IN THE ASSUMED IMPERFECTION OF THE 2020 BUDGET, LIES ITS STRENGTH!

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 322. 13th October, 2019.} “…ONLY The Truth, Will Set You   Free! (John.8:32). . PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

IN THE ASSUMED IMPERFECTION OF THE 2020 BUDGET, LIES ITS STRENGTH!

The 2020 Budget of Sustaining Growth and Job Creation was not so christened just for the sake of grammatical expression nor for appending a nomenclature but was a deliberate thought that speaks volumes of its righteous intentions to succour all patriotic citizens who must now enjoy sure dividends of sound democracy!

In four years and four months of the Change mantra, the nation went through the travail of the gold, silver or precious stone that must be baptized by the fuller's furnace to discard all dross in other to  come out shinning and attractive for more valuable commercialization!

Going down the memory lane from 2015 when there was a change of guards, Nigerians cannot easily forget the chaotic social insecurity, an economy at the brink of recession coupled with an almost empty treasury that was bequeathed to the victorious All Progressives Congress (APC), which won the general elections in spite of the advantageous power of incumbency of 16 years by the Peoples Democratic Party (PDP)! Nigerians bore the pains and pangs during those years of economic hardship coupled with large scale insecurity which escalated with Boko Haram insurgency/terrorism in the North East, herdsmen/farmers clashes in the North Central and all forms of crimes and criminalities especially kidnappings across the nation AND still voted for continuity because they believed in the sincerity and faithfulness of the incumbent captain of the ship!
At several stages, the people had to bear scarcity of petroleum products - premium motor spirit (petrol), and kerosene, which became incessant an unbearable until the pump price was raised from N87.00 to N145.00 and did not protest - even when the organised labour incensed them; because of a determined resolution to support the new administration to block all loopholes created through the notorious and very infuriating scam called, "petroleum subsidy"! The President said at the 2020 Budget Presentation that good governance, inclusive growth and collective prosperity could only be sustained in an environment of peace and security. We could not agree more!

ECONOMIC PALLIATIVES IN THE 2020 BUDGET FOR ALL PATRIOTIC CITIZENS!
The 2020 Budget is the panacea to those several years of sufferings as it will provide the following palliatives:
Unlimited opportunities for all farmers, industrialists, manufacturers to freely sell their products - locally and internationally since local borders closure had provided the leverage! Prior to this period, the Nigerian market had been suffocated with foreign agricultural produce/goods from neighbouring West African countries to the detriment of Made-In-Nigerian products!
All farm produce and locally-manufactured products will continue to be exempted from the Value Added Tax (VAT), regime - which percentage should not be increased but closely monitored by faithful/righteous personnel with integrity.
The very rich and affluent should be made to pay more tax to alleviate poverty from the land!
The CBN cashless policy/banks charges and commissions should maintain status quo MUST not affect deposits/withdrawals of the 40% bank-friendly citizens to avoid heavy deposits in SEPTIC TANKS!
Education/Health's seemingly low appropriations will receive greater boost through allocations to Universal Basic Education Commission (UBEC), and Basic Health Care Provision Fund (BHCPF), aside of their N48 billion/N46 billion, budget figures, and in true perspectives, these headings are not the exclusive responsibility of the Federal Government, which takes care of only TERTIARY LEVELS while the 774 Local Government Areas, the 36 STATES of the Federation and the Federal Capital Territory (FCT), take care of the PRIMARY & SECONDARY levels of Education/Health!
All ongoing capital projects (roads, bridges, etc,), will be prioritized and completed  while it is planned that 16 roads and bridges would be added to existing ones to boost transportation of agricultural products from the rural to urban markets in commercial acceleration for gains and profits!
Outside of income (direct/indirect), taxes, government would lay greater emphasis on Internally Generated Revenue (IGRs), from agriculture, solid minerals, tourism, film industry etc, while it is strongly believed that the status quo of 5% VAT which would accrue at least a whooping N 4.7 trillion, (at GDP's 78%-80% of consumption expenditure), or more, if properly monitored by righteous agents of government, be maintained for sure results.
A general overview of the budget of Sustaining Growth and Job Creation reflects a determination by government to build on existing gains of the 1.9% economic growth and further reduce inflation rate to the barest minimum because its appropriation was evenly spread to touch all aspects of the mandatory social-economic activities of the people and simultaneously inculcate the culture of patronage of local products!

