NIGERIA TO BORROW FROM DEAD CITIZENS!

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. 10.NO 388. 17th January, 2021.} “…ONLY The Truth, Will Set You Free! (John.8:32). . PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

NIGERIA TO BORROW FROM DEAD CITIZENS!

Listening to President Muhammadu Buhari’s “economic diversification-laden” speech as elucidated in his 2021 New Year broadcast, one was bound to believe that those highfalutin ideas were not predicated on fresh borrowings, highlighted in an inflated 2021 Federal Budget already signed into law but through articulate Internally Generated Revenue sources!
Although he made veiled attempts to convince Nigerians that economic diversification from crude oil/gas to agriculture, solid minerals extraction, was given priority attention since his assumption of office in 2015 BUT in actual fact CRUDE OIL remains virtually the LIVE WIRE as the major foreign exchange earner for the nation’s survival!
It is no longer a secret that the National Economic Council (NEC), constitutionally chaired by the Vice President, Prof. ‘Yemi Osinbajo, [SAN], was quickly relegated to the background as soon as the President fully recovered from several bouts of illnesses that kept him abroad from the seat of power for over nine months of the first term in spite of the herculean efforts to revamp an economy in recession from Quarter 2 of 2016!
BUT it is on record that the Professor and his economic team quickly introduced the Economic Recovery and Growth Plan [ERGP], tonic which worked the miracle!

A PERTINENT QUESTION: IS PROFESSOR OSINBAJO STILL IN CHARGE OF EITHER NEC, ERGP OR THE BUHARI’S HURRIEDLY-CONSTITUTED 2018 ECONOMIC ADVISORY COUNCIL [AEC], deliberately packaged to sideline and relegate the Vice President to the background in the affairs and governance of NIGERIA? NO!
But President Buhari’s advisers/handlers should have checked out Osinbajo’s pedigree/antecedent as an erudite lawyer, a Professor of Law/University Lecturer, former Lagos State Commissioner for Justice and Attorney General, a Senior Advocate of Nigeria, a Servant of the Most High God, a great achiever of no mean stature [at home and abroad], AND DISCOVER THAT HE CAN NEVER BE A PUSH-OVER through any unlawful means or political force!   
COMMENTS: When the un-envisaged Covid-19 Virus Pandemic hit the world, the Buhari’s AEC was caught gasping for ideas and Mr. President had no choice than to reluctantly resort to refer the group to the ERGP Author, for the right solutions to keep the economy on course! 

AN UNENDING DEFICIT BUDGET!

On 8h October, 2020, the President submitted a proposed sum of N13.08 trillion budget appropriation to the National Assembly (NASS), which jerked it up by N505 billion and passed the sum of N13.588 trillion on as the new figure for 2021, and it was appended without objection in order to maintain the newly-introduced January to December budget cycle!
According to the fiscal document, a sum of N5.6 trillion will be borrowed from external/domestic sources to fund the deficit budget of N13.8 trillion naira; a fixed amount of N2.34 trillion will be borrowed from both sources while another N709.69 billion, will be borrowed from multilateral and bilateral sources according to Minister of Finance and National Planning, Mrs. Zainab Ahmed!
An amount of N3.32 trillion (24.5%) and (12.6%), higher than the revised 2020 Budget will be paid to SERVICE debts; - a sum of N3.27trillion was spent in 2020 for the same purpose, while N3.19 trillion was spent on salaries and pensions according to the minister!
Government also projected revenue of N7.99trillion, which is 36% higher than the 2020 projection of N5.84 trillion from which 30%/70% will accrue from oil-related and non-oil sources respectively according to the minister who also confirmed an aggregate 2021 capital expenditure of N4.37trillion naira (32.29%), of total expenditure and 62.8% higher than the revised 2020 Revised Budget!
She further said that government projected N9.97trillion expenditure for 2020, but spent N10.08 trillion, an excess of N1.8 trillion on capital infrastructure by December, out of which N118.3billion, was for Covid-19 capital expenditure.
The Minister, Mrs. Zainab Ahmed, who disclosed all of the above, during the 2021 Budget breakdown said that the document tagged, “Budget of Economic Recovery and Resilience”, would be diligently executed to cover all grounds.
However, her claim in respect of non- provisions during a virtual presentation for Oil Subsidy in the 2021 Budget was still controversial and should be taken with a “pinch of salt” because, PPPRA, a subsidiary of NNPC still dictated the outrageous price of up to N170 naira per litter of PMS [PMS] in January! According to her, no provisions were made for both “fuel and electricity” subsidies in the 2021 Budget!

BUHARI’S GOVERNMENT TO BORROW FROM LIVING AND DEAD TALAKAWAS!

The sum of N850 billion would be borrowed from dividends and dormant accounts as part of funding the 2021 Budget!
On Tuesday, 12th January, 2021, Minister of Finance and National Planning gave the data which she described as “a special trust fund” which government would keep in “trust” for bona fide beneficiaries would be accessible on demand at any time on confirmation by bank registrars!
Dormant Accounts that dotted the various Nigerian banks are owned by poor Nigerians who could not cope with the modern trends of banking institutions which are fraught with all manner of directives that dispossessed customers of their hard-earned funds at every point to favour their operational activities! Open or secret charges include but not limited to: account maintenance fees ATM withdrawal bank fee, bank fee for overdraft, wire transfer bank fees, monthly charges for provision of account etc.

