SUMMARY OF THE FGN 2020 BUDGET PROPOSAL
1.Total Projected Expenditure..N10.59/$29.4billion
2.Projected Revenue from Oil Export, N2.6trillion/$7.2billion
3.Projected Debt Services Expenses, N2.72trillion/$7.57billion
4.Non Debt Recurrent Expenditure, N4.88trillion/$13.5billion
5.Projected Capital Expenditure,N2.46trillion/$6.8billion
6.Total amount for Debt services & Non Debt Recurrent
Summary of the 2020 budget simply shows that we project to earn N2.6trillion/$7.2billion from crude oil sales as the FGN share from the federation account.
Then, we shall spend N7.61trillion/$21billion (almost three times what we earned from crude oil earnings on behalf of 200 million Nigerians), to take care of the welfare and chop , we chop profligacy of the Public servants and political office holders in Abuja, who are less than 0.5% of the Nigeria population).
In 2020, just like in previous years gone by, we are going to be spending the whole dollar revenue earned, plus the whole tax revenues, plus the whole customs receipt, to take care of the welfare, waste and profligacy of a rabidly corrupt and grossly inefficient public sector bureaucracy.
This is the kind of extreme poverty enhancing large fiscal deficit budgetting you get from a country, where the CBN provided cash advances to the governments reaching 2.5% of GDP ($12.13billion/ N4.3trillion) on a net basis.
Are we not such a wonderful country?
Is this not just an excellent way to create 100million jobs in 10 years as promised by Mr President?
Until we execute a holistic and total reform/overhaul the fiscal, constitutional, governance and autonomous framework of Nigeria, we will never make any tangible progress.
The 1999 satanic verses, called constitution, must give way for the modified 1960 constitution, if we truly desire to make progress.
I feel deeply sorry for the 100million extreme poor Nigerians.
I feel deep pity for the 173million Nigerians, who do not earn upto N60,000 every month, but are still hailing their misery. (Minimum wages in South Africa is N126,000 per month ) .
I feel deep pity for those, who are so ignorant and do not yet realise that their points of misery are not abating yet.
God have mercy on us all.
OBIARAERI, Nnaemeka Onyeka