₦airaland Forum

Nigerians 2023 federal Budget (excluding state budget) is
6.005 trillion in Kenyan Shilling.

IGpro1:
Nigerians 2023 federal Budget (excluding state budget) is
6.005 trillion in Kenyan Shilling.

It's 5.5 trillion with half of it projected borrowing and half projected revenue..which you'll be lucky to get 50 percent with oil prices dropping

After 100 days of Ruto administration where has restored law and order, independence of institutions and independent bodies, has set foundations for economic stability and transformations, and has discontinued almost all terrible policies of Uhuru and previous gov, has restored Kenya international standing and respect, Ruto address the nation in a live interview from all media; with media asking tough questions.

All gov ministers and top official will from tomorrow met to set targets for the year.

“The programme starts at 7am and ends at 5pm. It will be a tough period for the Cabinet since they will have to outline what they intend to deliver and how they are going to do it,” a source who is not authorised to speak to the press said."


https://www.youtube.com/watch?v=NTTNAyl7Q8s

Kenya finally found the leader it deserves.

Mkenya2019:
It's 5.5 trillion with half of it projected borrowing and half projected revenue..which you'll be lucky to get 50 percent with oil prices dropping

Funding 2023 budget: The minister highlighted that while the total revenue available to fund the 2023 budget is estimated at N10.49 trillion, the government expects 22% of projected revenues from oil-related sources, while 78% is expected from non-oil sources.

This is a sharp contrast to the Buhari administration’s first budget presentation in 2016, where expected oil revenues were pegged at 70% and non-oil revenues were pegged at 30%.

For the record: The finance minister said that the oil and gas sector contribution as of the third quarter (Q3) of 2022 was 5.66%, which shows that it is the non-oil sector that is running the country’s economy. She highlighted the fact that sectors like ICT and Agriculture were doing better than mining as well as oil and gas sectors, so Nigeria’s economy is truly diversified and can no longer be referred to as a mono-economy.

As of 2021 - N3. 93 trillion - 4 trillion - with about 800B from Oil.So yes progress has been made. But 4 trillion is like 9 Billion dollars. While Kenya was doing 20B.

I am not sure of 2022 but 9 billion is about Ghana's 8.3 billion...or Uganda kind of revenues.

GeneralDae2:
Funding 2023 budget: The minister highlighted that while the total revenue available to fund the 2023 budget is estimated at N10.49 trillion, the government expects 22% of projected revenues from oil-related sources, while 78% is expected from non-oil sources.

This is a sharp contrast to the Buhari administration’s first budget presentation in 2016, where expected oil revenues were pegged at 70% and non-oil revenues were pegged at 30%.

For the record: The finance minister said that the oil and gas sector contribution as of the third quarter (Q3) of 2022 was 5.66%, which shows that it is the non-oil sector that is running the country’s economy. She highlighted the fact that sectors like ICT and Agriculture were doing better than mining as well as oil and gas sectors, so Nigeria’s economy is truly diversified and can no longer be referred to as a mono-economy.

IGpro1:
Nigerians 2023 federal Budget (excluding state budget) is
6.005 trillion in Kenyan Shilling.

Shillings?

Mkenya2019:
As of 2021 - N3. 93 trillion - 4 trillion - with about 800B from Oil.So yes progress has been made. But 4 trillion is like 9 Billion dollars. While Kenya was doing 20B.

I am not sure of 2022 but 9 billion is about Ghana's 8.3 billion...or Uganda kind of revenues.

This is 2021. From probably thesame article you got your 3.93 trillion Naira from.

According to Buhari, total revenue available to fund the 2022 Federal Budget is estimated at N10.13 trillion, including grants and aid of N63.38 billion, as well as the revenues of 63 Government-Owned Enterprises (GOEs).

Nigerian sources of revenues are diverse and interesting although oil is the major focus and life pillar because of years of investments in the oil sector.
10.13 trillion Naira at 410 Naira to a dollar in 2021 is over 25 Billion dollars not 8 Billion or 9 Billion.

https://www.vanguardngr.com/2021/10/fg-generates-73-of-its-targeted-revenue-for-2021/

English is your main problem.
2021 - 4 trillion - actual - against 6.3 trillion projected.73% achievement.
2022 - 10 trillion projected - we shall see how much they collected soon - generally they've been doing around 1.2 trillion per Q - so total might be 5 trillion. 50% of the projection

2023 - again projecting 10 trillion plus. They just cant help but be ambitious and delusional.

