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. 12.NO 491. 8th January 2023.} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA
NIGERIANS IN 40 YEARS SERVITUDE TO FOREIGN COUNTRIES - COURTESY BUHARI’S LEGACY!
It will take Nigeria as a nation over 40 years to exit its foreign and domestic loans which previous and present administrations covetously acquired to spite the faces of almost 200 million poverty-stricken citizens to whom dividends of democracy will remain a mirage without divine intervention!
According to the Debt Management Office (DMO), Nigeria’s debt profile was NGN44 trillion naira as at January 2023, and with the addition of “ways and means' CBN’s printed paper currencies debt balance of NGN 22.7 trillion will rise to above NGN 71 trillion naira by the time the old General departs office on 29th May 2023!
Disbursement of foreign or local loans according to international best practice should be targeted towards Education, Agriculture, Health, Tourism, Entertainment, infrastructural development to build strong institutions, strengthening of Small and Medium Scale Enterprises (SMSEs), sustaining formidable industrial production instead of indulging in mass consumption of finished products of other nations and ensuring that all citizens are profitably engaged to support the economy.
But from 1999 to date beginning with Obasanjo and the host of them, late Umaru Yar’adua, Goodluck Jonathan and now retired Major-General Muhammadu Buhari, were only disposed to concurrent expenditures of payment of monthly salaries/allowances, doling financial bail-out to indigent States with BORROWED MONEY and also subsidizing petroleum products which President Buhari himself described as fraudulent before and when he eventually assumed office – and which he had failed to remove in Eight Years!
WE HAVE BEEN BORROWING TO FUND PETROL SUBSIDY SAYS FINANCE MINISTER!
At the public presentation of details of the 2023 Budget, Finance Minister, Zainab Ahmed said government had been borrowing to fund fuel subsidy. She also said that petrol subsidy would remain up to mid 2023, the 18-month extension announced early in the year 2022 and that ₦3.36 trillion had been provided for the PMS subsidy up to June 2023.
As for APC presidential candidate ‘Bola Tinubu, “the fuel subsidy regime must end if he were elected as president”. He said subsidy was anti-poor and it must go.
But for ‘Femi Adesina, presidential spokesman for Buhari, his principal could not remove the subsidy in his two terms because he had to contend with the Labour Unions and the people who were ready to create uproar; therefore government had to weigh its options because of the social consequences.
The conclusion of this discourse is that the entire eight-year of Buhari in office as President of Nigeria was totally fraudulent and should be probed for aiding and abetting financial crimes!
THE EIGHT AND FINAL 2023 DEFICIT BUDGET OF BUHARI IS ANOTHER ABOMINABLE DOCUMENT OF NATIONAL EMBARRASSMENT!
*Debt Service is ₦6.5trillion naira. It is ₦29% of total expenditure and attracts an interest payment of ₦1.2trillion naira on “Ways and Means”.
*Capital Expenditure: ₦6.46 trillion naira which is 30% of total expenditure.
*Recurrent (non-debt) expenditure - ₦8.3 trillion naira.
*Statutory Transfer- ₦967.4 billion naira.
ANNUAL LEGISLATIVE PADDING BY HEARTLESS LAWMAKERS!
The deficit 2023 budget was increased from ₦20.5 trillion as presented to the National Assembly by Major General Muhammadu Buhari in October 2022, to ₦21.8 trillion, an increase of over ₦1.3 trillion naira!
The legislators also increased the Oil benchmark price from $70 to $75 in order to reflect the current international market values while daily Oil production was put at 1.69 million (bpd) barrel per day while exchange rate was pegged at ₦435 naira per dollar, in spite of noticeable hyper-inflation on goods and services not excluding Food Inflation/Insecurity!
The 2022 budget implementation was also extended to March 2023 for ongoing projects to be completed. But it is certain that in an election year when massive campaigns were taking place in all the six geo-political zones, all projects would be at a standstill.
