NIGERIA’S 2023 TRANSITION BUDGET IS A CASTRATED ORPHAN!

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. 11.NO 478. 9th October 2022.} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

NIGERIA’S 2023 TRANSITION BUDGET IS A CASTRATED ORPHAN!

The highest, outrageous and colossal 2023 Appropriation Bill of NGN20.51 trillion dropped by the out-going Major General Muhammadu Buhari before a joint company of National Assembly Legislators on Friday 7th October, 2022, is a CASTRATED ORPHAN!

It has neither father, mother nor relatives because all its ancestors between 1999-2022 were consumed by ceaseless swarm of human fiscal predators which left behind a totally empty treasury as testament!

CORRUPTION PERCEPTIONS INDEX!

The annual Transparency International (TI), Corruption Perceptions Index (CPI), in which Nigeria was always ranked very low among world countries was always denied by the leadership of the military presidential government in Nigeria.

*For instance Nigeria scored between 26-27 points out of 100 on the 1996-2019 Corruption Perceptions Index as reported by TI while the ratings were between 144 and 146 out of 180 countries!

*In 2020 Nigeria scored 25 points which was less the 26 of the previous year and ranked 149th position out of 180 countries. The 2020 CPI had revealed that even the top 25 countries had their share of corruption challenges and the covid-19 pandemic year had again shown that no country was immune from corruption but data showed that those top countries tackled corruption effectively.

*Nigeria shamelessly told the world in May 2022, that 91% of Nigeria's crude oil (the major foreign exchange earner product), was stolen by unknown people who will be investigated and brought to Justice.

* According to news media reports in the first quarter January - March 2022, statistics presented at a meeting in Abuja between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), All Producers Trade Section and Independent Petroleum Producers Group (IPPG), revealed that USD$3.2 billion dollars or ₦1.36 trillion naira worth of crude oil was stolen from Nigeria between January 2021 and February 2022!

*Nigeria's four refineries, two in Port Harcourt and one each in Kaduna and Warri with a combined capacity of producing 45,000 barrels of crude oil per day have been moribund since the ascension as President Major General Muhammadu Buhari who is the substantive Minister of Petroleum Resources.

*Yet the government workers of the FOUR redundant REFINERIES were retained and were paid monthly salaries for indolence! 

* The illegal Federal Executive Council weekly gathering always presided over by Mr. President Major General Muhammadu Buhari, in May 2022, yet approved another USD$1.5 billion dollars for another round of refurbishing the 32 year-old Port Harcourt refinery!

*An NNPC audit report in 2020 revealed that three of the four refineries recorded ₦1.64 trillion naira cumulative losses between 2014 and 2018. It further stated that the combined losses from the Port Harcourt Refinery and Kaduna Refinery were ₦208.6 billion naira in 2014; ₦252.8 billion naira in 2015; 290.6 billion naira in 2016; ₦412 billion naira 2017 and ₦475 billion in 2018!

*NNPC exports Nigerian crude oil overseas for refining at great losses to the Nigerian government which has been deceiving the poor masses in respect of  PHANTOM OIL SUBSIDIES which have amounted into trillions of Naira annually but with no visible dividends for the Citizens other than increased hardship to procure the divinely-endowed natural resource through corruption-induced/persistent artificial scarcity!

*Early September 2022, NNPCL disclosed that it lost 470,000 barrels of crude oil per day which amounted to USD$700 million monthly in addition to security challenges that hinder oil production in some terminals and claimed that crude oil theft had taken severe toll on its performance!

*Between 2015-2020, USD$ 5.5 billion dollars was spent on subsidy; in 2021 alone it went up to USD$3.8 billion dollars and USD$ 6.2 billion dollars in just the first quarter of 2022.

*The huge subsidy payments would account for more than half of the ₦11 trillion naira budget deficit which the Federal Government projected for 2023.

*In 2021 all the 36 States spent the equivalent of USD$ 9 .8 billion US dollars nearly half of what the entire country would spend in 2022 to cover the petrol subsidy payments.

*Federal Government recently put the current DAILY EXPENSES on maintaining the petrol subsidy at ₦18.4 billion for 2022!

WILL NIGERIA SEEK RELIEF FROM THE INTERNATIONAL MONETARY FUND?

Nigeria  very notorious for borrowing and so it will be very difficult if not impossible for the country under the Watch of President Major General Muhammadu Buhari the ubiquitous borrower from World Bank, Japan, Britain, the United States etc, to approach any other country of the world due to extreme shame – having been classified as the most corrupt country in the entire UNIVERSE!

