Welcome to Amaka Abara Blog Latest News,Latest News PMB PRESENTS 2020 BUDGET: TAGGED BUDGET OF SUSTAINING GROWTH AND JOB CREATION

PMB PRESENTS 2020 BUDGET: TAGGED BUDGET OF SUSTAINING GROWTH AND JOB CREATION

His Excellency, Muhammadu Buhari, President, Federal Republic of Nigeria At the Joint Session of the National Assembly, Abuja, Tuesday, October 8, 2019

PROTOCOLS

  1. I will start by asking you to pardon my voice. As you can hear, I have a cold as a result of working hard to meet your deadline!
  2. I am delighted to present the 2020 Federal Budget Proposals to this Joint Session of the National Assembly, being my first budget presentation to this 9th National Assembly.
  3. Before presenting the Budget, let me thank all of you Distinguished and Honourable Members of the National Assembly, for your avowed commitment to cooperate with the Executive to accelerate the pace of our socio-economic development and enhance the welfare of our people.
  4. I will also once again thank all Nigerians, who have demonstrated confidence in our ability to deliver on our socio-economic development agenda, by re-electing this Administration with a mandate to Continue the Change. We remain resolutely committed to the actualization of our vision of a bright and prosperous future for all Nigerians.
  5. During this address, I will present highlights of our budget proposals for the next fiscal year. The Honourable Minister of Finance, Budget and National Planning will provide full details of these proposals, subsequently.

OVERVIEW OF ECONOMIC DEVELOPMENTS IN 2019

  1. The economic environment remains very challenging, globally. The International Monetary Fund expects global economic recovery to slow down from 3.6 percent in 2018 to 3.5 percent in 2020. This reflects uncertainties arising from security and trade tensions with attendant implications on commodity price volatility.
  2. Nearer to home, however, Sub-Saharan Africa is projected to continue to grow from 3.1 percent in 2018 to 3.6 percent in 2020. This is driven by investor confidence, oil production recovery in key exporting countries, sustained strong agricultural production as well as public investment in non-dependent economies.
  3. Mr. Senate President; Right Honourable Speaker; I am pleased to report that the Nigerian economy thus far has recorded nine consecutive quarters of GDP growth. Annual growth increased from 0.82 percent in 2017 to 1.93 percent in 2018, and 2.02 percent in the first half of 2019. The continuous recovery reflects our economy’s resilience and gives credence to the effectiveness of our economic policies thus far.
  4. We also succeeded in significantly reducing inflation from a peak of 18.72 percent in January 2017, to 11.02 percent by August 2019. This was achieved through effective fiscal and monetary policy coordination, exchange rate stability and sensible management of our foreign exchange.
  5. We have sustained accretion to our external reserves, which have risen fromUS$23 billion in October 2016 to about US$42.5 billion by August 2019. The increase is largely due to favourable prices of crude oil in the international market, minimal disruption of crude oil production given the stable security situation in the Niger Delta region and our import substitution drive, especially in key commodities.
  6. The foreign exchange market has also remained stable due to the effective implementation of the Central Bank’s interventions to restore liquidity, improve access and discourage currency speculation. Special windows were created that enabled small businesses, investors and importers in priority economic sectors to have timely access to foreign exchange.
  7. Furthermore, as a sign of increased investor confidence in our economy, there were remarkable inflows of foreign capital in the second quarter of 2019. The total value of capital imported into Nigeria increased from US$12 billion in the first half year of 2018 to US$14 billion for the same period in 2019.

PERFORMANCE OF THE 2019 BUDGET

  1. Distinguished and Honourable Members of the National Assembly, you will recall that the 2019 ‘Budget of Continuity’ was based on a benchmark oil price of US$60 per barrel, oil production of 2.3 mbpd, and an exchange rate of N305 to the United States Dollar. Based on these parameters, we projected a deficit of N1.918 trillion or 1.37 percent of Gross Domestic Product.
  2. As at June 2019, Federal Government’s actual aggregate revenue (excluding Government-Owned Enterprises) was N2.04 trillion. This revenue performance is only 58 percent of the 2019 Budget’s target due to the underperformance of both oil and non-oil revenue sources. Specifically, oil revenues were below target by 49 percent as at June 2019. This reflects the lower-than-projected oil production, deductions for cost under-recovery on supply of premium motor spirit (PMS), as well as higher expenditures on pipeline security/maintenance and Frontier exploration.
  3. Daily oil production averaged 1.86 mbpd as at June 2019, as against the estimated 2.3 mbpd that was assumed. This shortfall was partly offset as the market price of Bonny Light crude oil averaged US$67.20 per barrel which was higher than the benchmark price of US$60.
  4. Additionally, revenue projections from restructuring of Joint Venture Oil and Gas assets and enactment of new fiscal terms for Production Sharing Contracts did not materialize, as the enabling legislation for these reforms is yet to be passed into law.
  5. The performance of non-oil taxes and independent revenues such as internally generated revenues were N614.57 billion and N217.84 billion,respectively.
  6. Receipts from Value Added Tax were below expectations due to lower levels of activities in certain economic sectors, in the aftermath of national elections. Corporate taxes were affected by the seasonality of collections, which tend to peak in the second half of the calendar year.
  7. On the expenditure side, 2019 Budget implementation was also hindered by the combination of delay in its approval and the underperformance of revenue collections. As such, only recurrent expenditure items have been implemented substantially. Of the prorated expenditure of N4.46 trillion budgeted, N3.39 trillionhad been spent by June 30, 2019.
  8. In compliance with the provisions of the 2018 Appropriation Act, we implemented the 2018 capital budget till June 2019. Capital releases under the 2019 Budget commenced in the third quarter. As at 30th September 2019, a total of about N294.63 billion had been released for capital projects. I have directed the Ministry of Finance, Budget and National Planning to release an additional N600 billion of the 2019 capital budget by the end of the year.
  9. Despite the delay in capital releases, a deficit of N1.35 trillion was recorded at end of June 2019. This represents 70 percent of the budgeted deficit for the full year.
  10. Despite these anomalies, I am happy to report that we met our debt service obligations, we are current on staff salaries and overhead costs have also been largely covered.

