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.
🔈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 #AskQuestions
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.
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.
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).
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
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
#BIR2023
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.
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.
🗣️🗣️ 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!
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.
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%)…