The document discusses public finance statistics in Nigeria, which refer to data on government revenue and expenditure at the federal, state, and local levels. It outlines the key sources and methods used to compile these statistics. The major sources are the annual reports of the Accountants-General of the Federation and states, as well as budget estimates. However, delays in preparing and publishing the annual reports means the National Bureau of Statistics often relies on budget estimates or unaudited accounts, which can lack uniformity and differ from actual revenues and expenditures.
what is budget
Expectations of the public
Conclusions of Budget speech
surprising facts
sasta aur mehanga
plan & Non plan expenses
Capital expenses and revenue expenses
Revenue deficit & Fiscal Deficit
Rajiv Gandhi Equity Saving Scheme
Asset Creation
www.indiabudget.nic.in
what is budget
Expectations of the public
Conclusions of Budget speech
surprising facts
sasta aur mehanga
plan & Non plan expenses
Capital expenses and revenue expenses
Revenue deficit & Fiscal Deficit
Rajiv Gandhi Equity Saving Scheme
Asset Creation
www.indiabudget.nic.in
Public Presentation of Approved 2022 FGN Budget FinalNGFSecretariat
At the public presentation of the approved 2022 budgets, there were breakdowns and highlights made by the Honourable Minister of Finance, Budget, and National Planning, Mrs. (Dr.) Zainab Shamsuna Ahmed.
This was a presentation on Budget Changes in the Direct Tax Regime at Ellisbridge Study Circle. Budget 2011 Direct Tax changes were covered in an exhaustive manner.
A Summary of Budget 2016!
Hon. Finance Minister Mr.Arun Jaitley presented a resilient India Budget 2016 which spells the ‘Transformative Agenda’ for the India Economy identifying nine key pillars for the GDP growth. Team RAMA has presented an overall overview of the Union Budget – 2016, summarised key policies changes and Direct & Indirect taxes proposals in brief for easy understanding and quick reference. Hope you will find it useful.
Warm regards & happy reading!
- Ram Agarwal & Associates.
our comprehensive presentation covering the key tax as well as financial proposals discussed during the Union Budget 2021-22 speech, which was delivered by Finance Minister Nirmala Sitharaman.
With plenty of hype surrounding the Budget owed to its arrival at a time when the country is reeling from a pandemic and an economic slowdown, the Budget covered various proposals which were centered around reducing the period of reopening of tax assessments, giving tax relief on certain fronts, streamlining tax litigation, corporate law, GST & other indirect taxes, and increasing the ease of doing business.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
This is the third in the series of Public Finance Statistics that is being published by Ekiti State Bureau of Statistics in recent time. The first edition covers year 2011-2014 while the second dwelled on financial activities for years 2015-2016. The focus of the current edition was years 2017-2018. This indicated that there has been unbroken record of the Public Finance Statistics for a period of eight years.
The current edition contains information on budget estimates, total revenue generated by category, internally generated revenue as well as recurrent and capital expenditure including sectoral analysis. The documents also focus particular attention on amount paid as gratuity and pension as well as debt profile (foreign and local loan) of the state for years 2016-2018.
Ekiti State of Nigeria Report of the Auditor-General for Local Governments on the Consolidated Accounts of the Local Governments of Ekiti State, Nigeria for the year ended on the 31st of December, 2016.
Public Presentation of Approved 2022 FGN Budget FinalNGFSecretariat
At the public presentation of the approved 2022 budgets, there were breakdowns and highlights made by the Honourable Minister of Finance, Budget, and National Planning, Mrs. (Dr.) Zainab Shamsuna Ahmed.
This was a presentation on Budget Changes in the Direct Tax Regime at Ellisbridge Study Circle. Budget 2011 Direct Tax changes were covered in an exhaustive manner.
A Summary of Budget 2016!
Hon. Finance Minister Mr.Arun Jaitley presented a resilient India Budget 2016 which spells the ‘Transformative Agenda’ for the India Economy identifying nine key pillars for the GDP growth. Team RAMA has presented an overall overview of the Union Budget – 2016, summarised key policies changes and Direct & Indirect taxes proposals in brief for easy understanding and quick reference. Hope you will find it useful.
Warm regards & happy reading!
