The Federal Government’s expenditure exceeded revenue by N1.43tn in the first three months of 2023, according to figures obtained from the Central Bank of Nigeria.

The CBN revealed in its economic report for the third quarter of 2023 obtained by The PUNCH on Friday that this was 9.6 per cent higher than the last quarter of 2022 figure.

It stated, “The fiscal operations of the FGN in 2023, Q1, resulted in a deficit. At N1.43tn, the provisional fiscal deficit of the FGN was 9.6 per cent higher than the level in the preceding quarter but 22.1 per cent below the target.”

According to the report, the fiscal performance in 2023, Q1 was impaired by low oil revenue realisation. Consequently, the retained revenue of the FGN fell by 10.7 per cent, relative to 2022, Q4, and was 46.1 per cent below the quarterly target.

FGN’s aggregate expenditure also declined by 1.3 and 36.0 per cent, relative to the preceding quarter and the quarterly target, respectively.

It said, “Thus, the FGN overall deficit widened relative to 2022, Q4, but narrowed by 22.1 per cent when compared with the proportionate budget. Consolidated public debt, as at end-December 2022, stood at N46.25tn (or 22.8 per cent of GDP).

At N3.48tn, the CBN report said, gross federation revenue fell below the levels in 2022, Q4 and the budget benchmark by 0.4 and 26.6 per cent, respectively.

Non-oil revenue continued to dominate government revenue, accounting for 61.4 per cent, while oil receipts accounted for 38.6 per cent.

Oil revenue, at N1.34tn, declined by 3.0 and 43.5 per cent, relative to 2022, Q4 and quarterly target. The performance was indicative of revenue shortfalls from petroleum profit tax and royalties, following lower domestic crude production.

“Conversely, non-oil receipts, at N2.14n, improved against the preceding quarter by 1.2 per cent, but was 9.6 per cent below the quarterly target of N2.37tn,” the report said.

helinues:
Toh

Islie:




https://punchng.com/fgs-three-month-expenditure-exceeds-revenue-by-n1-43tn-cbn-report/?amp
Non-oil revenue continued to dominate government revenue, accounting for 61.4 per cent, while oil receipts accounted for 38.6 per cent.

Oil revenue, at N1.34tn, declined by 3.0 and 43.5 per cent, relative to 2022, Q4 and quarterly target. The performance was indicative of revenue shortfalls from petroleum profit tax and royalties, following lower domestic crude production.

Smithkafors:
Nawao…. Deep mess. Carry president give person wey no know anything about government.

Nothing is working. He go assemble the same group from previous government.

Kukutente23:

This shows that the fixation with oil revenue is misplaced. Non- oil revenue is what's keeping the govt running.
And we know the non- oil revenue consists more of different kinds of taxes.
Who said Nigerians don't pay tax?

OGIBRA:
SIMPLY PUT...

Federal government spent 1.4trillon naira more than the amount them make from january to march, according to figures from CBN...

Nigeria, i hail thy ooo...

udemzyudex:


They claim to save 1trn from subsidy and ended up spending 1.4trn. Lol

Very funny,and the masses are still in this mess they created.

dfrost:


Baba read well nah... January to March 2023 🤣🤦

DukeNija:
Government of lies and deceit. I thought subsidy was eroding our commonwealth according to Mr Babablue.
Now subsidy has been removed, how’re we spending over 1.4trn above revenue in 3 months? Where is the government spending this money?
Does it even make any sense to spend such amounts yet the economy is in turmoil? Aren’t we better off paying subsidy and stabilizing the economy? The government has been channeling the subsidy savings to unknown warehouses even before the economic team kicks off it’s deliverables.

udemzyudex:


They claim to save 1trn from subsidy and ended up spending 1.4trn. Lol

Very funny,and the masses are still in this mess they created.