BUHARI 'S "WAYS AND MEANS" LOAN APPROVED BACKDOOR - LEGISLATORS COMPLICIT!

ZION B-BC

 NEWSLETTER.   

 

A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria {Vol. 12.NO 510. 21st May 2023.} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

BUHARI 'S "WAYS AND MEANS" LOAN APPROVED BACKDOOR - LEGISLATORS COMPLICIT!

The outgoing Legislators of 9th RUBBER-STAMP National Assembly (NASS), on 3rd May 2023, surreptitiously approved President Muhammadu Buhari's request to restructure repayment of the NGN22.7 trillion naira loan which the Central Bank of Nigeria (CBN) advanced to the Federal Government under its "Ways and Means" policy scheme to spread over a period of 40years! 

The global fiscal scheme which statute is properly documented in the CBN Act is designed to cushion shortfalls and inadequacies in annual budget expenditures. However, there is a caveat which must ensure that a previous loan was vacated before another was granted!

"Ways and Means" is a conceived solution to prevent a flagging economy to remain afloat through the printing of unearned paper currencies to prevent administrations from running aground!

 Last year the Senate rejected this request to approve the "Ways and Means" advance restructuring which was intended to pave way for another loan of NGN1trillion naira from the CBN to fund the NGN819.5 billion 2022 Supplementary Budget which the legislators approved in December. The House of Representatives according to reports, approved the NGN1 trillion naira under pressure from joint House Committees on Finance, Banking and Currency; Aids, Loans and Debts Management in spite of the fact that the CBN had violated its own rules in respect of accumulation of unpaid loans!

IT WAS ALLEGED THAT A SUM OF USD150 MILLION DOLLARS BRIBE EXCHANGED HANDS ON THE FLOOR OF THE HOUSE OF REPRESENTATIVES TO EFFECT THE ILLICIT TRANSACTION! TRUE OR FALSE? 

Section 38 of the CBN Act stipulates that "Ways and Means" advances must be refunded before another could be collected and that since the law was already breached the President's request should be denied!

GOING DOWN THE MEMORY LANE.

In our 490th Edition of the Zion B-BC Newsletter dated 1st January, 2023, and titled: "Nigeria's "Ways And Means" Advances Scheme Is The Volume of Water In A Basket!"; WE vehemently opposed the old General's plan to keep Nigeria and the coming generations in perpetual debt repayment bondage of 40 years because of his penchant for borrowing without generating internal revenues! 

WE agreed with some Senators who faulted the unorthodox and very suspicious restructuring transaction and described it as unknown to the Nigerian law! We also urged NASS to step it down until lawmakers got more details and 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!

BUHARI REQUESTED THAT NASS SHOULD APPROVE SECURITIZATION OF THE HUMONGOUS DEBT TO COVER A PERIOD OF 40 YEARS AND SIMULTANEOUSLY SUBMITTED THE 2022 SUPPLEMENTARY BUDGET ALONGSIDE THE NGN20.51 TRILLION 2023 APPROPRIATION BILL FOR CONSIDERATION! 

From his first term inauguration in 2015, he ensured that he did not plough the so-called meager resources which he met on ground into Capital-Intensive Projects but focused on Concurrent Domestic Expenditures in respect of payment of salaries and allowances to an unproductive Civil Service and a retinue of Cabinet Ministers/Appointees!

THE FAULTY 1999 MILITARY PRESIDENTIAL CONSTITUTION AFFORDED PRESIDENT BUHARI EXECUTIVE POWERS TO SPEND FROM THE TREASURY SINGLE ACCOUNT (TSA), WITHOUT QUERY!

In spite of the fact that he junketed all over the world under the pretex of attracting investors who cannot be identified in EIGHT YEARS, Buhari made sure that he SQUANDERED all resources that accrued from CRUDE OIL - NIGERIA'S MAJOR FOREX EXCHANGE EARNER; & REGULARLY AWARDED CONTRACTS TO HIS FAVORITE CABINET MINISTERS AT THE ILLEGAL/UNCONSTITUTIONAL WEEKLY WEDNESDAY FEDERAL EXECUTIVE COUNCIL MEETING!

