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1. I beg to differ. If you check FGs budget for the last five years, u will see a line for FG independent revenue. This is the line that captures the remittances mentioned in this letter. That line barely does 50% annually. Practically all MDAs fail to remit the estimated figure https://twitter.com/Advsola/status/1390688068055801857
2. NNPC being the biggest culprit. Even the CBN under remits. Not excusing anyone of them but the bigger problem in my view is an over estimate by the Budget office. I have long advocated for a different approach that will ensure FG gets more revs.
3. I will post the performance against budget from 2015 to 2020 later. It is surely not an NPA issue.
4. This is the budget v performance:
Budget. Performance % Perf
2016 1.51 tril 238 b 15.9%
2017 808 b 295 b 36.5%
2018 848 b 395 b 46.6%
Budget. Performance % Perf
2016 1.51 tril 238 b 15.9%
2017 808 b 295 b 36.5%
2018 848 b 395 b 46.6%
5.
Budget Performance % Perf
2019 631 b 557 b 88.3%
2020 933 b 519 b 55.6%
Average performance in the last 5 years was just 42.4%.
Budget Performance % Perf
2019 631 b 557 b 88.3%
2020 933 b 519 b 55.6%
Average performance in the last 5 years was just 42.4%.
6. Performance only began to improve when the budget was significantly reduced in 2019 from all time high of N1.51 trillion in 2016 to N631 billion in 2019. In the 5 years in question, NPA's 165 billion question is just 3.5% of the budgeted Independent revenue of N4.73 tril.
7. NPA's alleged non performance of N165 billion is also only 6.1% of the total budgeted unremitted revenue of N2.722 trillion. So what is going to happen to the heads of the MDAs of the remaining 93.9%?
8. They all deserve to be investigated and if found guilty of withholding FGs funds, should be dealt with appropriately. No cherry picking.
9. Data is from FGs 4th Quarter Budget Implementation Report of the relevant years. The reports are available on the website of the Budget Office of the Fed.