HIGHLIGHTS OF BUHARI’S 2021 NEW YEAR’S SPEECH.
Security, Economy and Anti-corruption Agenda [SEA]!

SECURITY: Government would re-strategize all security apparatuses to ensure internal/external extremists were dismantled through “proactive pre-emptive posture” to ensure that such incident of the KANKARA BOYS abduction [though, successfully handled], did not become a norm ... AND extolled the professionalism exhibited by “our Security Forces”!
Conclusion: THE SERVICE CHIEFS STAY FOR NOW!

ECONOMY:
Revamping the economy through national economic diversification agenda to ensure FOOD SUFFICIENCY and reduce inflation in spite of Covid-19 Pandemic   has been the primary goal of government. This measure is to be complimented with the rebuilding of the national infrastructure base; rehabilitation, modernization and expansion of the RAILWAY, NATIONAL ROADS AND BRIDGES in rural/urban centres and not excluding – AIRPORTS/SEAPORTS.
Reforms in the Power Sector, according to the President would guarantee increased efficiency to expand generation/distribution of ELECTRICITY to homes and factories.
He also said that the recent opening of the land border should resuscitate legitimate trade and commerce with West African neighbours and also boost the fortunes small businesses/agricultural enterprises.

ANTI-CORRUPTION:
The President claimed a pass mark in the fight against corruption and promised greater effectiveness through review of some laws to ensure timely/diligent prosecution of corruption cases with the co-operation of the judiciary!

YOUTH EMPOWERMENT:
President Buhari did not forget to reiterate his promise to create more employment opportunities in the new year for the youths and to quickly implement the #FIVE-FOR-FIVE demands of the LEGITIMATE #ENDSARS-END POLICE BRUTALITY PROTESTERS OF October, 2020! He also promised effective/equitable distribution of Covid-19 Pandemic vaccines as they were received!
2021 BUDGET OF ECONOMIC RECOVERY AND RESILIENCE! [Please find below excerpts of our publication on the subject in our 375th Edition of 18th October, 2020].

Who would not be surprised at Nigeria’s very ambitious 2021 debt-ridden Appropriation Bill, totaling an incredible amount of N13.8 trillion naira at this austere period of the Covid-19 pandemic/threatening economic recession, other than the super rich political leaders whose penchant for budget padding in the forms of “re-writing, re-inventing, re-engineering, re-producing, etc, has become classic in presentation, such that at the stage of final approval, the Constitutional Author of the Bill is flung in different directions of confusion; a feat that has not been rivaled in any part of the world!

According to figures submitted by the President in this particular budget, a whooping sum of N3.1TRILLION NAIRA would be SPENT on DEBT SERVICING ALONE AND NOT DEBT RE-PAYMENT!   From 1999 till date, no Nigerian Executive-prepared Budget had ever had a smooth sail through National Assembly Legislators who misinterpret, misuse and abuse their oversight functions over other tiers to mean manipulation of the FINANCIAL DOCUMENT (which determines the fate of the economy, citizens’ livelihood and security), to expressly bloat their whims and caprices through surreptitious appropriation of funds to dubious constituency projects that were never executed by the law makers!

HOW WOULD ACCUMULATED DEBTS BE PAID BACK?

Stop further borrowings! Block all wastages in the Executive and Legislative! Introduce UNICAMERAL LEGISLATURE OF 74 Lawmakers! THE SENATE MUST BE SCRAPPED disbanded, dissolved deleted, erased to pay off substantial part of that aggravated debt! It is long overdue for the upper house of the NASS to be locked up and its keys thrown into River Niger! Nigeria's Senate of the FOURTH REPUBLIC from 1999, had served - with very few exceptions - as a CONFLUENCE OF GREEDY POLITICIANS (discredited ex-governors, expired civil servants, ex-Commissioners/Ministers, political jobbers, etc), who are sworn enemies of downtrodden masses who neither voted for them nor were even aware of their representation, to date!
Negotiate for DEBT FORGIVENESS with Foreign Lenders, World Bank, International Monetary Fund (IMF), London Paris Club in view of the negative effects of Covid-19 pandemic on World economy including a threatening universal recession!
Diversify massively into agriculture, the extractive, entertainment, film, tourism etc.
In spite of the HUGE DEBT BURDEN the President was optimistic that the 2021 Budget, would deliver on the Government's Economic Sustainability Plan goals, accelerate the pace of Nigeria's economic recovery, promote economic diversification, enhance competitiveness and ensure social inclusion with the support of the Finance Bill 2020 to be passed along with the fresh budget! DO YOU BELIEVE?

The Debt Management Office (DMO), has disclosed that Nigeria’s total debt Stock (Foreign and Domestic), as at JUNE 2020, hit N31.01 trillion naira or US$ 85.9 billion dollars.”Nigeria’s public debt grew by US$22.09 billion in the last FIVE YEARS of President Buhari’s Administration, indication an increase of 34.6%!  WHO WILL PAY ALL THOSE DEBTS? THE PRESIDENT AND HIS ECONOMIC TEAM MUST ANSWER TO THE PEOPLE NOW! “Righteousness exalts a nation; but sin is a reproach to all people.” (Proverbs. 14:34)

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,

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.