2020 BUDGET PRIORITIES

  1. Distinguished Senators, Honourable Members, let me now turn to the 2020 Appropriation, which is designed to be a budget of:

a. Fiscal consolidation, to strengthen our macroeconomic environment;

b. Investing in critical infrastructure, human capital development and enabling institutions, especially in key job creating sectors;

c. Incentivising private sector investment essential to complement the Government’s development plans, policies and programmes; and

d. Enhancing our social investment programs to further deepen their impact on those marginalised and most vulnerable Nigerians.

PARAMETERS & FISCAL ASSUMPTIONS UNDERPINNING THE APPROPRIATION BILL AND THE FINANCE BILL

  1. Distinguished and Honourable Members of the National Assembly, the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) set out the parameters for the 2020 Budget. We have adopted a conservative oil price benchmark of US$57 per barrel, daily oil production estimate of 2.18 mbpd and an exchange rate of N305 per US Dollar for 2020.
  2. We expect enhanced real GDP growth of 2.93% in 2020, driven largely by non-oil output, as economic diversification accelerates, and the enabling business environment improves. However, inflation is expected to remain slightly above single digits in 2020.
  3. Accompanying the 2020 Budget Proposal is a Finance Bill for your kind consideration and passage into law. This Finance Bill has five strategic objectives, in terms of achieving incremental, but necessary, changes to our fiscal laws. These objectives are:

a. Promoting fiscal equity by mitigating instances of regressive taxation;

b. Reforming domestic tax laws to align with global best practices;

c. Introducing tax incentives for investments in infrastructure and capital markets;

d. Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and

e. Raising Revenues for Government.

  1. The draft Finance Bill proposes an increase of the VAT rate from 5% to 7.5%. As such, the 2020 Appropriation Bill is based on this new VAT rate. The additional revenues will be used to fund health, education and infrastructure programmes. As the States and Local Governments are allocated 85% of all VAT revenues, we expect to see greater quality and efficiency in their spending in these areas as well.
  2. The VAT Act already exempts pharmaceuticals, educational items, and basic commodities, which exemptions we are expanding under the Finance Bill, 2019. Specifically, Section 46 of the Finance Bill, 2019 expands the exempt items to include the following:

a. Brown and white bread;

b. Cereals including maize, rice, wheat, millet, barley and sorghum;

c. Fish of all kinds;

d. Flour and starch meals;

e. Fruits, nuts, pulses and vegetables of various kinds;

f. Roots such as yam, cocoyam, sweet and Irish potatoes;

g. Meat and poultry products including eggs;

h. Milk;

i. Salt and herbs of various kinds; and

j. Natural water and table water.

  1. Additionally, our proposals also raise the threshold for VAT registration to N25 million in turnover per annum, such that the revenue authorities can focus their compliance efforts on larger businesses thereby bringing relief for our Micro, Small and Medium-sized businesses.
  2. It is absolutely essential to intensify our revenue generation efforts. That said, this Administration remains committed to ensuring that the inconvenience associated with any fiscal policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt of these reforms.

FEDERAL GOVERNMENT REVENUE ESTIMATES

  1. The sum of N8.155 trillion is estimated as the total Federal Government revenue in 2020 and comprises oil revenue N2.64 trillion, non-oil tax revenues of N1.81 trillion and other revenues of N3.7 trillion. This is 7 percent higher than the 2019 comparative estimate of N7.594 trillion inclusive of the Government Owned Enterprises.
  2. The increasing share of non-oil revenues underscores our confidence in our revenue diversification strategies, going forward. Furthermore, in our efforts to enhance transparency and accountability, we shall continue our strict implementation of Treasury Single Account (TSA) to capture the domiciliary accounts in our foreign missions and those linked to Government Owned Enterprises.

PLANNED 2020 EXPENDITURE

  1. An aggregate expenditure of N10.33 trillion is proposed for the Federal Government in 2020. The expenditure estimate includes statutory transfers of N556.7 billion, non-debt recurrent expenditure of N4.88 trillion and N2.14 trillion of capital expenditure (excluding the capital component of statutory transfers). Debt service is estimated at N2.45 trillion, and provision for Sinking Fund to retire maturing bonds issued to local contractors is N296 billion.

STATUTORY TRANSFERS

  1. The sum of N556.7 billion is provided for Statutory Transfers in the 2020 Budget and includes:

a. N125 billion for the National Assembly;

b. N110 billion for the Judiciary;

c. N37.83 billion for the North East Development Commission (NEDC);

d. N44.5 billion for the Basic Health Care Provision Fund (BHCPF);

e. N111.79 billion for the Universal Basic Education Commission (UBEC); and

f. N80.88 billion for the Niger Delta Development Commission (NDDC), which is now supervised by the Ministry of Niger Delta Affairs.

  1. We have increased the budgetary allocation to the National Human Rights Commission from N1.5 billion to N2.5 billion. This 67 percent increase in funding is done to enable the Commission to perform its functions more effectively.