And they are hoping to borrow 10 trillion more...cant help but be irresponsible.

GeneralDae2:
This is 2021. From probably thesame article you got your 3.93 trillion Naira from.

According to Buhari, total revenue available to fund the 2022 Federal Budget is estimated at N10.13 trillion, including grants and aid of N63.38 billion, as well as the revenues of 63 Government-Owned Enterprises (GOEs).

Nigerian sources of revenues are diverse and interesting although oil is the major focus and life pillar because of years of investments in the oil sector.
10.13 trillion Naira at 410 Naira to a dollar in 2021 is over 25 Billion dollars not 8 Billion or 9 Billion.

https://www.vanguardngr.com/2021/10/fg-generates-73-of-its-targeted-revenue-for-2021/

South Africa - I thought was trapped in middle class - look like they are racing literraly to the bottom.

Mkenya2019:
English is your main problem.
2021 - 4 trillion - actual - against 6.3 trillion projected.73% achievement.
2022 - 10 trillion projected - we shall see how much they collected soon - generally they've been doing around 1.2 trillion per Q - so total might be 5 trillion. 50% of the projection

2023 - again projecting 10 trillion plus. They just cant help but be ambitious and delusional.

And they are hoping to borrow 10 trillion more...cant help but be irresponsible.

As at the end of 2021 (October 2021), 10.13 trillion naira was already available (not estimated) which included revenues from 63 Government owned enterprises to fund the 16 trillion naira budget of 2022. Read the bolded.

Nigerian ministers most times speak of the budget based on estimated oil revenues. Our budget have always been officially benchmarked and estimated based on oil revenues.

Mkenya2019:
As of 2021 - N3. 93 trillion - 4 trillion - with about 800B from Oil.So yes progress has been made. But 4 trillion is like 9 Billion dollars. While Kenya was doing 20B.

I am not sure of 2022 but 9 billion is about Ghana's 8.3 billion...or Uganda kind of revenues.

2023 and you're still making figures out of your ass

GeneralDae:
As at the end of 2021 (October 2021), 10.13 trillion naira was already available (not estimated) which included revenues from 63 Government owned enterprises to fund the 16 trillion naira budget of 2022. Read the bolded.

Nigerian ministers most times speak of the budget based on estimated oil revenues. Our budget have always been officially benchmarked and estimated based on oil revenues.

Stop trying to convince him.

He will only believe what he wants to believe, facts does not matter(unless when they portray Kenya in a good light) to this kind of people. They are too far gone in their delusion.

IGpro1:
Nigerians 2023 federal Budget (excluding state budget) is
6.005 trillion in Kenyan Shilling.

We really need to improve on our tax collection.

The number of people paying Tax is to low in Nigeria

Mkenya2019:
English is your main problem.
2021 - 4 trillion - actual - against 6.3 trillion projected.73% achievement.
2022 - 10 trillion projected - we shall see how much they collected soon - generally they've been doing around 1.2 trillion per Q - so total might be 5 trillion. 50% of the projection

2023 - again projecting 10 trillion plus. They just cant help but be ambitious and delusional.

And they are hoping to borrow 10 trillion more...cant help but be irresponsible.

Pulling figures out of your ass again RVP?

Where’s the proof that Nigeria collects 1.2 trillion per Quarter?

“The report also put the gross federation receipt that is revenue collected at N1.18 trillion in October, higher than the September receipt by 7.0 percent “as a result of significant boost in oil revenue.”

That was what was collected in the month of october.

A Quarter is 3 month, where did you keep getting these figures from? Are you right in the head?

https://yourbudgit.com/wp-content/uploads/2020/12/2021-Budget-Analysis-Proposed.pdf
1) 2020 - you had 55% budget performance - collecting 1.65 trillion naira. Total budget was 10 trillion Naira.
2) 2021 - you had 73% budget performance - collecting 4 trillion against projected 7 trillion. You ended borrowing 7 trillion. Total budget 13 trillion naira
3) 2022- we shall soon find our you Nigeria federal gov is underperforming - total budget is 16 trillion.

