According to figures obtained from the Central Bank of Nigeria’s April report on ‘Fiscal operations of the Federal Government, Nigeria recorded a fiscal deficit of N150.36 billion in April 2021.
This is coming after aggregate expenditure of N559.67 billion and retained revenue of N409.31 billion was recorded.
Part of the report read “Federation revenue rose by 28.2 per cent in April 2021 to N1.12tn, relative to N862.79bn in March 2021, owing to improved non-oil earnings.
“However, the retained revenue of the Federal Government of Nigeria at N409.31bn, was 38.5 per cent below target.
“Similarly, the provisional aggregate expenditure of the FGN, at N559.67bn, was 50.6 per cent below the budget benchmark and 59.4 percent short of the level in March 2021.
“Consequently, the fiscal operations of the FGN in April 2021 contracted by 67.8 per cent, relative to the budget estimate.”
In addition, it added, FGN debt outstanding, as of the end-March 2021, stood at N28,984.3bn and represented a 15.8 percent increase, relative to its level in March 2020.