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Vero Record

Reporting and documentary investigation from Nigeria.

Public Money

Where Nigerian public money goes, traced in the documents: federal and state budgets, Appropriation Acts, FAAC allocations, Debt Management Office tables, NNPC and CBN reports, and Auditor-General findings. Every figure is copied from its source and every total is re-added.

31 reports · Back to archive

Passenger boarding bridges at Nnamdi Azikiwe International Airport, Abuja, with the airfield and hills behindPhoto · Boarding bridges and the airfield at Nnamdi Azikiwe International Airport, Abuja. Photo: Kritzolina, via Wikimedia Commons, CC BY-SA 4.0

A deleted National Assembly schedule gave Abuja airport's second runway N20 billion in 2022. The 2026 budget gives the same line N10 million

The 2022 aviation amendment schedule is gone from the National Assembly budget office's website. Vero Record's archived copy shows the runway was the ministry's biggest project tha…

(A) National Assembly Budget and Research Office, 2022 Appropriation Amendment, Federal Ministry of Avia…
View over Enugu city from the hills, with dense rooftops and the plain beyondPhoto · Enugu seen from the surrounding hills. Photo: DeStrangeImages, via Wikimedia Commons, CC BY-SA 4.0

Enugu is third on NBS's 2025 state revenue table because of one line: N355.25bn of agency revenue, 87 per cent of its total and more than Lagos reports

The National Bureau of Statistics ranks Enugu third among states for 2025 internally generated revenue, at N406.77 billion. Its own panel for the state shows N355.25 billion of tha…

(A) National Bureau of Statistics, Internally Generated Revenue at State Level (2025), September 2026, p…
A dual carriageway bypass road lined with palm trees in Yenagoa, the Bayelsa State capitalPhoto · Bypass road, Yenagoa, Bayelsa State. Photo: Fritzgerald29, via Wikimedia Commons, CC BY-SA 4.0

Bayelsa's revenue fell 21.42 per cent in 2025 as all but two states grew; NBS data show its salary tax dropped N22.88bn after a 2024 spike

The National Bureau of Statistics says state revenue rose 40.93 per cent in 2025. Its own spreadsheet shows Bayelsa and Sokoto went the other way, and that Bayelsa's fall comes alm…

(A) National Bureau of Statistics, Internally Generated Revenue at State Level (2025) report and IGR_DAT…
A red bulk carrier moored at Apapa port in Lagos, seen from the waterPhoto · A cargo ship at Apapa port, Lagos, which handled 70.57 per cent of export value in the quarter. Photo: Quadrex24, via Wikimedia Commons, CC BY-SA 4.0

Oil product imports fell N2,917.96 billion in the second quarter, more than the N2,069.66 billion fall in all of Nigeria's imports

The statistics bureau's trade report for April to June 2026 says imports fell 12.55 per cent and the trade surplus doubled. Its own figures show the fall in imports came entirely f…

(A) National Bureau of Statistics, Foreign Trade in Goods Statistics (Q2 2026), report and tables workbo…
Traders carrying goods past heaps of yams and mats at Mile 12 market in LagosPhoto · A busy market at Mile 12, Lagos. Photo: ShoT88 Studios, via Wikimedia Commons, CC BY-SA 4.0

Lagos's annual inflation rose from 16.29 to 23.68 per cent in one month in NBS state tables, and 3.23 points of that came from a lower August 2025 base

The National Bureau of Statistics' August 2026 CPI report puts Lagos at the top of its state inflation table and Sokoto at the bottom with 2.11 per cent. A month earlier Lagos stoo…

(A) National Bureau of Statistics, Consumer Price Index August 2026 (base period 2024 = 100), pages 6, 1…
The entrance gate of the National Teachers' Institute headquarters in Kaduna, with its name in green letters across a…Photo · The gate of the National Teachers' Institute headquarters, Kaduna, July 2021. Photo: Anasskoko, via Wikimedia Commons, CC BY-SA 4.0

The 2026 budget gives the National Teachers Institute N16.21bn for projects. N3.5bn of it is for health centres and medical equipment; N911.31m is for training teachers alone