- Ram Agarwal & Associates.
our comprehensive presentation covering the key tax as well as financial proposals discussed during the Union Budget 2021-22 speech, which was delivered by Finance Minister Nirmala Sitharaman.
With plenty of hype surrounding the Budget owed to its arrival at a time when the country is reeling from a pandemic and an economic slowdown, the Budget covered various proposals which were centered around reducing the period of reopening of tax assessments, giving tax relief on certain fronts, streamlining tax litigation, corporate law, GST & other indirect taxes, and increasing the ease of doing business.
Finance Minister Arun Jaitley presented the Union Budget for 2016-17 and reaffirmed that the economy is on the right track. The budget is aimed at strengthening India's firewalls by ensuring macroeconomic stability and prudent fiscal management; driving growth through domestic demand; and economic reforms and policy initiatives to change lives for the better. With measured focus on social sector reforms and recapitalising India's banking system, this Budget has an overarching focus on improving agriculture, and scaling infrastructure, all of which bode well for the country. The government is now planning to rationalise and channel subsidies to the poor by increasing the burden on the rich, and by increasing spending on public welfare through its own kitty.
Mr. Jaitley said the Union Budget is aimed at improving rural infrastructure and increasing rural income, as the biggest challenge to the economy is agrarian distress. Applauding the budget presented by the Finance Minister, Prime Minister Narendra Modi said the Budget is pro-village, pro-poor and pro–farmers, and is focused on bringing about qualitative changes in the country through a slew of time-bound programmes.
The attached note captures key highlights and summarises major announcements in the Budget.
Please reach out to us should you wish to understand more about the Union Budget and its impact on your business
This is the third in the series of Public Finance Statistics that is being published by Ekiti State Bureau of Statistics in recent time. The first edition covers year 2011-2014 while the second dwelled on financial activities for years 2015-2016. The focus of the current edition was years 2017-2018. This indicated that there has been unbroken record of the Public Finance Statistics for a period of eight years.
The current edition contains information on budget estimates, total revenue generated by category, internally generated revenue as well as recurrent and capital expenditure including sectoral analysis. The documents also focus particular attention on amount paid as gratuity and pension as well as debt profile (foreign and local loan) of the state for years 2016-2018.
Ekiti State of Nigeria Report of the Auditor-General for Local Governments on the Consolidated Accounts of the Local Governments of Ekiti State, Nigeria for the year ended on the 31st of December, 2016.
In modern industrial economies, the budget is the key instrument for the execution of government economic policies. A government budget is often passed by the legislature, & approved by the chief executive-or president. For example, only certain types of revenue may be imposed & collected. Property tax is frequently the basis for municipal & county revenues, while sales tax &/or income tax are the basis for state revenues, & income tax & corporate tax are the basis for national revenues.
In this report published in September 2019, we present a legal and technical understanding of the general budget in Lebanon. We discuss the general budget, its components, its method of preparation, its main principles, and provide definitions to basic economic terms necessary to understand the public budget.
In addition to comparing the 2017 draft budget with the actual disbursements of the administrations that provided us with their financial statements, we analyze the 33 financial statements we acquired. We found it difficult to provide a comprehensive comparative study in terms of disbursements, however, because each administration has its own way of tabulating, identifying functions, and detailing disbursements (not identical to those published in the General Budget Project). In addition, many of the administrations that responded to us do not make any collection in favor of the treasury of the state, thus they only provided us with their disbursements without their collections.
Financial Statements are structured reports regarding the financial position and transactions carried
out by a reporting entity. The general objective of financial statements is to provide information about the
financial position, budget realization, cash flows, and financial performance of a reporting entity, which is
helpful for users in making and evaluating decisions regarding resource allocation
Recent budgeting developments in Japan - Mitsuhiro Teraoka, JapanOECD Governance
This presentation was made by Mitsuhiro Teraoka, Japan, at the 10th OECD-Asian Senior Budget Officials Annual Meeting held in Bangkok, Thailand, on 18-19 December 2014.
Budget Proposal For Miami-Dade County For Fiscal Year 201819I.docxcurwenmichaela
Budget Proposal For Miami-Dade County For Fiscal Year 2018/19
Introduction
This paper reviews the budget proposal for Miami-Dade County for fiscal year 2018/19, the budget process, sources of revenue and expenditure.
