Dayo Orolu WROTE:
I was at a CFO Forum earlier today where the Minsiter of Finance, Ms Kemi Adeosun made a presentation.
My key take-away:
- The FG payroll bill in January 2016 was 5billion naira less than that of December 2015. Reason: many fraudulent ghost accounts had been delisted. Plan is to achieve 10bilion monthly savings.
- 400 accounts opened in a Bank sameday and put on the payroll are now inactive due to BVN. (Some Bank Managers will be transfered to Kuje in no time).
- Govt plans to reduce domestic borrowing to fund budget deficit as to ‘force’ banks to lend to the productive sector. 50% of 2016 budget borrowing will be from external sources.
- Govt spending on Stationery and office consumables in 2015 was N18.5billion while total spend on capital expenditure was N18.9billion. (See why we keep getting poorer). Govt is re-negotiating all contracts of supply for more efficient budgeting.
- 30% Capex budget in 2016 is to stimulate the economy.
- The Minister said her outfit to the forum cost her just two thousand naira. (Message: Ladies, please drop Gucci suits for local materials). She also queried why schol pupils are forced to wear socks daily which we don’t produce locally.
- On looted funds, one (just one!!!) former public official is negotiating with FG to return $1billion (equivalent of N199billion at CBN rate) of stolen fund. This is just one of many.
- She wants to be the first Finance Minister that wouldn’t want to know or care to know the price of crude oil. Implying – they plan to build a self-sustaining economy.
I’m Abidemi Babaolowo Oderinlo
I Write What I Like