Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
BudgIT Nigeria Profile picture
@BudgITng
May 29, 2020 • 8 tweets • 5 min read • Read on X
Scrolly
2018 Oil and Gas Report -

A breakdown of the 2018 Oil and Gas Audit report reveals the following highlights:

#FiXOurOil Image
In 2018, 701.10m bbls of crude were produced and accrued a total revenue of $32.62bn. Also, 36.45% of the crude oil lifted was by NNPC.

#FixOurOil ImageImageImageImage
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.

#FixOurOil Image
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.

#FixOurOil Image
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.

#FixOurOil Image
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

#FixOurOil Image
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.

#FixOurOil Image
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.

#FixOurOil

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with BudgIT Nigeria

BudgIT Nigeria Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @BudgITng

BudgIT Nigeria Profile picture
May 20
🔈BREAKING: @BudgITng Uncovers 11,122 Projects Worth N6.93 Trillion Inserted by National Assembly in 2025 FG Budget.

We have combed through the 2025 FG Budget, and you will be shocked at what we found.

@nassnigeria inserted 11,122 PROJECTS worth N6.93 TRILLION into the Budget! 🤯

PRESS STATEMENT
Thread!

#2025FGBudget #AskQuestionsImage
Image
Image
Image
Our analysis reveals that 238 projects valued above N5 billion each, with a cumulative value of N2.29 trillion, were inserted with little to no justification.

984 projects worth N1.71 trillion and 1,119 projects within the range of N500 million to N1 billion, totaling N641.38 billion, were indiscriminately inserted.

#2025FGBudget #AskQuestions
A closer look shows that 3,573 projects worth N653.19 billion are assigned directly to federal constituencies and 1,972 projects worth N444.04 billion to senatorial districts.

#2025FGBudget #AskQuestions
Read 12 tweets
BudgIT Nigeria Profile picture
May 19
📢 Dear Nigerians,

The Federal Government has failed to publish a detailed revenue breakdown for the 2025 budget. This is WRONG!

N54.9 trillion was signed into law by President @officialABAT, but a breakdown of where the money will come from is no where to be found.

PRESS STATEMENT
Thread!
#2025FGBudget #AskQuestionsImage
Image
While references have been made to certain revenue sources, no comprehensive data has been released to allow for independent scrutiny.

#2025FGBudget #AskQuestions
Recall that the Presidency initially submitted a proposed expenditure of N47.9 trillion, which President @officialABAT later revised to N54.2 trillion through a presidential letter citing increased revenue expectations. The @nassnigeria further increased this figure to N54.9 trillion, without publishing any accompanying macroeconomic or fiscal analysis to justify the additions.

#2025FGBudget #AskQuestions
Read 7 tweets
BudgIT Nigeria Profile picture
Jan 9
🗣️ Dear Nigerians,

We have observed that the 2025 FG proposed budget submitted to the @nassnigeria for review and approval and published on the Budget Office website omits funding for the Lagos-Calabar Coastal Road as well as the budget breakdown of some MDAs, commissions, and councils, such as the National Judicial Council (N341.63 billion) and TETFUND (N940.5 billion).

PRESS STATEMENT
Thread!
#AskQuestions #GetInvolvedImage
Image
Image
Image
The 2025 Proposed Budget also excluded the budgets of over 60 government-owned enterprises (GOEs), including the Nigeria Ports Authority, Nigeria Customs Service, and the Nigerian Maritime Administration and Safety Agency (NIMASA). #AskQuestions
It is worth noting that President @officialABAT’s recent pronouncement regarding the retirement package of military generals, which includes the provision of a bulletproof SUV, fully paid foreign medical treatment, $20,000 as estacode for medical trips, and payments for domestic help, contradicts his previous commitments to reduce the cost of governance and welfare packages to top-ranked public officials and civil servants. #GetInvolved
Read 5 tweets
BudgIT Nigeria Profile picture
Aug 26, 2024
Hello Nigerians,

According to the 2023 Fiscal Accounts Report of the Accountant General of the Federation, Nigeria's Federal Government made a revenue of N5.99tn, spent N19.50tn, and recorded a deficit of N13.50tn—225% of the total revenue.

What does this mean? The government spent more than three times what it earned in revenue

Thread!
#AskQuestions
#BIR2023Image
Where did the revenue come from?

N3.80 trillion came from the Federation Account Allocation Committee (FAAC), FG share of independent revenue raked in N1.98tn, the FG share of the Federation Account contributed N2.39tn, exchange rate differences was N715.75bn, while VAT added N441.87bn.Image
How was the money spent?

Debt servicing accounted for 43.9% of the budget at N8.56tn—the largest single expense. Non-debt spending took up 27.8% at N5.42tn, while capital expenditure was 23% at N4.49tn. Image
Read 4 tweets
BudgIT Nigeria Profile picture
Jun 28, 2024
🗣️🗣️ It is worrisome that the Federal Government is drafting a 2024 Supplementary Budget to be implemented alongside the 2023 Approved Budget, 2023 Supplementary Budget, and 2024 Approved Budget.

FOUR budgets at once—an unprecedented anomaly.

Thread
Press Statement!
Image
Image
Recall that the 2023 Approved Budget of N21.83 trillion, signed into law by President @MBuhari in January 2023, was designed to run for 12 calendar months from January to December, as is the practice globally.
In addition, while the 2024 Appropriation Bill was being drafted, the 2023 Supplementary Budget of N2.17 trillion was passed by the National Assembly and assented to by President @officialABAT barely two months before the end of the 2023 fiscal year.
Read 7 tweets
BudgIT Nigeria Profile picture
May 3, 2024
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!
Image
Image
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%)…

#2024BudgetNG
Image
Image
Read 9 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us!

Send Email!

:(