BUSINESSDAY
The Federal Government recorded a N13.50 trillion fiscal deficit in 2023, having made N5.99 trillion in revenue, a statement by BudgIT, a civic tech organisation has shown.
BudgIT said on its X handle on Monday that the government spent N19.50 trillion, more than three times what it earned in revenue last year.
Fiscal deficit occurs when the government’s total expenditure exceeds its total revenue within a fiscal year.
This shortfall typically leads the government to borrow money to cover the gap, which adds to its overall debt burden.
“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,” BudgIT said.
The non-governmental group said N3.80 trillion of the revenue came from the Federation Account Allocation Committee (FAAC) while the federal government share of independent revenue raked in N1.98 trillion.
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