RECURRENT EXPENDITURE

  1. The non-debt recurrent expenditure includes N3.6 trillion for personnel and pension costs, an increase of N620.28 billion over 2019. This increase reflects the new minimum wage as well as our proposals to improve remuneration and welfare of our Police and Armed Forces. You will all agree that Good Governance, Inclusive Growth and Collective Prosperity can only be sustained in an environment of peace and security.
  2. Our fiscal reforms shall introduce new performance management frameworks to regulate the cost to revenue ratios for Government Owned Enterprises, which shall come under significant scrutiny. We will reward exceptional revenue and cost management performance, while severe consequences will attend failures to achieve agreed revenue targets.
  3. We shall also sustain our efforts in managing personnel costs. Accordingly, I have directed the stoppage of the salary of any Federal Government staff that is not captured on the Integrated Payroll and Personnel Information System (IPPIS) platform by the end of October 2019. All agencies must obtain the necessary approvals before embarking on any fresh recruitment and any contraventions of these directives shall attract severe sanctions.
  4. Overhead costs are projected at N426.6 billion in 2020. Additional provisions were made only for the newly created Ministries. I am confident that the benefits of these new Ministries as it relates to efficient and effective service delivery to our citizens significantly outweighs their budgeted costs.
  5. That said, the respective Heads of MDAs must ensure strict adherence to government regulations regarding expenditure control measures. The proliferation of Zonal, State and Liaison Offices by Federal Ministries, Departments and Agencies (‘MDAs’), with attendant avoidable increase in public expenditure, will no longer be tolerated.

CAPITAL EXPENDITURE

  1. As I mentioned earlier, investing in critical infrastructure is a key component of our fiscal strategy under the 2020 Budget Proposals. Accordingly, an aggregate sum of N2.46 trillion(inclusive of N318.06 billion in statutory transfers) is proposed for capital projects in 2020.

.

  1. Although the 2020 capital budget is N721.33 billion (or 23 percent) lower than the 2019 budget provision of N3.18 trillion, it is still higher than the actual and projected capital expenditure outturns for both the 2018 and 2019 fiscal years, respectively. However, at 24 percent of aggregate projected expenditure, the 2020 provision falls significantly short of the 30 percent target in the Economic Recovery and Growth Plan (ERGP) 2017-2020.
  2. The main emphasis will be the completion of as many ongoing projects as possible, rather than commencing new ones. MDAs have not been allowed to admit new projects into their capital budget for 2020, unless adequate provision has been made for the completion of ALL ongoing projects.
  3. Accordingly, we have rolled over capital projects that are not likely to be fully funded by the end of 2019 into the 2020 Budget. We are aware that the National Assembly shares our view that these projects should be prioritised and given adequate funding in the 2020 Appropriation Act.
  4. Therefore, I will once again commend the 9thNational Assembly’s firm commitment to stop the unnecessary cycle of delayed annual budgets. I am confident that with our renewed partnership, the deliberations on the 2020 Budget shall be completed before the end of 2019 so that the Appropriation Act will come into effect by the 1st of January.
  5. Some of the key capital spending allocations in the 2020 Budget include:

a. Works and Housing: N262 billion;

b. Power: N127 billion;

c. Transportation: N123 billion;

d. Universal Basic Education Commission: N112 billion;

e. Defence: N100 billion;

f. Zonal Intervention Projects: N100 billion;

g. Agriculture and Rural Development: N83 billion;

h. Water Resources: N82 billion;

i. Niger Delta Development Commission: N81 billion;

j. Education: N48 billion;

k. Health: N46 billion;

l. Industry, Trade and Investment: N40 billion;

m. North East Development Commission: N38 billion;

n. Interior: N35 billion;

o. Social Investment Programmes: N30 billion;

p. Federal Capital Territory: N28 billion; and

q. Niger Delta Affairs Ministry: N24 billion.

  1. Although Government’s actual spending has reduced, our plans to leverage private sector funding through our tax credit schemes will ensure our capital programmes are sustained.
  2. For example, we launched the Road Infrastructure Tax Credit Scheme, pursuant to which I have approved the construction and rehabilitation of 19 Nigerian roads and bridges of 794.4km across 11 States. Indeed, the Scheme has attracted private investment of over N205 billion and the first set of tax credits are being processed by the Federal Ministry of Finance, Budget and National Planning.
  3. As I mentioned during my Independence Day Speech, under the Presidential Power Initiative, we will modernise the National Grid in 3 phases; starting from 5 Gigawatts to 7 Gigawatts, then to 11 Gigawatts by 2023, and finally 25 Gigawatts afterwards in collaboration with the German Government and Siemens.

BUDGET DEFICIT

  1. Budget deficit is projected to be N2.18 trillion in 2020. This includes drawdowns on project-tied loans and the related capital expenditure.
  2. This represents 1.52 percent of estimated GDP, well below the 3 percent threshold set by the Fiscal Responsibility Act of 2007, and in line with the ERGP target of 1.96 percent.
  3. The deficit will be financed by new foreign and domestic borrowings, Privatization Proceeds, signature bonuses and drawdowns on the loans secured for specific development projects.

DEBT SERVICE

  1. Nigeria remains committed to meeting its debt service obligations. Accordingly, we provided the sum of N2.45 trillion for debt service. Of this amount, 71 percent is to service domestic debt which accounts for about 68 percent of the total debt. The sum of N296 billion is provided for theSinking Fund to retire maturing bonds issued to local contractors.
  2. I am confident that our aggressive and re-energised revenue drive will maintain debt-revenue ratio at acceptable and manageable levels. We will also continue to be innovative in our borrowings by using instruments such as Sukuk, Green Bonds and Diaspora Bonds.