The signed 2026 Appropriation Act lists 59 capital projects under the National Teachers Institute, the federal body that trains serving teachers. They add to N16,206,579,150. Five …

(A) 2026 Appropriation Act, Federal Ministry of Education summary (p. 1817), Universal Basic Education (…
A man stands beside a dugout canoe in the shallow water of Bodo Creek, Rivers State, carrying sampling equipment, with…Photo · An environmental sampling expedition in Bodo Creek, Ogoniland, a site affected by oil spills. Photo: Ukpai Jeffrey, via Wikimedia Commons, CC BY-SA 4.0

NNPC's N11.2tn claim on the Federation is a year-end balance, and its total claims fell from N17.51tn after N8.67tn of energy security costs were netted off

NNPC Ltd's 2025 audited accounts put "Other receivables from Federation" at N11,201,028 million on 31 December 2025, up from N8,840,472 million. The note says the line covers advan…

(A) NNPC Ltd, 2025 Annual Financial Report (consolidated and separate financial statements for the year …
Ado-Ekiti seen from a rooftop under heavy cloud, with low hills behind the townPhoto · Ado-Ekiti, the Ekiti State capital. Photo: Blacadeyemi, via Wikimedia Commons, CC BY-SA 4.0

Ekiti's FAAC share was minus N6.69bn in January after N21.21bn of deductions. Its half-year report books N96.77bn from FAAC, the federal tables N56.37bn net

The Accountant-General's monthly tables show the 36 states received N2.13tn net from FAAC in January to March 2026 and N2.39tn in April to June, never more than N848.38bn in a sing…

(A) Office of the Accountant-General of the Federation, FAAC Disbursement tables (Table III, State Gover…
The entrance to Geregu Power Plc's gas-fired power station in Kogi State, with exhaust stacks, a switchyard and…Photo · Geregu gas power station, Kogi State, April 2025. Photo: ABORISADEADETONA, via Wikimedia Commons, CC BY 4.0

NERC puts the N37.06bn fall in the electricity subsidy down to lower demand; its own totals put the volume effect at about N8.33bn

The regulator's report for April to June 2026 says the Federal Government's tariff subsidy obligation fell from N358.32 billion to N321.26 billion, mainly because DisCos took 3.40 …

(A) Nigerian Electricity Regulatory Commission, Second Quarter 2026 NERC Quarterly Reports, section 2.3.…
The Central Bank of Nigeria headquarters in Abuja, a dark glass and stone tower block behind palm trees and a car parkPhoto · The Central Bank of Nigeria headquarters, Abuja, September 2017. Photo: GodwinPaya, via Wikimedia Commons, CC BY-SA 4.0

The debt office's new guarantees sheet lists N7.84tn, and its largest line is N2.74tn of bonds pledged for the First Abu Dhabi swap. Its dollar lines use N1,376, not one of the CBN's published rates for 30 June

A one-page Debt Management Office sheet released on 25 September lists N7,840,981,885,187.33 of federal guarantees and contingent liabilities at 30 June 2026. Its largest line, N2,…

(A) Debt Management Office, Current Outstanding FGN Guarantees & Contingent Liabilities as at June 30, 2…
The Ikeja Electric substation at Alausa, Lagos, with transformers, gantries and overhead linesPhoto · The Ikeja Electric substation at Alausa, Lagos, July 2019. Photo: Godmyhelper, via Wikimedia Commons, CC BY-SA 4.0

NERC's second-quarter report raises its first-quarter meter count by 69,490, and the missing meters surface in the June totals for Ibadan and Kano

The electricity regulator's report for April to June 2026 says meter installations fell 17.97 per cent, to 350,270. That fall is measured against a first-quarter figure the Commiss…

(A) Nigerian Electricity Regulatory Commission, Second Quarter 2026 NERC Quarterly Reports (April to Jun…
The crude distillation column of the Dangote refinery in Lekki, Lagos, during constructionPhoto · The crude distillation column at the Dangote refinery, Lekki, June 2022. Photo: FrankvEck, via Wikimedia Commons, CC BY-SA 4.0

Ten shares for N5,250: the Dangote refinery prospectus opens the 700,000-barrel refinery to Nigerian savers, and fills small applications first