Overview And Budget Process.
Miami-Dade County is one of the counties in the USA and contains 13 districts. Miami-Dade County has a population of 2.71M people with a median age of 39.9 and a median household income of $45,935. Between 2015 and 2016 the population of Miami-Dade County grew from 2.69M to 2.71M, a 0.74% increase, and its median household income grew from $43,786 to $45,935, a 4.91% increase. The legislative and the governing body of the county is the Board of commission elected into office by the registered voters in a non-partisan election. One county commissioner is elected from each county for the term of four years each; the county chatter normally sets the salaries for each commissioner. The Commissioners elect a Chairperson, who then appoints the Chairperson, Vice-Chairperson, and members of all committees.
The Miami-Dade County commissioners normally plays a lot of roles which includes; reviews and adopts comprehensive development land use plans for the County, licenses and regulates taxis, transportation network entities, sets policy regarding public transportation systems, regulates utilities, adopts and enforces building codes, establishes zoning controls and establishes policy relating to public health, safety services and facilities, recreational and cultural facilities, housing and social services programs, and other services.
The BCC normally sets the tax rates and approve the county budget every financial year. Each year, the commission sets the property tax millage rates and approves the County’s budget, which determines
The expenditures and revenues are necessary to operate all County services, and enacts the County's strategic plan. The County Commission Board may override a Mayoral veto at its next regularly scheduled meeting by a two-thirds vote of those present. The Miami-Date county citizens do not directly play a role in the budget process, but the BCC normally represents them by making policies and advocate them at all levels of government. The Miami-Dade FY 2018/2019 annual budget began on 1st August 2018 and ended 30th June 2019. The budget process takes place in several stages which are a formulation, approval implementation, and audit. Documents essential to the budget process include the budget circular, the budget review, outlook paper, the county fiscal strategy paper, and the county budget estimates. The county has a budget performance analysis which is conducted by each department of the county, and it’s done through the analysis of the outcomes and results. The budget does not include the forecast for future years or prior years. The budget document gives detailed information on sources of revenue and expenditures. The budget report posted in the county’s websites gives inform.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
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@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
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US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Analyzing the instability of equilibrium in thr harrod domar model
Public finance
1. PUBLIC FINANCE STATISTICS
1. Introduction
Public Finance [or Government Financial Accounts] statistics
generally refer to data on the various types and forms of revenue and
expenditure of Government. The public sector in Nigeria consists of
the three tiers of Government [Federal, State and Local] and their
parastatals.
There are 36 States, a Federal Capital Territory (FCT) at Abuja and
774 Local Government Areas (LGAs) in the Federation of Nigeria. All
the Governments in the country are required by law to prepare annual
budgets and render accounts of their financial operations. The
relevant laws in this regard are “The Finance [Control and
Management] Ordinance of 1958, the Constitution of the Federal
Republic of Nigeria, 1999, and the Civil Service [Re-Organisation]
Decree/Act 43 of 1988”. By law, the Minister in charge of Finance is
required to make a full financial disclosure to the legislature, prepare
estimates of revenues and expenditures [that is, the budget] on a
yearly basis, while the Accountant-General is enjoined to sign and
present to the Director of Federal Audit the financial position of
Government on the last day of each financial year.
Furthermore, the law demands that “the public accounts of the
Federation and of all offices, courts and authorities of the Federation
(including all persons and bodies established by law and entrusted
with the collection and administration of public moneys and assets)
shall be audited and reported by the Auditor-General, and for that
purpose, the Auditor-General or any person authorised by him or
acting on his behalf shall have access to all books, records, returns
and other documents relating to those accounts”.
Finally, for the sake of accountability, the relevant Nigerian laws also
direct that:
(a) all instructions relating to expenditure of public funds by
Accounting Officers shall be in writing.
(b) all Ministers and Chief Executive and Accounting Officers shall
render Annual Reports of their Ministries in order to ensure
accountability and enforce performance ethics.
(c) Ministries shall render monthly returns of receipts and
expenditures to the Accountant-General with copies to the Budget
Department and the Auditor-General not later than three weeks of the
following month”.