SOCIAL INVESTMENT PROGRAMME

  1. Our government remains committed to ensuring the equitable sharing of economic prosperity. Our focus on inclusive growth and shared prosperity underscores our keen interest in catering for the poor and most vulnerable. Accordingly, we are revamping and improving the implementation of the National Social Investment Programme through the newly created Ministry of Humanitarian Affairs, Disaster Management and Social Development.
  2. The National Social Investment Programme is already creating jobs and economic opportunity for local farmers and cooks, providing funding to artisans, traders, youths, and supporting small businesses with business education and mentoring.
  3. The provision of N65 billion for the Presidential Amnesty Programme has been retained in the 2020 Budget. Furthermore, to fast track the rebuilding efforts in the North East region, a provision of N37.83 billion has been made for the North East Development Commission.

OTHER STRATEGIC PRIORITIES IN 2020

  1. The 2020 Budget is expected to accelerate the pace of our economic recovery, promote economic diversification, enhance competitiveness and ensure social inclusion. We are optimistic of attaining higher and more inclusive GDP growth in order to achieve our objective of massive job creation and lifting many of our citizens out of poverty.
  2. The efficiency of port operations will also be enhanced by implementing a single customs window, speeding up vessel and cargo handling and issuing more licenses to build modern terminals in existing ports, especially outside Lagos.
  3. Furthermore, completing the reforms to the governance and fiscal terms of the Petroleum Industry will provide certainty and attract further investments into the sector. A consequence of this will be increase in jobs and in government’s take. I therefore seek your support in passing into law two Petroleum Industry Executive Bills I will be forwarding to you shortly.
  4. In addition, we need to quickly review the fiscal terms for deep offshore oil fields to reflect the current realities and for more revenue to accrue to the government. The Deep Offshore and Inland Basin Production Sharing Contract (Amendment) Bill 2018, was submitted to the 8th National Assembly in June 2018 but was unfortunately not passed into law.
  5. I will be re-forwarding the Bill to this Assembly very shortly and therefore urge you to pass it. We estimate that this effort can generate at least 500 million US dollars additional revenue for the Federal Government in 2020, and over one billion dollars from 2021.
  6. Whilst the Budget is our principal fiscal tool to achieve these socio-economic development targets, we remain committed to prudently planning for our future economic prosperity. In this regard, I have directed the reconstituted Ministry of Finance, Budget and National Planning to commence preparations towards the development of successor medium – and long-term economic development plans, particularly as the Nigeria Vision 20-2020 and the ERGP expire next year.

CONCLUSION

  1. Mr. Senate President, Mr. Speaker, Distinguished and Honourable Members of the National Assembly, this speech would be incomplete without, once again, commending the patriotic resolve of the 9th National Assembly to collaborate with the Executive in the effort to deliver inclusive growth and enhance the welfare our people. I assure you of the strong commitment of the Executive to deepen the relationship with the National Assembly.
  2. As you review the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), as well as the 2020 Budget estimates, we believe that the legislative process will be quick, so as to restore the country to the January-December financial year.
  3. It is with great pleasure therefore, that I lay before this Distinguished Joint Session of the National Assembly, the 2020 Budget Proposals of the Federal Government of Nigeria.
  4. I thank you most sincerely for your attention.
  5. May God bless the Federal Republic of Nigeria.
Tags:

3,774 thoughts on “PMB PRESENTS 2020 BUDGET: TAGGED BUDGET OF SUSTAINING GROWTH AND JOB CREATION”

  1. Like!! I blog frequently and I really thank you for your content. The article has truly peaked my interest.

  2. It’s perfect time to make some plans for the long run and it’s time to be happy.
    I’ve read this publish and if I may just I want to recommend you
    some fascinating issues or suggestions. Perhaps you can write
    next articles relating to this article. I wish to read more things approximately it!

  3. I’ve been browsing online more than three hours today,
    yet I never found any interesting article like yours.
    It’s pretty worth enough for me. In my opinion, if all web owners
    and bloggers made good content as you did, the internet will be a lot more useful than ever before.

  4. It’s very effortless to find out any matter on net as compared to textbooks, as I found
    this piece of writing at this web page.

  5. Hungum says:

    Loans till payday cash advance immediate loan

  6. Myloacy says:

    Cialis tabs 20mg http://cialisdbrx.com cialis pills online

  7. TautGoth says:

    Buy cialis no rx buy cialis online spam viagra cialis generic levitra

  8. Ahaa, its fastidious dialogue on the topic of this piece of
    writing at this place at this blog, I have read all that, so at this time me also commenting here.

  9. Hello there! This blog post could not be written much
    better! Looking through this post reminds me of my previous roommate!
    He always kept preaching about this. I am going to send this article to him.
    Pretty sure he will have a great read. Thank you for sharing!

  10. CrustiX says:

    Cash lender payday loans i need a 2000 dollar loan

  11. thughWaw says:

    Order cialis soft http://cialisdbrx.com generic cialis tabs

  12. Clonse says:

    Direct lender loan payday loans online same day cash loans

  13. Steade says:

    Generic cialis tadalafil sildenafil citrate buy cialis online cialis 20mg rezeptfrei

  14. undota says:

    Generic cialis online canada buy generic cialis online used cheap generic cialis

  15. Utinue says:

    How to apply personal loan payday loans alabama payday loans

  16. Piovigh says:

    Norvasc and cialis generic http://cialisdbrx.com prices cialis 20mg

  17. Wectlola says:

    Loans with no credit history payday loans online how to get loans with bad credit

  18. Steade says:

    Buy generic cialis in shanghai buy cialis online viagra panama cialis generic

  19. Clonse says:

    Cash advance interest payday loans cash advance loans las vegas

  20. glodoMar says:

    Long term payday loan payday loans online fast loans with bad credit

  21. Rangult says:

    Buy brand cialis online http://cialischmrx.com order discount cialis compare.

