FG votes N880bn for petrol subsidy •Submits amended 2012 budget to NASS

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FG votes N880bn for petrol subsidy •Submits amended 2012 budget to NASS

Written by Taiwo Adisa Sunday, 19 February 2012

THE presidency has submitted a revised version of the 2012 budget to the two chambers of the National Assembly.

Although it was learnt that the estimates remain at N4.79 trillion as originally presented, the government has now accommodated fund for petrol subsidy unlike the budget submitted by President Goodluck Jonathan on December 13, 2011.

Notwithstanding the inclusion of the N880 billion subsidy fund, the budget estimates remain the same, sources in the Assembly said on Sunday.

It was revealed that the Federal Government had effected the decisions of President Jonathan to heavily reduce the recurrent expenditure, especially foreign training and tours and other recurrent (overhead) costs in preparing the new budget.

Apart from the cut in recurrent budget, the government was also said to have increased the budget benchmark for crude oil from $70 per barrel initially fixed to $75 per barrel.

The earnings from the adjustments in the recurrent and overheads as well as the increase in the budget benchmark have been deployed to fund the subsidy on petroleum products, thereby leaving the final figure of the budget estimates as it was when it was presented by the president in December.

Senate spokesman, Mr Enyinnaya Abaribe, who confirmed the coming of the adjusted budget to the National Assembly, said that the lawmakers had been told that the budget’s final figures were not affected.

“What has been done is that the government has reduced its overheads considerably and then they have also agreed to increase the budget benchmark for crude sales from $70 to $75 per barrel. The savings from those two areas are now deployed to service the subsidy.

We understand that the final figure has not changed,” the senator said.

He said that the executive could not be said to have withdrawn the original budget because the figures submitted remained estimates until passed into law by the National Assembly.

“What they are trying to do is to send adjustments to figures here and there, while the final figures remain the same,” he said.

It was gathered that the Budget Office of the Federation has, through the new amendment, effected the 25 per cent cut in earnings of political office holders, as well as the near total ban on local and foreign travels in the new budget.

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Why Now?
written by Adisa Adigun, February 20, 2012

I wonder why they are restoring some subsidy after the death of Professor Aluko. I had said earlier that subsidy removal was to plug hole left in the money shared by the Federal and the state government after deduction from the newly introduced common wealth savings introduced by Dr Aganga. Aluko, Tam David West understood that there are other areas of wastages the government could plug rather than balanced the account on the back of down troden Nigerians. Williams Shakespare callef people like President Jonathan and his team Shylock while the Yorubas called them "Baale Jontolo", Agba lowo meni. Rather than reorganized their priorities Jonathan Administration went on the attack against Aluko questioning where he was when Soni Abacha looted the treasury. I agreed with professor Auko that Abacha did not touch the budget but stole from the illegally stealing and selling of the Nigeria crude oil. The usually steal crude oil and sell them in the illegal market, then use the proceeds to buy beer, Guiness Stouts, and other alcohol beverages from diferrent bewerries around the worls and sell those beverages to Guinee, Gambia , Saudi Arabia and other countries that have no beweries and also foreign beer to Nigeria legally in order to legitimize the proceeds from Nigeria Stolen crude iol. Abacha also print different currencies from major industralized countries. Listen Only Ibrahim Babangida and Soni Abacha left office very wealthy in the history of Nigeria. Tafawa Balewa, Yakubu Gowon, Murtala Muhammed, Olusegun Obasanjo and Muhamadu Buhari left the presidency very poor. No goverment in Nigeria is bold enough to probe Babangida, rether they kept balancing their account on the poor Citizens. I commend Dr Ngozi Iweala for the cuts she made so far but the security accounts given to the States is worth looking into too. Also the Federal government should ban state governors from using public fund to buy aircraft. These are ways public money is waisted. The British prime Minister and their Royals fly commercials. Why does a state governor be flying around. Nigeria need to reorganized their budgetary priorities and make life better for their citizens. It is very barbarick for a president to damage the reputations od their courageous citizens like Professor Sam Aluko , professor Fafunwa and Tam David West. Professor Fafunwa gave Nigeria the beest educational system in the world that produces the most Nobel prizes in all subjects and peace. The implementation depend on the Nigeria goverment. They aredoing it wrong because of corruption. The same system in the U.S.A incldes what is called the Advanced programs for Talented students and also the IB programs for the talented student while it also provided Special Education for the not smart kids unlike in Nigeria where all kids are put on the same learning level. Professor Fafunwa can not teach goverment how to omplement them. This brings me to Olusegun Obasanjo who sorrounded himself with people that can interprete advices and ideas into sound policies.. I dedicate this write up to Professor Samuel Aluko and Professor Babatunde Fafunwa. Mat their souls rest in peace. The need lasting legacies in their names. I hope Jonathan rethink the direction of his administration and also rethink his public utterances on professional academias making courageous public policies for Nigeria.