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BudgIT Nigeria Profile picture
@BudgITng
Jun 13, 2018 • 27 tweets • 13 min read • Read on X
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Join us at 12:00 pm as we discuss the Petroleum Industry Administration Bill @NRGInstitute @OSIWA1 #FixOurOil
What is the Bill meant to do? #FixOurOil
What is the objective of the PIAB? What is it meant to achieve? #FixOurOil
The Regulatory Commission will be in charge of Acreage Administration #FixOurOil
Licenses that can be gotten in the Upstream Sector #FixOurOil
Exploration License will be for 3 years and it is renewable #FixOurOil
Petroleum license shall not exceed 5 years over acreage on land & shallow waters #FixOurOil
Petroleum license on acreage on land & shallow waters shall not exceed 500 square kilometers #FixOurOil
What will be the term of Petroleum Licenses? #FixOurOil
Discretionary award of petroleum licenses by the President #FixOurOil
Licensees of oil blocks shall be published in 2 daily newspapers #FixOurOil
How will signature bonus be measured? #FixOurOil
Is petroleum license renewable? #FixOurOil
Failure of a licensee to provide relevant data to the Commission shall attract a penalty of N15 million #FixOurOil
Are licensees liable to submit an Environmental Management Plan? #FixOurOil
What will be the timeline to apply for a license under the Midstream & Downstream Gas Sector Regulation? #FixOurOil
Who is in charge of Domestic Gas Aggregator? #FixOurOil
How will the facilities and infrastructure used in the Midstream Petroleum Liquids Sector be assessed? #FixOurOil
Who issues Crude Oil Refining License? #FixOurOil
There will be disputes at levels. How will it be resolved? #FixOurOil
Who is responsible for Market Regulation? #FixOurOil
All licensees must register with the Commission #FixOurOil
Licensees cannot flare gas without authorization by the Commission #FixOurOil
Penalty for flaring gas? #FixOurOil
Consequence for flaring gas without a permit? #FixOurOil
What if an operator fails to install metering equipment within the specified period? #FixOurOil
There are questions yet to be answered especially on the discretionary award of licenses by the President. This can lead to another case of MALABU #FixOurOil

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More from @BudgITng

BudgIT Nigeria Profile picture
Sep 20, 2018
THREAD: Friends, ahead of @EiENigeria and partners debate with Osun Guber candidates, let's have a quick review of Osun State Finances.

You will notice that Osun State receipts from FAAC has dwindled. From a Net FAAC Allocation of N46bn in 2013 to N10.4bn in 2017. #OsunDecides
Oil prices started falling in 2014, a big challenge for Osun State has been its accumulation of debt not linked to growth in internal revenues. Total Debt Stock moved from N51bn in 2013 to N167bn as at 2017. #OsunDecides
The big challenge for Osun State is the direct DEDUCTIONS by CBN before it earns FAAC allocation.

According to BudgIT Research, Osun gross allocation between 2015 and 2017 is meant to N109bn. However, N73bn was deducted leaving the state to receive on N36.5bn. #OsunDecides
Read 10 tweets
BudgIT Nigeria Profile picture
Sep 19, 2018
Extracts from the 2018 State of States Reports!

THREAD!!!

This is how your state generated its IGR in 2017! Its Obvious Lagos State is the Elephant in the room.

#StateOfStates2018
#AskQuestions
This is what your state is owing when it comes to DOMESTIC DEBT. Well, Its obvious Lagos state is also taking the LEAD.

#StateOfStates2018
#AskQuestions
This is the details of what your state makes from your VALUE ADDED TAX. Nassarawa State has the lowest.

#StateOfStates2018
#AskQuestions
Read 8 tweets
BudgIT Nigeria Profile picture
Aug 8, 2018
#Thread

NNPC claims it lost N111.42 billion worth of crude oil and products in its custody between 2015 - 2017. This is separate from the N427 billion it claimed as financial losses incurred at its corporate headquarters alone, CHQ within the same period.

#FixOurOil
NNPC paid N450 billion as subsidy to oil marketers without approval of the National Assembly. As a result, PMS 'consumed' JUMPED from 24.1m litres/day to a peak of 52.7m liters/day in March 2017. The extra, cheap fuel is sent out for sale neighbouring countries.

#FixOurOil
NNPC deducted N427 billion from Nigeria's crude oil revenue - without approval of the National Assembly @nassnigeria - to cover 'financial losses' at its corporate headquarters, CHQ alone between 2015 - 2017.

This is more than the 2018 budget for Health of N356bn.

#FixOurOil
Read 8 tweets
BudgIT Nigeria Profile picture
May 29, 2018
THREAD: Here is the review of the performance of the current administration of @NGRPresident @MBuhari. We present few charts to show the economic directions, with recent growth less than 2%.

#DemocracyDay
From June 2015 to December 2017, FG has spent N13.23tn, with only 12% (N1.58tn) going to capital expenditure. Source: CBN
#DemocracyDay
FG has spent more on recurrent expenditure than revenue collected. This is shows that contrary to the Fiscal Responsibility Act, FG is borrowing to fund recurrent expenditure.
#DemocracyDay
Read 14 tweets

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