2. It is important to note that the Civil Service Reforms Act 43 of 1988
is applicable to all the three tiers of Government.
2. Coverage, Scope, Uses and Users of Public Finance Statistics
The Nigeria public sector is large covering the activities of the
Federal, State and Local Governments and their parastatals. These
activities demand substantial resources. Over 50 per cent of the
nation’s Gross Domestic Product [GDP] is accounted for by the sub-
sector’s fiscal, monetary, investment, income and other policy actions.
Through these activities, the Government is able to influence
developments in other sectors of the economy.
The formulation and implementation of these policies require large
amounts of data. Public Finance statistics, which cover all
Government financial transactions at all tiers, constitute one of the
datasets in NBS’s Time-Series Data Base [TSDB].
The major users of public finance statistics in Nigeria are policy
makers responsible for finance, economic development and planning
at all tiers of Government, the Presidency, Central Bank of Nigeria,
research institutes, individual researchers and international aid
agencies.
3. Sources and Methods of Compiling Public Finance Statistics
The major producers of public finance statistics are:
(a) The Offices of the Accountants-General of the Federation and
States
(b) The National Bureau of Statistics (NBS).
(c) The Central Bank of Nigeria (CBN).
Offices of the Accountants-General of the Federation and the
States
The Treasury Departments of the Federal Ministry of Finance (the
Office of the Accountant-General of the Federation) and of the State
Ministries of Finance (the Accountants-General of the States) are
statutorily required to produce statistical data on the flow of funds in
the country. The Annual Reports of the Accountants-General of the
Federation and the States are supposed to contain audited data on
actual revenue and expenditure of the Federal and State
Governments. Their reports do not usually contain data for individual
Local Governments. The sources of data for Local Government
accounts are the estimates prepared by each Local Government.
These are usually submitted to the ministries or departments
responsible for Local Government affairs in the States.
The Annual Reports are records of details of final transactions of
Government on a cash receipt and payment basis, rather than on a
3. payable receivable or accrual basis. Hence, the annual reports are the
most appropriate and reliable sources of statistical data for the
analysis of Government transactions.
The major drawback of the reports is the long delay in their
preparation and publication. In the 1960s and early 1970s, the delay
did not exceed two years. But the situation deteriorated sharply as
from the mid-1970s due to the growth in the number of Governments.
As a result, coupled with scarcity of manpower (especially in
accounting), most Governments, particularly the young ones, have
been unable to prepare and publish their audited reports on a regular
and timely basis.
The reports of the Accountants-General are usually compiled to
satisfy public finance requirements of control and accountability. For
the purposes of economic analysis and national income accounting,
the data contained in the reports have to be subjected to further
analysis as is done by the NBS.
For the preparation of the Report of the Accountant-General of the
Federation, the primary sources of data are the Monthly Transcripts of
Receipts and Expenditures which every self-accounting Ministry is
statutorily required to render to the Treasury Department not later
than three weeks into a new month. Returns that are not well
completed are usually returned. The Final Accounts Unit of the
Department utilizes these returns in compiling the revenue and
expenditure accounts of the Federal Government.
The Cash Supply Section of the Treasury Department provides the
necessary information for the preparation of the Weekly/Monthly
Cash Management Statement and data on State Government Finances
and Public Debt.
The National Bureau of Statistics (NBS)
The National Bureau of Statistics (NBS) is the major producer of
Government financial accounts statistics classified according to
economic and functional categories. The Government Accounts Unit
of the National Accounts Department of NBS is responsible for
compiling and analysing public finance statistics obtained from
Treasury Departments of both the Federal and State Ministries of
Finance. The purpose of the compilation and analysis is to reclassify
the annual financial statements of the accounts of the Federal, State
and Local Governments into economic and functional categories for
use by policy makers, economic planners and researchers.
The National Bureau of Statistics uses the following sources:
(i) Annual Report produced by the Office of the Accountant-
General of the Federation for Federal Government Account.
4. (ii) Reports of the Accountants-General of the State Governments
for State Government Accounts.
(iii) Annual Book of Estimates for Local Government Accounts.