4) 2023 - you're proposing to spend 20 trillion - with 10 trillion being projected revenues - 10 trillion being projected borrowings.

It appears to me you're raking in more and more borrowing from a fake GDP and soon you're going bankrupt like Ghana.

Already Nigeria is more debt distressed than Kenya. You are projected have 172 billion dollars in debt by end of 2023 with overestimated GDP. - and you're now over 100 % in debt servicing ration.... meaning your debt obligation yearly exceed revenues ...and you continue to overestimate the budget and borrow more and more.

The only saving grace most of borrowing is internally - you'll crowd out private investment to feed the beast - and generate more poverty.

https://www.nasdaq.com/articles/nigerias-total-debt-to-hit-$172-bln-after-loan-to-bond-swap-new-borrowings-dmo

GeneralDae:
As at the end of 2021 (October 2021), 10.13 trillion naira was already available (not estimated) which included revenues from 63 Government owned enterprises to fund the 16 trillion naira budget of 2022. Read the bolded.

Nigerian ministers most times speak of the budget based on estimated oil revenues. Our budget have always been officially benchmarked and estimated based on oil revenues.

Save the abuses - it doesnt work on me.
Just tell us what Nigeria has collected in 2022.
Revenues upto september was 4 trillion "Puts revenue as at September 2022 at N4.19trn – 67% target.
So if we had 1.1 trillion every month for Oct, Nov, Dec - we are talking 7 trillion - 70% below projected 10 trillion in 2022.
https://www.thisdaylive.com/index.php/2022/12/02/ahmed-nigeria-not-broke-economy-challenged-on-many-fronts/

Shaytun:
Pulling figures out of your ass again RVP?

Where’s the proof that Nigeria collects 1.2 trillion per Quarter?

“The report also put the gross federation receipt that is revenue collected at N1.18 trillion in October, higher than the September receipt by 7.0 percent “as a result of significant boost in oil revenue.”

That was what was collected in the month of october.

A Quarter is 3 month, where did you keep getting these figures from? Are you right in the head?

https://www.youtube.com/watch?v=omZqDVlQU6Y

Just how much Nairobi is changing

https://www.youtube.com/watch?v=Zk1t5MqRqF8

Nigeria spending almost 4 trillion Naira on petrol subsides - leave alone electricity and forex subsidies- that is benefiting the rich and generating poverty at industrial scale.

https://www.citizen.digital/news/nigeria-to-spend-ksh926-billion-on-petrol-subsidy-to-mid-2023-n312087

Nigeria will keep its costly but popular petrol subsidy until mid-2023 and has set aside 3.36 trillion naira ($7.5 bln, approx. Ksh.926 billion) to spend on it, Finance Minister Zainab Ahmed said on Wednesday.

Africa's biggest economy spent 2.91 trillion naira ($7 billion, approx. Ksh.864 billion) towards a petrol subsidy between January and September 2022, state-owned firm NNPC said, a cost the government has blamed for dwindling public finances.

Successive governments in Nigeria have tried and failed to remove or cut the subsidy, a politically sensitive issue in the country of 200 million people.

Inefficient use of resources is constraining Nigeria's development goals, the World Bank has said, urging the country to remove subsidies on petrol, electricity and foreign exchange that mostly benefit wealthy households.

Global Food Security Index 2022 - by Economist.

https://impact.economist.com/sustainability/project/food-security-index/

Largely semi-arid Kenya second to South Africa in Sub Sahara Africa. Nigeria at bottom 4 in Africa.


The GFSI considers the issues of:
Affordability
Measures the ability of consumers to purchase food, their vulnerability to price shocks and the presence of programmes and policies to support consumers when shocks occur.

Availability
Measures agricultural production and on-farm capabilities, the risk of supply disruption, national capacity to disseminate food and research efforts to expand agricultural output.

Quality and Safety
Measures the variety and nutritional quality of average diets, as well as the safety of food.

Sustainability and Adaptation
Assesses a country's exposure to the impacts of climate change; its susceptibility to natural resource risks; and how the country is adapting to these risks.

