ZION B-BC NEWSLETTER.
(Looking at Nigeria and the World's Political System From a Godly Perspective).
A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria {Vol. 10.NO 428. 24th Oct, 2021.} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!
NIGERIA’S HUMONGOUS 2022 BUDGET IS A PANDORA BOX!
The ritual of annual budget presentation – 2022 Edition - by Nigeria’s Head of State has come and gone but not without the sound of the broken record of the Chief Executive who announced to the world for the umpteenth time with impunity that his insensitive administration would continue to borrow for “critical infrastructure” for as long as he remained in office!
On 7th October, 2021, President Muhammadu Buhari, told a joint gathering of budget hackers as he blurted out a staggering and the highest total figure of N16.39 trillion from the 2015 figure N4.5 trillion in 2015 to a mesmerized 220million population of Nigerians!
BUT the budget beneficiaries concurred and giggled all the way for the fresh opportunity to swell their accursed accounts at the expense of over 80% of the taxpayers who have been reduced below poverty level as they promised to devote accelerated attention to the document for presidential approval before 31st December, 2021!
THE PANDORA BOX BUDGET AND BUHARI’S LEGACY OF INCURABLE DEBTS!
The 2022 Budget Appropriation can be likened to a clandestinely opened “Pandora Box” or “A Can of Worms”, which negative consequences of addictive borrowings had spread beyond the present generation of the borrowers to permanently enslave Nigerian posterity into the hands of foreign lenders, who are very eager to RE-COLONIZE and subject the innocent citizens into further sufferings!
The Debt Management Office (DMO), record as at March 2021, puts Nigeria’s total debt profile, Federal and States, at N33.107 ( or USD$87,239 billion), while Senate approved additional USD$8.3billion and Euro 490, as the Federal Government 2018-2020 external borrowing rolling plan in July 2021! Other external loans sought for in the 2022 Budget from World Bank, French Development Agency, EXIM Bank,, and IFAD in a total sum of USD$4,054,476,863 million dollars and Euro 710 million and grant components of USD$125 million dollars.
Nigeria has borrowed massively from China, International Monetary Fund (IMF), African Development Bank (AfDB), France and numerous others not excluding Promissory Notes in the sum of N940, 220 billions, issued to settle inherited arrears of the Federal Government to State Governments, Oil Marketing Companies and Local Contractors!
The stage is definitely set by President Buhari and his cabal to bequeath a LEGACY OF RHINOCEROS and gluttonously incurred DEBTS which could have been side tracked if prudent management of the economy had been meticulously applied at every step of both fiscal and monetary engagements through professional, effective and meticulous management of resources by RIGHTEOUS administrators – especially those of the current Mr. Integrity’s Kitchen Cabinet!
THE ANNUAL FEAST OF BUDGET BUTCHERS IS SET!
The current crop of legislators at both Federal and State levels (with very few insignificant exceptions), are a very ravenous species!
Their salaries, allowances and other forms of official pecks like brand new vehicles, monthly N3.5/N3 million “working stipend” etc, etc, at the Federal level though very outrageous since 1999, these heartless and sadistic law makers still collect between N120 -150 billion - of every annual budget for other frivolous expenses including SEVERANCE ALLOWANCE for serving for four/eight years while millions of PENSIONERS die without collecting one kobo!
In addition to that haul of regular “official income”, the constitutional duty of “oversight functions” on all sectors of the economy (especially the annual BUDGET), regularly provided for them, billions of naira through professional PADDING which is a public domain conversation at home and the Diaspora! Year on year, National Assembly (NASS), legislators [with the exception of VERY FEW], get richer through budget dissection, butchering, re-writing, re-positioning, re-inventing, re-adjusting and padding etc, for the vindictive purpose of cutting big chunks of the total package outside of “legitimate earnings” for themselves with the succinct connivance of corrupt Civil Servants and to date in spite of all facts and figures presented by INSIDERS to the Economic Financial Corruption Commission (EFCC) and Department of State Security (DSS), no one had either been arrested or prosecuted for the annual criminality and bare-faced robbery of the Budget by the malfeasant law makers who behave with brazen impunity!
DIVINE INTERVENTION EVENTUALLY EXPOSED NASS MALFEASANCE!
It took divine intervention in August 2016 for Hon. Jibrin Abdulmumin, of the ruling All Progressives Congress (APC), to expose “an annual budget-padding practice” which made multi-billionaires of some principal officers whose arrow head was the then Rebel Speaker Yakubu Dogara, of that era!
Jibrin, Chairman, House Committee on Appropriations, told the Department of State Security (DSS), confessed in the following statement how they padded and shared the illicit gains from the annual budget of that year 2016 in particular:
“HOW WE SHARED THE MONEY” – ACCORDING TO HON. JIBRIN ABDULMUMIN!
"I got N650 million as my running cost as the Chairman of Appropriation Committee. Speaker Yakubu Dogara got N1.5 billion, His Deputy Yusuf Lasun got N800 million. House Majority Leader Femi Gbajabiamila got N1.2 billion; Deputy Majority Leader Buba Jibrin got N1.2 billion. House Whip Alhassan Ado Doguwa got N1.2 billion, Deputy House Whip got N700 million. House Minority Leader Leo Ogor got N1.2 billion, Deputy Minority Leader Onyema got N800 million. Minority Whip got N700 million, Deputy Minority Whip got N700 million. I have documents to back up these facts.”!
