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BudgIT Nigeria Profile picture
@BudgITng
Jun 21 • 4 tweets • 4 min read Twitter logo Read on Twitter
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!

#WhatsNextNigeria ImageImage
Informal tax collection is one of the major challenges. - @taiwoyedele ImageImageImage
Top priorities for the new administration MSMEs expansion - @Nike_Adeyemi ImageImageImage
Access to digital infrastructure is crucial. - @oreoluwa ImageImage

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More from @BudgITng

BudgIT Nigeria Profile picture
Jun 20
📢 The highly anticipated Fiscal Options and Post Election Governance series is now LIVE!

The conversation is up on your screen on @channelstv youtube:

📌 DSTV channel 420 and GOTv channel 27

📌 BudgIT Youtube: youtube.com/live/oRshytDc9… ImageImageImage
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. ImageImageImage
“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 Image
Read 21 tweets
BudgIT Nigeria Profile picture
Jun 2
📢 FG allocates N81.7bn for STREETLIGHT construction in the 2023 budget, higher than the total amount for schools and PHCs combined.

PRESS STATEMENT

Thread! #AskQuestions ImageImageImageImage
A total of N81.7b was allocated to the construction of solar street lights in the 2023 FG Capital and Constituency projects. This is higher than the total allocation to schools and primary health centers, which gulp N77.9b and N3.1b, respectively, in the budget. #AskQuestions. Image
The bogus allocation to streetlights is a gross misplacement of priority as Nigeria is also presently littered with non-functional and vandalized streetlights that have stopped working less than two years after their construction. #AskQuestions
Read 10 tweets
BudgIT Nigeria Profile picture
Jan 11
Dear Nigerians,

On Jan 3, @MBuhari signed the 2023 Appropriation Bill of N21.83tn into law, Nigeria’s largest budget in history & the last of his administration. The budget is based on a N10.49tn revenue, and N11.34tn deficit.

Where will this money come from? 1/5 #AskQuestion
From the total revenue of N10.49tn, independent revenue has the highest share of N2.62tn, Non-oil Revenue has N2.43tn, while N2.23tn will be gotten from oil revenue. Retained Revenue from GOEs is N2.42tn, and other revenue will generate N794.13bn. 2/5
Of the N21.83tn budget, recurrent expenditure has the highest allocation of N8.33tn, gulping nearly 40% of the budget. This includes a personnel cost of N5.02tn, overhead cost of N1.11tn, statutory deductions of N967.49bn & pension, gratuity & retirees benefit at N854.81tn…3/5
Read 6 tweets
BudgIT Nigeria Profile picture
Jan 5
Dear Nigerians,

@MBuhari has asked @nassnigeria to approve the securitization of FG's N22.7tn debt to @cenbank.

Is it legal for @nassnigeria to approve the request of the FG to securitize the Ways & Means, which goes against the CBN Act?

Thread!
Since 2015, the FG has asked @cenbank to provide advances to fund its fiscal deficit without any requirement for cost-cutting measures/fiscal control. The law stipulates that such advances should be limited to 5% of the previous year's revenues. This law has not been followed.
Also, Section 38 of the CBN Act mandates the FG to repay all advances made by the CBN to it at the end of the financial year in which the advances were received. Failure to repay the advances in full implies that the FG will not be eligible for further advances by the CBN.
Read 10 tweets
BudgIT Nigeria Profile picture
Dec 13, 2022
We conducted an analysis on the quality of @nassnigeria’s FG Budget reviews. Our findings point to gross abuse of appropriation powers, fueling inefficiency & waste that contribute to poor service delivery and ineffective economic policy.

See more: yourbudgit.com/data/ 1/5
1,522 projects with a cumulative cost of N186.61bn were inserted into the #2022budget of @FmardNg. Key allocations to projects that are crucial to achieving the strategic goal of the Nat Devt Plan were drastically reduced to create fiscal space for the @nassnigeria insertions.2/5
Worrisomely, a number of projects in the 2022 approved budget can be directly linked to principal officers of the National Assembly. It would seem that National Assembly members are becoming more emboldened to put their names on public projects funded with taxpayers' money. 3/5
Read 5 tweets
BudgIT Nigeria Profile picture
Dec 12, 2022
How is the @NigeriaGov improving public procurement? Is SFTAS intervention working?

According to the @WorldBank SFTAS assessment report, only 15 of 36 states met the DLI 6.1 requirement, while 16 met the DLI 6.2 requirement and published data on all contracts awarded.

Thread!
Let’s take a step back to understand open contracting!

Open contracting is a system of procurement that allows disclosure of procurement data at all stages and engagement and feedback from other stakeholders. #FixOurOil
To improve public procurement, the @NigeriaGov created a portal that allows the increase and disclosure of procurement information to all stakeholders to ensure efficient service delivery, improved transparency, and accountability. #FixOurOil
Read 8 tweets

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