PDP CONTRACTED ECONOMISTS & SENATE MINORITY LEADER CONDEMN 2020 BUDGET!
But the PDP opposition detractors and their hired economists had never stopped to condemn the best of APC policies, and the 2020 Budget was not an exception!
They believed that the new budget was incompetent because debt servicing had swallowed one quarter of N10.33 trillion; that a large chunk would also go into recurrent, without considering the inclusiveness of the approved N30, 000, National Minimum Wage; while they also condemned the N2.4 trillion which would be borrowed to fund part of the budget assumptions - when compared with the 2019 figures!  They also criticized the N3.32 billion allocated for foreign/local travels for the President and his Vice, which they believed was on the high side forgetting the high premium benefits that have accrued over the years to establish Nigeria as the economic destination of both Africa and the world!
Debt servicing/finance borrowing is global trend as no country, not even the United States of America, can even be self-sufficient without borrowing! For instance, the US Federal Budget deficit for fiscal year 2020, is $1.10 trillion, which occurred because government spending of $4.75 trillion, is higher than its revenue of $3.65 trillion! According to the report, US Fiscal Year 2019 Budget created a $1.09 trillion deficit!

BUHARI IS DETERMINED TO RESTORE BUDGET CYCLE!
UNTIL Tuesday 8th October, 2019, when President Buhari presented the earliest annual budget in recent times to the joint session of the 9th National Assembly (NASS), his APC Change Administration, found it very difficult to revert to the constitutional budget cycle of January to December calendar, courtesy of an inherited unfaithful Civil Service and an inordinately ambitious hostile Legislature which held sway between 2015-2019!
Apart from a total sum of N8.156 trillion estimated as IGRs in 2020, a finance Bill which proposed the controversial increase of VAT from 5%-7.5%, was also attached to the budget proposal on the assumption that a revenue estimate was expected from that source to partly fund the 2020 Budget.

FRESH COLLABORATION BETWEEN THE EXECUTIVE AND LEGISLATURE!
The two chambers have swung into action and are currently discussing the general principles of the 2020 Budget assumptions and would soonest, commence a second reading before breaking into Committees which will then invite officials of Ministries, Departments and Agencies (MDAs), to defend the figures appropriated to them!
They have also promised the nation that, by the special grace of God, they would complete all deliberations on the new budget and pass it before they proceeded on break in December in order to restore the constitutional budget cycle of January to December!

IMPORTANT HIGHLIGHTS OF THE 2020 BUDGET ASSUMPTIONS!
Total budget estimate is, N10.33 trillion or US.$33.8 billion dollars;
Capital expenditure, N721.33bn, which is 23% less than 2019 allocation;
Internally-generated Revenue (IGR), N8.155 trillion, to comprise (a) oil revenues, N2.64 trillion; (b) non-oil tax revenues of N1.81 trillion, plus other revenues of N3.7 trillion;
Debt Servicing, N2.45 trillion, about one quarter of the total budget;
Economic Growth of 1.9%.
Oil Benchmark: US$57 dollars per barrel;
Daily Oil Production, N2.18 million barrels per day (mbpd);
Foreign Exchange Rate, N305 naira per US dollar and
Budget deficit is projected at N2.18 trillion,

Others are, STATUTORY TRANSFERS: NASS, N125 billion; Judiciary, N110 billion; North East Development Commission (NEDC), N110 billion; Basic Health Care Provision Fund (BHCP) N44.5billion; Universal Basic Education Commission (UBEC), N11.79 billion; Niger Delta Development Commission, N80.88 billion (now under the supervision of the Ministry of the Niger Delta Affairs.

NON-DEBT RECURRENT EXPENDITURE: Personnel Costs, N3.6 trillion, an increase of N620.28 billion over 2019 Budget - to cater for the new national minimum wage as well as for an improved welfare package to the Armed Forces and Police; and an Overhead Costs projected at N462.6 billion.

CAPITAL EXPENDITURE: Capital projects were allocated N2.46trillion ( which embodied Statutory Transfers of N318.06 billion), but at 24% of aggregate expenditure, this provision falls short of the 30% recommended in the ERGP of 2017-2020. Other key capital expenditures include but not limited, to: Works and Housing, N262 billion; Power, N127 billion; Transportation, N123 billion; Defence N110 billion; Water Resources: N82 billion; Agriculture & Rural Development, N83 billion; Interior, N35 billion; Zonal Intervention Projects, N100 billion; Social Investment Programmes, N30 billion; Federal Capital Territory (FCT), N28 billion; Industry Trade and Investment, N40 billion; etc, etc.
WILL THE NEW NASS BE A RUBBER STAMP IN VIEW OF PROMISE TO RE-ACTIVATE BUDGET CYCLE? NO! BECAUSE GBAJABIAMILA SAYS: NASS HAS AUTHORITY OVER THE PURSE AND WILL BE VERY THOROUGH IN OVERSIGHT! WHAT'S THE INFERENCE?
PAST APC EXECUTIVE BUDGETS WERE ALWAYS PRESENTED LATE AND DELIBERATELY DELAYED BY THE PDP-LED NASS - NOT EARLIER THAN JUNE OF EACH YEAR - BUT THAT WOULD SOON BECOME A THING OF THE PAST! "Where there is a WILL, there, certainly will be a WAY!

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.