Mkenya2019:
https://yourbudgit.com/wp-content/uploads/2020/12/2021-Budget-Analysis-Proposed.pdf
1) 2020 - you had 55% budget performance - collecting 1.65 trillion naira. Total budget was 10 trillion Naira.
2) 2021 - you had 73% budget performance - collecting 4 trillion against projected 7 trillion. You ended borrowing 7 trillion. Total budget 13 trillion naira
3) 2022- we shall soon find our you Nigeria federal gov is underperforming - total budget is 16 trillion.

4) 2023 - you're proposing to spend 20 trillion - with 10 trillion being projected revenues - 10 trillion being projected borrowings.

It appears to me you're raking in more and more borrowing from a fake GDP and soon you're going bankrupt like Ghana.

Already Nigeria is more debt distressed than Kenya. You are projected have 172 billion dollars in debt by end of 2023 with overestimated GDP. - and you're now over 100 % in debt servicing ration.... meaning your debt obligation yearly exceed revenues ...and you continue to overestimate the budget and borrow more and more.

The only saving grace most of borrowing is internally - you'll crowd out private investment to feed the beast - and generate more poverty.

https://www.nasdaq.com/articles/nigerias-total-debt-to-hit-$172-bln-after-loan-to-bond-swap-new-borrowings-dmo

Those 1.65 trillion (low oil sales in 2020) and 4 trillion naira (collected in 2021) were not total revenues of Nigeria just oil revenues mostly which the budget was benchmarked against during it's preparation as usuaI. I just showed you where Buhari himself gave you other forms of revenues for Government not considered within the Budget calculations.

I think you are not engaging my post you just want to project what you read and don't understand so I'll leave you with your ignorance.

You're a cartoon.
Let use 2021.
That 4 trillion in Federal revenues include oil revenues of 800B naira. I guess being federal share of oil revenues (states & LGA take their share)
The rest (about 3 trillion) are non-oil revenues.

State budgets - outside a few like Lagos, Osun and few in South East (Cross River) - almost entirely depend on federal allocation of oil revenues and other taxes.

It appears you actually did 50% of the projection. Crazy zoo you got there.

"N4.39 trillion With both oil and non-oil revenues far off from the amounts in the approved budget of 2021, Nigeria ended 2021 generating N4. 39 trillion as total revenue in contrast to N8. 12 trillion targeted in the 2021 appropriation act., representing a decline of 45.9 percent in total revenue generation."

2021 for first eight months look like this.

GeneralDae:
Those 1.65 trillion (low oil sales in 2020) and 4 trillion naira (collected in 2020 and 2021 respectively) were not total revenues of Nigeria just oil revenues mostly which the budget was benchmarked against during preparation as usuaI. I just showed you where Buhari himself gave you other forms of revenues for Government not considered within the Budget calculations.

I think you are not engaging my post you just want to project what you read and don't understand so I'll leave you with your ignorance.

Actually these guys at BudgITng - done the donkey work. The zoo is hilarious. Definitely headed to bankruptcy in a year or two max.
https://twitter.com/BudgITng/status/1610885749125029888

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BudgIT Nigeria
@BudgITng
·
1h
Currently, the FG has been on a borrowing binge as domestic debt increased from N8.3tn in June 2015 to N21.6tn as of June 2022, & foreign debt rose from $10b in 2015 to $39.66b in 2022.
BudgIT Nigeria
@BudgITng
·
1h
Similarly, interest paid in Ways and Means (CBN Debt to FG) grew from N9.51b in 2017 to N1.22tn in 2021. In the meantime. the CBN's new debt adds at least N2.5tn annually to Nigeria’s debt servicing costs.
BudgIT Nigeria
@BudgITng
·
1h
According to a recent MTF, Nigeria's debt servicing cost is projected to reach N10tn in 2025. If National Assembly approves this action, FG's public debt will rise from its current state by 59% - from $89.5b to $142b.
BudgIT Nigeria
@BudgITng
In 2021, FG used 91% of its N4.64tn revenue to service public debt. Unless something drastic happens with revenue growth, the FG will spend more on servicing debt. This has implications for inflation, economic confidence, higher interest rates & weakened exchange rates.

