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Tuesday, December 22, 2015

#Nigerian Finance Minister Kemi Adeosun SET to DESTROY #Nigeria's ECONOMY #HNNMoney

Kemi Adeosun
Kemi Adeosun the woman who destroyed the economy of Ogun state, Nigeria is now our finance minister and lo and behold, she's just unveiled the biggest and worst budget ever! We are experiencing a tough time in the bond market, the dollar and pound are the highest ever in this administration and the collapsing oil prices mean NOTHING! We make the oil and still have huge fuel lines or none. The administration is even blaming the last one with Goodluck Jonathan as the cause of fuel scarcity.

The budget will be based on an oil price of $38 a barrel, while the deficit will be plugged with 1.84 trillion of borrowing, 900 billion of which will come from international debt markets, Buhari said. The country will consider tapping the Eurobond market early next year for the first time since 2013, Finance Minister Kemi Adeosun said in an interview on Dec. 16. Adeosun doesn't know it yet but we are watching the professional stealing going to start under her. This budget makes no sense! They have no plans to create jobs yet, just increase government spending. We already know how they shared arms and weapons money in the last administration.

Our President Muhammadu Buhari asked lawmakers to approve the country’s biggest ever budget on Tuesday as he looks to revive an economy hit by collapsing oil prices.

Buhari outlined plans for the government to spend 6.08 trillion naira ($30.8 billion) in 2016, an increase of about 20 percent from this year. The deficit will more than double to 2.2 trillion naira, or 2.16 percent of gross domestic product.

“The 2016 budget is designed to ensure we’ll drive our economy, deliver inclusive growth and create a significant number of jobs,” Buhari, a 73-year-old former general who last ruled Nigeria in the mid-1980s, told lawmakers in Abuja, the capital. It “seeks to stimulate the economy, making it more competitive by focusing on infrastructure.”

Africa’s largest oil producer, which usually derives two-thirds of government revenue from the commodity, has seen its finances battered by crude prices that have fallen almost 70 percent in the past 18 months to below $40 a barrel.

Stay tuned for more of this foolishness!

With files from Bloomberg

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