Monday, October 25, 2021

FG Recorded N150.36bn Fiscal Deficit In April – CBN

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The Federal Government according to the CBN recorded a fiscal deficit of N150.36bn in April, after recording an aggregate expenditure of N559.67bn and retained revenue of N409.31bn.

Figures obtained from the Central Bank of Nigeria’s April report on ‘Fiscal operations of the Federal Government’ were revealed on Saturday.
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Part of the report read “Federation revenue rose by 28.2 percent 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 percent below target.
“Similarly, the provisional aggregate expenditure of the FGN, at N559.67bn, was 50.6 percent 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 percent, relative to the budget estimate.”

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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.

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