Data from the Central Bank of Nigeria show that the Federal Government has recorded a fiscal deficit of N4.62tn in its operations in the 2019 fiscal period.
The 2019 budget which was signed by the President Muhammadu Buhari had capital expenditure of N2.09tn, recurrent expenditure of N4.05tn, statutory transfers of N502bn, and special intervention of N500bn.
The budget also had debt service of N2.25tn. Out of this figure, N1.7tn was approved for domestic debts, while the sum of N433bn was provided for foreign debts.
Similarly, the sum of N110bn was approved for sinking fund to retire maturing debt obligations to fund the budget, the Federal Government had planned to generate the sum of N7tn as revenue.
This was made up of N3.69tn from oil sources, while N3.31tn was projected as revenue from non-oil sources.
