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Tag: capital projects

  • N1.2tr released for capital projects

    The Federal Government has released N1.2 trillion to fund capital projects in the 2017 Appropriation Act, the Debt Management Office (DMO), said yesterday.

    Nigeria expects to raise $700 million from multilateral sources, as part of a $3.5 billion in borrowing earmarked for the 2017 spending plan, the debt office added. The government raised $2.8 billion in the international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds.

    The DMO,  said since the 2017 budget was only finalised in July last year, the disbursement of N1.2 trillion over a short period of six months to capital expenditure, was a strong and positive development.

    The debt office said the release of the fund for capital expenditure is a strong demonstration of the commitment of the administration to prioritise improvement in infrastructure, saying therelease would stimulate economic growth and development. It disclosed that since the 2017 budget was still being implemented, more releases to capital were expected.

    It said in line with its statutory mandate of funding the federal budgets, it raised a total of N1.254 trillion from the domestic market through the issuance of Federal Government of Nigeria Bonds, Nigerian Treasury Bills, as well as Sukuk and Green Bonds.

    “This amount was consistent with the provision for new borrowing plan in the 2017 Appropriation Act. The DMO also raised $2.8 billion in the International Capital Market through a $300 million Diaspora Bond in June 2017 and a $2.5 billion Eurobond last November which together represent about 80 per cent of the N1.0675 trillion (about $3.5 billion) provided as new external borrowing plan in the 2017 Appropriation Act. The outstanding amount of $700 million in external borrowing is expected from multilateral sources,” it stated.

  • BudgIT: 42% of capital projects ’ll not impact citizens

    A civic technology organisation, BudgIT Nigeria, has said 42 per cent (N744.48 billion) of the N2.65 trillion capital allocation in the 2018 budget proposed by President Muhammadu Buhari, has no direct impact on Nigerians.

    The organisation disclosed this in a statement by its Communications Lead, Abiola Afolabi, on Tuesday in Abuja.

    The statement noted that an analysis by BudgIT showed that approximately N744.48billion or 42.9 per cent of the N2.65trilion capital allocation proposed by the Federal Government would go into administrative items like procurement of cars, retrofitting of government offices, trainings, consultancies, purchase of furniture and computers, among others.

    It explained that given the funds marked for capital expenditure would be largely borrowed, it found it disheartening to discover that most line items showed a great disconnect from the developmental goals of the federal government as stated in its Economic Recovery and Growth Plan (ERGP).

    The statement said it expected that capital projects would be solely devoted to projects with direct developmental impact on the larger population in a pre-election year.

    The statement said: “We have seen several items included in the capital budget that should ordinarily have been excluded given the tight fiscal condition and meagre economic growth.  Most of the administrative capital items as shown in our research analysis will benefit less than one per cent of its populace – politicians and civil servants.

    “Our scope of developmental capital projects as urgently needed should include the acquisition, upgrading, construction and maintaining of physical assets such as hospital, schools, roads, railways, power plants, street lights, and boreholes, among others. In contrast, administrative capital items are projects that cannot be easily accessed by the general public and have very little or no developmental impact on the population.

    “We also noticed the fragmentation of capital items as 94.7 per cent of the 9331 line capital items in the 2018 proposed budget have monetary values below N500 million each. These capital items are accompanied with vague descriptions that will prove difficult to monitor or track in physical and auditing terms.

  • Fed Govt spent N1.3tr on capital projects in 2016, says Osinbajo

    Fed Govt spent N1.3tr on capital projects in 2016, says Osinbajo

    THE Buhari administration spent N1.3 trillion on capital projects in 2016, the highest in the history of the country, according to Vice President Yemi Osinbajo.

    Osinbajo spoke at a plenary of the 2017 Nigerian Bar Association (NBA) national conference in Lagos with the theme: “African Business: Penetrating through institution building.”

    The sub-theme of the plenary was: “Conversations with the Vice President”. It was  moderated by Miss Zain Asher, a CNN news anchor.

    “The Federal Government spent about N1.3 trillion on capital projects in 2016, the highest in the history of the country.

    “The power sector reform is also ongoing as it is one of the most important sectors in the country,” Osinbajo said.

    Responding to Asher’s questions, Osinbajo said the administration had set a solid foundation for the nation’s economic recovery which, he described, as the most important reform of the administration.