The usual practice is to compile and analyse Government account
statistics on the basis of the above documents. However, because of
the long delay in the publication of the Report of the Accountant-
General, the NBS relies on budget estimates in order to have more
recent data to work with. These estimates are then updated or revised
when actual audited figures become available. The increase in the
number of Governments in Nigeria over the years has adversely
affected the availability and timeliness of the final accounts of the
Governments. For instance, until 1966 the time lag in the publication
of audited Government accounts by the Ministries of Finance was two
years. By 1972, the situation had so deteriorated that the NBS had to
virtually abandon the practice of relying exclusively on the published
reports of the Accountant-General. Hence, the NBS started using
budget estimates rather than the reports of the Accountants-General
in order to have current data.
However, this source of data has been found to be inappropriate due
to the lack of uniformity in the presentation of budget estimates by
the various Governments. For instance, while the budget estimates for
some Governments provide actual data for each item of expenditure in
the penultimate year, other state Governments do not provide this
information. There are also difficulties in attempting to classify
expenditure into economic and functional categories. Furthermore,
studies have shown wide disparities betweens the estimated
(budgeted) revenue and expenditure and the actual or realised values.
Hence, in recent years, the NBS has tended to rely on unaudited
accounts of Governments rather than budget estimates. But here
again, many Governments are not able to prepare their accounts as
expeditiously as required. With the current reforms at the NBS, the
Agency will be better equipped to cope with large amounts of
documents from the State, FCT and Local Governments.
The methodology for analysing Government accounts by the NBS is
described in the document titled “Guidelines on the Analysis of
Government Accounts”. The source documents are the Reports of the
Accountants-General. In the Reports, the accounts are classified into
two broad groups: revenue and expenditure. Revenue account is
further sub-divided into recurrent revenue and capital revenue
(capital receipts). Similarly, expenditure is broken down into
recurrent and capital expenditure.
The analysis is carried out with the aid of code lists that have been
prepared in line with the four distinct classifications of Government
accounts given above. The code lists are comprehensive
5. identifications of revenue and expenditure items of Government with
similar items classified under an appropriate code. The codes are of
two types: functional and purpose codes.
The functional codes are:
Recurrent Revenue - Codes 30-47
Capital Revenue (Receipts) - Codes 422-433
Recurrent Expenditure - Codes 10-19,
111-126
Capital Expenditure - Codes 20-28,
220-240
The purpose codes are:
General Public Services - Code 1
Defence - Code 2
Education - Code 3
Health - Code 4
Social Security & Welfare Services - Code 5
Housing and Community Amenities - Code 6
Other Community & Social Services - Code 7
Economic Services - Code 8
Other Purposes - Code 9
The extraction of the data begins with the preparation of a summary
statement of recurrent revenue, capital receipts, recurrent
expenditure and capital expenditure. This is done by listing the items
of revenue and expenditure, head by head, serially, and the
corresponding amount in Naira value. The figures are usually
extracted, correct to the nearest one thousand Naira. The summary is
useful for the purpose of cross-checking the source of any doubtful
entry in the analysis book.
With the aid of the code list, the extraction begins from the recurrent
revenue. Each item under each head is scrutinized and subsequently
classified under the appropriate functional code in the analysis book.
The same thing is done for capital receipts. The next stage is to go to
recurrent expenditure. Each item under each head (Ministry) is also
scrutinized and classified under the appropriate functional code in the
analysis book. A similar exercise is also carried out in the case of
capital expenditure. In addition to classifying each item under an
appropriate functional code, a purpose code is also attached to each
item of expenditure. This is done by putting the purpose code in an
upper case parenthesis in front of the figure already entered in the
6. analysis book. The purpose code is also attached to each item under
the functional codes 34 and 35 in the recurrent revenue.
In addition to generating data on the functional and economic
classification of the accounts of the three tiers of Government, the
value-added component of each of these Government’s three final
accounts (Production, Income and Outlay, and Capital Finance) is
also prepared and the Gross Domestic Product (GDP) of the
Government Sector computed.
From the above analysis, the following are the major items of data
generated (for the Federal and State Governments, except otherwise
stated) by the NBS:
1. Current Expenditure according to type of expenditure.
2. Capital Expenditure according to type of Expenditure.
3. Current Receipts (Revenue) according to type (or source) of
receipt.
