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The prevalence of severe food insecurity in Nigeria has been on a steady increase as the number of people affected rose from 11.9Million for 2014-2016 to 43 Million for 2018-2020 period.
Between January to May 2020, Nigeria spent ₦1.07 trillion on debt servicing. This is revealed in the 2021-2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) presentation of the Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed.
Budgetary provisions from the revised 2020 budget have continued to stimulate discussion on Nigeria’s revenue management framework and the country’s commitment to development. From the meagre provision for healthcare and education to the untouched legislature expenditure, the budget revision has been described as unsatisfactory. But a further review of the revised budget reveals components that raise more questions. Provisions for the Presidential Amnesty Program (PAP) is one of such.
A review of the Revised 2020 Budget exclusively obtained by DATAPHYTE indicates that the Federal Government has reduced the total budget size by only ₦84.71 billion. Against the background that the government initially proposed a ₦1.5 trillion budget cut (over 14 percent reduction of the total budget size), the new cut is low.
Most of the 36 states in Nigeria are reviewing their 2020 budgets. The review is in response to current economic challenges caused by the COVID-19 pandemic. Those that have reviewed cited dwindling oil prices and disruption of economic activities caused by coronavirus crisis. Since the price war started, the cost of crude oil has dropped drastically, affecting the revenue of the Nigerian Government.
For today’s Numbers To Ponder, DATAPHYTE takes a critical look at how Nigeria plans to fund research-based policy decisions with a meagre N111.2 billion in 2020 budget. We are also sharing details about Akwa Ibom 2020 budget cut, FG’s performance-based grant to 24 states, and other figures for you to ponder.
With the COVID 19 pandemic, communities and economies across the world are facing unprecedented challenges. The crises taking a toll on the society is reportedly devastating the poor and the vulnerable. Moreso, the pandemic is predicted to impacts on children globally.
Nigeria’s fiscals for 2020 has been confronted with a plethora of challenges from the onset of the budget cycle. As at when the 2020 appropriation bill was passed, the country had a budget deficit of ₦2.175 trillion. Fluctuations and crashes in the price of Brent crude together with the COVID 19 pandemic plunged the country into another financial crisis. To absorb the effect of the various financial assaults on the country, the 2020 budget was downsized by ₦1.5 trillion in March 2020.
