BudgIT, a tech-civic and social accountability organisation, has reported that the Nigerian Government spent 225% more than its revenue for the 2023 fiscal year.
According to BudgIT’s analysis of the 2023 fiscal accounts from the Office of the Accountant-General of the Federation, the Government’s expenditure was three times its revenue, leading to a staggering deficit of N13.50 trillion. The report revealed that while the Government’s revenue for the year was N5.99 trillion, its spending amounted to N19.50 trillion, exceeding its income by 225%.
The revenue sources included N3.80 trillion from the Federation Account Allocation Committee, N1.98 trillion from the Nigerian Government’s independent revenue and N202.54 billion from other sources.
This substantial deficit highlights a significant drift from financial responsibility despite claims of prudent spending. Financial experts have expressed concern over the impact of the country’s rising debt.
Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, emphasised the need for the Government to address the high cost of governance.