    He said: “We were dealing with a mono-economy (relying on one major export or natural resource) and a financial industry that was essentially opaque.

    “We have set a foundation of rebuilding the economy, creating the Single Treasury Account (TSA), monitoring government’s spending, modifying the tax system to be more efficient and implementing executive orders.”

    According to the vice president, the administration has also cleared what he described as a mess inherited from the previous administration.

    On whether poor Nigerians in the rural areas have felt the impact of the reforms, Osinbajo said diversification into agriculture had been embraced in most northern states with a lot of transformation.

    “For the economy, we are going to see a tripling in the harvesting of rice, prosperity is returning to some states like Kebbi and Zamfara.

    “The rural areas where the highest level of poverty is experienced, there is a turnaround as the highest number of people who went for 2017  hajj were farmers.

    “There is a lot of export of agricultural products, what we need to do is to engage in more value added exports and we have quite a few investors,” Osinbajo told the conference.

    He noted that agricultural sector had witnessed hi-tech farming and investments with more people taking to farming.

    The vice president, who also spoke on the efforts of government in tackling corruption and laundering the country’s image, noted: “Government ownership of business encourages corruption. The more private sector involvement in businesses, the more efficient the system will be and the less corrupt the system will be.

    “We are currently working on a `one-government system’ to tackle bureaucracy.  For example, if you need five different approvals from five government agencies, under this system communication with one agency is sufficient as all the agencies will liaise with one another.

    “We have introduced technology in a lot of processes. For example, company registration with the Corporate Affairs Commission (CAC); the less human contact, the less incidences of corruption.

    “We must punish offenders, there must be consequences for offenders, fighting corruption is multi-sectoral and we have to work together.

    “Convictions on corruption cases have been slow, from my experience as a former prosecutor, getting cases to court is slow, the system allows a lot of inefficiencies.

    “We have to try cases efficiently and secure convictions so people can see the consequences of corruption.”

  • N350b coming for capital projects

    N350b coming for capital projects

    UP to N350 billion will be released in the first tranche for capital projects in this year’s budget, Minister of Finance Mrs. Kemi Adeosun said yesterday.

    At the presentation of the 2017 Appropriation Act in Abuja, the minister said the Federal Government had enough cash for the execution of key projects and initiatives this fiscal year.

    “We are ready, we are having a cash-plan meeting very soon and after that, N350 billion will be released as first tranche of capital releases for the 2017 budget,’’ she said.

    Minister of Budget and National Planning Senator Udoma Udo Udoma said the funding of projects would now be on Project-Based Release System to curb waste of public funds by Ministries, Departments and Agencies (MDAs).

    He said part of the requirements for capital releases was evidence of compliance with the Bureau of Public Procurement (BPP) Act.

    Udoma said MDAs were no longer authorised to enter into a foreign denominated contract without the approval of the Ministers of Budget and National Planning, and Finance.

    The government, he said, would strengthen its monitoring and evaluation framework to improve physical inspection and impact assessment of projects and programmes implemented by MDAs.

    “We are worried and concerned about the number of abandoned capital projects scattered in their thousands throughout the country, which we inherited from previous administrations.

    “We know that you can’t continue doing things the same way and expect different results, so we have to do things differently. We need to have more targeted releases. We have to look at the projects which are important and can easily be completed.

    “The ministers are working together to ensure that over time, we concentrate our resources on completing important projects, so that we have maximum impact,’’ he said.

    The minister said his ministry was working with the National Assembly to get the country’s fiscal year adjusted to between January and December.

    This, he said, could only be achieved when the executive and legislature worked together to ensure that the budget was submitted, passed and signed before December 31, 2017.

    The government, he said, would use a fraction of the looted funds recovered so far to finance part of the budget.

    He said the total revenue projected was N5.08 trillion, with 11 per cent coming from the recoveries made. “On recoveries, we are being extremely conservative; what is in the budget is what we know about already. “So if more comes, we will use it.

    “Know that recoveries of looted funds are not the most dependable way to finance the budget because of the legal processes that have to be concluded before it can be spent.

    “So, the money quoted in the budget is the one we have already recovered and which is in our pocket to spend as we wish.”

    The minister said the total revenue projected exceeded last year’s projection by 30.26 per cent, adding that oil revenue projection was put at 41.7 per cent compared to 19 per cent in 2016.

