PBAT Performance Appraisal

PBAT Performance Appraisal By Kenny Odugbemi

President Bola Ahmed Tinubu

Period

May 29,2023-May29,2024

Economic Vitals

Major oil revenue

Crude oil  -monthly 0.9mbpd-1.4mbpd

✓OPEC allocation 2.4mbpd

 ✓Cost of operation $48, balance from brent crude oil benchmark  to be share with other Multi national oil company

the highest among oil producing Nation

Inflation rate 33.2%

Unemployment 33.3%

Rebased unemployment 5%

GDP growth 3.46%

Population growth 2.4%

 Cash reserves 45%

Interest rate 24.75%

Corporate tax 30%

Personal income tax 24%

Total public debt N87trn

Capital formation 60% of loan

Debt service 98% of total Revenue

Yield -8.45%

Multidimensional poverty 65% of total population

Total E-payment 

Fy 2023 N600trn

Manufacturer loss

1st qtr Fy 2023 -N350bn

Multinational divestment cost  >$4.5bn

MDA’s sectorial analysis

Defense

Intelligence gather ing had direct impact of counter insurgence

Counter insurgence is carried out by joint task force-Army&Air force employing the use of information intelligence

Military logistics

Planning, platform, equipment are essential catalyst to combat I surgence

Need to sew military clothes locally as ease mean of identification

Remark

Effort so far inspite of associated cost is just average there is need of total realignment of the aforementioned whilst protecting the information providers

Solid Mineral

Intense implementation of revocation of mining licence

1st phase 1,333

2nd phase 960

Review agreement to activate impact on host community

Continuid engagement of foreign partnerd

Promotion of value addition encouraged establishment of two factories Wuse and Nasarawa to guarantee good return on investment

Education

UNESCO target 20% of budget

Nigeria deploys less than 10%

We have 20million out of school children

Power

We have epileptic collapsing transmission grid

Disco,NERC are grossly in-efficient and ineffective

Propose Hike of Band A N225kwh now reduced by 16.5%

4nos Disco’s are on offer for public scale

Ministry of power grossly underperforming

Works

Good methodology by procedure and best practices in road construction but transactions are not transparent eg Calabar road under contention

Interior

Significant improvement In passport collection only

Finance &MFI , CBN,antigraft agencies

Digitization to improve on revenue from MDA’s now at over N800bn monthly

Forex unification to reduce abtrage

There is need to have proper alignment of monetary and fiscal policies

Significant effort by EFCC to track and prosecute corrupt officers

Emiefele saga

Yahaya Bello saga

Ed-ugate saga

Binance and crypto cyber crime saga

Other MDA’s have not recorded many significant landmark

Conclusion

PBAT Performance is far below average because of many dead weight across MDA’S who are merely cost centres

Nigeria can not prosper whilst we still invest in lavish public expenditure program across three tiers of governments

Nigeria can not have economic growth as we are putting heavy tax beyond carrying capacity of individual band corporate organization s

PBAT is still far lacking in probity and accountability for every penny paid on taxation and spent well for Infrastructure development