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FG’s Deficit Spending Rises By 7%
The Central Bank of Nigeria has said that the Federal Government recorded deficit spending of N593 billion in August in 2022. This represents seven per cent higher than the N554.21 billion recorded in the previous month. The increased deficit was driven by a 4.2 per cent, month-on-month MoM, increase in capital expenditure which moderated…
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FG’s Expenditure Exceeds Revenue In Six Months
Latest figures obtained from the Central Bank of Nigeria has shown that the Federal Government’s expenditure in the first six months of 2022 exceeded revenue by N6.23 trillion. According to the second quarter economic report on fiscal sector development compiled from the OAGF and CBN staff estimates, the Federal Government recorded N3.2 trillion and N2.74…
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Budget Deficit Rises To N20.64tn In Five Years
According to data from the budget office, Nigeria’s budget deficit has risen to N20.64 trillion from 2016 to 2020. A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. According to the budget office, more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits. Breakdown…
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FG Spends N3.8 Billion On Four Vandalized Bridges
The Federal Government of Nigeria has revealed it spent N3.8 billion to repair four bridges damaged by vandals and petrol laden tankers. Babatunde Fashola, the Minister of Works and Housing, disclosed this on Monday in Abuja at a Town Hall Meeting on Protection of Public Infrastructure. The minister who was a panellist at the meeting…