FG’s Expenditure Overshot Revenue By 2.14 Trillion Naira In 2017 – CBN
The Nigerian government is spending more than it earns.
In 2017, the government’s expenditure overshot its revenue by 2.14 trillion naira in its operations.
This is according to fourth quarter Economic Report of the Central Bank of Nigeria released last week.
An analysis of the report showed that the fiscal deficit for the 2017 financial year was however lower than the 2.19 trillion naira recorded in 2016.
The report put the total retained revenue of the Federal Government during the period at 2.76 trillion, while the expenditure was put at 4.9 trillion naira, resulting in overall operational deficit of 2.14 trillion naira.
The deficit was then financed through foreign and domestic borrowings, including issuance of government securities - bonds and treasury bills.
Further analysis of the report showed that while the Federal Government earned 554.63 billion naira in the first quarter of 2017, it incurred an expenditure of 1.34 trillion naira, resulting in a first quarter deficit of 782.96 billion naira after the addition of primary deficit of 158.8 billion naira.
For the second quarter, the sum of 688.69 billion naira was earned by the Federal Government, with an expenditure of 1.17 trillion naira, resulting in a deficit of 489.33 billion naira after adding the primary deficit of 185.74 billion naira.
The report put the third quarter revenue of government at 788.56 billion naira, adding that when matched with the 1.4 trillion expenditures for the period, it resulted into a deficit of 618.66 billion naira.
For the fourth quarter, the government earned 731.61 billion naira as revenue. However, with an expenditure of 979.05 billion naira and a primary surplus of 197 billion, the overall deficit for the quarter was put at 247.44 billion naira.
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