Africa’s largest economy, Nigeria may be on the brink of another financial crisis as it battles dwindling revenue amidst rising debt costs, says civic-tech organisation, BudgIT.

In a statement made available to newsmen on Tuesday, the organisation said that in its analysis of the federal government 2018 budget performance showed that the government spent a sum of N7.51 trillion based on total revenue of N3.86 trillion, creating a deficit of N3.64 trillion.

It also noted that while the Nigeria federal government planned to earn N7.16 trillion in 2018, it was only able to earn N3.85 trillion, which represents 54% revenue performance.

According to BudgIT’s examination, the government is also spending more on debt servicing at the same time its debt profile is growing astronomically. Although it recorded a revenue of N3.86 trillion, the government spent N5.86 trillion on recurrent expenditure, meaning that N2 trillion was borrowed to fund recurrent expenses.

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