Ekiti State Governor, Mr Ayodele Fayose has raised the alarm over President Mohammadu Buhari’s scheduled trip to China to borrow $2 billion as part of the N1.84 trillion programmed to be borrowed to finance the 2016 Budget, describing the move as an attempt to mortgage the future of Nigeria and its people.The governor, who said the 2016 budget was not a reflection of the present economic reality in the country, added that; “By the time they borrow N1.84 trillion to fund their N6.06 billion budget; I wonder how Nigeria will survive in 2017 when the Federal Government will be servicing debt with about 50 percent of its budget.” It has been widely reported that Nigeria wants to raise about $5 billion abroad to cover part of its 2016 budget deficit.
This was said to be projected to hit N3 trillion ($15 billion) due to heavy infrastructure spending at a time when the slump in global oil prices has slashed its export revenues.
In a release issued on Friday by his Special Assistant on Public Communications and New Media, Lere Olayinka, Governor Fayose said; “In elementary economics, you don’t propose to spend more when your income reduces and I still can’t understand this Buharinomics in which Nigeria is going to spend N6.06 billion with crude oil bench mark of $38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil bench mark was $53 per barrel.
He said since the President claimed to have recovered and still recovering trillions of Naira looted from the treasury and over N3 trillion saved from the Treasury Single Account (TSA), the 2016 budget should be funded with the recovered fund.
The governor said he was alerting Nigerians of the danger in the federal government plan to fund the 2016 budget with loan, adding that; “Tomorrow, it will be said of me that I did not keep silent when Nigeria was being mortgaged to unnecessary debt.
He warned that with the proposed N1.84 trillion borrowing, $2 billion of which President Buhari is already going to borrow in China, the nation may soon be going the way of Greece because Nigeria will be borrowing N5 billion per day for the next 365 days. “If your income was N200, 000 per month last year and your expenditure was N195, 000 per month; does it make any economic sense for you to propose to spend N300, 000 per month this year that your income has reduced to N120, 000?
“Only President Buhari can explain to Nigerians what manner of Economic theory encourages borrowing of N1.84 trillion to fund a N6 trillion budget. As for me, it is nothing but a voodoo economic theory and Nigerians must take note that the income that should accrue to them in five years’ time is about to be spent in one year by the Buhari’s APC government,” the governor said.
97 comments:
OK seen.
Hmmmmm
Let's give Buhari and his team a chance to see if they can things right. Let's forget about our party allegiance!
Go and have seats basket mouth.
. ~BONARIO~says so via NOKIA LUMIA
The income that should accrue to Nigeria for the next 50 years have already been spent by the PDP.
Oyamilenuo !!!! shoroniyen
Hmmmmmnn..
Speechless
The one wey your party chop before nko...they should return it
this is very serious and alarming ,we need a revolution in this country
Mr ayodele fayose,this time I truly support u. But u must also understand dat PMB is nothing but a dumb ass,he knows nothing in d govt,dat was y I suggested he should b taking out of govt,to go & continue his farm work....instead of listening to my advise those looters at d govt kept quiet,bcos dey knw wit PMB it's easy for Dem to steal. Well I pray dat God in his infinite mercy will save us from PMB
utter rubbish. the agbero is at it again. I am not aware that the borrowing is to finance budget and not for special projects
Hmmm
#FINEST
there's nothing bad in taking loan for capital expenditures, if it was purposeful utilized.
May God save Nigeria from this a p c last burial government.
The more you look the less you see government.
My governor my governor keep saying the truth the good God of the poor will reward u with long life and protection,a nation that have a man like u will not sink.
Terrorist buhari is the worse lead of corruption but blind people will not see it.
Not 2billion na 10 billion dollars according to one of his worker but he must fail.
Some brain washed see fayose as talkative why God see him as a saviour.
#sad indeed
Fayose looking like an over fed pig.
Fayose lost me at Elementary Economics. The US spent it's way out of recession (though conservatives like Fayose said it would never work). Mumu Governor needs to study keynesian theory not elementary economics. Fayose should stick to what he knows. Govt spending puts money in the hands of the people which in turn grows the economy- Newyorker ( Linda let's get married )
PMB keeps traveling round the globe with a lot of money and he still wants to get a loan of $2bn from china. I am pretty sure when you sum up the whole money he used to travel and the future travel(s) he will make, will be greater than the actual money he wants to borrow.
