BudgIT reveals 316 duplicated capital projects totaling N39.5bn & other loopholes which will lead to theft of public funds in Nigeria 2021 Budget – PensionNigeria

BudgIT reveals 316 duplicated capital projects totaling N39.5bn & other loopholes which will lead to theft of public funds in Nigeria 2021 Budget

BudgIT Nigeria analysis of the 2021 Budget reveals over 316 duplicated capital projects totalling N39.5bn, among other loopholes for corruption. BudgIT also found ZERO audit records of the N10.02tn received by the security sector between 2015 & 2021.

BudgIT Press Statement on ” Demanding Budget Reforms for Resource Optimization May 02 2021

2021 has been a horrifying year for Nigerians concerning security – as the country combats mutating forms of crime and terror across all its 36 states. This is despite allocating over N10.02tn to security between 2015 and 2021.

In the 2021 budget, the entire security sector’s allocation was N1.97tn, representing a 14% increase from the N1.78tn allocated in 2020.

Increased resources allocated to the security sector means that less money is available to develop other sectors; thus, there is a need for more scrutiny of how these allocations are budgeted and spent.

BudgIT publication also noted that various non-security related government agencies now request and receive allocations for “Security Votes”, an opaque feature of the Nigerian security ecosystem devoid of accountability. In the 2021 budget, 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.

Furthermore, BudgIT observed that the little budgetary allocation provided to other sectors are plagued with various loopholes for leakages and theft of public funds.

BudgIT investigations into the 2021 budget revealed at least 316 duplicated capital projects worth N39.5bn, with 115 of those duplicate projects occurring in the Ministry of Health.

This is very disturbing especially considering the health infrastructure deficit and the raging COVID-19 pandemic affecting Nigeria.

Even worse, agencies now receive allocations for capital projects they cannot execute. For example, the National Agriculture Seed Council has an allocation for N400m to construct solar street lights across all six geopolitical zones, while the Federal College of Forestry in Ibadan, Oyo State, got N50m for the construction of street lights in Edo State. These are aberrations that need to be corrected.

Nigeria is already haunted by a staggering N3.31tn debt servicing burden which will wipe out nearly 41.63% of the projected N7.99tn 2021 revenue. Nigeria Gov and National Assembly can maximise the little public funds left by blocking the leakages BudgIT has identified.

Download the full BudgIT publication here

Check out all our Blog posts here

error: Content is protected.