An accountability firm, BudgIT, has disclosed in a report that the Federal Government spent three times its revenue in 2023, resulting in a deficit of N13.50tn.
BudgIT, in its analysis of the 2023 fiscal accounts from the Office of the Accountant-General of the Federation, stated that the government’s revenue last year was N5.99trn, while it spent N19.50trn, exceeding its income by 225 per cent.
The report showed that the revenue came from various sources, including N3.80trn from the Federation Account Allocation Committee, N1.98tn from the Federal Government’s independent revenue, and N202.54bn from other sources.
This deficit highlights the government’s continued drift away from fiscal responsibility, as it borrows more than it earns, perpetuating a cycle of debt and financial instability.
Leave a Reply