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BudgIT Nigeria @BudgITng
, 6 tweets, 3 min read Read on Twitter
NNPC has stated that it is settling the current subsidy costs from $1.05 billion revolving fund, kept with CBN.

It stated that funds were sourced from the corporation’s share dividend in the Nigeria Liquefied Natural Gas (NLNG). #FixourOil
There has been enough explanations that the shares "owned" by NNPC in NLNG, are held on behalf of the Nigerian people.

Why is @NNPCgroup using funds that should accrue to the Federation account for subsidy? #AskQuestions #FixourOil
NNPC in its monthly reports also deducts funds for under-recovery (subsidy) before remittance to the Federation Accounts.

There are huge questions to be answered.

#FixourOil
According to @nigeriaeiti, NNPC collected $16.8bn dividends from NLNG but didn't remit to Federation Account.

NNPC maintained that it got authorization from the Presidency in those years on the utilization of the dividends.

NNPC is yet to provide the authorizing document.
After 16 years of not paying NLNG into Federation Account as pointed out by NEITI, payments resumed in 2015, with $1.6bn paid into public treasury.

Since 2015, $900m has been invested by FG & states from the NLNG dividend into NSIA fund.
Rather than use NLNG dividends for investments, why is NNPC expanding use of funds on consumption? Where is the transparency?

#AskQuestions @AsoRock @NGRPresident
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More from @BudgITng see all

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THREAD: In order to fund the N242.24bn 2019 Elections Budget, National Assembly plans to make cuts to certain programs and MDAs. It is a shame and also very WRONG that no cuts were made to @nassnigeria BUDGET.

@bukolasaraki @YakubDogara

The MDAs whose funds are cut are given:
Social Investment Prog- N121.1bn
Power, Works & Housing - N25.5bn
Water Resources - N12.95bn
Agriculture - N11bn
Education - N10.2bn
Budget & Planning - N8.84bn
Health - N8.05bn
SGF - N6.7bn
Science & Tech - N7.46bn
Trade & Investment - N7.08bn
Presidency - N1.24bn
We will share a PRESS RELEASE on our thoughts on funding 2019 Elections Budget.
Read 3 tweets
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FACTCHECK THREAD: We are getting queries on the statement by the Vice President that public debt stock rose by $10bn. Due to our recent work on expanding public debt, we will like to clarify.
The current rise of $10bn in public debt stock does NOT tell the full story. It can be MISLEADING. We have seen arguments explaining that the entire Federation borrowed only N3tn in three years since the debt stock rose by $10bn.

#AskQuestions
It is important to deconstruct the FG debt into EXTERNAL and DOMESTIC debt to get a full understanding for purposes of accountability. Please note that FG Debt Stock = External Debt + Domestic Debt. We will add links for private verification.

#AskQuestions
Read 24 tweets
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THREAD: Friends, ahead of @EiENigeria and partners debate with Osun Guber candidates, let's have a quick review of Osun State Finances.

You will notice that Osun State receipts from FAAC has dwindled. From a Net FAAC Allocation of N46bn in 2013 to N10.4bn in 2017. #OsunDecides
Oil prices started falling in 2014, a big challenge for Osun State has been its accumulation of debt not linked to growth in internal revenues. Total Debt Stock moved from N51bn in 2013 to N167bn as at 2017. #OsunDecides
The big challenge for Osun State is the direct DEDUCTIONS by CBN before it earns FAAC allocation.

According to BudgIT Research, Osun gross allocation between 2015 and 2017 is meant to N109bn. However, N73bn was deducted leaving the state to receive on N36.5bn. #OsunDecides
Read 10 tweets

Related threads

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#Nigeria’s military used a speech by Donald Trump to justify shooting at protesters in October. We investigated what happened and uncovered that an elite battalion fired machine guns into a crowd of unarmed marchers. nyti.ms/2GwdKAW
The military @HQNigerianArmy made several questionable claims:

1. The marchers blocked traffic.
2. The marchers attacked a military checkpoint with weapons and rocks.
3. Only 3 people were killed.
We reviewed hundreds of videos and pictures, went to the crime scene in #Abuja, interviewed survivors and talked to the military. Here’s how we did it - and what we found out.
Read 22 tweets
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.@cenbank Governor Emefiele: "Based on our internal research conducted at the Central Bank of Nigeria, there's strong support that the recovery of our economy from the recession may have been much weaker or even negative without the implementation of the restriction on 41 items."
CBN Gov: "Activities in the manufacturing sector also witnessed significant improvement between August 2016 and August 2018, as the Primary Manufacturing Index rose from a low of 42 per cent in August 2016 to 57 per cent in August 2018."
CBN Gov: "The CBN and PEBEC worked together to improve access to credit for under-served Nigerians, through the set-up of a National Collateral Registry and the passage of the Credit Bureau Act."
Read 19 tweets
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#Nigeria does not make or like #toys smh.

