The Federal Government has released the performance report for the 2017 budget.
Foremost civil and tech organization (public finance) BudgIT released some quick numbers on this.
Have a look below;
QUICK NUMBERS: FG has released the performance report of 2017 Budget Oil Revenue Target: N2.12tn Actual: N1.12tn Non-oil Revenue Target: N1.41tn Actual: N956bn Independent Revenue Target: N807bn Actual: N295bn Total Revenue Target: N5.08tn Revenue: N2.65tn 52% Performance.
Expenditure Personnel Costs Target: N1.884tn Actual: N1.865tn Non-debt Recurrent Target: N2.99tn Actual: N2.756tn 92% Performance Debt Servicing Target: N1.663tn Actual: N1.82tn 109% Performance Capital Expenditure Target: N2.17tn Actual: N1.44tn 66% Performance.
Statutory Transfers (INEC, NJC, NASS etc.) Target: N434.4bn Actual: N434.4bn Foreign Borrowing Target: N1.07tn Actual: N1.17tn Domestic Borrowing Target: N1.25tn Actual: N1.34tn. FG has a deficit (N3.8tn) greater than its revenue (N2.65tn).
The report does not explain our deficit of N1.3tn was financed. Nigeria is now in a phase where it borrows more money than it generates within a fiscal year. We will bring you our detailed analysis SOON.
QUICK NUMBERS: FG has released the performance report of 2017 Budget
— BudgIT Nigeria (@BudgITng) September 21, 2018
Responses from Nigerians.
So we serviced debt to a tune of 109% when our capital exp is just about 62%. Studies have shown that if you use more debt to finance recurrent exp we may not achieve that which we desire. This debt should be used for capital exp to grow Nigeria.
— EdoBoy (@luvility) September 21, 2018
Capital expenditure where please???
— El_Akamba (@Dressiennkpanam) September 21, 2018
More clarity is always welcomed because it informs perpsectives.
One wonders (for instance) how much of the "66% performance" on capital expenditure is actual implementation (with certificates of completion) versus nominal disbursements.
— Babajide Ewuoso (@BabajideEwuoso) September 21, 2018
What Debt did they Service ?
— ✗DatGoodBoy (@itz_HisMaeeL) September 21, 2018
— ayokunle Olubunmi (@Ayokunle0789) September 21, 2018
Assuming customs generated over N1trn like they claimed and after deducting operational costs of 7% which is N70bn……N930bn should be remitted to Fed Account
48.5% of it should be 446.4bn.
So why are reporting N261bn?
— Cosmos (@EzehTochukwu) September 21, 2018
Of this 52% overall performance, I imagine that the recurrent element of it was 100%, yeah?
— Nedu Ekeke #BBOG (@Nedunaija) September 21, 2018
We would keep you updated as more information and details come through on the analysis and implications of these numbers.