Mkenya2019:
You're a cartoon.
Let use 2021.
That 4 trillion in Federal revenues include oil revenues of 800B naira. I guess being federal share of oil revenues (states & LGA take their share)
The rest (about 3 trillion) are non-oil revenues.

State budgets - outside a few like Lagos, Osun and few in South East - the rest depend almost entirely on federal allocation of oil revenues and other taxes.

It appears you actually did 50% of the projection. Crazy zoo you got there.

"N4.39 trillion With both oil and non-oil revenues far off from the amounts in the approved budget of 2021, Nigeria ended 2021 generating N4. 39 trillion as total revenue in contrast to N8. 12 trillion targeted in the 2021 appropriation act., representing a decline of 45.9 percent in total revenue generation."

Again you are not engaging my post. The Nigerian budget is Benchmarked on mostly oil sales revenues and whatever taxes added are small and used in budget calculations. Last year all of that was 7 trillion like you said, this year it is projected to reach 10 trillion naira for the first time as far as budget calculations in Nigeria are concerned
However, again (for the last time), I just showed you there are other sources of revenues which are not your normal small taxes or revenues from oil which the budget does not encapsulate.

Read the 2021 report again. Buhari already spoke of a 10,13 trillion naira somewhere which was not factored in the 7 trillion naira projected revenue then for the budget. If you don't answer this point then there's no need to engage my post further. Just admit you didn't know.

Mkenya2019:
Actually these guys at BudgITng - done the donkey work. The zoo is hilarious. Definitely headed to bankruptcy in a year or two max.
https://twitter.com/BudgITng/status/1610885749125029888

Thread
See new Tweets
Conversation
BudgIT Nigeria
@BudgITng
·
1h
Currently, the FG has been on a borrowing binge as domestic debt increased from N8.3tn in June 2015 to N21.6tn as of June 2022, & foreign debt rose from $10b in 2015 to $39.66b in 2022.
BudgIT Nigeria
@BudgITng
·
1h
Similarly, interest paid in Ways and Means (CBN Debt to FG) grew from N9.51b in 2017 to N1.22tn in 2021. In the meantime. the CBN's new debt adds at least N2.5tn annually to Nigeria’s debt servicing costs.
BudgIT Nigeria
@BudgITng
·
1h
According to a recent MTF, Nigeria's debt servicing cost is projected to reach N10tn in 2025. If National Assembly approves this action, FG's public debt will rise from its current state by 59% - from $89.5b to $142b.
BudgIT Nigeria
@BudgITng
In 2021, FG used 91% of its N4.64tn revenue to service public debt. Unless something drastic happens with revenue growth, the FG will spend more on servicing debt. This has implications for inflation, economic confidence, higher interest rates & weakened exchange rates.

You are quite hilarious. The foreign debt has only 15 Billion dollars eurobond and others which are mostly taken care of by oil sales. All of the other debts ( which are about 150 Billion dollars in total) are from within Nigeria, so I don't see the real problem here. We always have a way of taking care of those naira debts which have never been a problem.

You're typing a lot of nonsense and sending me in wild goose chase in direction of sleepy Buhari.

Getting the breakdown of revenues is not rocket science hidden in Aso Rock presidential villa.

You should as Nigeria have access to that kind of information

1) 2021 Federal revenue actual
2) 2021 36 states
3) LGA.

In meantime stop the nonsense.

GeneralDae:
Again you are not engaging my post. The Nigerian budget is Benchmarked on mostly oil sales revenues and whatever taxes added are small and used in budget calculations. Last year all of that was 7 trillion like you said, this year it is projected to reach 10 trillion naira for the first time as far as budget calculations in Nigeria are concerned
However, again (for the last time), I just showed you there are other sources of revenues which are not your normal small taxes or revenues from oil which the budget does not encapsulate.

Read the 2021 report again. Buhari already spoke of a 10,13 trillion naira somewhere which was not factored in the 7 trillion naira projected revenue then for the budget. If you don't answer this point then there's no need to engage my post further. Just admit you didn't know.