Ok seen
I suspect part of the loan is for advance planning for 2019 elections. Oya all of you in Naija go to social media and do your sophisticated venting and then continue suffering and smiling. Abi? Remember to also add "God will help us" and "Change is here", "Sai Baba" ati be be lo.
May God help and deliver Nigerians from this one chance bus they entered. May we reach to our destination alive. When mama Peace mentioned "BRAIN DEAD" they refused to understand but now even a blind can see it. My people can you collect change when your money is not complete??? But Nigeria is making mistake by looking for the change from the president that is older than them. So mama peace prophecy is real. So everybody should wait for change until eventually we have president that is younger than our country.
Fayose talks sense in as much as most Nigerians detest himpp
Fayose...Ekiti state is unfortunate to have an illiterate as a governor in 2016. There is nothing wrong if you borrow to fund productive projects and infrastructural development to galvanise national economy. An example is Lagos state with highest debt volume but it is still rated best in the country for capacity to repay loans and potentials to develop. Lagos state has no problems with meeting its obligations (salary, overheads, payments to contractors and lenders). Fayose should concentrate on miggling with palm wine tappers, okada riders and pepper sellers as he used to do..and leave intellectual discourse to intelligent people. Sikena.
So this gangster called governor does not know that the president cannot borrow a kobo without the National Assembly approval? The illiterate governor is just advertising his ignorance. Shior!
Buhari, na God will deliver us from your incompetent hands
This idiot knows how to manage a country for 16 year Na Nigeria never change .. This fayose guy has gone really mad
the thing buhari knows shit about running a country, he's only here to get his complete share of the national cake IBB didn't let him enjoy.. he doesn't give a fuck about Nigeria and Nigerians... the sooner we all realize this the better... he claims to fight corruption but he's the siphoning our country's wealth in coded ways...
Hmmmm
...merited happiness
Another tripe the seat is too hot
Fayose fayose fayose mr loud mouth,I still don't understand who made you the spokes person to Nigerians? You claim to know much about what is happening at the federal level.face your state.and keep quite..before you were elected we all knew the fraud you did and the use of power because your party was in power then..now you are being hunted and you are crying fowl.you bought a house in magodo in Lagos? With whose money? ekiti? You children are busy spending anyhow in clubs..watch you back..i repeat watch your back.
My only concern is what they intend to do with the looted funds that were recovered? Can't the FG use the money to fund this budget?
Talkative,na so you take sabi economy policies,go and sit down somewhere jare danfo driver
Chaii I regretted casting my vote for this people they lack governance skills..LINDA OBSERVE CAREFULLY
Did PMB called and confided in Fayose that he would be traveling to China to borrow some money to finance certain percentage of Nigeria's budget?..And some dumb#ass will believe this??.Fayose shd make use of his brains and stop being garrulous.. Such a pain in d ass though!
Fayose please calm down!
Even if Buhari sells Nigeria today, Bonairo, aboki da warri fool and juliet iwuno will say it's a good idea to sell the country and start afresh due to 16 years of PDP!
Let him borrow all he wants so that when the downfall starts, we will all suffer togeda
Galore telling his own truth as usual
Please who is the chief economic adviser to President buhari?
For this one, Gov Fayose has a point.
Cry me a river...
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What they stand to gain from their barbaric activities i still don't get it.
That's why Fayose does not have any economic plan for Ekiti people than to be buying pepper by the road side. Hes owing 5 months salary, no any meaningful idea on how to increase the state IGR. Fayemi left IGR at about 1.5 billion but because of his crude way of thinking no genuity, the IGR has reduced to about 600m monthly. Being a guvnor is not by buying boli and drinking plamwine but require strategic and deep thinking. Let him learn governance from Ambode, Elrufai and Amosun and stop his baba suwe acts.
Any where in the world including USA can borrow to fund capital project. The borrowing is a long term loan at a very single digit with moratorium period of years, tell me which country will not be eager if given the chance to grab it. Fayose should learn good governance is not a drama but its strategic. He should go and pay staff outstanding salary he's owing first.
If borrow for infrastructure and not for current exps then good idea that must be supported. Brilliant thinking. Kudos
Sai Baba...
Nigeria is enjoying dem aboki illitrate presdo...
APC....Chains!!!
