FG Makes ₦5.99tn Revenue, Spends ₦19.50tn, Records A Deficit Of ₦13.50tn
FG Makes ₦5.99tn Revenue, Spends ₦19.50tn, Records A Deficit Of ₦13.50tn
According to the 2023 Fiscal Accounts Report of the Accountant General of the Federation, Nigeria’s Federal Government made a revenue of N5.99tn, spent N19.50tn, and recorded a deficit of N13.50tn—225% of the total revenue.
What does this mean? The government spent more than three times what it earned in revenue.
Where did the revenue come from?
N3.80 trillion came from the Federation Account Allocation Committee (FAAC), FG share of independent revenue raked in N1.98tn, the FG share of the Federation Account contributed N2.39tn, exchange rate differences was N715.75bn, while VAT added N441.87bn.
How was the money spent?
Debt servicing accounted for 43.9% of the budget at N8.56tn—the largest single expense. Non-debt spending took up 27.8% at N5.42tn, while capital expenditure was 23% at N4.49tn.
It goes without saying that a significant portion of government spending was directed toward debt servicing, surpassing the revenue generated.
As a result, the government continues to drift away from fiscal responsibility by borrowing more than it earns, resulting in a deficit of N13.50tn.
Related posts:
- BREAKING: Manchester City Become The First Team To Win Premier League Title 4 Times In A Row
- Before you go into marriage with any man, please taste the male organ to know if it’s standing up – Nigerian lawyer advises women
- Don’t be afraid to approach her even if she has a boyfriend – Nigerian pastor advises men as he narrates how he “snatched” his wife from her boyfriend
- CBN withdraws Cybersecurity Levy circular after FG suspension
- Super Eagles captain Troost-Ekong Wins Greek League with PAOK
- Iran’s Cabinet Holds Emergency Session After President Raisi’s Death
- Iran’s President Death: I Won’t Rule Anything Out – Fani-Kayode
- Peter Obi’s Only Chance To Presidency Is 2039 – Bwala
- Suspect in possession of over $81,000 fake currency arrested by EFCC personnel
- UK Authorities Report Air Peace Over Alleged Violations Of Airport Safety Rules
Categories: News