You're already spending all your revenues to repay maturing debt.
You're financing your spending basically by borrowing new loans.
You're not stopping but borrowing.... because you're in rat hole.
Thankfully nobody outside Nigeria is that keen to lend you...unlike the small Zoo who conned lots of foreign investors.

End of this year - it goes to 172 billion - while you can barely generate 10 billion dollars in revenue.

What will happen - from next year - you won't be able to roll over debt - you will have two options.
1) Default local debt & external debt like Mini Zoo Ghana
2) Nationalize the debt by printing Naira to repay local debt....weaken the Naira beyond it's real value of 700 naira to dollar.

Nigeria remembers had whopping almost 40B dollars forgiven just few years ago together with Mini Zoo.

But increasing debt by almost 70 billion dollars in 2023 is CRAAAAAAAAAAAAAAAAAAAzy

GeneralDae:
You are quite hilarious. The foreign debt has only 15 Billion dollars eurobond and others which are mostly taken care of by oil sales. All of the other debts ( which are about 150 Billion dollars) in total are from within Nigeria, so I don't see the real problem here. We always have a way of taking care of those naira debts which have never been a problem.

GeneralDae:
Those 1.65 trillion (low oil sales in 2020) and 4 trillion naira (collected in 2021) were not total revenues of Nigeria just oil revenues mostly which the budget was benchmarked against during it's preparation as usuaI. I just showed you where Buhari himself gave you other forms of revenues for Government not considered within the Budget calculations.

I think you are not engaging my post you just want to project what you read and don't understand so I'll leave you with your ignorance.

FIRS actually collected #6.5tr in 2021, not #4tr.

Mkenya2019:
You're already spending all your revenues to repay maturing debt.
You're financing your spending basically by borrowing new loans.
You're not stopping but borrowing.... because you're in rat hole.
Thankfully nobody outside Nigeria is that keen to lend you...unlike the small Zoo who conned lots of foreign investors.

End of this year - it goes to 172 billion - while you can barely generate 10 billion dollars in revenue.

What will happen - from next year - you won't be able to roll over debt - you will have two options.
1) Default local debt & external debt like Mini Zoo Ghana
2) Nationalize the debt by printing Naira to repay local debt....weaken the Naira beyond it's real value of 700 naira to dollar.

Nigeria remembers had whopping almost 40B dollars forgiven just few years ago together with Mini Zoo.

But increasing debt by almost 70 billion dollars in 2023 is CRAAAAAAAAAAAAAAAAAAAzy

W hat $40bn are you talking about? We had a deal with the Paris club for debt cancellation because we qualified for it. We paid $12bn at a fell swoop and $18bn was cancelled. $12bn!

Obaaderemi2:
W hat $40bn are you talking about? We had a deal with the Paris club for debt cancellation because we qualified for it. We paid $12bn at a fell swoop and $18bn was cancelled. $12bn!

The guy is obtuse. He is deliberately avoiding my post. Even outside the 6.5 trillion collected in 2021, I just showed him that as of October 2021, 10.13 trillion naira was the total revenue available to Nigeria from all angles. However, within the Budget calculations limited to FIRS and oil revenues, we had only collected about 3 trillion naira (out of that 10 trillion) and we had estimated to collect 7 trillion.
What this means is that there are other sectors for revenue collection which the budget does not officially take into consideration. He is delibrately avoiding that and parabulating, so we let him be I guess.

Let's wait and see who will default first. Ruto is already begging for his life. Kenya already defaulted on its Chinese loans and got lashed by the slave masters for it. Let's wait. We'll see who the next Lebanon is.

GeneralDae:
The guy is obtuse. He is purposefully avoiding my post. Even outside the 6.5 trillion collected in 2021, I just showed him that as of October 2021, 10.13 trillion naira was the total revenue available to Nigeria from all angles. However, within the Budget calculations limited to FIRS and oil revenues, we had only collected about 3 trillion naira (out of that 10 trillion) and we had estimated to collect 7 trillion.
What this means is that there are other sectors for revenue collection which the budget does not officially take into consideration. He is purposefully avoiding that and parabulating, so we let him be I guess.

He is right now combing through the internet to see what he can use next. Instead of him to worry about Kenya drowning in debt.
He should wonder how we are paying debt and still spending on infrastructure across the country.