Fayosa shut up... nuel
Chief Wailer! Linda take note!
You are a foolish woman.. go and marry. Be here chasing buhari wey no send you....anuofia
and that is why you not a president mr fayose
I will keep on saying it, this APC Buhari lead government is vision less. And lack a simply economic theory.
See who dey talk about mortgaging people's future.
Some people dey talk before dem brain kick in.
Ignorance they say,is a disease. you,my dear,are greatly afflicted by it.Wished some of you,got a proper education.
It's not surprising to read from our brothers from south west; borrowing is their life style; they borrow for everything ( frivolities)
Having said that I don't have problem with a nation borrowing to fund capital project but to borrow to fund a falty budget is worrisome; we have current expenditures increased over time in one year
APC promised to run a slim government but that's not the case, we have seen this government create new portfolio for his old time friends in CPC, we ve seen his appointment into sensitive areas base on familiarity not on merit.
There is nothing wrong with Fayose's analyses, this is the best time to cut our coat according to our clothes not size. but they won't listen cos of pride and opposition point of view.
Hope Mr President knows better?
-D great anonymous now as Vivian Reginalds
Fayose has spoken the truth.Nigerians,take note.
You are a goat. Someone is saying the truth as it and you are here telling him to go and sit down. Even with the present hardship this govt has brought on people, idiots like you would still continue to clap for that fulani cow. Ewu!
Buhari said that the previous governor's have return billion of dollars and some ministers have also return million of dollars, why is he still looking for loan from China?
Noise maker
#reeshahr
Chai...Fayose!!! You keep disgracing yourself.. Shame on you...you know nuffin man... Olodo like you. You are a shame to Ekiti state...what have you ever done in Ekiti...nothing than to criticize Buhari's plan...I still believe in Buhari..
Do you all think it's a day job..Do you know how much damage Jona led administration did to our country..you will weep for the country...It is well
True talk my Oga.
Ur high on cheap igbo...this is Chief Ayo Fayose not Basket Mouth..open ur eyes
Wailing wailers.nigerians re tired of ur constant pessimism it's becoming disgusting.#rubbish #clownNation
At least it will be use for something, compare to those that are go to share
Methinks you're an unrepentant illiterate. Learn to read wt understanding...
Story
when am illiterate fulani herdsman is ruling d educated
when am illiterate fulani herdsman is ruling d educated
Go back to school..you lack simple economics
Well explained by the governor, buhari have block head, he hardly think, aboki president,
Fayemi collected such Monthly IGR and yet he left Ekiti debt-ridden - more than 800m naira being paid by d incumbent every month. Please, let's stop fooling ourselves.
Mumu.
You Mumu o.
fayose hasn't got a clue about putting money to judicious use i.e real n sustainable infrastructural development that creates massive employment ,generating wealth and income,d fucktard only knows how to steal money n steal more money
Dundy United ..
Keep quiet
Buhari and APC have failed this country, how long re we going to fool ourselves by borrowing loan after the President have recover enough from looters? (where are the money) APC have no direction, have said it before and will say in again a billion times. When Fashola was Gov of Lagos state he said any responsible Govt will fix lite in 6 months, today he's the minister of power what has he done??? APC as a party have no direction am telling u guys with brain, some useless pple still open their month to insult Fayose for telling the truth. Before they came to power they said Buhari will do and undo, today he's minister of petroleum yet he can not address the nation regarding fuel crisis what a shame. Today fuel is sold at 250 naira yet they will tell u everything is going to be ok soon fools. I dislike this man and his party badly. Gov of Edo state complain dollars was sold at 200 naira why GEJ was in power, today is sold at 321 naira his mouth re small another foolish gov. APC have come to destroy this country am telling u, Buhari have nothing in his head am telling u. We await the end of this administration. Before they came to power they saw the country and promise to bring change, tell me why the complain about their failure? Every time they fail they will tell u is PDP that did this and that, today there's no fuel is PDP and when there's fuel they tell u is APC, enough of this man. He should limit his travelling and focus on the people and his collapsing country that needs his attention. OBJ met a horrible economy so did GEJ, they didn't go around complaining and putting blames on past Govt they worked things out for good. Lastly I want to say a big thank u to my one and only President GEJ, na man u be.
Impunity in this country will not allow those in leadership be accountable. That's the problem with this kind of borrowing. P. M. B should start working with the recovered funds first.
