ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

FG deficit rises to N4.45tr in 10 months

26th January 2021
in Business
0
FG to prosecute looters of Shoprite, MTN, others
0
SHARES
138
VIEWS
Share on FacebookShare on Twitter

The Federal Government has recorded a N4.45 trillion deficit spending in ten months.

The deficit which climbed by 17 per cent, year-on-year (y/y), against N3.8 trillion recorded in the corresponding period of 2019.

The sharp increase in deficit was driven by the decline in revenue which worsened in October, falling by 6.5 per cent, month-on-month (m/m) to N275 billion from N294 billion in September.

The Central Bank of Nigeria (CBN) disclosed this in its monthly economic report for October 2020. Breakdown of the CBN economic reports from January to October last year showed 28 per cent, y/y, decline in FG’s retained revenue during the ten months period, to N2.88 trillion from N3.99 trillion recorded in the same period in 2019. In the same vein, the FG recorded 6.0 per cent y/y decline in expenditure to N7.33 trillion during the ten months period to October 2020, from N7.78 trillion in the same period of 2019. Narrating how the fiscal position of the FG worsened in October last year, especially the deteriorating trend in revenue, the CBN, in the report said: “The persisting effects of the COVID-19 pandemic on the fiscal profile and operations of the Federal Government led to a huge deficit in October 2020. The estimated deficit amounted to N451.22 billion compared to the budget benchmark of N414.63 billion, the N418.50 billion in September 2020 and the N323.84 billion in October 2019.

“The estimated fiscal deficit rose by 8.8 per cent and 7.8 per cent above the 2020 budget benchmark and the level in September 2020, respectively. The development was attributed to the 6.6 per cent decline in retained revenue,and the 1.9 per cent increase in aggregate expenditure relative to the level in the preceding month “The revenue profile of the FGN revealed a lingering challenge due to declines in statutory receipts and persistent shortfalls in FGN Independent revenue. The total retained revenue of N274.48 billion recorded in October 2020, was significantly below the budget benchmark and the level recorded in October 2019 by 43.6 percent and 52.8 per cent, respectively. “Releases to MDAs in respect of personnel cost and capital expenditure, were the major drivers of government expenditure in October 2020.

At N725.70 billion, provisionally estimated aggregate expenditure of the Federal Government, rose by 1.9 per cent above the N712.30 billion in September 2020, but declined by 19.8 per cent below the N904.77 billion in the corresponding period of 2019.

“Overall, total expenditure fell below the budget benchmark of N900.88 billion by 19.4 per cent, indicative of government’s revenue constraint.”

Tags: central bank of nigeria (cbn)federal government
Rapheal

Rapheal

Related Posts

Petrol scarcity bites harder in Abuja, Oyo, Yobe
Business

Petrol scarcity bites harder in Abuja, Oyo, Yobe

2nd March 2021
Sterling Bank partners commodity exchange to end $9bn post-harvest losses
Business

Onebank introduces Ajo Scheme for big-ticket savings

2nd March 2021
Business

Advert Managers Forum gets new EXCO

2nd March 2021
Next Post
Ayade challenges SON to certify products from Cross River

SON destroys N300m substandard tyres, cylinders

Reasons PDP lost Kwara in  2019 –Zakari Muhammed

Reasons PDP lost Kwara in 2019 –Zakari Muhammed

Why I want to be  president –Mazi  Ohuabunwa

Why I want to be president –Mazi Ohuabunwa

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Rivers Utd suspends Afelokai, Anaemena

Chukwueze returns with bang

Ighalo strikes double in Saudi

Osimhen doubtful for Napoli’s trip to Sassuolo

SCI, journalists move against child marriage

Fellowship not substitute for PhD –NUC ES, Prof. Rasheed tells WAPCMLS

Trending

Young people spreading transmission of COVID-19 – NCDC
National

COVID-19: NCDC announces 360 new infections, 8 additional deaths

2nd March 2021
0

The Nigeria Centre for Disease Control (NCDC) has announced 360 new cases of COVID-19, bringing the total...

BREAKING! Abducted Zamfara schoolgirls regain freedom

BREAKING! Abducted Zamfara schoolgirls regain freedom

2nd March 2021
Ndidi celebrates Ballers Awards win

Ndidi celebrates Ballers Awards win

2nd March 2021
Rivers Utd suspends Afelokai, Anaemena

Rivers Utd suspends Afelokai, Anaemena

2nd March 2021
Chukwueze returns with bang

Chukwueze returns with bang

2nd March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist