BudgIT: FG spent N19trn in 2023 — but generated only N5.9trn revenue

Published

1 month ago

August 27, 2024

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BudgIT, a civic-tech non-profit organisation, says the federal government spent more than three times what it earned in revenue in 2023.

In a post on X on Monday, BudgIT said the government made revenue of N5.99 trillion, spent N19.50 trillion and recorded a deficit of N13.50 trillion — 225 percent of the total revenue.

The organisation said this is according to the 2023 fiscal accounts report of the accountant general of the federation.

“N3.80 trillion came from the Federation Account Allocation Committee (FAAC), FG share of independent revenue raked in N1.98 trillion,” BudgIT said.

BudgIT said the government share of the federation account contributed N2.39 trillion, exchange rate differences were N715.75 billion, while value-added tax (VAT) accrued for N441.87 billion.

According to BudgIT, debt servicing accounted for 43.9 percent of the budget at N8.56 trillion — the largest single expense.

The civic tech organisation said non-debt spending took up 27.8 percent at N5.42 trillion, while capital expenditure was 23 percent at N4.49 trillion.

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It said a significant portion of government spending was directed toward debt servicing, surpassing the revenue generated.

“As a result, the government continues to drift away from fiscal responsibility by borrowing more than it earns, resulting in a deficit of N13.50tn,” BudgIT added.

On July 9, the budget office of the federation said the government spent N5.78 trillion on debt servicing in the first nine months of 2023.

Related Topics:2023 BudgIT EXPENDITURE FEDERAL GOVERNMENT

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17 killed in mass shooting in South Africa

Published

34 mins ago

September 28, 2024

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Seventeen people have been killed in a mass shooting in a remote South African town.

According to the BBC, the police said two homesteads in the town of Lusikisiki in the Eastern Cape, were targeted.

At least 12 women and one man were said to have been killed in one location, with three women and one man murdered in a second location.

An 18th victim is in critical condition in hospital.

The police said a manhunt for the perpetrators is under way.

Senzo Mchunu, the police minister, is expected to provide an update and visit the area where the attack occurred.

South African media report that the victims were preparing to attend a traditional mourning ceremony for a mother and daughter who were murdered a year ago.

They were packing goods and presents, including furniture, for the event when the attacked occurred on Friday night.

“The gunmen came and shot randomly, killing everyone. Women and children were also killed in the bloody shooting,“ the reports read.

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“This has left the community terrified.”

Officials are yet to determine the motive or make any arrests.

Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

3 hours ago

September 28, 2024

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Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

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“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

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Israel claims Hezbollah leader killed in Beirut strike

Published

4 hours ago

September 28, 2024

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The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.