In its latest findings, BudgIT, a tech-civic and social accountability organization, reports that the Nigerian Federal Government’s expenditure for the 2023 fiscal year exceeded its revenue by 225%.
An analysis of the 2023 fiscal accounts from the Office of the Accountant-General of the Federation conducted by BudgIT indicates that the government’s spending in 2023 was three times higher than its revenue, resulting in a deficit of N13.50 trillion.
The government’s revenue in the said year amounted to N5.99 trillion, while its expenditure reached N19.50 trillion, showing a 225% deficit.
Various revenue streams contributed to the total income, 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 highlights a concerning trend of the government moving away from fiscal responsibility despite claims of prudent financial management.
Financial experts have expressed dismay over the ramifications of the country’s escalating debt levels in response to this revelation.
Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, emphasized the urgent need for the government to take steps to reduce the overall cost of governance.