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Vero Record

Reporting and documentary investigation from Nigeria.

Public Money

Public budgets, spending, revenue, and finance

17 reports · Back to archive

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 51,592,233,171,028Document · 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, capital 3,427,147,237,462Document · 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 643,362,264,672Document · 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 Revised Budget column figure for figureDocument · 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 by the publisherDocument · 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 EXPENDITURE 48,316.24Document · 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, as captured on 19 May 2024Document · 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…