Dangote Petroleum Refinery is selling up to 4,100,000,000 shares to the public at N525 each until Tuesday, 13 October. Vero Record read the 195-page prospectus. The minimum is ten …

(A) Prospectus, Initial Public Offering by way of an Offer for Subscription of up to 4,100,000,000 ordin…
The National Assembly building in Abuja with the mace monument in the foregroundPhoto · National Assembly Building with Mace, Abuja, May 2018. Photo: Kabusa16, via Wikimedia Commons, CC BY-SA 4.0

Tinubu's office reported him promising no budget rollovers from April 2026. The 2025 budget now runs to 31 December, the day the 2026 Act expires

On 30 September President Tinubu signed the Appropriation (Amendment) (No.4) Bill, which keeps the 2025 budget alive until 31 December 2026. In December, State House had quoted him…

(A) State House releases of 19 December 2025 (2026 budget presentation, quoting the March 31 and no-roll…
Aerial view of a road junction and office blocks in Akure, the Ondo State capitalPhoto · Aerial view of Akure. Photo: Oramfe, via Wikimedia Commons, CC BY 4.0

Ondo added N244.97bn to its 2026 budget in September. Its own documents put the cash it carried into the year anywhere from N159.20bn to N277.32bn

In September Ondo State lifted its 2026 budget from N524.411 billion to N769.384 billion, and the Assembly then passed it at N775.518 billion. Whether a rise that size can be paid …

(A) Ondo State Government 2025 Citizens' Accountability Report (published 2 September 2026) and 2025 con…
Central Bank of Nigeria building in Abuja, with a guard standing at the gatePhoto · Livingstone Imonitie / Wikimedia Commons, CC BY-SA 4.0

Nigeria's debt office now lists a $1.5bn First Abu Dhabi Bank swap as external debt. It accounts for 57 per cent of the quarter's rise

The Debt Management Office's June 2026 tables add a new line, "First Abu Dhabi Bank (Total Return Swap)", at $1,500.00 million. The March tables had no such line. A companion DMO t…

(A) DMO, Nigeria's External Debt Stock as at June 30, 2026 (document 6077), read alongside the March 31,…
Aerial view over the rooftops of Bauchi, the Bauchi State capital, under a hazy skyPhoto · Lucky Uwakwe / Wikimedia Commons, CC BY-SA 4.0

Bauchi's audit report counts N110.02 billion of foreign loans in one table and drops them from the next, turning a rise in capital receipts into a 30 per cent fall

The Bauchi State Auditor-General's report on the 2025 accounts, signed in May 2026 and posted on the state website at the end of July, gives the state's 2025 capital receipts as N1…

(A) Report of the State Auditor General on the Accounts of Bauchi State Government FY 2025 (156 pages; o…
The Central Bank of Nigeria headquarters building in Abuja under an overcast sky, with cars on the road in frontPhoto · Umabruka, via Wikimedia Commons, CC BY-SA 4.0 (cropped)

CBN's rate reset rests on inflation figures that match NBS's own files. The communique does not mention that food inflation rose in June and July

We checked every price figure in Monetary Policy Communique No. 164 against the National Bureau of Statistics' August, July, June and May 2026 CPI reports and spreadsheets. The num…

(A) CBN Monetary Policy Communique No. 164 (CBN/MPC/COM/164/307), 22 September 2026, 5 pages; NBS CPI re…
The Federal Secretariat complex in Abuja, which houses federal ministries and departmentsPhoto · Jummy001 via Wikimedia Commons, CC BY-SA 4.0

Budget Office's latest report restates 2025 first-half deficits N1.64 trillion higher and first-half capital releases from N428.18bn to N1.63bn

The Budget Office of the Federation's third-quarter 2025 implementation report, the newest one its website lists, reprints the first two quarters of 2025 with different numbers fro…

(A) Budget Office of the Federation, 2025 Third Quarter Budget Implementation Report, Table 3.9 (page 28…
Document: the SUMMARY BY FUNDS page of the published 2026 Appropriation Bill details, whose eight funds total…Document · Budget Office of the Federation, 2026 Appropriation Bill (Details), printed page 3. Retrieved and read by Vero Record