4. Capital Receipts (Revenue) according to type of receipt.
5. Government Expenditure according to functional and economic
categories.
6. Government Gross Fixed Capital Formation by type of asset;
7. Production Account of Government.
8. Income Account of Government.
9. Outlay Account of Government.
10. Composition of Gross Fixed Capital Formation by the Federal
Government.
11. Final consumption expenditure by the Federal Government
according to Cost Composition and Purpose.
12. Final Consumption Expenditure by the Federal and State
Governments according to Cost Composition and Purpose.
13. Final Consumption Expenditure by State Governments
according to Cost Composition and Purpose.
14. Selected Outlays of Government by purpose.
Central Bank of Nigeria (CBN)
The Central Bank of Nigeria also produces public finance statistics
in the Financial Statistics Unit of its Research Department. In the
past, the bank obtained its public finance data from the National
Accounts Department of the then FOS. However, owing to the delay
in data compilation by that Office, the CBN has for sometime now
produced its own public finance statistics.
The data for the compilation of public finance statistics by the CBN
are obtained from the following sources:
- Federal Government Budget.
7. - Approved Budget Estimates of States Government, Official
Gazette of the Federal Republic of Nigeria.
- Reports of the Inland Revenue Department.
- General Warrant Releases obtained from the Federal Ministry of
Finance.
- Reports of the Accountant-General of the Federation.
- Progress Reports (Actual Returns) of Income and Expenditure
rendered by State and Local Governments to the Vice-President’s
Office.
The following are the items of public finance statistics for which data
are generated by the CBN:
- Current Revenue of the Federal Government.
- Recurrent Expenditure of the Federal Government.
- Capital Expenditure of the Federal Government.
- Summary of the State Governments’ Finances (Revenue and
Expenditure).
- Statutory Allocations of Revenue to the State and Local
Governments.
- Domestic Public Debt of the Federal Government.
- Maturity Structure of the Federal Government Internal Debt
Obligations.
- External Public Debt Outstanding (by Category of Holders and
Type of Debt).
- Debt Service Payments on Nigeria’s External Debt.
4. Current Methods of Data Storage and Dissemination
Data compilation at the Federal Ministry of Finance has not been
fully computerised. For the time being, datasets are transferred in
hard copies from the FMF to the NBS. However, as soon as the on-
going computerisation of the activities of the Treasury Department is
complete, data can be transferred in machine-readable form (diskettes
or tapes) on a monthly basis to the NBS. To be timely, provisional
data could be transferred and updated later on.
The Treasury Department of the Federal Ministry of Finance has two
major outlets for disseminating Government accounts statistics.
These are the Annual Report of the Accountant-General of the
Federation and the Treasury Returns published in Official Gazette of
the Federal Republic of Nigeria.
The Annual Report (officially titled “Report of the Accountant-
General of the Federation” together with Statements for the year
ended 31 December) contains data on the audited accounts of the
8. Federal Government. Before the report is published it has to be
cleared by the Auditor-General of the Federation .
In order to avoid delays in auditing and printing of the Report, the
Accountant-General publishes the unaudited Government accounts
data as “Treasury Returns” in the Official Gazette of the Federal
Republic of Nigeria. The Returns are supposed to be published on a
monthly basis and are expected to contain monthly and annual data.
The “Treasury Returns” is made up of the following four Statements:
Statement 1 on the Public Debt of the Federal Republic of Nigeria with
Statement 1.1 on the External Public Debt of the Federal Government;
Statement 1.2 on the Internal Public Debt of the Federal Government;
Statement 2 on Assets and Liabilities of the Federal and State
Governments; Statement 3 on the Consolidated Revenue Fund
(broken down into two Sub-Statements: Sub-Statement 3.1 on
Recurrent Revenue and Sub-Statement 3.2 on Recurrent
Expenditure); and Statement 4 on Development Fund.
The “Treasury Returns” are far more current than the Annual
Report. For instance, the Official Gazette of 13th December 1990
(vol.77 No.83) contains the “Treasury Returns” for the period 1st
January 1988 to 31st December, 1988 which implies a lag of 2 years
while the latest published Annual Report as at that time was for 1983
(a lag of 7 years).