  22. Plaxedy says:

    Buy generic cialis generic cialis http://cialismdmarx.com viagra pills canada buy cialis online.

  23. goajose says:

    Cialis discount generic http://cialisndbrx.com best generic cialis online.

  24. Ahaa, its pleasant dialogue regarding this paragraph here at this blog,
    I have read all that, so now me also commenting at this place.

  25. Bripwews says:

    Quick money ideas http://paydaymyonline.com personal loans colorado springs.

  26. Mary Knight says:

    Greetings! Very useful advice within this article! It is the little changes that will make the most significant
    changes. Thanks for sharing!

  27. SceVifs says:

    Cheap generic cialis uk http://cialisndbrx.com can u buy viagra over the counter cialis generic.

  28. rertWemi says:

    Loans in dallas tx http://paydaymyonline.com fast cash las vegas.

  29. hoapodia says:

    Cialis online overnight delivery http://cialisndbrx.com cheap cialis australia.

  30. Sormmype says:

    Cialis generic tadalafil http://cialisndbrx.com cialis tablets 20mg.

  31. undova says:

    Advance cash http://paydaymyonline.com fast online payday.

  32. drypevE says:

    Cashloans com http://paydaymyonline.com direct lenders of payday loans.

  33. blemia says:

    Viagra dropship cialis generic http://cialisndbrx.com cialis online canadian pharmacy.

  34. Uplibly says:

    Generic cialis pills http://cialismdmarx.com experiences cialis 20mg.

  35. undota says:

    Cash advance california http://paydaymyonline.com i need cash.

  36. Et ce n’est que le début de la longue liste d’avantages offerts par les blogs.

  37. fatitty says:

    Cialis order canada buy http://cialisndbrx.com buying cialis at shoppers drug mart.

  38. dikelaky says:

    Metformin expiration cialis generic pills used http://cialismdmarx.com sporanox msds cialis pills.

  39. Evonijen says:

    Buy tadalafil india cipla http://cialismnrx.com herbal viagra for women cialis generic

  40. Vageleva says:

    How to apply personal loan http://paydaymyonline.com personal cash loans charleston sc.

  41. Expeve says:

    Viagra pronunciation cialis generic http://cialisndbrx.com generic cialis soft tab.

  42. swigifs says:

    Fast loans for bad credit http://paydaymyonline.com bad credit loans today.

  43. oppogata says:

    Viagra half dose cialis pills http://cialismnrx.com viagra vs forum cialis pills

  44. BoopPoug says:

    Natural forms of viagra cialis generic http://cialisndbrx.com examples of cialis tablets buy.

  45. jaindtot says:

    Easy online payday loans direct lenders http://paydaymyonline.com ez loan services.

  46. swigifs says:

    Buy cialis soft online http://cialismdmarx.com prednisone and hyperglycemia cialis generic pills.

  47. TiffTall says:

    Reputable viagra online cialis generic http://cialisndbrx.com buy cialis online canada.

  48. lerpsype says:

    Buy cialis uk http://cialismnrx.com online cialis scam

  49. dulsedop says:

    Payday loans in illinois http://paydaymyonline.com long term unsecured loans.

  50. Lertraro says:

    Buy online cheap cialis generic http://cialisndbrx.com test cialis 20mg.

  51. Avails says:

    Mixing cialis generic viagra http://cialismnrx.com viagra dejstvo cialis pills

  52. jampus says:

    Official site cialis pills http://cialisndbrx.com viagra natural femenina cialis generic.

  53. Oscify says:

    And hypertension cialis pills http://cialismdmarx.com buy cialis one a day.

  54. snashex says:

    Where to buy cialis http://cialismnrx.com generic cialis cheapest

  55. trellup says:

    Texas payday loan http://paydaymyonline.com personal loans charlotte nc.

  56. Avails says:

    Lilly brand cialis buy ontario cialis http://cialisndbrx.com cialis.

  57. arcally says:

    Buy cialis viagra http://cialismdmarx.com cialis online cheap cialis.

  58. Uplibly says:

    Buy cheap generic cialis online generic http://cialismnrx.com buying cialis without a prescription cialis

  59. Buivesk says:

    Hot rod cialis pills buy http://cialisndbrx.com generic cialis prices.

  60. TiffTall says:

    Online buy generic cialis http://cialismdmarx.com examples of cialis tablets buy.

  61. Stoork says:

    Montel loans http://paydaymyonline.com personal loans based on income only.

  62. unfodo says:

    Canada generic cialis prices buy http://cialismnrx.com buy soft cialis

  63. pitiomo says:

    Generic cialis tadalafil us http://cialisndbrx.com buying cialis.

  64. blemia says:

    Quick loan http://paydaymyonline.com same day bad credit loans.

  65. Sababact says:

    Buy cialis one a day http://cialismdmarx.com coupons for cialis generic.

  66. undota says:

    Pill splitting cialis 20mg buy http://cialismnrx.com cialis generic cheap buy

  67. xkyrlLal says:

    how can i buy viagra viagra buy viagra online legally natural viagra alternative

  68. inonse says:

    Buy generic cialis uk http://cialismdmarx.com what make cialis pills look like.

  69. lerpsype says:

    Walmart tadalafil cialis generic http://cialisndbrx.com buy cialis online now.