    Udoma added that the high revenue expectation from oil was driven by Joint Venture Calls (JVC) cost reduction, higher production and price, exchange rate as well as additional oil-related revenues.

    According to him, Company Income Tax (CIT)  will contribute 15.9 per cent, Value Added Tax (VAT), 4.8 per cent, Independent Revenue, 15.9 per cent and others, 5.2 per cent.

    The projected budget deficit which stood at N2.36 trillion, he said, remained relatively low at  2.18 per cent of the Gross Domestic Product (GDP).

    “This is within the 3 per cent threshold stipulated in the Fiscal Responsibility Act (FRA).

    “The budget is to be financed mainly by borrowings which have been projected at N2.32 trillion.

    “Of this amount, N1.07 trillion is intended to be sourced externally, while N1.25 trillion will be sourced domestically.”

    About N35 billion, the minister said, was expected as revenue from the  sale of government property and privatisation of state-owned enterprises.

    To generate the projected revenue, he said, the Federal Inland Revenue Service (FIRS) and Customs had been challenged to improve their efficiency and broaden their reach to achieve the budget’s set targets.

    He said the government would strive to maximise the revenues it could generate from the oil and gas sector because the foreign exchange generated from the sector was critical to plans to diversify to the non-oil sectors.

    “It is important that we use what we have to get what we need and want and what we have is oil. It is important that we make sure there is peace in the Niger Delta so that we can achieve the maximum from that resource,” he said.

    Statistics given by the minister showed that N1.88 trillion, which was 63 per cent of the recurrent expenditure component of the budget, would be spent on personnel cost and N281.1 billion, representing 9.4 per cent, would be spent on pension.

    This shows that a total of N2.16 trillion would be spent on salaries and pension alone.

    Other aspect of the recurrent expenditure framework includes Overheads, N219.84 billion and N138.7 billion, for Service-wide Votes.

    Also, the government plans to spend N76.7 billion on the Presidential Amnesty Programme; the running cost of the special intervention programme is expected to gulp N350 billion.

    Udoma said the government plans to spend N40 billion as refund to special accounts.

    He failed, however, to mention names of the accounts and the purpose intended.

    “We have to manage our recurrent expenditure and at the same time, we cannot afford to have any retrenchment. Consequently, we must meet our personnel expenses. We have to make sure we provide adequately for salaries and pensions. For other items of expenditure such as overheads, we will only meet those components that are vital and others will be managed down because it is very important that we find the resources to meet our capital expenditure,’’ he said.

    Director-General, Budget Office of the Federation Mr Ben Akabueze said his office had introduced a new system known as Citizen Portal.

    According to him, the portal which can be found on the budget office website, provides the masses insights into the 2017 budget in a non-technical way.

    “It is important for citizens to understand the budget, especially its key deliverables and their role in its implementation. When citizens do not fully understand the budget, it significantly limits their ability to engage with the budget process and hold government accountable for the prudent management of financial resources entrusted to it,’’ he said.

    Acting President Yemi Osinbajo signed the N7.44 trillion budget into law on June 12, a month after it was passed by the National Assembly.

    Referred to as the “Budget of Recovery”, the N7.30 trillion proposal was presented on December 14, last year, to the National Assembly by President Muhammadu Buhari.

    The lawmakers, however, increased it by N143 billion.

     

  • ‘Let’s borrow to finance capital projects’

    ‘Let’s borrow to finance capital projects’

    Jide Buraimoh is Managing Director/Chief Executive, Woodbridge Capital Leasing Limited. In this interview with Ibrahim Apekhade Yusuf he supports the federal government’s plan to borrow $30billion loan among other issues. Excerpts:

    THERE have been a lot of criticisms from different quarters over the federal government plan to borrow $30bn because people believe that the government should look inwards.  Are there really alternatives open to the government?

    I would like to begin by saying that the ostentatious lifestyle of public servants led to the present recession the country is facing.  I remember a distant uncle of mine used to work with NEPA in those days.  He had five drivers to himself alone most of who were running different domestic errands for him at government expense.  Having said that, I’m convinced that most of the successive governments we’ve had in this country have failed us over the years. The past governments when they had all the resources what did they do with the money.  If they utilised the funds at their disposal very well the country won’t be in the mess it is now. The problem we’re facing in the country today is self-inflicted.

