BREAKING

Our 2020 Budget Implementation Analysis is out!

Debt servicing wiped off 97% (N3.34tn) of FG's total revenue(N3.42tn) in 2020.

Total expenditure stood at N10.01tn. This means nearly all FG’s salaries, overhead & CAPEX were financed with loans & CBN support.

THREAD
In 2020, FG projected a total revenue of N5.37tn; however, the actual total revenue eventually stood at N3.42tn. This represents a 63.71% revenue performance. #AskQuestions
FG’s revenue from oil had a significant boost.

FG’s budget was anchored on an oil revenue projection of N1.01tn, but as of Dec 31, 2020, actual oil revenue arrived at N1.41tn.

This surpassed the amended oil projections for the 2020 fiscal year #AskQuestions
For non-oil revenue, FG’s actual inflow stood at N1.26tn, despite projections of N1.62tn. This represents a 77.2% performance as of Dec 31, 2020

#AskQuestions
Meanwhile, FG claimed that it earned ZERO revenue from Stamp Duties and Domestic Recoveries+Assets+Fines, despite combined projections of N437bn. #AskQuestions
Despite low revenue earned (N3.42tn), FG’s total expenditure was N10.01tn, representing 93% performance when compared with the budgeted amount of N10.81tn.

Of this 10.01tn, N4.65tn was spent on non-debt recurrent expenditure. #AskQuestions
A critical highlight with non-debt recurrent expenditure is the actuals on Pensions. FG disbursed only N359bn of the N536bn budget for pension. This means that many pensioners didn't get their pensions during the heat of COVID-19. #AskQuestions
The cost of servicing FG's debt is drowning Nigeria as the cost continues to grow, gulping a total of N3.34tn (97%) from the total revenue.

This means that for every N100 that FG made in 2020, N97 was spent on debt servicing. #AskQuestions
CAPEX keeps getting the short end of the stick, as ONLY N1.60tn was devoted to capital projects in 2020. This is not acceptable!

Recall that FG had a CAPEX plan (exclusive of transfers) of N2.69tn, this means only 59.5% (slightly over half) of the 2020 projection was actualised.
The budget of N428.03 for Statutory Transfers in 2020 was disbursed. However, there is no breakdown or implementation report of how this money was spent/disbursed. #AskQuestions

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More from @BudgITng

7 Jul
THREAD

Here are 10 key highlights you should note about the Petroleum Industry Bill #PIB, as passed by @HouseNGR on July 1, 2021.

1. NNPC ltd will carry out petroleum operations on a commercial basis, comparable to private companies in Nigeria carrying out similar activities.
2. Ownership of all shares in NNPC Limited shall be vested in the Government at incorporation and held by the Ministry of Finance Incorporated and the Ministry of Petroleum Incorporated in equal portions on behalf of the Federation.
3. The Ministry of Petroleum Incorporated is hereby incorporated pursuant to the provisions of the Eighth Schedule.
Read 12 tweets
4 May
BREAKING

Our analysis of the #2021Budget reveals over 316 duplicated capital projects totalling N39.5bn, among other loopholes for corruption.

BudgIT also found ZERO audit records of the N10.02tn received by the security sector between 2015 & 2021.

Our press statement:
Thread!
2021 has been a horrifying year for Nigerians concerning security – as the country combats mutating forms of crime and terror – across all its 36 states. This is despite allocating over N10.02tn to security between 2015 and 2021. #AskQuestions
In the 2021 budget, the entire security sector’s allocation was N1.97tn, representing a 14% increase from the N1.78tn allocated in 2020. #AskQuestions
Read 14 tweets
12 Mar
In Oct 2020,

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
Read 12 tweets
11 Mar
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
Read 6 tweets
11 Mar
Kaduna State Government plans to spend 25% of its total expenditure budget for 2021 on Education.

Simply put, @contactkdsg will be spending N62.1bn on Education from its total budget of N246.7bn.

A breakdown of the N62.1bn?

Let's take a quick look.👇
#EducationBudget

Thread!
@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
Read 5 tweets
10 Mar
Did you know?

Among the 36 States, Lagos State (@followlasg) has the highest budget (N1.16tn) for 2021.

Of the N1.16tn, N704bn & N458bn will be spent on CAPEX and recurrent expenditure, respectively.

What percentage will be spent on Education?

Thread! #EducationBudget ImageImage
@followlasg budgeted a sum of N123bn for Education in 2021, with N89.3bn and N34.2bn allocated for recurrent and capital expenditures, respectively.

This represents a 9.5% decrease compared to 2020 #EducationBudget of N136bn. #AskQuestions Image
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 ImageImage
Read 5 tweets

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