The Appropriation Act Nigeria signed authorises N16.73 trillion more than the budget details the Budget Office published

Vero opened both files. The Budget Office's published 2026 Appropriation Bill details total N51,592,233,171,028. The Act the President signed authorises N68,323,309,818,667. The tw…

(A) 2026 Appropriation Bill (Details), Budget Office of the Federation, 2,790 pages: SUMMARY BY MDAs gra…
Document: the Federal Ministry of Agriculture and Food Security summary row in the signed 2026 Appropriation Act…Document · 2026 Appropriation Act as assented, printed page 483. Retrieved and read by Vero Record

Agriculture's capital budget grew by N2.13 trillion between the Bill and the Act while its personnel and overhead did not move by one naira

In the Budget Office's published Bill details, the Federal Ministry of Agriculture and Food Security has a capital allocation of N1,300,452,463,830. In the signed Act it has N3,427…

(A) 2026 Appropriation Bill (Details), Budget Office of the Federation, SUMMARY BY MDAs, printed p.2, ro…
Document: the Federal Ministry of Labour and Employment summary row in the signed 2026 Appropriation Act, capital…Document · 2026 Appropriation Act as assented, printed page 975. Retrieved and read by Vero Record

Labour and Employment's capital budget quadrupled between the Bill and the Act, and 96 per cent of the increase can be named line by line

The Budget Office's published Bill details give the Federal Ministry of Labour and Employment a capital allocation of N149,791,949,431. The signed Act gives it N643,362,264,672. Pe…

(A) 2026 Appropriation Bill (Details), SUMMARY BY MDAs, printed p.2, row 24: capital 149,791,949,431. 20…
Document: a page of the Oyo State 2026 Approved Budget in which the 2024 Full Year Actuals column repeats the 2024…Document · Oyo State 2026 Approved Budget, Ministry of Budget and Economic Planning. Retrieved and read by Vero Record

Oyo State's 2026 budget reports its 2024 spending as exactly equal to its 2024 budget, on 7,483 lines out of 7,489

Every Nigerian budget book carries a column for what was actually spent and collected in a past year. In Oyo State's approved 2026 budget, the column headed 2024 Full Year Actuals …

(A) Oyo State 2026 Approved Budget, 214 pages, published by the Oyo State Ministry of Budget and Economi…
Document: the Cross Checks page of the Oyo State Citizens’ Budget 2026, with the loan and grant differences shaded red…Document · Oyo State Citizens’ Budget 2026, page 15. Retrieved and read by Vero Record

Oyo budgeted N322.54bn of borrowing for 2026 and can name lenders for N247.25bn of it. Its own budget document prints the gap in red

The state's Citizens' Budget carries a page of internal consistency checks. Two of them fail. The document reports total loans of N322,540,000,000 against domestic and foreign loan…

(A) Oyo State Citizens' Budget 2026, page 15, Cross Checks section: total loans 322,540,000,000 against …
Document: the aggregate expenditure table in the Budget Office’s reviewed third-quarter report, row 30, AGGREGATE FGN…Document · 2025 Third Quarter Budget Implementation Report, p.28

The Budget Office Now Reports Nigeria's 2025 Amended Budget as N48.32 Trillion, N6.67 Trillion Below the Figure It Reported Three Months Earlier

Two consecutive quarterly Budget Implementation Reports from the same federal office give different totals for the same enacted 2025 budget, and different actuals for the same two …

(A) 2025 Third Quarter Budget Implementation Report, Budget Office of the Federation, Ministry of Budget…
Document: the hospital block of the Bureau of Public Procurement COVID-19 report, showing the N1,999,836,220.00 line…Document · Nigeria Open Contracting Portal, Internet Archive capture

Nigeria's Open Contracting Portal Now Carries a N1,999,836,220 COVID-19 Line for University College Hospital Ibadan That Was Not on the Same Report in June 2023

The Bureau of Public Procurement's COVID-19 emergency procurement report gained a six-row block for University College Hospital Ibadan sometime between 5 June 2023 and 19 May 2024.…

(A) Bureau of Public Procurement, Nigeria Open Contracting Portal, COVID-19 EMERGENCY PROCUREMENT, nocop…