FG records N5.33tn deficit in eight months

In light of Nigeria‘s constrained fiscal space, the Federal Government incurred a deficit of N5.33 trillion between January and August of 2022, amounting to a deficit of N5.33 trillion for the period. The Federal Government had a deficit of N5.33 trillion between January and August of 2022, which is N430.82 billion more than the prorate threshold.Information Guide Nigeria

From January to August 2022, the government spent N9.56 trillion out of the pro rata N11.55 trillion budgeted for the period.

In eight months, N3.52tn was allocated to debt servicing, while N2.89tn was allocated to personnel expenditures and pensions.

The total estimated expenditures for 2022 are N17.32 trillion. During the ministerial presentation of the 2023 budget in Abuja on Wednesday, the Minister of Finance, Budget, and National Planning, Dr. Zainab Ahmed, reported that the Federal Government’s retained revenue as of August 2022 was N4.23 trillion, or 64 percent of the pro-rata target of N6.65 trillion.

She revealed that the Federal Government’s share of oil income in 2022 was N395.06bn, or 27.1 percent performance, while non-oil tax receipts was N1,549.91tn, or 102.9 percent performance.

Ahmed also disclosed that this year’s Companies Income Tax and Value Added Tax revenues amounted to N826.27 billion and N210.36 billion, respectively, reflecting 136.3% and 99.6% of their respective objectives.

Customs’ collections of import and excise duties, fees, and federation account special levies fell N102.51 billion short of the target (17 per cent). exceeds the prorate level by N430.82 billion.

From January to August 2022, the government spent N9.56 trillion out of the pro rata N11.55 trillion budgeted for the period.

In eight months, N3.52tn was allocated to debt servicing, while N2.89tn was allocated to personnel expenditures and pensions.

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The total estimated expenditures for 2022 are N17.32 trillion. During the ministerial presentation of the 2023 budget in Abuja on Wednesday, the Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, reported that the Federal Government’s retained revenue as of August 2022 was N4.23 trillion, or 64 percent of the pro-rata target of N6.65 trillion.

She revealed that the Federal Government’s share of oil income in 2022 was N395.06bn, or 27.1 percent performance, while non-oil tax receipts was N1,549.91tn, or 102.9 percent performance.

Ahmed also disclosed that this year’s Companies Income Tax and Value Added Tax revenues amounted to N826.27 billion and N210.36 billion, respectively, reflecting 136.3% and 99.6% of their respective objectives.

Customs’ collections of import and excise duties, fees, and federation account special levies fell N102.51 billion short of the target (17 percent).

“The Customs introduced that thing and it has created a lot of revenue setbacks for the government. The government should look at it seriously and reduce it and cancel the VIN. It is illegal and should be cancelled,” founder of the National Council of Managing Directors of Licensed Customs Agents, Mr Lucky Amiwero, told The Punch recently.Jamb Result 

“Overall budget deficit is N10.78tn for 2023. This represents 4.78% of GDP,” Ahmed said, noting that budget deficit would be financed mainly by borrowings from domestic sources (N7.04tn); foreign sources (N1.76tn); multilateral /bi-lateral loan drawdowns (N1.77bn), and privatisation proceeds (N206.18bn).

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