53.28m bbls of crude valued at $3.84bn were lost to theft and sabotage. This is an increase of 46.15% compared to the volume lost in the previous year.
The total produced in 2018 was 2,909, 143.55mmscf. The Joint Ventures contributed 74.5%, Production Sharing Contracts contributed 20.61% and the Sole Risk, Marginal Fields, and Service Contracts contributed 2.68%, 2.16%, and 0.05% respectively.
A total of 107.63m bbls of crude oil were allocated for domestic use in 2018, 87% was used for Direct Sales Direct Purchase while 13% was supplied to the refineries.
NNPC consistently delayed the remittance of sales proceeds from crude which resulted in the delay of N17.5 billion and also deducted N722.25 billion as under-recovery in 2018
The nonpayment of funds by some companies as at when due resulted in a revenue loss to the Federation and the refineries operated at only 8% of installed capacity.
Recommendation: The federal government must find ways to curb oil theft and sabotage by identifying possible international markets and destinations of stolen Nigerian crude oil, it must also address the social issues of poverty and corruption in oil communities.
Hello Nigerians, our extensive analysis of the 2024 FG Budget is finally out!
Details?
The Budget is anchored on N28.78tn in total expenditure & N19.60tn in revenue, a Debt service of N8.27tn, Recurrent (Non-Debt) expenditure of N8.77tn, & Capital expenditure of N10tn.
Thread!
The fiscal deficit is currently N9.18tn. The projected deficit represents about 50% of the federal government’s expected revenue and 3.88% of the projected GDP.
#2024BudgetNG
A look at the sector allocations shows the highest share of the total budget going to Security and Defense (13.38%), followed by Education (8.21%), Infrastructure (6.63%)…
Our findings on Senator Ningi’s allegations of N3.7 trillion budget padding for 2024 budget shows that a breakdown of N25.4tn was provided for the budgets of the Ministries, Departments and Agencies…
Thread!
#AskQuestions
…while the comprehensive budget breakdown of GOEs, @nassnigeria, National Judicial Council, Public Complaints Commission, INEC, and TETFUND totaling N3.32tn was excluded from the budget that was passed and published.
This does not mean the country operates two separate budgets.
There’s only one final 2024 budget known to us.
However, the summary budget of the aforementioned agencies was passed by the National Assembly and included in the published approved budget.
🗣️ @BudgITng's State Fiscal Transparency League project reveals findings on Nigeria's procurement websites👇
- 7 states have functional e-procurement portals with accessible data
- 16 states have portals, but data isn't up to date.
- 13 states lack both portals & data.
Thread!
BudgIT, under its State Fiscal Transparency League project, has extensively assessed the procurement websites of Nigeria’s 36 states to evaluate the level of transparency and accessibility of procurement-related information to the public. #SFTLProject #AskQuestions
The assessments, categorized into three categories—Green, Yellow, & Red—are as follows: green indicates that a state’s e-procurement portal is operating and data is available;
Having reviewed the proposed 2024 Appropriation Bill breakdown, it’s unfortunate that the @officialABAT administration has continued with some harmful budget practices from previous regimes that have fostered corruption, underdevelopment, unemployment, and multidimensional poverty.
PRESS STATEMENT
Thread!
#Budget2024NG
In August 2023, we itemized ten plagues that the Tinubu administration should avoid in the 2024 budget and budget process to ensure value for money, curb expenditure inefficiency and waste, enforce accountability, and put Nigeria on the pathway of prosperity, economic growth, and development.
Unfortunately, having reviewed the proposed 2024 Appropriation Bill breakdown, we observed that the Bola Ahmed Tinubu administration has continued with some deleterious budget practices from previous regimes that have fostered corruption, underdevelopment, unemployment, and multidimensional poverty.
The Fiscal Options & Post-election Governance series was an interesting exploration of Nigeria's economic opportunities in the current post-election environment. From insightful discussions to eye-opening presentations; here are a few takeaways!
BudgIT’s Global Director, @seunonigbinde in his introductory remark emphasized that the fiscal business series will set the tone for issues & reforms on the cost of governance, macro economic fundamentals, social spending, & expenditures on health and education in Nigeria.
“Nigeria is a democratic country limited by the political terms of a 4 year cycle. BudgIT believes that Nigeria cannot find progress and opportunities if it does not reposition its thinking to a long-term process devoid of this political cycle.” - @seunonigbinde