  70. twismlow says:

    Male enhancement cialis generic generic http://cialismnrx.com substitute for cialis online pharmacy

  71. ecochLal says:

    viagra without prescription buy viagra without a prescription viagramakay viagra online generic viagra names

  72. pmpjaLal says:

    viagrautiyfgke viagra online free generic viagra samples cheap viagra online canadian pharmacy cheap canadian pharmacy online viagra generic

  73. rertWemi says:

    Payday loans online reviews http://paydaymyonline.com payday loans austin tx.

  74. SceVifs says:

    Price of cialis pills http://cialismdmarx.com cheap liquid cialis.

  75. FREEMY says:

    Cialis pills online generic http://cialismnrx.com correct dosage of cialis

  76. aboste says:

    Reductil online without prescription cialis 20mg http://cialischmrx.com most effective cialis pills.

  77. Lisyjems says:

    Vicodin pill picture cialis generic http://cialischmrx.com india generic cialis.

  78. The comment itself can be anything – thank them for the information, point out something you didn’t understand,

  79. Sababact says:

    Viagra pills canada buy cialis online http://cialismdmarx.com order cialis online without a health.

  80. dulsedop says:

    Cialis discount online http://cialismnrx.com buy real cialis online

  81. ChafeDab says:

    Cheap soft cialis pills http://cialischmrx.com buy cialis pill.

  82. iturpLal says:

    href=”http://www.psychicancestry.com/__media__/js/netsoltrademark.php?d=%3Ca%20href=%22https://pharm-usa-official.com/?best%20place%20to%20buy%20viagra%20online”>is viagra government funded

  83. vdghCehom says:

    pharmacy online https://canadaonlinepharmacyhtik.com/ – pharmacy in canada canadian pharmacy viagra canada online pharmacy the pharmacy

  84. spowly says:

    Cialis online overnight http://cialismdmarx.com buy cheap generic cialis.

  85. Sormmype says:

    Site edu cialis generic http://cialismnrx.com generic cialis online without prescription

  86. jampus says:

    Online order cialis overnight delivery http://cialischmrx.com cheap cialis india.

  87. Sooduct says:

    Cialis sales online http://cialismdmarx.com generic cialis overnight delivery.

  88. goajose says:

    Cialis pharmacy online http://cialismnrx.com 5mg cialis generic

  89. I will immediately grab your rss as I can’t in finding your e-mail subscription link
    or newsletter service. Do you’ve any? Kindly allow me know so
    that I may subscribe. Thanks.

  90. Sobnocky says:

    Walmart pharmacy viagra cost cialis generic http://cialischmrx.com soft tabs cialis pharmacy.

  91. perhaps share an alternative way that you’ve seen what they talked about being done.

  92. SitSpelt says:

    Cheap cialis generic canada http://cialismdmarx.com cialis online australia.

  93. geonyRow says:

    Canada cialis generic http://cialismnrx.com safe generic cialis

  94. It’s perfect time to make a few plans for the long run and it’s time to be happy.
    I’ve read this put up and if I could I want to recommend
    you few interesting things or suggestions. Maybe you could write subsequent
    articles regarding this article. I desire to read even more issues about it!

  95. Adewswah says:

    To buy cialis online http://cialischmrx.com buy cialis generic drugs.

  96. Noel Reed says:

    It’s perfect time to make some plans for the future and it is
    time to be happy. I have read this post and if I could I
    desire to suggest you some interesting things or tips.
    Maybe you could write next articles referring to this article.
    I want to read more things about it!

  97. Bripwews says:

    Buy generic cialis online http://cialismdmarx.com uk prescription cialis generic.

  98. Its such as you read my thoughts! You appear to grasp a lot approximately this, like you wrote the
    e-book in it or something. I feel that you can do with a
    few percent to pressure the message home a bit, however other than that, this
    is great blog. An excellent read. I’ll certainly be back.

  99. jalance says:

    Cialis 5mg http://cialismnrx.com buy cheap cialis online

  100. Myloacy says:

    Australia buy ch eap cialis online http://cialischmrx.com split cialis pills 10mg.

  101. Jesse Obrien says:

    This paragraph will assist the internet visitors for creating new web
    site or even a blog from start to end.

  102. Speala says:

    Real cialis pills http://cialismnrx.com viagra upotreba cialis 20mg

  103. sgyjdyexy says:

    does generic viagra work http://viagrafa.com/ – buy real viagra online buy generic viagra online cheap viagra online viagra online pharmacy

  104. lasruLal says:

    giuyiusydgkzxcvasf.com

  105. snashex says:

    Next day brand cialis only online http://cialischmrx.com natural forms of viagra cialis pills cialis.

  106. I’ve been surfing online more than 4 hours today, yet I
    never found any interesting article like yours. It is pretty worth enough
    for me. In my view, if all site owners and bloggers made good content as you
    did, the internet will be a lot more useful than ever before.

  107. hieceip says:

    Generic cialis lowest price http://cialismdmarx.com generic soft cialis.

  108. vdghCehom says:

    canadian pharmacy generic viagra https://canadaonlinepharmacyhtik.com/ – mexican pharmacy canadian pharmacy reviews online pharmacy viagra pharmacy discount card

  109. Hey there! I just wanted to ask if you ever have any trouble with hackers?

    My last blog (wordpress) was hacked and I ended up losing a few months
    of hard work due to no backup. Do you have any methods to protect against hackers?