Africa exported $183.4m worth of toys led by the ff:

1. Tunisia: $70.3m
2. SA: $65.2m
3. Kenya: $11.2m
4. Morocco: $11.1m
5. Mauritius: $7.4m
6. Uganda: $5.8m
7. Madagascar: $4m
8. Chad: $1.2m
9. C.Verde: $1.1m
10. Zim: $936,000
/1
#Nigeria doesn't even like #toys smh.

Africa imported $1 billion worth of toys led by the ff:
1. SA: $459.4m
2. Morocco: $86.5m
3. Algeria: $78.5m
4. Egypt: $61.9m
5. Tunisia: $53.3m
6. Angola: $31.9m
7. Mauritius: $25.2m
8. Namibia: $20m
9. Djibouti: $18.5m
10. Libya: $15.4m
/2
140m Nigerians couldn't be #1.

Africa imported $40.1b worth of electronics led by the ff:
1. South Africa: $8.5 b
2. Egypt: $4.8 b
3. Morocco: $4.6 b
4. Algeria: $4 b
5. Tunisia: $2.7 b
6. Nigeria: $1.7 b
7. Ethiopia: $1.3 b
8. Ghana: $1.2 b
9. Kenya: $1.1 b
10. Angola: $1 b
/3
Read 10 tweets
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#NIGERIA: Tragic abduction and killing of Maj Gen Idris #Alkali (rtd), while traveling between #Abuja and Bauchi, adds to growing list of RETIRED GENERALS #kidnapped, shot or #killed, over last decade. The most notable cases…
2009: Maj Gen Peter #Ademokhai (rtd), ex-GOC 1 Division, ex-member, Armed Forces Ruling Council (AFRC) was abducted at Iguoriakhi, Ovia North East LGA, Edo state, 23 April 2009; paid ransom, released after 2 days. Earlier, shot by robbers 9 April 1994, hospitalized for 8 months.
2007: Maj Gen Joseph Ayango #Aondo (rtd) was #killed in the federal capital, #Abuja, 14 June 2007. He had been chairman of the political campaign group, #Yar'Adua Associates, was seized at the entrance to his house, driven 5km on the Kubwa expressway, then shot dead in his car.
Read 9 tweets
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#Nigeria the Budget Office put out 2017 fiscal accounts which showed that FY deficit came in at NGN3.8tr (3.3% of nom GDP) and above the 3% fiscal responsibility act. As usual revenues missed thanks to usual over-optimistic non-oil rev assumptions and higher JV payments
But interestingly, capex spending came in a record NGN1.44tr (1.3% of GDP and around 66% of target) with overall budget execution at 87% suggesting some credibility in implementation despite the costs driven by higher drawdowns by Works, Power and Housing
Debt service/revenues printed at 69% (adjusted for sinking fund payments to retire debt 60%) but up from the 47% in 2016. Overall debt tracked higher due to increasingly more expensive borrowings over the last three years - a derivative of CBN tightening.
Read 7 tweets
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001/ [article content in this tweet series 001-180 reproduced with permission from Martin Howe QC of Lawyers for Britain @lawyers4britain]
#quote "Leaving the EU on WTO terms: pulling down the barriers to world trade
Introduction: why prices will FALL after Brexit, not rise" /002
002/ #quote "Over the past couple of weeks, the media have been full of lurid scare stories about what will happen if the UK leaves the EU on WTO terms, because negotiations with the EU do not result in a withdrawal agreement." /003
#tariffs #NoDeal #Brexit #WTO #ProjectFear #shortages #food #medicines
003/ #quote "One of the most ridiculous and UNJUSTIFIED of these absurd scare stories is that it will lead to higher prices, and even shortages, of foods and medicines." /004
Read 180 tweets

Trending hashtags

#NoDeal #obligations #NigeriaDecides2019 #Romania #license #humanRights #schedules #zones #Rwanda #Shuwa #Nigeria #countries #Syria #agreements #EU #Regulation #Lagos #exhaustion #ChequersPlan #Nauru #Afghanistan #Ghana #Hungary #October #NYSC

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