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Home Business & Finance

Nigeria’s Federal Government Records N13.50 Trillion Fiscal Deficit in 2023

Nnaemeka OkwarabyNnaemeka Okwara
August 26, 2024
in Business & Finance
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Nigeria’s Federal Government Records N13.50 Trillion Fiscal Deficit in 2023
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In 2023, Nigeria’s federal government faced a huge fiscal deficit of N13.50 trillion, as confirmed by a BudgIT statement. The government’s revenue for the year was N5.99 trillion, while expenditure totaled N19.50 trillion, meaning it spent more than three times what it earned.

A fiscal deficit arises when government spending exceeds revenue collected, necessitating borrowing to cover the gap, which adds to the national debt burden.

BudgIT’s analysis of the 2023 Fiscal Accounts report revealed a total revenue of N5.99 trillion, total expenditure of N19.50 trillion, and a fiscal deficit of N13.50 trillion, representing 225% of overall revenues.

The government’s revenue sources included N3.80 trillion from the Federation Accounts Allocation Committee (FAAC), N1.98 trillion from federal independent sources, N2.39 trillion from the Federation Account, N715.75 billion from foreign exchange differentials, and N441.87 billion from Value Added Tax (VAT).

Notably, debt service accounted for 43.9% of the budget (N8.56 trillion), surpassing non-debt spending (27.8%, N5.42 trillion) and capital expenditure (23%, N4.49 trillion), highlighting the government’s reliance on borrowing to fund its budgetary processes.

Tags: federal characterFinancegovernmentNewsNigeriaNigeria's Federal Government Records N13.50 Trillion Fiscal Deficit in 2023
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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