    From the look of things, there are other alternatives available to the government. We just started agriculture through which the government hopes to generate income but the question to ask is what’s the percentage of the contribution to the economy? It’s very insignificant.

    What other mineral resources do we have that is readily available outside oil? Yes researchers have said Nigeria is naturally endowed with several mineral resources but the question to ask are these fully tapped?

    In other words it is your considered opinion that we should borrow?

    If I can borrow as an individual and am able to pay back as and when due, l don’t see any reason why the government cannot do likewise.  Let’s face it because we’re in a recession government must go on heavy spending especially on capital expenditure that can help to generate revenue for the government on the long run. If we want President Muhammadu Buhari to work and succeed under the present circumstances, then we just must borrow except we don’t want him to succeed in the first place.

    If you travel wide around Africa you will see that it is not the kind of airports, roads, schools and hospitals we have that we ought to have as the most populous black race in the world. These are the things that would encourage investment into the country.

    I believe the funds should be devoted to massive infrastructural development like power, roads, etc.  To solve the power crisis in the country is very easy but heads must roll. In South Africa for instance, most districts have their own energy company.  Pretoria, Durban, Johannesburg and others all have their own source of power.  Lagos for instance, should be able to generate its own power.

    If you look at the six geopolitical zones you can consider starting with some key states within each of the zones. The moment states can produce their own power economic activities will pick up in those states which will in turn generate revenue for the states and once this happens, they don’t need to go cap in hand to Abuja to collect federal allocation because they would have become self-sufficient.  If this happens then the federal government can now focus on its primary assignment of fixing roads, hospitals, schools, etc to further drive development. Of course, not all states are economically viable but each have their strengths and comparative advantage which can be explored to their own benefit.

  • ‘Let’s borrow to finance capital projects’

    ‘Let’s borrow to finance capital projects’

    Jide Buraimoh is Managing Director/Chief Executive, Woodbridge Capital Leasing Limited. In this interview with Ibrahim Apekhade Yusuf he supports the federal government’s plan to borrow $30billion loan among other issues. Excerpts: 

    THERE have been a lot of criticisms from different quarters over the federal government plan to borrow $30bn because people believe that the government should look inwards. Are there really alternatives open to the government?
    I would like to begin by saying that the ostentatious lifestyle of public servants led to the present recession the country is facing. I remember a distant uncle of mine used to work with NEPA in those days. He had five drivers to himself alone most of who were running different domestic errands for him at government expense. Having said that, I’m convinced that most of the successive governments we’ve had in this country have failed us over the years. The past governments when they had all the resources what did they do with the money. If they utilised the funds at their disposal very well the country won’t be in the mess it is now. The problem we’re facing in the country today is self-inflicted.
    From the look of things, there are other alternatives available to the government. We just started agriculture through which the government hopes to generate income but the question to ask is what’s the percentage of the contribution to the economy? It’s very insignificant.
    What other mineral resources do we have that is readily available outside oil? Yes researchers have said Nigeria is naturally endowed with several mineral resources but the question to ask are these fully tapped?
    In other words it is your considered opinion that we should borrow?
    If I can borrow as an individual and am able to pay back as and when due, l don’t see any reason why the government cannot do likewise. Let’s face it because we’re in a recession government must go on heavy spending especially on capital expenditure that can help to generate revenue for the government on the long run. If we want President Muhammadu Buhari to work and succeed under the present circumstances, then we just must borrow except we don’t want him to succeed in the first place.
    If you travel wide around Africa you will see that it is not the kind of airports, roads, schools and hospitals we have that we ought to have as the most populous black race in the world. These are the things that would encourage investment into the country.
    I believe the funds should be devoted to massive infrastructural development like power, roads, etc. To solve the power crisis in the country is very easy but heads must roll. In South Africa for instance, most districts have their own energy company. Pretoria, Durban, Johannesburg and others all have their own source of power. Lagos for instance, should be able to generate its own power.
    If you look at the six geopolitical zones you can consider starting with some key states within each of the zones. The moment states can produce their own power economic activities will pick up in those states which will in turn generate revenue for the states and once this happens, they don’t need to go cap in hand to Abuja to collect federal allocation because they would have become self-sufficient. If this happens then the federal government can now focus on its primary assignment of fixing roads, hospitals, schools, etc to further drive development. Of course, not all states are economically viable but each have their strengths and comparative advantage which can be explored to their own benefit.