He purchased 12 new A - 29 TUCANO JETS at USD$500 dollars under controversial circumstances, from the United States to tackle insecurity BUT IN EIGHT YEARS could neither defeat Boko Haram terrorism bandits, gunmen, mercenary Fulani Terrorists into Nigeria nor assuage insecurities!

HE is leaving behind OVER NGN77 TRILLION NAIRA DEBT AND AN EMPTY TREASURY while the TALAKAWAS CONTINUE TO WALLOW IN PENURY, POVERTY, INSECURITIES, DAILY PAINS AND SORROWS THROUGH PAINFUL/AGONIZING AND INCESSANT MURDERS IN THE HANDS OF FELLOW NIGERIANS AND FOREIGN MERCENARIES!

QUESTION:

What did Mr. Buhari use the printed paper currencies for?

ANSWER: To pay salaries of the Three Arms, to bail out STATES that are BROKE. To pay for all foreign/ local jamborees of the old General and his large Entourage. To pay for local and foreign Estacodes for Mr.President, all Civil Servants, Political Jobbers, Appointees, Special Assistants etc.!

HE BOASTED THAT HE WOULD BORROW TO THE LAST DAY IN OFFICE AND HAS SUCCEEDED TO CONVINCE THE NATIONAL ASSEMBLY TO APPROVE THE CONTROVERSIAL "WAYS AND MEANS" ADVANCES  SCHEME!

Following are the consequences of the money printing and excessive borrowing of Mr. Buhari in the past EIGHT YEARS:

1) Hyper-inflation and cost of living which stands at two digits of 21.82% according to Consumer Price Index (CPI) since February 2023, is still climbing due to Naira Redesign Policy cash crunch!

2) Abject multi-dimensional poverty among 85% of the 220 million population!

3) Food inflation mostly among the down-trodden!

4)  Hyper-inflation on goods and services - especially outrageous Electricity Bills which force Citizens to pay for Darkness on monthly basis without respite from the QUASI MILITARY/CIVILIAN GOVERNMENT OF A SENILE GENERAL!

A UNICAMERAL PARLIAMENTARY GOVERNMENT THROUGH REFERENDUM IS THE ANSWER TO THE MULTI-FACETED AND SELF-INFLICTED ECONOMIC AND POLITICAL WOES IN THIS COUNTRY!

GHANAIAN PRESIDENT PLEADED FOR BUHARI AT THE EXIT DOOR BOOK LAUNCH!

On Friday 19th May 2023, TWO BOOKS [ “State of Repair: How Muhammadu Buhari Tried To Change Nigeria For Good” – by Antony Goldman, and “The Legacy of Muhammadu Buhari”  by Senator Abu Ibrahim], were launched in Abuja on behalf of  President Buhari. At the helm of affairs was the Ghanaian President, Nana Akufo-Ado who was imported to advocate for POSTERITY’S FAIR JUDGMENT to Buhari and  lend credence to the Hatchet Job of mal-administration inflicted on CITIZENS OF NIGERIA WHO ACCORDING TO THE 1999 FEDERAL REPUBLIC CONSTITUTION, POSSESS THE SOVEREIGNTY ON PAPER –during his two-term lack-luster presidency!

At the end of the charade, NGN500 billion naira was realized from purchases by FOUR Nigerian billionaires to distribute to WHO?

BUHARI COULD DECEIVE SOME OF THE PEOPLE FOR SOME OF THE TIME; BUT CANNOT DECEIVE ALL OF THE PEOPLE ALL OF THE TIME!

INSTITUTIONAL CORRUPTION AND MALADMINISTRATION IS THE HALLMARK OF THE OLD GENERAL'S EIGHT-YEAR TENURE!

"Do not be deceived, God cannot be mocked, for whatever a man sows that he will also reap. For he who sows to his flesh will of the flesh reap corruption but he who sows to the Spirit will of the Spirit reap everlasting life." (Gal..6:7-8)!

[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.