NEWSLETTER.
A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria. {Vol. 13. NO 579. 24th November 2024} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!
IT IS "TREASONABLE" FOR MR. PRESIDENT TO HIDE SUBSIDY SAVINGS - YES OR NO?
Purposeful world leaders regularly sought for external financial loans to back up Internally Generated Revenue (IGR) for strategic capital project infrastructures and human capacity development and it has been proven that such wise investments had yielded multiple dividends within very short periods to offset shortfalls!
But in Nigeria loans are acquired to fulfill CONCURRENT EXPENDITURE ie, salaries /allowances of government officials in the THREE TIERS and for "ARRANGEE" DUBIOUS CONTRACTS!
And in spite of the unworkable attempts by the President's ANALOGUE ECONOMIC TEAM to alleviate massive sufferings of Nigerians in 18 months the ANCHOR MAN INTENSIFIED OVERSEAS TRIPS TO BORROW MORE MONEY!
IN CELEBRATION OF HIS 30TH FOREIGN TRIP IN OFFICE, the President took his wife along with privileged politicians and civil servants to Brazil to attend the G 20 SUMMIT of which Nigeria was not a member and as usual canvassed for FOREIGN AIDS FOR NIGERIA AND AFRICA!
It took the Nigerian Senate only 48 hours to approve the ₦1.77 trillion ($2.2b) loan request of President Bola Tinubu after a voice vote in favor of the request on Tuesday 19th November 2024 plenary
presided over by Deputy Senate President, Barau Jibrin because of anxiety for illicit gains through BUDGET PADDING!
AND WHEREAS PRESIDENT TINUBU WAS YET TO PRESENT THE 2025 ANNUAL BUDGET APPROPRIATION!
The N1.77 trillion was part of a fresh external borrowing plan to partially finance the N9.7 trillion BUDGET DEFICIT FOR THE 2024 FISCAL YEAR following recommendations from the Committee on Local and Foreign Debts!
President Tinubu had written to the National Assembly, seeking approval of a fresh N1.767 trillion, the equivalent of $2.209 billion as a new external borrowing plan in the 2024 Appropriation Act in order to ease the amount spent on debt servicing by the Federal Government.
In comparative analysis, foreign debt servicing costs had always "exceeded" monthly expenditures by almost 400% since January 2023 and slightly declining intermittently from then to September 2024.
Economic observers have raised concerns that the recent astronomical increase in Nigeria's foreign debts could lead to further depression of the economy since government's prodigality and debt serving ratios gulp largest portion of annual budgets!
NIGERIA'S TOTAL DEBT PROFILE!
As of March 31, 2024, Nigeria's total public debt was ₦121.67 trillion ($91.46 billion), which includes both domestic and external debt:
Domestic debt: ₦65.65 trillion ($49.35 billion)
External debt: ₦56.02 trillion ($42.12 billion)
Here are some other details about Nigeria's debt profile:
Growth
Nigeria's public debt grew by 24.99% from Q4 2023 to Q1 2024.
States with the highest domestic debt
Lagos state had the highest domestic debt at ₦929.41 billion, followed by Delta at ₦334.90 billion.
States with the lowest domestic debt.
Jigawa state had the lowest domestic debt at ₦2.07 billion, followed by Ondo at ₦16.40 billion.
Creditors
Nigeria owes money to countries like China, France, Germany, and Japan, as well as multilateral institutions like the World Bank, International Monetary Fund (IMF), Islamic Development Bank (IsDB), and the African Development bank (AfDB).
The government and the Debt Management Office (DMO) are working to address the country's rising debt.
WHAT IS LOAN SERVICING?
Loan servicing refers to the administrative aspects of a loan from the time the proceeds are dispersed to the borrower until the loan is paid off. Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquent borrower.
"ROBBING PETER TO PAY PAUL IN NIGERIA"!
The above headline was the topic of our Christmas 2023 Edition: Volume 12 No. 541 of 24th December 2023 of the Zion B-BC Newsletter.
In that edition WE disclosed that a total sum of N1 trillion Naira was saved into the Federation Account in the very first month of petroleum subsidy removal.
WE also queried non- disclosure of the savings between June and December 2023, a period of 7 months when the country should have been richer with N7 TRILLION NAIRA!
Up to date Mr President had not given account of the gains from his policies somersault of which the economic pains/agonies were still reverberating across the nation but went ahead and forwarded the very offensive and insensitive 2024 Appropriation bill of N27.3 trillion naira to the National Assembly on Wednesday 29th November 2023!
IT IS THE SAME 2024 BUDGET THAT IS IN CONTENTION NOW!
IN 18 MONTHS OF MR.TINUBU'S ADMINISTRATION - A TOTAL OF N18TRILLION NAIRA SHOULD HAVE BEEN SAVED AS SUBSIDY REMOVAL GAIN!
WHERE IS THE MONEY?
President Tinubu MUST realize that he is accountable to the CITIZENS of this nation in respect of all monetary transactions of government and without further delay TRANSFER THE SUBSIDY SAVINGS OF N18 TRILLION NAIRA TO THE FEDERATION ACCOUNT TO ESTABLISH TRANSPARENCY AND ACCOUNTABILITY!
Part of the Subsidy Gains should have been suggested by him for appropriation to service the foreign loan. Mr. President and his lackies in the National Assembly are SUSPECT!
Whatever may seem hidden for now will definitely be exposed by Divine Authority!
IN A UNICAMERAL PARLIAMENTARY SYSTEM OF GOVERNMENT - ACCOUNTABILITY IS THE ESTABLISHED CHERISHED IDEOLOGY!
[EXPECT A PRIME MINISTER IN NIGERIA NOW!]
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, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.
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