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Business News

2021 Budget: 316 duplicated capital projects totaling N39.5 billion – BudgIT

The report warned that Nigeria’s rising debt service burden is projected to wipe out nearly 41.63% of the projected N7.99 trillion revenue for the accounting year.

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BudgIT Nigeria, a civic-tech NGO has disclosed that there are numerous loopholes in the 2021 budget. In its report, the organisation cited 316 duplicated capital projects totaling N39.5 billion, a 14% increase to the security sector allocation with no audit done in 5 years and many others.

The NGO disclosed this in a statement signed by Iyanu Fatoba, its Communications Associate on Tuesday morning titled “Corruption loopholes in the budget process” and called for immediate budget reforms to close the loopholes.

Loopholes discovered in the 2021 Budget

  • 316 duplicated capital projects totaling N39.5 billion.
  • ZERO audit records of the N10.02tn received by the security sector between 2015 and 2021.
  • a total of 117 federal agencies received allocations for “Security Votes” worth N24.3bn, despite many of these agencies already having allocations for “Security Charges” to cover each agency’s security needs.

READ: 2020 budget performance: FG achieves 89% capital release in December 2020

They added that some agencies also received budget allocations for projects they cannot execute citing a N400 million allocation to the National Agriculture Seed Council to construct solar street lights across all six geopolitical zones. The Federal College of Forestry in Ibadan, Oyo State, got N50m for the construction of street lights in Edo State.

The report warned that Nigeria’s rising debt service burden is projected to wipe out nearly 41.63% of the projected N7.99 trillion revenue for the accounting year and urged that closing budgetary leakages is a major step in reducing bloated government expenses.

What you should know

President Muhammadu Buhari signed the 2021 Appropriation Bill of N13.588 trillion into law on the 31st December 2020.

The Federal Government of Nigeria achieved a debt service to revenue ratio of 83% in 2020, which was disclosed in the budget implementation report of the government for the year ended December 2020. The total revenue earned in 2020 was N3.93 trillion representing a 27% drop from the target revenues of N5.365 trillion. However, debt service for the year was a sum of N3.26 trillion or 82.9% of revenue.

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Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Hotflex

READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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