A report from BudgIT, a tech-driven civic organization, reveals that in 2023, the Nigerian Federal Government’s spending exceeded its revenue by 225 percent.
BudgIT’s analysis of the fiscal accounts, based on data from the Office of the Accountant-General of the Federation, revealed that the government spent three times its income during the 2023 fiscal year, leading to a deficit of N13.50 trillion.
The report highlighted that the government generated N5.99 trillion in revenue, while its total spending reached N19.50 trillion, resulting in the significant overspend.
Revenue sources included N3.80 trillion from the Federation Account Allocation Committee, N1.98 trillion from independent revenue streams, and N202.54 billion from other channels.
This financial imbalance suggests a continued departure from fiscal responsibility, despite claims of careful spending.
Financial experts have expressed concern over the growing debt burden, with Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, emphasizing the need for the government to reduce the cost of governance.
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