Agencies with the highest allocations for CAPEX include LASU with a budget of N7.34bn, Ministry of Education (N6.36bn) and School Committee on Rehabilitation (N6.74bn) #EducationBudget
Agencies with the highest allocations for total expenditure include LASU (22.67bn); Education District (11.17bn), Ministry of Education (10.68bn), AOCED (N6.59bn) and LASPOTECH (1.63bn). #EducationBudget
Citizens must ensure that allocated funds are appropriately and judiciously utilized by asking the right questions.
All refineries recorded a deficit of N5.48bn without processing any crude oil.
NNPC made $1.95bn from 47.66m barrels of crude oil.
$32.19m was remitted to FAAC from the $ payment, while N4.41bn was spent on pipeline repairs.
NNPC's performance in Oct?
A Thread!
@NNPCgroup sold 47.66 million barrels of crude oil in October 2020. The highest sales came from IOCs and Independent Sources, constituting 77.53% of total sales. #FixOurOil
@NNPCgroup made a total of $1.95 billion from the sale of crude oil in October 2020. #FixOurOil
Oil-producing states must depend less on FAAC & oil derivation funds and invent new ways of expanding their IGR.
To achieve this, they must cut the cost of governance and reduce recurrent expenses.
More insights from our report on Akwa-Ibom, Bayelsa, Delta & Rivers.👇
THREAD!
In 2019, Akwa-Ibom's recurrent expenditure outperformed its capital expenditure by over 15%, and its debt profile has been on a steady increase in the last five years, rising from N187bn in 2017 to N237bn in 2019 #FixOurOil@results4dev
Bayelsa States's recurrent expenditure of 147bn was significantly higher than its CAPEX of N42bn.
This shows that not much is happening in terms of developmental projects.
Bayelsa is at risk of a debt crisis as its domestic debt grew by 61%, totalling N147bn. #FixOurOil
@contactkdsg's total budget for Education is N62.1bn. 35% of this amount, which is a sum of N21.8bn, was earmarked for recurrent expenditure whilst N40.3bn will be spent on capital expenditure. #EducationBudget
Agencies with the highest allocations for total expenditure include the Ministry of Education (N21.3bn), KASU (N9.7bn), SUBEB (N20.3bn) and Kaduna State Scholarship Board (N3.43bn) #EducationBudget
To improve electricity access, FG plans to spend N661bn ($1.74bn) through the Nigerian Distribution Sector Recovery Program (DISREP)
Of this $1.74bn, 72.1% will be funded by loans. This will increase Nigeria's N31tn debt burden by 1.54% #WatchTheDebt
Thread!
For context, a brief review of Nigeria's current electricity distribution status reveals that;
85m Nigerians currently have no access to grid electricity, and Nigeria records N10.1tn annually as economic losses due to lack of reliable power supply, among others.👇 #WatchTheDebt
N476.3bn, which represents 72.1% of the total sum of N664bn for DISREP, will be funded with loans.
In Oct 2019, President @MBuhari ordered a forensic audit of the @NDDCOnline after 9 Governors complained of large-scale corruption in the commission.
This includes over N1tn worth of fraudulent projects, a contract that was awarded 55 times, and 500 fake projects.
THREAD
Subsequently, a three-man committee was set up to manage @NDDCOnline for the duration of the forensic audit. #FixOurOil
After this, FEC approved a sum of N318m for the engagement of a lead consultant for the forensic audit in Feb 2020. N722.3m was also approved for 8 @NDDCOnline forensic auditors by @NigeriaGov in Aug 2020. #FixOurOil
On December 9, 2019, @nigeriagov launched the #OpenTreasury Portal to increase transparency and accountability in government spending. #AskQuestions
In June 2020, BudgIT released a detailed report titled. “OpenTreasury.gov.ng: Nigeria’s Spending Platform: Review, Gaps & Recommendations”, in which it analysed data uploaded on the portal from September 2018 to May 2020. #AskQuestions