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‘Buhari’s Major Headache,70% Oil Money Is Gone’

lai mohammedThe Minister of Information and Culture, Alhaji Lai Mohammed, said on Saturday that the 2016 budget was not padded.
Mohammed said this could be seen from the fact that the total figure voted for all ministries had not exceeded the budgeted N6.08 trillion.
Briefing newsmen in Lagos, he said: “The total for every ministry has remained exactly the same as what was submitted to the National Assembly.
“A lot has been said about the budget.
“Let make clear that nobody can ever accuse this government of padding any budget.
“The total of all ministries put together has not exceeded N6.08 trillion that was submitted.
“It is factually incorrect to say that the budget was padded.
“This is the first time in the history of this country that a government will embark what is called zero based budget.
“Before now, the budget system was what was called an enveloped system.
“In an envelope system, there is no justification as to why we need N30 billion for a structure.
“This year, we decided that every ministry must have a zero based budget.
“In other word, you must justify and explain why you need N100 billion.
“This is very good system.
“The software for it was also very different.
“The personnel were not used to it.
“Now, in the process we got to National Assembly.
“What the ministers do is to have a broad overview of the budget.
“The template used by the Budget Office is uniform for all ministers.”
The minister also said exports, balance of trade, Gross Domestic Product were responsible for currency appreciation and depreciation.
Mohammed said: “Before now, we use to sell crude for about $100 per barrel, which means if we produce two million barrels per day, you have something in the region of $200 million less the expenditure of production and others.
“But today, for the same two million barrels, you have less than 60 million dollar less the cost of production.
“Clearly. if your major source of exchange is crude and it has gone down from 100 per cent, you have lost 70 per cent of your source.
“Secondly, if your balance of trade is surplus, in other word, if you export more than you import, then you are going to have less money to settle other countries.
“What the government is doing is to ensure that the little resources we have are properly managed. Part of decision we took was Treasury Single Account.
“Others include blocking all sort form of corruption and diversify economy so that we can get foreign exchange for other sources.”

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