He was eventually relieved of his position for being so brazen and “suspended for one legislative year! BUT, through divine intervention again, Jibrin took the matter to the Court which vindicated him, re-instated, and ordered House of Representatives management to pay all of his salaries, allowances, and other entitlements privileges etc, during the period of his forced absence from the Green Chamber!
GOVERNOR NASRI EL RUFAI ALSO EXPOSED THE LEGISLATORS! [Read below excerpts from a past publication: VOL. 6. NO. 192, Edition of 16th April, 2016.]
GOVERNOR EL-RUFAI EXPOSES LEGISLATORS SQUADERMANIA ON SPURIOUS PROJECTS!
That Nigeria still grapples with the avalanche of looting of the national treasury by those who should be its custodians, came to the fore when Kaduna State Governor, Nasir El-Rufai challenged Speaker, Yakubu Dogara, over the National Assembly, [NASS], excessive budget spending and challenged him to make public, the institution’s annual budget which had been shrouded in secrecy for over TEN YEARS!
“El-Rufai had challenged NASS to make its budget public because the budget of 469 members was larger than the capital budget of 10 million inhabitants of Kaduna State and also lager than the entire budget of several Nigerian States. He also claimed that over a period of TEN YEARS, from 2008, NASS as an institution has cost the country over a TRILLION NAIRA WITHOUT ANY DETAIL ON HOW THE AMOUNT WAS ALLOCATED AND SPENT! THE NATIONAL ASSEMBLY APPROPRIATES TO ITSELF A WHOOPING SUM OF BETWEEN N120 - N150 billion annually which they always claimed was “just 2%” of the total budget.”
VICE PRESIDENT ‘YEMI ALSO QUERIED 2017 BUDGET PADDING BY NASS!
In his acting capacity as President, Professor ‘Yemi Osinbajo, SAN, in 2017, faulted the NASS for tampering with the Budget proposal as presented by the Executive. He said legislators had no right to insert new projects in a budget proposal noting that “there were some grey areas especially funds lifted from key projects, to introduce new projects by NASS!”
BREAKDOWN OF THE 2022 BUDGET, MTEF, FSP, ETC!
From the Working Sheet for the 2022 to 2024 Medium Term Expenditure Framework and (MTEF) Fiscal Strategy Paper (FSP), the following deductions could be established:
*As usual Nigeria is confronted with another DEFICIT Budget 2022 in which the CRUDE OIL still remains its “life line” at daily production estimate of 1.88 million barrels (including of Condensates of 300,000-400,000 barrels per day) to accrue N3.16trillion naira with non-oil taxes of N2,13trillion naira!
*International oil benchmark fixed at USD $57 dollars per barrel – with the hind sight to garner some surplus funds if current Brent price remains at USD$85 dollars?
*Federal Internally-Generated/Distributable Revenue (IGR), estimates are N17, 70 trillion and N12, 72 trillion naira, respectively.
*In spite of its tag “Budget of Economic Growth and Sustainability” the new 2022 Document of N16.39 trillion (the highest in six years), as against N13.588trillion in 2021, has increased the rising debt profile with N5.1trillion naira of its N6.25trillion deficit which is 3.39% of Gross Domestic Product (GDP)! Debt Servicing is N3, 61 trillion naira; Sinking Fund is N292, 71billion naira; Capital Expenditure – N5, 35trillion naira including the capital component of Statutory Transfers.
*Exchange rate is pegged at N410, 15 naira to USD$1 dollar!
*Federal Government apologists agreed that it has surpassed borrowing threshold by .39% according to Fiscal Responsibility Act (FRA), but believed it was still within sustainable management in spite of TWO RECESSIONS OF 2016-2017!
*Available revenue to fund the 2022 Budget is estimated at N10, 13trillion naira in totality of Grants and Aid of N63, 38billion naira plus revenues of 63 Government-Owned Enterprises (GOEs)!
*Inflation at two digits of 13% has created over 400% in goods and services – as local staple food prices, beverages, cooking oils, etc, are sold according to forex benchmark now pegged at official N510 naira to USD$1 dollar!
*Deficit will be financed by fresh borrowings just like monies were borrowed to finance past Recurrent Expenditures in the payment of salaries, allowances etc, of less than TWO million population of the Executives, Legislators, Judiciary and the Federal Civil Servants!
POLITICAL ENTREPRENEURSHIP/MERCHANDIZE OF NIGERIA BY HEARTLESS POLITICIANS WILL SOON BE TERMINATED THROUGH DIVINE INTERVENTION!
‘’And Moses said unto the people, Fear ye not, stand still, and see the salvation of the Lord, which he will shew to you to day: for the Egyptians whom ye have seen today, ye shall see them again no more forever. The Lord shall fight for you, and ye shall hold your peace’’ (Exo 14:13-14).
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, 08080243066. g-mail-dvdolufon@gmail.
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