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Dear Nigerians,
On Jan 3, @MBuhari signed the 2023 Appropriation Bill of N21.83tn into law, Nigeria’s largest budget in history & the last of his administration. The budget is based on a N10.49tn revenue, and N11.34tn deficit.
Where will this money come from? 1/5 #AskQuestion
On Jan 3, @MBuhari signed the 2023 Appropriation Bill of N21.83tn into law, Nigeria’s largest budget in history & the last of his administration. The budget is based on a N10.49tn revenue, and N11.34tn deficit.
Where will this money come from? 1/5 #AskQuestion
From the total revenue of N10.49tn, independent revenue has the highest share of N2.62tn, Non-oil Revenue has N2.43tn, while N2.23tn will be gotten from oil revenue. Retained Revenue from GOEs is N2.42tn, and other revenue will generate N794.13bn. 2/5
Of the N21.83tn budget, recurrent expenditure has the highest allocation of N8.33tn, gulping nearly 40% of the budget. This includes a personnel cost of N5.02tn, overhead cost of N1.11tn, statutory deductions of N967.49bn & pension, gratuity & retirees benefit at N854.81tn…3/5
Dear Nigerians,
@MBuhari has asked @nassnigeria to approve the securitization of FG's N22.7tn debt to @cenbank.
Is it legal for @nassnigeria to approve the request of the FG to securitize the Ways & Means, which goes against the CBN Act?
Thread!
@MBuhari has asked @nassnigeria to approve the securitization of FG's N22.7tn debt to @cenbank.
Is it legal for @nassnigeria to approve the request of the FG to securitize the Ways & Means, which goes against the CBN Act?
Thread!
Since 2015, the FG has asked @cenbank to provide advances to fund its fiscal deficit without any requirement for cost-cutting measures/fiscal control. The law stipulates that such advances should be limited to 5% of the previous year's revenues. This law has not been followed.
Also, Section 38 of the CBN Act mandates the FG to repay all advances made by the CBN to it at the end of the financial year in which the advances were received. Failure to repay the advances in full implies that the FG will not be eligible for further advances by the CBN.
