Key numbers from the Solid Minerals Sector in 2019
-The sector contributed 0.26% to the total GDP.
-FG earned N74.87billion from solid minerals.
-46.68m tons of solid minerals were sold.
-Limestone contributed 54.92% to the total volume of solid minerals produced.
THREAD
1,296 solid minerals licenses were issued in 2019
A total of 59.82m tons of solid minerals were used/sold during this period. There is a 29.41% increase from the volume sold in 2018.
Limestone contributed 54.92% to the total volume of solid minerals produced in 2019. At the same time, Ogun state produced the highest volume of solid minerals within the same period.
The production rate of solid minerals has been on a steady increase in the last 3 years.
There was an increase of 1,653.66% in the Free on Board value of the solid minerals exported in 2019 when compared with the one exported in 2018.
FG made N74.87bn from solid minerals in 2019. In the same year, the sector contributed only 0.26% to the total GDP.
Other key numbers
-Solid minerals contributed only 0.51% to the total export.
-Employment in the solid minerals sector accounted for 0.02% of Nigeria’s total employment.
-There was no evidence that 25 companies paid royalties which resulted in revenue loss to the government.
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Yesterday, we had the pleasure of hosting @mrmacaronii at our press conference. Facilitating increased citizen-led engagements & advocacy is critical to our next phase, and we're glad he's giving his support for future collaborations.
In @seunonigbinde's words, BudgIT's vision started with the objective of making the budget available and accessible to the public. "It is really great to see that vision morph into something extraordinary",- he said
"Reaching over 17 million Nigerians and empowering over 150 CSOs in ten years is not a small feat. We have played a major role in defining the landscape of Nigeria's civic-tech space, and we are currently engraving our footprints within Africa's civic-tech space."#10yearsofBudgIT
BudgIT launches govspend.ng, a comprehensive portal that provides citizens, CSOs & the media access to visualized & simplified data from @nigeriagov’s Open Treasury Portal.
This platform helps you monitor FG’s treasury reports & real-time expenses.
THREAD
Recall that in December 2019, the Federal Government launched the Open Treasury Portal to increase transparency and accountability in government spending. The portal provides a space for collating data by all Ministries, Departments and Agencies (MDAs) on budget implementation…
financial records and transactions above the threshold of N5 million by MDAs and N10 million by the Office of the Accountant General of the Federation.
While the platform is innovative and commendable, much work is still needed to ensure that the portal achieves its purpose of
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
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.
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