  • Fed Govt advised to fund capital projects

    The Federal Government has been advised to fund capital projects in the nation’s budget to reflate the economythroughthe building of infrastructurewhich will create jobs for the citizens.

    Currently, construction companies are laying off their workers a development analysts say would adversely affect the nation’s economy.

    Country Representative, Natural Resource Governance Institute (NRGI), Dauda Garuba, who gave this advice, said there was the urgent need for the government to get construction going on across the country so that people would work and grow the nation’s economy.

    In a telephone interview at the weekend in Lagos, Garuba also said the government needed to ensure that it funded critical sectors of the economy such as construction.

    He said the government needed to take a critical look at the monetary policy side of managing the economy, lamenting that the current double digit interest rate in the country was crushing to businesses.

    He said the government also needed to be serious about the categories of goods it has banned from being imported into the country as it would allow the country to look inwards and save foreign exchange from being spent on frivolous goods.

     

     

    According to him, the recent report of the National Bureau of Statistics (NBS) clearly showed that the diversification effort of the Federal Government was working adding that it has recorded progress in the area of solid minerals as well as agriculture.

    But Garuba condemned the calls on the Federal Governmentto sell prime national assets, adding that such calls were not driven by patriotic zeal.

    He said: “They are our common heritage, we are not supposed to sell them; we have seen assets that were sold in the past and till date, we are not clear as to how the money realised from these sales were utilisedto justify the necessity of this debate again.

    “The fact remains that the assets you are talking about are not just about money that they no longer largely generate as a result of the falling oil prices, but there are other strategic implications that are far more than even the monetary benefits that we are looking at.

    “If you leave its business in the hands of private individuals who expectedly will be buying up these assets, it is as good as putting your energy security issues in the hands of private individuals.”

  • FG to release N60bn for capital projects

    FG to release N60bn for capital projects

    Minister of Finance, Mrs Kemi Adeousn, said Federal Government was set to release N60 billion for capital projects to stimulate the economy.

    Adeosun made this known on Friday in Abuja at an interactive session with newsmen, and said that the disbursement would raise funds already released by the government to N400 billion since May.

    She said that contractors had been paid to return to work, adding that very soon Nigerians would begin to see the impact of the administration’s efforts and policies.

    “So far we have spent N400 billion on capital, that is between May when the budget was signed and now; we are going for another capital allocation meeting where we are going to allocate another N60 billion.

    “So, we are pumping money into the economy at a very rapid rate, but it would take a little time for the effect to be felt,’’ she said.

    Adeosun disclosed that the administration was encouraged by some results it was getting.

    According to her, states known for agriculture are going back to it and generating revenue from it.

    She expressed optimism of bumper harvest of crops, and said that storage facilities like silos, were being put in place to avoid loss of any harvest.

    The minister also said that for Nigeria to survive present economic situation, corruption had to be fought holistically and that infrastructure had to be built to create employment.

    “Fighting corruption is fundamental and if we stick with that and all the money stolen or diverted is directed at projects that could grow the economy, we would recover,’’ she said.

    She said that a tax committee had been inaugurated to overhaul the entire tax system in the country.

    She, however, explained that the intention to tax luxury items was not a policy because there was no constitutional provision to tax the items.

    Adeosun assured that the committee would seek ways to ensure that the right laws were put in place in that regard.

    She said that the Joint Tax Board (JTB) was working to harmonise taxes that were overlapping among federal, states and local governments.

    “It is part of the ease of doing business initiative because these are some of the things that cause businesses to close down.

    “It puts one off and even in the Federal Government, we are working on various revenues and looking at who is the best agent to collect revenue.’’
    The Permanent Secretary in the ministry, Mr Mahmoud Isa-Dutse, said that the media were very important tools to drive democracy and that partnership with them had made governance easier.

    He also said that the media played a significant role in the Nigerian economy by interpreting government policies to the people and educating the public.

    Isa-Dutse, however, advised the media to be positive in its reportage of the nation’s economy.

  • 2016 Budget: North Central, FCT get lion share for capital projects

    The breakdown of the sharing of funds for the various regions in the country has shown that the North Central has got the lion’s share totaling N271.79 billion for the implementation of capital projects.

