N3.46bn was recorded as crude oil losses from proceeds in domestic crude sales.
N32.97bn was deducted for product losses before remitting to FAAC while N551.21bn was also deducted from domestic sales proceeds to cover losses incurred due to under-recovery (petrol subsidy).
This represents a 24.58% decrease from the N730.85bn paid for under-recovery in 2018.
N126.66bn was spent on pipeline maintenance in 2019. This is a 9.89% decrease over the 2018 expenditure of N140.57bn.
The refineries were out of operation for the better part of 2019.
KRPC was in operation for one month, PHRC was in operation for two months while WRPC managed to be in operation for four months.
A cumulative loss of N148.96bn was incurred by the refineries in 2019.
A total payment of N1.09tn was remitted into the Federation Acct. This includes N664.15bn for Naira payments from Domestic Crude & $1.43bn (N434.92bn) USD payments
$3.42bn (N1.04tn) which represents 70.59% of total $4.84bn receipts from crude oil & gas exports was transferred...
...while the balance of $1.43bn was remitted from proceeds made from the sale of domestic crude oil.
N907.91bn was allocated to Joint Venture Cost recovery while N664.15bn was transferred to the Federation Account.
NNPC’s 2019 revenue decreased by 1.25% from N6.12tn to N6.05tn actual revenue representing a -1.25% deviation in its 2018 budget.
NNPC’s 2019 expenditure increased by N1.04tn from the N4.92tn initially budgeted to N5.95tn actual expenditure representing a 21.05% surge.
@NNPCgroup continues to record shocking losses with its Corporate Headquarters (CHQ) responsible for its biggest loss worth N138.48bn in 2019.
Six other subsidiaries made a cumulative loss of N175.05bn.
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…
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#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.
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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
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#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