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.
An analysis by BudgIT of the 2023 fiscal accounts from the Office of the Accountant-General of the Federation revealed that the government spent three times its revenue in 2023, leading to a deficit of N13.50 trillion. The report highlighted that the government’s revenue for the year was N5.99 trillion, while its expenditures reached N19.50 trillion, surpassing its income by 225 percent. The revenue was sourced from various channels, 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 underscores the government’s ongoing departure from fiscal responsibility despite claims of careful spending. Financial experts, reacting to the situation, expressed concern over the country’s increasing debt. Muda Yusuf, the Director of the Centre for the Promotion of Private Enterprise, emphasized the need for the government to take stronger measures to reduce the cost of governance.