    Details of the capital allocation of the 2016 Appropriations Act signed into law by President Muhammadu Buhari was contained in a document by the National Assembly Budget and Research Office (NABRO).

    According to the document, the highest beneficiary is the Federal Capital Territory (FCT) with the sum of N209 billion (76.99%) for capital projects compared with every region across the Federation.

    While Nasarawa State got N14.75 billion (5.43%); Kwara State got N5.19%); Niger State got N12.59 billion (4.63%); Plateau State got N6.63 billion (2.44%); Benue got N7.46 billion (2.75%) while Kogi State got N7.25 billion (2.67%).

    The capital allocation of N73.7 billion went for the implementation of 802 new projects across the seven States within the North-West region of the Federation.

    From the appropriated amount Kano State got N32.14 billion (43.61%) for 166 projects; Kaduna State got N19.82 billion (26.99%) for 292 projects while Katsina State got N9.52 billion (12.92%).

    Jigawa State got the sum of N3.56 billion (4.84%) While N3.15 billion (4.28%) goes to Kebbi State; while Zamfara State got N2.53 billion for execution of 61 projects and N2.97 billion (4.04%) was allocated to Sokoto State.

    The South West region got a total sum of N48.97 billion of which Lagos State got the highest share allocation of N16.14 billion (32.95%); Oyo State got N12.28 billion (25.08%); Ogun State got N7.95 billion (16.23%); Osun State got N6.52 billion (13.30%); Ondo state got N3.77 billion (7.70%) while Ekiti State got N2.32 billion (4.74%).

    N46.69 billion is for the execution of 454 ongoing and mew projects for the North East geopolitical zone. Out of this, Gombe State got N9.70 billion (21%); Taraba state got N9.23%); Bauchi State got N9.23 billion (20%); Yobe State got N6.99 billion (15%); Adamawa state got N5.98 billion (13%) and Borno State N5.98 billion (12%).

    South South’s six states received N35.31 billion for execution of 474 projects out of which 30 are ongoing projects, 438 are new projects while six are unidentified.

    Cross River state in the breakdown got N10.75 billion (30.46%); Delta State got N7.55 billion (21.38%); Akwa-Ibom State got N1.92 billion (5.45%); Bayelsa State got N3.21 billion (9.08%); River state got N7.29 billion (20.66%) while Edo State got N4.58 billion (12.98%) of the total capital allocation.

    For the South East geopolitical zone, a total sum of N28.22 billion was appropriated for the five States. Abia State got N6.93 billion (24.55%); Anambra State got N3.02 billion (10.20%); Ebonyi state got N4.63 billion (16.41%); Enugu State got N10.15 billion (35.98%) while Imo State got N3.49 billion (12.36%) for capital projects for the year.

  • Adeosun explains Nigeria’s borrowing plans to fund capital projects

    Adeosun explains Nigeria’s borrowing plans to fund capital projects

    The Minister of Finance, Mrs. Kemi Adeosun, Monday revealed government’s strategy for foreign loans that will be used to fund the 2016 budget.

    According to a statement from the ministry issued by the Special Adviser to the Minister on Media Matters, Mr. Festus Akanbi, Mrs Adeosun disclosed that one of the options the federal government will explore will be to get credit from multi-lateral agencies like the World Bank and African Development Bank (AfDB).

    “These Multilateral agencies provide loans on concessional terms, which include low interest, moratorium before repayment and long tenor.”

    “The second funding option being explored includes Export Credit Agencies such as China Exim Bank. These funds are also concessional and are tied to specific capital projects,” the statement said.

    The balance of foreign borrowing required will be raised in the Eurobond market at commercial rates of interest.

    The Minister explained that by blending these different sources of funding, the overall cost of funds will be maintained at the lowest possible level, stating that “as far as possible, our foreign borrowing will be tied to specific capital projects. A number of these projects are revenue generating which will be used to fund the loan repayments.”

    These capital projects include power, transport, road; housing etc. These capital projects include power, transport, road, housing etc.

    The strategy of pursuing increased foreign borrowing is designed to ensure that the Federal Government does not “crowd out” the private sector in the domestic market.

    It will be recalled that the Federal Government presented to the National Assembly a budget of N6.08 trillion with a N2.2 trillion deficit and a N1.8 trillion borrowing requirement.