, Yobe and Adamawa and were able to brazenly foist their Islamic Jihad flags in 17 Local Government Areas, under the watch of Ebele Jonathan!
HOWEVER, within the first 366 days of the new administration, President Buhari, was able to produce a people-friendly budget which doused to very large extent the threatening economic pressure and as the Commander-In-Chief of the Armed Forces of Nigeria, was divinely favoured to dislodge all Boko Haram terrorists from those occupied territories, and to restore peace in the geo-political zone! Reproduced below are excerpts of the President's First Democracy Speech on 29th May, 2016.
" ln his First Democracy Speech on 29th May, 2016, President Buhari described the first 366 days of his administration as, “a year of triumph, consolidation, pains and achievements" adding that by age, instinct and experience, his preference was to look forward, to prepare for the challenges that lied ahead and rededicate the administration to the task of fixing Nigeria. "We affirm our belief in democracy as the form of government that best assures the active participation and actual benefit of the people despite the many years of hardship and disappointment, the people of this nation have proved inherently good, industrious, tolerant, patient and generous," he added. In addition to all of the above economic and security challenges, the Change Administration was able to produce a masses friendly budget which took into consideration their basic needs of life and ensured that for the first time in this new attempt at fiscal and productive democracy since 1999, capital projects received more allocation than recurrent expenditures!
The President further said: "We will invest in equipping our farmers with the right tools, technology and techniques. We will invest in empowering and enabling our miners to operate in a safe and humane environment. We will invest in training our youths through the revival of our technical and vocational institutions to ensure they were competent enough to seize the opportunities that will arise from this economic revival". The Minister of Finance also disclosed that the Nigerian economy was on track, and very strong adding that the Federal Government saved N6 billion naira monthly through prudent financial management of a cut down on Recurrent Expenditure, which was an effort towards an enabling fiscal discipline in the face of declining oil revenues adding that, "Buhari's government now spent N159 billion naira instead of N165 billion previously expended monthly, as recurrent expenditure. Also in a very re-assuring move towards diversification of the economy, the Minister of Agriculture also on Wednesday, 20th July, 2016, presented to the Federal Executive Council (FEC), a strategic document titled "GREEN ALTERNATIVE POLICY", which spelt out in details how Agriculture would again occupy the front position as the largest supplier of local food consumption and eventually an export foreign exchange earner for the nation within a period of one and a half year and beyond!
While we salute the courage of President Buhari and his management team, we make bold to suggest that the anti-corruption war should be intensified and remain the number one priority of the government of Change in order to recoup all stolen and looted funds, in order to increase savings of the Treasury Single Account (TSA). No looter of the treasury should be spared and stolen monies must be recovered to the last kobo or dime while we trust that the Judiciary would co-operate with the Executive as joint crusaders to dismantle the institutional impunity of corruption which had almost become a traditional way of life in the nation!

Government must pursue total blockade of food imports, including exotic items that consume and deplete the national foreign exchange reserves; encourage more exports of solid minerals and textiles to all foreign business partners especially CHINA as we revitalize the Industrial Sector through the Power and Energy Sectors. The small scale entrepreneurs who form the backbone of macro economic drive should be encouraged with feasible loans to keep oiling exportation incentives of government as the nation consolidates the gains of THE FIRST TERM from 29th May, 2019!

There is no cause for alarm in respect of Nigeria's debt portfolio which according to the Debt Management Office, hit N22. 43 trillion, in January, 2019! Of the total debt, the external component of both Federal and State Governments', including the Federal Capital Territory's debts stood at $21.59billion! Economic experts believe that was still within manageable index; and that debt management would not constitute an albatross once the MORATORIUM WINDOW & INTEREST RATIO was within the single digit bracket. The fact that the debts doubled within the three years of the APC ruling government has revealed that people-friendly CAPITAL projects - road/rail constructions, airports, waterways, diversification to agriculture and solid mineral exploration etc, were  credible investments that would recover the loans in due season!
There was no need for those who have derelicted in their so-called Oversight to cry wolf in order to cover up their tracks! The National Assembly Legislators should be closely monitored by all CITIZENS to ensure that there would not be able to add one kobo or inflate the 2019 Budget to suit their covetous appetite for illicit monies, especially when majority of the bad eggs among them would not be returning and would be DESPERATE TO COLLECT ILLEGAL SEVERANCE ALLOWANCES!

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.

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

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.