  110. Infetry says:

    Generic cialis pro cialis http://cialismnrx.com cialis pharmacy discount

  111. Lisa Perkins says:

    It is appropriate time to make some plans for the future and it is time to be happy.
    I have read this post and if I could I wish to suggest you few interesting things or advice.
    Perhaps you can write next articles referring to this article.

    I desire to read even more things about it!

  112. snashex says:

    Buy cialis professional online http://cialischmrx.com vicodin and cialis generic buy.

  113. hieceip says:

    And what cialis pills look like http://cialismdmarx.com cialis pharmacy online.

  114. Piovigh says:

    Cialis online prices http://cialismnrx.com generic cialis 20mg best buy spain

  115. Bripwews says:

    Pics of cialis pills http://cialischmrx.com sex cialis pills.

  116. Peerge says:

    Order cialis online no prescription cialis http://cialismdmarx.com buy cialis.

  117. aboste says:

    Uk generic cialis tadalafil http://cialismnrx.com generic cialis usa

  118. rertWemi says:

    Purchase cheap cialis online http://cialischmrx.com paroxetine 75 mg cialis generic pills.

  119. mectarp says:

    Risks buy tadalafil http://cialismdmarx.com viagra gold cialis generic.

  120. spowly says:

    Pill cialis generic http://cialismnrx.com buy soft cialis cialis

  121. offessy says:

    What are cialis tablets lilly icos http://cialismdmarx.com uroxatral vs hytrin cialis pills.

  122. Lertraro says:

    Cialis cost http://cialismnrx.com side effects rash cialis 20mg cialis

  123. SitSpelt says:

    Women who take cialis pharmacy cialis http://cialischmrx.com order cialis usa.

  124. Sormmype says:

    Sale cheap generic cialis http://cialismdmarx.com cialis 10mg.

  125. diossy says:

    Vaistas cialis pharmacy http://cialismdmarx.com split pills cialis 20mg cialis.

  126. drypevE says:

    Cialis prescription online http://cialismnrx.com cialis generic sicuro

  127. dikelaky says:

    Buy generic cialis http://cialischmrx.com cialis generic paypal.

  128. algorb says:

    Purchase cheap cialis online http://cialismdmarx.com generic cialis pro cialis.

  129. trellup says:

    Buying cialis online cialis http://cialismnrx.com buy cheap generic cialis tegretol

  130. Piovigh says:

    What color cialis pills http://cialischmrx.com generic professional cialis.

  131. authomb says:

    Buy generic cialis canada http://cialismdmarx.com generic cialis prices.

  132. Aginny says:

    Best price buy cialis online http://cialismnrx.com generic professional cialis

  133. dikelaky says:

    Order usa cialis online http://cialischmrx.com cialis generic tadalafil.

  134. TiffTall says:

    Yasmin light headed cialis pills http://cialismnrx.com mixing cialis generic viag

  135. TrealJed says:

    Cialis order http://cialischmrx.com order cialis online without prescription canadian pharmacy.

  136. omifirl says:

    Pharmacy online cialis generic viagra http://cialismdmarx.com generic cialis 20mg best buy cancun.

  137. Buivesk says:

    Dvd cialis generic http://cialismnrx.com ordering cialis online

  138. Steade says:

    Divorce cialis pills http://cialischmrx.com woman cialis pills.

  139. unsalia says:

    Order cialis online information http://cialismnrx.com cialis soft online

  140. Latfoepe says:

    Viagra cialis generic kamagra http://cialischmrx.com buy cialis online in india.

  141. jaindtot says:

    Cialis generic sicuro http://cialismdmarx.com cialis canadian pharmacy cheap buy.

  142. swigifs says:

    Generic cialis uk http://cialismnrx.com keywords cheapest cialis generic

  143. Expeve says:

    Visit web site http://cialismdmarx.com generic cialis daily use cialis.

  144. organny says:

    Shelf life cialis online pharmacy http://cialischmrx.com generic cialis canada.

  145. Viovace says:

    Buy generic cialis us http://cialismdmarx.com generic cialis no prescription.

  146. offiSe says:

    Generic cialis prices http://cialischmrx.com buy cialis generic pharmacy.

  147. Bripwews says:

    Price of cialis tablets http://cialismdmarx.com viagra and the taliban cialis pills.

  148. CitHyday says:

    Order cialis online without a prescription http://cialismnrx.com vicodin and cialis generic buy

  149. rgbhApeta says:

    canadian online pharmacy https://canadianpharmacyonlinesrvh.com/ – canadian online pharmacy viagra canadian pharmacy online canadian online pharmacy cialis is canadian pharmacy online legit

  150. abitte says:

    Cialis cost http://cialischmrx.com buying generic cialis.

  151. Sobnocky says:

    Walmart pharmacy viagra cialis pills http://cialismdmarx.com phentermine civr cialis 20mg.

  152. Myloacy says:

    Cialis c http://cialismnrx.com cialis pills online generic

  153. geonyRow says:

    Cialis pills online buy http://cialischmrx.com generic cialis mexico.

  154. gehjdyexy says:

    cvs online pharmacy https://onlinepharmacysrba.com/ – online pet pharmacy canada pharmacy online canadian pharmacy online online pharmacy school

  155. geonyRow says:

    Cheap cialis from canada http://cialischmrx.com viagra pills paypal cialis generic.

  156. TiffTall says:

    Buy real cialis online cialis http://cialismdmarx.com what are cialis tablets cialis.

  157. rgbishabs says:

    pharmacy online store https://pharmacystorefvnh.com/ – canadian pharmacy store pharmacy store nearest pharmacy store usa online pharmacy store

  158. Pronyfar says:

    Generic cialis canada http://cialismnrx.com does generic cialis really work

  159. jaindtot says:

    Sporanox msds cialis pills http://cialischmrx.com buy cialis online in canada.