Please be constructive with your views not abusive
What about the recovered funds? The President should start from there. I think False is not totally wrong.
Enough already Mr talk talk
Let face the impending issues at hand
Illiteracy is bad. Fayose is making sense and some fools instead of keeping sentiment aside are insulting him. No wonder everyone is complaining of hardship and stupidity will not make u guys come out quickly.
You just commented this way because you are having difficulty in understanding what Fayose is saying! Is it not better to just keep quiet sometimes? KOLAQ
Fayose makes sense baje!
Im ashamed ur called Bayo!i hate 2 be namesake with unintelligent people!Fayemi is the worst thing dat ever happened to dat struggling state!a daylight robber who mortgaged ekiti pple just buying N50million beds and biulding castles!which state is not owing?Fayose is making a lot of sense!u will still enter into slavery by d cluelessness of this Fulani traitor!
Mumu like you. When crude oil was sold at 60 dollars and GEJ was busy squandering the wealth, you didn't know that you will suffer it in the future abi? All the savings made by OBJ was squandered during GEJ regime, go ask Ngozi
Ure the stupid one dear. Most roads in Lagos where constructed during the military time and only repaired by previous government. All the companies and establishments in lagos are responsible for the development you see not any government.
If you know how much tax is collected in Lagos plus federal allocation you will know that the loans are being pocketed not used judiciously as you think. We are running private investigation into tinubu and fashola and a long trail of money, stay tuned
Is Nigeria 16years old? APC feeds you and you eat it. Lol
Give a dummy a chance. You all havent seen nothing!!!
Nigerians are sick and tired of two things in the polity:
1:APC name calling.
2:Fayose's loaded words.
Honestly,this is not leadership.Ask any learned person and he/she will tell u that leadership is loving people.If any opposition should be meted out,I think it worths for a constructive one.All hands should be on desk.Nigeria problem is not APC or PDP problem.Nigeria problem is our collective problem.This administration needs TIME.We don't judge effectiveness with short TIME performance,unless ur talking about magic.It's high time we come together as a people and recognised that the progress of this country cannot be guaranteed by APC.The progress of the country can be guaranteed by you and me.It can be guaranteed by our positive contributions either in words or in actions.It can be guaranteed by the prayer will say for our leaders.It can be guaranteed by us - child,young or old.Patriotism is not a new word.Patriotism is as old as Nigeria.Let's embrace it at least as a means to our growth and development.
$I NEED OBAMA's DNA$
God Almighty will never allow Buhari to destroy this country. Buhari's incompetence is all too evident.
God Almighty will never allow Buhari to destroy this country. Buhari's incompetence is all too evident.
God Almighty will never allow Buhari to destroy this country. Buhari's incompetence is all too evident.
How much has been recovered??? Do u know we have a war at hand??? And have been spending???
Leave party allegiance guy...campaign is over,face facts.if Nigeria becomes great today is for d good of us all,both APC n PDP n those that re apolitical...
We should all calmdown and think properly. The FG did answered questions several times on looted funds recovered. This recovered funds can't be spent now because it's suppose to be an evidence in Court against the looters as we know some are having their days in court. At the end of everything the money is ours. Fayose that is taking do borrow no one does business without borrowing. Most western worlds are debtors yet, they are better. What you do with what you are borrowing that matters. Fayose is misleading, don't buy it.
Mr fresh you need proper education ok..chai... wrong use of punctuation marks everywhere nd u talk abt proper education...Gosh
Yes not borrowing when there is recovered money. Between PMB and APC one of them is the thief...
With all the trillions of naira he claimed to have recovered, why is he still borrowing from other countries, abi that money wet him recover never mature make we use develop our country, big Liar just fooling in all ramifications
Fayose should mind the way he talks, every body in this country is complaining about buhari to wake up, even me as well,hunger is every where in the country. Now 80% of Nigerians are saying that buhari should go and borrow let things begin to happen , jus like a father at home whose children are sick and hungry, the children don't care how you do it ,but they must be comforted. The oil price is down ,the income is no longer what it use to be ,fayose tell Nigerians how move. We need a steady light, good roads and so on.the most important is that ,the borrowed should be used appriopretly .
2 trillion dollars for a year = 5 billion dollars a day, who would pay back?
George Miller u are a DUMB sombody for taking time to write robbish
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