Hello Friends on naijapals, i will appreciate if you guys can take some time to read this, although i am not supporting anyone here and am not faulting anyone either but i think from my own understanding and a little knowledge from my field, i studied economics in nigeria and did finance in the uk and bn in the uk for a while now. But it is a disgrace that Nierian states cant afford to pay salaries which is less than 50% of over head cost, everything went wrong from the finance minister am sorry to say this but her job during nigerias budgeting was totally wrong because they based the country's budget solely on oil price which she presumed to be 150 dollar per barrel and unfortunately the oil price dropped even before we start running the budget to about $50 a barrel, obviously nigeria was already running at a deficit even before the so called budget was signed. Where i fault her is that all other countries sufer this problem as well but they all saw this coming, especially there was a finance firm in America that predicted the fall of oil price base on facts and figures but Nigerian govt refuse to listen to this warning cos we lack the foresight and good planning commitee. so at the moment Nigeria is running on a spare wheel. and only states which generates funds else aside from government coffers will be able to manage to run smoothly, every other state without will suffer the same fate |