The Annual Report of the Accountant-General of the Federation is
more detailed than the “Treasury Returns”. The Report is usually
made up of 3 sections: The First Section is the Preamble which is a
summary of the Report. The Second Section is the “Main Statements”
which contains data on the following items:
(1) Public Debt.
(2) Assets and Liabilities.
(3) Consolidated Revenue Fund.
(4) Development Fund.
(5) Treasury Fund.
(6) Special and Trust Fund.
(7) Other Loans and Investment.
(8) Loss of Government Fund.
(9) Revenue Abandoned for the Year.
(10) Guarantee of the Federal Government of Loans made to
Statutory Corporations and Government-Sponsored Bodies.
(11) Arrears of Revenue.
The third section (“Supporting Statements”) provides information on
the following items:
(1) External Debt —
(1.1)Unfunded Loans.
(1.12) External Unfunded Loans.
9. (1.122) Unfunded Loans On-Lent to the States.
(2) Internal Debt —
(2.2)Public Debt.
(2.21) Funded Loans.
(2.22) Unfunded Loans.
(2.211) Statutory Sinking and Investment.
(2.212) Funded Loan on-Lent to the States.
(2.222) Unfunded Loans on-Lent to the States.
(2.111) Investment (General).
(3) Revenue —
(3.1)Under Heads.
(3.11) Under Sub-Heads.
(4) Expenditure —
(4.2)Under Heads.
(4.21) Under Sub-Heads.
(4.3)Contingencies Fund.
(4.1)Development Fund Receipt.
(4.11) Capital Expenditure under Sub-heads.
(5) Treasury —
(5.11) Clearance Fund under Heads.
(5.111) Personal Advances Fund.
(5.2)Other Funds Investment.
The first detailed report of the result of the analysis of the accounts
of the Government of the Federation by the then FOS was published
in 1964. The report provided a series covering four financial years:
1958-59, 1959-60, 1960-61 and 1961-62. Thereafter, several
separate reports were issued for the years 1962-63, 1963-64 and
1964-65. The last in that series was issued in 1972 and contained
analyses for the years 1965-66 to 1968-69. The analysis of the
accounts for subsequent years was delayed because of the increase in
the number of States which made it increasingly difficult for the
National Accounts Division of the then FOS to handle the accounts of
so many Governments.
In October 1979, the NBS (then FOS) published the Analyses of
Government Accounts, 1958-59 to 1976-77. This report contains
all the data items listed in section 3.2.3 above. To date, this is the
most comprehensive report showing a time-series of Government
accounts according to functional and economic categories.
Unfortunately, no other issue has been published since then. The
inability of NBS to continue with this publication is a serious set-back
to users of public finance statistics. However, more recent data on
most of the items listed above could be extracted from the worksheets
of the National Accounts Department of NBS.
10. The National Bureau of Statistics publishes summary tables on
Federal Government Accounts in its Annual Abstract of Statistics
(AAS) and the Digest of Statistics. The Annual Abstract of Statistics
is published annually with time lag of about three years. For instance
at the time of writing (June 1991), the latest AAS is that for 1987 and
it contains annual data on the following public aspects of finance
statistics up to 1986:
(i) Current Revenue of the Federal Government by type of taxes.
(ii) Recurrent Expenditure of the Federal Government by functional
category.
(iii) Capital Expenditure of the Federal Government by functional
category.
The Digest of Statistics is expectedsupposed to be published
quarterly by the NBS. It is published with a time-lag of about three
years and usually contains annual and semi-annual (and sometimes
monthly and quarterly) data on the following items:
(i) Federal Government Receipt (Current and Capital).
(ii) Federal Government Expenditure (Current and Capital).
In view of the long delay in the publication of the three documents
mentioned above, the NBS cannot rely on them as sources of timely
public finance statistics. Hence, it is necessary to extract the most
recently available data from the worksheets of the Government
Accounts Unit of the NBS.
The following publications of the CBN contain public finance
statistics:
(i) Annual Report and Statement of Accounts.
(ii) Economic Half-Year Report.
(iii) Economic and Financial Review.
(iv) Nigeria’s Principal Economic and Financial Indicators.