But for certainty all unspent monies would definitely go into private pockets as planned instead of being returned into THE TREASURY SINGLE ACCOUNT (TSA)!
Buhari noted at the signing ceremony of 3rd January 2023, that the National Assembly had padded the budget as usual by injecting new and additional revenues to the tune of NGN765.79 billion and an unfunded deficit of NGN 553.46 billion, but still went ahead to sign the debt-ridden document!
He noted that the National Assembly introduced new projects into the 2023 budget proposal for which it had appropriated NGN770.72 billion. The Legislators also increased the provisions made by Ministries Departments and Agencies by NGN58.55 billion naira!
Buhari’s reason of assent to the FORGED DEFICIT DOCUMENT was officially premised on avoidance of DELAY IN IMPLEMENTATION; but on the other hand the outgoing General subtly reminded the THIEVING LEGISLATORS to approve the securitisation of the “WAYS AND MEANS” balance of ₦22.7 trillion naira in order to avoid paying another interest of about ₦1.8 trillion in 2023, and also to convert the Central Bank of Nigeria overdrafts to his administration long time bonds.
According to newspaper report in December 2022, President Buhari in a letter sought approval to turn the ₦22.7trillion naira or USD$53 billion dollars worth of the Central Bank loans to government; to a 40-YEAR-BOND AT 9% INTEREST INCLUDING AN EXTRA ONE TRILLION NAIRA LOAN TO THE GOVERNMENT FROM THE BANK!
THE BUDGET BREAKDOWN!
*BUDGET DEFICIT: ₦11.34 TRILLION NAIRA – representing 5.03% of Gross Domestic Product (GDP), which is an indictment on the already battered economy; it is also to be financed from BORROWINGS!
*REVENUE. Total Revenue is at ₦10.49 trillion naira which includes the gross revenues of 63 government-owned enterprises totaling ₦3.87 trillion.
Federal Government Revenue share is projected at ₦2.29, Non-Oil taxes are estimated at ₦2.43 trillion and Federal Government’s Independent revenues are projected to by ₦2.62 trillion naira. Other revenues total ₦7.62 billion naira.
In aggregate, 22% are projected revenues expected from Oil-related sources while 78% is to be earned from non-oil resources. The non-oil sector had always carried the larger burden of annual budgets even though CRUDE OIL is the petrol dollar earner!
EXPENDITURES: Fresh borrowing to be sourced from the Apex Bank to fund projects according to fillers from the National assembly. Loan servicing is higher than Internally Generated Revenues – an indication that there was virtually nothing on ground to meet SOCIAL INTERVENTION PROJECTS (allocated a paltry – (to-be-borrowed), ₦4.005billion), as highlighted to deceive the TALAKAWAS!
BONA FIDE CITIZENS OF NIGERIA WILL NOT KEEP QUIET! THEY WILL FIGHT FOR THEIR FUNDAMENTAL RIGHTS!
Buhari and his cabal may think they have succeeded to desecrate Nigeria and would get away with their illicit gains – the answer is NO!
FOR all those who are clamouring to be president of Nigeria, they can carry on with their wishful thinking but the Will OF THE of the LORD WILL BE DONE AT THE APPOINTED TIME!
Nigeria is a country flowing with milk and honey but the Wolves the Baboons might have predated the entire land and its resources BUT THEY CANNOT STOP THE DAY OF JUDGEMENT WHICH IS AT THEIR DOORSTEPS
They should be ready to give account of their stewardship to the ALMIGHTY GOD who will at his divine time ESTABLISH A UNICAMERAL PARLIAMENTARY SYSTEM OF GOVERNMENT THROUGH REFERENDUM AND A PRIME MINISTER AND PARLIAMENTARIANS WORKING TOGETHER FROM THE GRASSROOTS TO PRESENT TO HIM THE NIGERIA OF OUR COLLECTIVE DREAMS
[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,
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 in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal 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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