  160. ghgjdyexy says:

    canadian pharmacy online https://canadianpharmacyonlinejycx.com/ – canadian pharmacy viagra canadian pharmacy cialis canadian pharmacy ratings canadian pharmacy reviews

  161. gehjdyexy says:

    humana online pharmacy https://onlinepharmacysrba.com/ – walmart pharmacy online online pharmacy india п»їonline pharmacy mexican pharmacy online

  162. mectarp says:

    Cialis pills free trial http://cialischmrx.com viagra average age cialis generic.

  163. rgbhApeta says:

    canadian online pharmacy reviews https://canadianpharmacyonlinesrvh.com/ – cheap viagra online canadian pharmacy best online canadian pharmacy 2015 canadian online pharmacy cialis brand viagra online canadian pharmacy

  164. grhnshabs says:

    mail order prescription drugs from canada https://canadadrugpharmacywhik.com/ – canada drugs online reviews drugs from canada canada drugs online reviews п»їcanada drugs

  165. algorb says:

    Cialis buy cheap http://cialischmrx.com purchase cheap cialis online.

  166. rgbhApeta says:

    online canadian pharmacy reviews https://canadianpharmacyonlinesrvh.com/ – online canadian pharmacy review canadian online pharmacy viagra canadian online pharmacy reviews online canadian pharmacy reviews

  167. hegpextem says:

    online pharmacy https://onlinepharmacycanadasctu.com/ – canada online pharmacy online pharmacy india cheap viagra online canadian pharmacy canadian online pharmacy viagra

  168. grhnshabs says:

    canada drugs reviews https://canadadrugpharmacywhik.com/ – canada drugs coupon canada drugs review ordering drugs from canada mail order prescription drugs from canada

  169. Alapse says:

    Generic cialis fast shipping http://cialischmrx.com is viagra really needed cialis pills cialis.

  170. annouh says:

    Sale cialis pharmacy http://cialismdmarx.com uk generic cialis tadalafil.

  171. fgghCehom says:

    canadian pharmacy reviews https://canadaonlinepharmacyhtik.com/ – family pharmacy pharmacy near me the people’s pharmacy canadian pharmacy viagra

  172. Uplibly says:

    Ordering cialis online http://cialischmrx.com no prescription cialis online pharmacy.

  173. rgbishabs says:

    the pharmacy store apopka https://pharmacystorefvnh.com/ – nearest pharmacy store the pharmacy store apopka pharmacy store pharmacy store

  174. gehjdyexy says:

    cvs pharmacy online https://onlinepharmacysrba.com/ – best online pharmacy cialis online pharmacy walmart pharmacy online online pharmacy school

  175. I am sure this piece of writing has touched all the internet people, its really really good post on building up new blog.

  176. I truly love your website.. Pleasant colors & theme.
    Did you build this amazing site yourself? Please reply back
    as I’m trying to create my own personal site and would like to know where you got this from or just what the theme is named.

    Cheers!

  177. mectarp says:

    Reputable viagra online cialis generic http://cialismdmarx.com order cialis online without over the counter.

  178. offiSe says:

    Generic cialis pro cialis http://cialismnrx.com cheap liquid cialis

  179. Nathansmult says:

    Wow all kinds of superb knowledge! augmentin antibiotic
    Drug Interaction Tramadol Cymbalta Seizures

  180. Alvindam says:

    Amazing all kinds of amazing advice. https://drug-prednisone.com/ prednisone 5 mg

  181. swigifs says:

    Meth cialis pills http://cialischmrx.com best buy cialis online.

  182. Scottnogak says:

    Appreciate it! A lot of facts!
    metronidazole
    Metronidazole Vaginal .75 Gel Info

  183. DamonEndor says:

    Reliable advice. With thanks. fluconazol

  184. snashex says:

    Order cialis in canada http://cialismdmarx.com cialis 20mg generic.

  185. jalance says:

    Buy cialis online without a prescription buy http://cialismnrx.com buy cialis generic

  186. rgbishabs says:

    pharmacy store https://pharmacystorefvnh.com/ – pharmacy drug store nearest pharmacy store pharmacy drug store pharmacy supply store

  187. jaindtot says:

    Buy cialis online in florida http://cialischmrx.com what are the best cialis pills.

  188. Latfoepe says:

    Viagra gold cialis generic http://cialismnrx.com what does generic cialis look like

  189. ikddovash says:

    24 hour drug store near me https://drugstorepharmacyxerh.com/ – city drug store best drug store shampoo find a drug store near me best drug store primer

  190. omifirl says:

    Best generic cialis online http://cialismdmarx.com order cialis online without a health.

  191. dulsedop says:

    Walmart pharmacy viagra cialis generic cialis http://cialismnrx.com search cialis generic

  192. rgbhApeta says:

    is canadian pharmacy online legit https://canadianpharmacyonlinesrvh.com/ – viagra online canadian pharmacy best online canadian pharmacy viagra online canadian pharmacy cheap canadian pharmacy online

  193. Albertnew says:

    what helps viagra work better viagra pill prescription drugs from canada

  194. AsymnTus says:

    Cialis generic paypal http://cialismnrx.com legitimate cialis generic

  195. Pronyfar says:

    Generic cialis australia http://cialischmrx.com search cialis generic.

  196. diossy says:

    Cialis website http://cialismdmarx.com serevent complications cialis pills.

  197. annouh says:

    Generic cialis vs cialis http://cialismnrx.com buy cialis online

  198. offiSe says:

    Buy generic cialis i