BOMB SHELL...CHRISTIAN ROWLAND DECONSTRUCTING BUHARI'S BUDGET FOR 2016 OF LIES & DECEIT...Part 2

BOMB SHELL...AS CHRISTIAN ROWLAND DECONSTRUCTING BUHARI'S BUDGET FOR 2016 OF  LIES & DECEIT...Part 2.

December 27 2015

This news medium,  brought to the
attention of the public the LIES
and DECEIT of Gen. Buhari led
Junta's presentation of 2016 fiscal
year Budget to the National
Assembly. In continuation of his
"deconstruction of the Budget of
lies and deceit", Christian Rowland came up with part-2 of his
analysis.

Excerpt: Paragraph-26. Distinguished
members of the National
Assembly, I now present, the 2016
Budget proposals of the Federal
Government. Based on the
assumptions I presented earlier,
we have proposed a budget of
N6.08 trillion with a revenue
projection of N3.86 trillion
resulting in a deficit of N2.22
trillion.” “Paragraph-28. In 2016,
oil related revenues are expected
to contribute N820 billion. Non-oil
revenues, comprising Company
Income Tax (CIT), Value Added
Tax (VAT), Customs and Excise
duties, and Federation Account
levies, will contribute N1.45
trillion. Finally, by enforcing strict
compliance with the Fiscal
Responsibility Act, 2007 and public
expenditure reforms in all MDAs,
we have projected up to N1.51
trillion from independent
revenues.”

1.QUESTION/OBSERVATION:
From Paragraph-28: N820 billion +
N1.45 trillion + N1.51 trillion =
N3.78 trillion. So is Buhari telling
his Nigerian people that N3.86
trillion = N3.78 trillion? If this is
not true, then which one are we to
believe as the projected revenue
(N3.86 trillion or N3.78 trillion) or
is the simple arithmetic so hard
for his gangs to understand?
According to Buhari and his
gangs: “Nigeria’s job creation
drive will be private sector led.
We will encourage this by a
reduction in tax rates for smaller
businesses as well as subsidized
funding for priority sectors such
as agriculture and solid minerals”.
He went further to state that: “We
have focused on non-oil revenues
by broadening our tax base”.

2.QUESTION:
How can you reduce tax rates and
subsidize funding for priority
sectors on one hand and on the
other hand you are “broadening
the tax base”? This is policy
inconsistency which has the
potential to throw kinks in the
economy and add to the debt
overhang. It is either Buhari and
gangs are not sincere or they
simply don’t know what they are
doing. “To set the proper tone,
one of our early decisions was the
adoption of a zero based
budgeting approach, which
ensures that resources are aligned
with Government’s priorities and
allocated efficiently”.

3.QUESTION/OBSERVATION:
There is a “double-dipping” on
three budget entries which are 1-
Defence, 2-Ministry of Interior,
and 3-Special Intervention
Programs. These three are found
both on Capital and Recurrent
Expenditures and totalling $1.128
trillion. Secondly, Education and
Health when combined is
approximately 50% of these
aforementioned three budget
entries. This is also the same case
for the combination of Transport
and Works/Power/Housing when
compared to the trio in the budget
entries. So, is Buhari and gangs
telling his Nigerian people that
these three items on the budget
entries have higher priorities than
Health, Education, and the
provision of critical infrastructure
as represented by Transport/
Works/Power? What manner of
“Government’s priorities and
efficient allocation” is this? “We
aim to ensure macroeconomic
stability by achieving a real GDP
growth rate of 4.37% and
managing inflation.”
4.QUESTION/OBSERVATION:
Do Buhari and gangs know that
Gross Domestic Product (GDP) is a
measure of economic activity
which captures the value of goods
and services that a country
produces during a given period?
What goods and services are being
produced in a country without
electricity? How did they calculate
their GDP in the first place? And
what is the real inflationary figure
to date and what is the projected
figure for 2016 even before we ask
Buhari and gangs how they plan
to “manage Inflation”? Even with
a strong manufacturing base, the
USA have a projected GDP growth
of 2.9% in 2016. Has it never
occurred to Buhari and gangs that
Nigeria’s GDP has been
experiencing negative growth in
the past three years and will get
worse with the flop in the oil
industry in addition to the absence
of manufacturing capability and
capacity?"

5.QUESTION Why would you BUHARI be fooling the whole country about change and telling the whole country to brace up for hard times come in 2016 and you budgeted 1.7 billion for your ASO-ROCK food alone.
That is the hight of wickedness and evil. Where is the change ?

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