NIGERIA’S “WAYS AND MEANS” ADVANCES SCHEME IS THE VOLUME OF WATER IN A BASKET!

ZION B-BC

 NEWSLETTER.   

 

A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria {Vol. 12.NO 490. 1st January 2023.} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

NIGERIA’S “WAYS AND MEANS” ADVANCES SCHEME IS THE VOLUME OF WATER IN A BASKET!

(NEW YEAR 2023 EDITION)

TWENTY-FOUR consecutive years of fiscal mismanagement of the Nigerian Economy by both military/political merchants at the seat of power have resulted to the printing of naira currencies termed (“Ways and Means Advances”), to cushion shortfalls and inadequacies in annual budget expenditures. 

But in actual fact did the “scheme” bail out Nigeria out of fiscal doldrums? Of course no! From 1997 when the scheme was introduced by the military the economy nose-dived into a Banana Republic scenario! Ex-president Ebele Jonathan passed the baton to Uncle Muhammadu Buhari in 2015 and at as the last count, the sum of NGN23.7 trillion naira had been collected from the official printer/collaborator, the Central Bank of Nigeria (CBN)! The abused scheme has now become an albatross to the outgoing Major General Muhammadu Buhari, who desperately wanted Senate approval to RESTRUCTURE its repayment. 

Balance of the humongous debt of Ways and Means as at 19th December, 2022, was NGN22.7trillion. When Uganda’s late military Head of State, Idi Amin Dada’s government in indulged in the scheme, the nation’s currencies became worthless and was described among global economy stake holders as “mere toilet tissue papers”

FG TO REPAY NGN20 TRILLION “WAYS AND MEANS” LOAN WITH TREASURY BILLS.

In October 2022, Zainab Ahmed minister of finance budget and national planning in Abuja while giving a breakdown of the 2023 appropriation bill told Nigerians that the Federal Government had borrowed from the CBN through ways and means to meet short falls in fiscal expenditure. 

She also said President Major General Muhammadu Buhari approved the securitisation of the NGN20 trillion debt.

But in a letter read at plenary on Wednesday 28th December 2022, the President mentioned a figure of NGN23.7trillion as the total amount secured from the apex Bank in the last 10 years and requested that the securitization to cover a period of 40 YEARS with a Moratorium on principal repayment, three years; and Pricing interest rate at 9%!

A Supplementary Budget of NGN819.5billion was also submitted to be passed alongside the NGN.20.51 trillion 2023 Appropriation Bill.

attention was given to the request by the President’s  National Assembly surrogate, Senate President Ahmed Lawan, who ensured a second reading with specific order for the Committee on Finance to expedite action on it!

But some Senators have faulted the un-orthodox, illegal and very suspicious transaction which they described as “unknown to the Nigerian law” and urged the House to step it down until lawmakers got more details on whether the expenditure complied with Sections 80, 81, 83, 113(1) of the Constitution of the Federal Republic of Nigeria, 1999 as amended and Section 38 of the CBN Act.

In summary, the various sections provided that all revenues and monies raised or received by the Federation…… shall be paid into and form one consolidated revenue…..from which no money shall be withdrawn….. except authorised by an appropriation, supplementary, or an Act of the National Assembly.

 Senator George Sekibo (PDP Rivers East), who was the arrowhead of the opposition to the President’s request insisted that Section 38 of the CBN Act stipulated that “ways and means” advances MUST be refunded before another could be collected and that since the law was already breached, the request must be denied!

SENATE APPROVED NGN819 BILLION TO BE EXCISED FROM NGN1 TRILLION NAIRA WAYS AND MEANS TO FUND 2022 SUPPLEMENTARY BUDGET!

DOCTRINE OF WAYS AND MEANS!

The doctrine of “Ways and Means” is the most unorthodox process to destroying the economy of any nation that is in dire straits of funding its annual budgets from internally generated revenues.

They are loans or advances by the CBN to the Federal Government to enable it to cater for short-term emergency finance to fund delayed receipt of fiscal deficits.

AHMED LAWAN: SENATE PRESIDENT BOWED TO PRESSURE TO STEP DOWN THE EXECUTIVE BILL!

“We have stood down the consideration of the ways and means restructure. We did so as a body because we didn't get the kind of information that we considered necessary as important for us to take a major decision as this without any let or hindrance.

“We have set up a special committee headed by the Senate Leader and in the membership you have the Committees of Finance, Appropriation, Foreign and Local Debt and Banking to collect all the necessary information.

“And I want to use this opportunity to urge the Executive arm of government especially those agencies that will be invited to appear before these Special Committees to cooperate by bringing the right kind of information that we need to be guided properly.

Senate on Wednesday 28th December 2022, passed the 2023 national budget of NGN21.8trillion and for the fourth consecutive time since 2019, maintained the January to December Budget cycle.

It also on the request of the executive approved an extension of the expiration clause of both the 2022 Appropriation Act and the Supplementary Budget to the 31st March 2023 to allow for full capital releases as contained in the two appropriations.

What this move portends is another door of institutional corruption for the Executive to mop and divert all unspent funds to private pockets instead of RETIRING SUCH MONIES INTO THE TREASURY SINGLE ACCOUNT (TSA)!

However, the Senate leader Ibrahim Gobir supported the clandestine move by stating as follows: “In view of the critical importance of some key projects nearing completion, it is expected to grant the extension of the expiration clause to avoid compounding the problems of abandoned projects, given that some of the projects were not provided for in the 2023 budget.”

The Senate has adjourned to January 17 2023.

NIGERIANS HAVE THE RIGHT TO KNOW THAT THE PRINTED MONIES WERE USED:  1. TO PAY SALARIES; 2. TO BAIL OUT STATES THAT ARE BROKE; AND 3. TO WHET THE APPETITE OF THE EXECUTIVE IN CONCURRENT EXPENDITURES OF ALLOWANCES/ESTACODES THAT MUST NOT FAIL!

The following consequences of money printing and excessive borrowing for frivolities:1. Hyper-inflation on cost of living; 2. Abject poverty, 3. Food insecurity, 4. Inflation on goods and services etc.

Must Nigeria continue in PRODIGALITY while the CITIZENS are dying of HUNGER? We need a PARLIAMENTARY SYSTEM OF GOVERNMENT to bail us out from the clutches of this predators who are pretending to be leaders of this nation!

  

We need a UNICAMERAL PARLIAMENTARY CONSTITUTION  THROUGH REFERENDUM! ANTAGONISTS of referendum will say it is too late and too close to the February 2023, General Elections! We disagree! REFERENDUM IS A ONE DAY EXERCISE AND ALL DECISIONS BECOME LAW WITH IMMEDIATE EFFECT!

 NIGERIA NEEDS A PRIME MINISTER AND AND PARLIAMENTARIANS to be elected at the General Elections coming up in February 2023! By his grace it is possible! Amen.

[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.