.In November, the Federal Government spent 95.9 percent of its resources on statutory transfers and recurrent expenditure , leaving a paltry 4.1 percent for capital projects.
Government expended N540.67 billion. This went below the monthly budget estimate of N865.31 billion by 37.5 percent, as well as the N776.87 billion recorded in the preceding month by 30.4 percent.The expenditure pattern shows that the recurrent expenditure took up N479.57 billion , while capital expenditure got a paltry N22.16 billion and transfers took up N38.92 billion in the review period.
He explained: “The 2020 approved budget of N10.59 trillion, for instance, has a capital component of N2.78 trillion, representing 26.2 per cent of the total approved fiscal plan. This percentage could reduce if, for some reason, the total budget is not fully implemented. The decline, relative to the monthly budget estimate, was attributed to shortfall in both oil and non-oil revenues, an indication of continued growth struggle, but mostly, dependence on crude oil. Oil receipt, at N489.08 billion or 56.9 percent of total revenue, was below both the monthly budget of N798.83 billion and the preceding month’s receipt of N577.30 by 38.8 percent and 15.3 percent, respectively.
The Federal Government received N276.12 billion, while the state and local governments received N140.05 billion and N107.98 billion, respectively. The balance of N47.91 billion was shared among the oil- producing states as 13 percent Derivation Fund.From the N100.72 billion transferred to the VAT Pool Account, the Federal Government received N15.11 billion, while the state and local governments received N50.36 billion and N35.25 billion.
When things are done correctly the following agency will chunck out $100b each: *Solid Minerals *NNPC *NPA *Agriculture *Ajaokuta But we wasting time on $28b (N10t) Federal Budget that's anti development. When we could be generating $600b budget for 200m Nigerians.
I said something not adding up when the State of California budget for 2020 is $214b, Nigeria government operating budget is N10 trillion ($28b), a drop in the bucket for an oil producing country. You can never have meaningful development at this rate. California population 30m
Always always