However the Director-General of the Budget Office of the Federation in an interview had said that Nigeria might seek relief from the International Monetary Fund (IMF), if it was unable to address it fiscal challenges!

His words: “Essentially, there are two ways countries end up with the IMF. One is voluntary when they ask IMF for help or when things get to the grind, where they simply have no other option.

“I don't see Nigeria going to the IMF voluntarily. It’s a hot issue here in Nigeria. But the honest truth is that if we don't address our fiscal challenges in a sensible and sustainable manner we may end up unwillingly with IMF.”

His solution: Nigeria should stop to fund REGRESSIVE DEFICITS; but be EFFICIENT IN SPENDING!

2023 CASTRATED ORPHAN BUDGET!

Parameters for execution of the 2023 budget as follows: $70 per barrel oil benchmark daily oil production estimates of 1.69 million barrels inclusive of condensates of between 300,000 to 400,000 barrels per day and an exchange rate of ₦435.57 Naira $1 per 1 US dollar.

Statutory transfers: ₦ 744 .11 billion; non-debt recurrent costs, ₦8.27 trillion; personnel costs, ₦4.99 trillion; pensions, gratuities and retirees benefits, ₦854.8 billion; overheads ₦1.11 trillion; capital expenditure, ₦5.35 trillion, including the capital component of statutory transfers; debt-service ₦6.31 trillion; and sinking fund of ₦247.73 billion to retire certain maturing bonds.

 

EXPENDITURE PROGRESSION!

 

In his presentation of the ₦20.51 trillion budget the President said and we quote: “We expect total fiscal operations all the Federal Government to result in a deficit of ₦10.78 trillion in naira. This represent 4.78% of the estimated GDP, above the 3% threshold set by the physical responsibility Act 2007. 

“As envisaged by the law we need to exceed the threshold considering the need to continue to tackle the existential security challenges facing the country.

“We plan to finance the deficit mainly by new borrowings totalling ₦8.80 trillion: ₦206.18 billion naira from privatisation proceeds and ₦1.77 trillion naira draw-downs on bilateral/ multilateral loans secured for specific development projects/ programs”

IS THE WORLD HEADING FOR RECESSION IN 2023? 

The world will not go into recession but Nigeria may - if serious and urgent steps were not taken to stop the vultures that are now gathered to feast on whatsoever remains of the castrated orphan document called the 2023 Appropriation Bill!

 World Bank in June decided to cut its estimate for global growth to 2.9% from April's 3.2% forecast. Some reasons adduced included soaring energy and food prices amid global inflation. 

Others were disruptions in grains supply due to Russia's invasion of Ukraine, lockdowns in China and the drive by Central Banks to increase INTEREST RATES – according to Bloomberg!

BUHARI WARNS NATIONAL ASSEMBLY LEGISLATORS TO DESIST FROM PADDING THE ORPHAN BUDGET PROPOSAL!

Budget padding, re-writing, re-packaging, re-inventing etc, under the guise of OVERSIGHTS, from 1999 to date had been a pastime of Nigerian legislators especially at the federal level

 They have all become billionaires through this dastard/abominable act and are working the streets free. Law enforcement agents had never thought it wise to ever arrest any of them for malfeasance and malpractice which is detrimental to any developing economy.

 There is a Hon. Abdulmumin Jibrin who told the whole world how the House of Representatives padded and collected billions of Naira during budget oversight in 2016. 

He gave detailed analysis of how the money was shared and stated the amount he collected but to date neither the EFCC, ICPC, DSS NOR THE NIGERIAN POLICE SECURITY OPERATIVES had interrogated, investigated nor prosecuted him or his accomplices  to ensure justice!

 But the poor masses continue to suffer in abject poverty under the Watch of Mr Integrity Muhammadu Buhari who would soon pack his bag and baggage for Daura!

Must we go on like this as a DEMOCRATIC INDEPENDENT NATION? Patriotic Nigerians must arise, demand for a UNICAMERAL PARLIAMENTARY CONSTITUTION, to take back their country from these vultures who are never tired of feasting on every annual budget!

Nigeria needs credible leaders (A PRIME MINISTER AND A RETINUE OF PARLIAMENTARIANS), at the helm of affairs at this time of our history more than ever.

“Those who sow the wind will surely reap the WHIRLWIND! Whatever a man soweth that he shall reap!”

[WATCH OUT FOR A NIGERIAN PRIME MINISTER – NOT A PRESIDENT IN 2023!]

 

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.