BudgIT, a tech-civic and social accountability organization, has said that the Nigerian Federal Government spent 225 percent more than its revenue for the 2023 fiscal year.
BudgIT analysis of the 2023 fiscal accounts from the Office of the Accountant-General of the Federation showed that the government spent three times its revenue in 2023, resulting in a deficit of N13.50 trillion.
It stated that the government’s revenue last year stood at N5.99 trillion while it spent N19.50 trillion, exceeding its income by 225 percent.
The report showed that the revenue came from various sources, including N3.80 trillion from the Federation Account Allocation Committee, N1.98 trillion from the Federal Government’s independent revenue, and N202.54 billion from other sources.
This deficit indicates the government’s continued drift away from fiscal responsibility despite the claim of prudent spending.
Reacting to the development, financial experts have lamented the impact of the country’s growing debt.
The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf said that the government needed to do more to reduce the cost of governance.