A Chapter on “Public Finance” in the Annual Report and
Statement of Accounts of the Central Bank of Nigeria contains
annual data on the items mentioned in Section 3.2.2 above. The
Economic Half-Year Report also contains annual and half-yearly
data on the items. The Economic and Financial Review, which is
published quarterly, usually contains three tables relating to public
finance statistics, viz: Current Revenue of the Federal Government,
Current Expenditure of the Federal Government and Capital
Expenditure of the Federal Government. The pamphlet, Nigeria’s
Principal Economic and Financial Indicators, also contains a
summary table on Federal Government fiscal operations, Federal
Government revenue, Federal Government expenditure and public
debt.
11. Mechanism of Data Transfer to the National Data Bank
At present, the compilation and dissemination of public finance
statistics by the CBN have not been computerised. Hence , the
relevant data can only be extracted from hard copies of the above
publications and worksheets of the Financial Statistics Unit of CBN.
Since it takes sometime to print the manuscripts, it is necessary for
NBS to extract the required data from worksheets, under special
permission, before they are published after they have been approved
by the appropriate authority.
5. NBS Data Base Coding System for Public Finance Statistics
The attempt made in coding this sector follows the International
Standard Industrial Classification [ISIC], revision 3 issued on 4th
August, 1988. Thus the division code, or the first two digits of the
code assigned a six-code-variable, which identifies the division to
which the dataset belongs is, wherever feasible, taken from the ISIC.
The ISIC division codes have been allocated on the isomorphic basis
in respect of most sectors, except in respect of some sectors where
proximity to the nearest closely related ISIC code and existence of un-
used codes were the basis for the allocation of codes. Going by this
system, “Public Finance” is given ISIC code ‘75’.
While efforts have been made to ensure that the Division Code or the
first two digits of the code assigned to each variable conforms as
much as possible with ISIC, the Items and Details Codes which form
the last four digits of the code assigned for each variable are
arbitrarily determined. The Division-Item-Details [DID] coding system
is the basis for coding the NBS’s datasets. The item under each
dataset is the elementary entity or group of elementary entities
(multiple-item cases), about which statistical data are gathered. For
instance, “Federal Government Finance” coded 7501, is an item with
26 details.
In coding the details, the National Bureau of Statistics (NBS) uses
six digits are used to identify a particular attribute (variable) as
follows: The first two are the division code, the next two for the item
and the last two as the Detail (variable) under the division and the
item code. Based on this coding system, the NBS data structure
(Statement of Requirements) for “Public Finance Statistics in Nigeria”
is as shown below:
6. CONCLUDING REMARKS
A detailed examination of the data published by NBS, CBN and FMF
clearly reveals that there are sometimes significant differences in the
information relating to the same items for the same period. A
12. disturbing feature is that, at times, a major difference exists on the
same data item from two seperate publications of the then FOS
(Digest of Statistics and Annual Abstract of Statistics). This
difference may be due to the fact the data contained in the Digest of
Statistics are obtained from the Treasury Department of FMF, while
the data contained in the Annual Abstract of Statistics are obtained
from the CBN.
In the same vein, the series from the CBN are sometimes at variance
with those from the FMF. One probable reason for the discrepancies
is that both the CBN and the erstwhile FOS sometime failed to update
their data (based on budget estimates) when audited data from the
FMF became available.
In order to ensure consistency in public finance statistics, it is
desirable that all the data should be based on figures from the
Treasury Department of the FMF as contained in the Report of the
Accountant-General of the Federation and the Treasury Returns
published in the Official Gazette. Because of the delay in these
publications, budget estimates could be used for the most recent
period where actual figures are not available. But as soon as the
actual figures are available, these estimates should be revised.
It is also desirable that the Annual Budget of the Federal
Government and those of the State Governments should contain the
actual values (or provisional data) of the various items for the
penultimate year, or, better still, of the preceding three years.
The National Bureau of Statistics needs to obtain data from the two
major sources of financial accounts data, for reconciliation prior to
entry into the data base. The practice is to clearly indicate (in notes)
whether the data in the data base are audited (actual), unaudited or
budget estimates. The unaudited data and budget estimates should
be updated as soon as audited data become available.