Categories: Economy And Business Headline

FG Records N930bn Two-Month Fiscal Deficits – CBN

CBN has revealed that FG recorded N930bn Two-Month Fiscal Deficits.

 

NewsOnline reports that the Federal Government recorded N930.8bn fiscal deficit in January and February 2023 according to the Central Bank of Nigeria.

 

The CBN stated in its monthly economic report for February 2023 that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue.

 

ALSO: Stella Oduah N5bn’s Fraud: ‘Somebody Has Been Breaching My Privacy’ – Justice Ekwo

“At N513.05bn, the provisional fiscal deficit of the FGN rose by 22.8 per cent relative to the preceding month. However, it was 16.2 per cent below the budget benchmark.”

 

According to the report, the fiscal deficit was N417.75bn in January.

The report said accretion into the federation account decreased by 32.3 per cent in February relative to the preceding month, on account of the 60.2 per cent fall in oil revenue.

 

It added that the development led to the expansion of the overall fiscal deficit (provisional) by 22.8 per cent due to a 16.4 per cent surge in provisional FGN capital expenditure, and a 7.7 per cent fall in FGN retained revenue.

Total public debt at N46.25tn (23.2 per cent of GDP) at end-December 2022, remained within the 40.0 per cent national threshold.

It stated that, “At N1.04tn, federation receipts were below the level in January by 32.3 per cent. Similarly, it was below the budget2 of N1.58tn by 34.3 per cent.

 

“The decline, relative to January was attributed to a fall in collections from petroleum profit tax and royalties. Oil revenue, at N308.07bn, was 60.2 per cent below receipts in the preceding month.

 

“The outcome was driven, largely, by the 60.5 per cent decrease in collections from petroleum profit tax and royalties.”

At N730.21bn, non-oil revenue, was below the level in the preceding month and the monthly target by 3.7 per cent and 7.4 per cent, respectively.

The decrease was largely attributed to the 10.5 per cent decline in collections from corporate tax on account of the seasonality associated with its payments.

NewsOnline Nigeria

Recent Posts

  • Top Stories

President Tinubu Appoints New Heads For NESREA, NDRBDA

President Tinubu has appointed new heads for NESREA and NDRBDA.   NewsOnline Nigeria reports that…

13 hours ago
  • Crime Watch
  • Top Stories

Kogi High Court Summons EFCC Chairman, Ola Olukoyede Over Alleged Contempt

 Kogi Court has summoned EFCC Chairman, Ola Olukoyede over alleged contempt.   NewsOnline Nigeria reports…

13 hours ago
  • Africa
  • Economy And Business

Nigeria Becomes Largest African Foreign Investor In Canada – Dindembolo-Zaya

 Senior Trade Commissioner, Deputy High Commission of Canada, Dindembolo-Zaya Kuyena has stated that Nigeria is…

13 hours ago
  • Top Stories

FG Deepens Efforts To Tackle Climate Disasters For Sustainable Development

FG has vowed to deepen efforts to tackle Climate Disasters for Sustainable Development in Nigeria.…

13 hours ago
  • Crime Watch
  • Top Stories

Otti, Fubara, Tompolo… 166 Strong People on EFCC Wanted List (FULL LIST)

Christian Otti, Fubara, and Tompolo are among the 166 strong people on EFCC wanted list.…

13 hours ago
  • Headline

BREAKING: President Tinubu Storms Saudi Arabia For Special Global Economic Forum

President Tinubu has stormed Saudi Arabia for a Special Global Economic Forum.   NewsOnline Nigeria…

14 hours ago