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Nigeria moved two points up in the International Monetary Fund (IMF) ranking of countries’ GDP for current market prices. However, it maintained its 2021 rank on Purchasing Power Parity (PPP) of the GDP.
SMEDAN disbursed over ₦2.47 billion in questionable transactions Q1 2020; topping it off by engaging 33 unverified contractors, contravening open contracting guidelines and financial regulations.
Besides some questionable acquisitions, the NSCDC’s dealings left qualified contractors out of the bid circle. Further aggravating the situation was the agency’s decision to use five unregistered contractors; a move it had been criticised for in the past for its breach of section 113 (i) of the Financial Regulations 2009 and the Public Procurement Act, 2007.
Government parastatals disbursed ₦2.48 trillion in ten months, according to details from the Open Treasury Portal. But eight percent of said transactions had no descriptions. Already experts had earlier noted nameless transactions to be reminiscent of corruption. So with ₦210.4 billion unaccounted for, how effective is President Buhari’s transparency campaign?
Recent stats from the Nigerian Communication Commission (NCC) shows a new fountainhead in telecoms. Accounting for 14.30% in the second quarter and surpassing oil by 5.37%, could Nigeria have overlooked this sector in her quest for diversification?
Despite many criticising MDAs for fund mismanagement, the government remains aloof, ignoring recommendations from the Auditor-General.
The Office of the Auditor-General of the Federation (OAuGF) revealed how ₦6.54 trillion was unaccounted for by MDAs in four years;
Despite the economic uncertainty around the new normal, Federal Government (FG) increased the capital expenditure budget for security, 2021. The budget which was ₦190.65 billion in 2020 now futures an 11.3% spike to ₦212.32bn for the following year. The projected sum per data from the Budget Office of the Federation is part of the expected total ₦12.65 trillion capital expenditure ceiling for Ministries, Departments, and Agencies (MDAs).
In June, the Federation Account Allocation Committee (FAAC) disbursed a sum of ₦547.31 billion to the three tiers of government. Of this sum, the federal government (FG) received ₦219.80 billion, while states received ₦152.47 billion. Disbursement to local governments was ₦114.09 billion. The FAAC paid out the remaining funds as derivation funds to oil-producing states and other statutory agencies of government. From the report, DATAPHYTE have identified five subjects of attention.
Nigeria still ranks high in illicit financial flow;
Five subsidiaries of the Nigerian National Petroleum Corporation (NNPC) have denied the Federal Government (FG) multi-billion naira in taxes, according to Dataphyte’s analysis. The analysis of the financial statements showed that Integrated Data Services Limited, Duke Oil Company Inc, Wheel Insurance Limited, N-Gas Limited, and National Petroleum Investment Management Services (NAPIMS) failed to make tax payments to the government.
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In the first quarter of 2020, the Federal Government made N950.56 billion in revenue. Of this amount, N943.12 billion went into debt servicing, representing 99 percent of the total revenue. But policymakers have attributed the issue to revenue shortfall than debt servicing. Arising from these is the problem of revenue leakages, sharp practices from tax administrators, and lack of institutional framework.
Our findings show that the Federal Government of Nigeria incurred 350 billion Naira debt through Sukuk Bond on three different offerings since 2017. Yet, the most shocking detail is what’s being done or what isn’t.
Insufficient bank branches, high banking fees, stringent identity verification, and financial illiteracy are some of the identified causes of financial exclusion in Nigeria.
Without Due Process, NNPC Recruited More Staff Despite Losses, Personnel Earn More Than Nigerian President
