Nigerian Government’s 2023 Spending Exceeds Revenue By 225% – BudgIT Report

BudgIT, a civic tech and social accountability organization, has reported that the Nigerian Federal Government’s expenditure in 2023 was a staggering 225 percent above its revenue.

According to their analysis of the fiscal accounts from the Office of the Accountant-General of the Federation, the government’s spending reached N19.50 trillion, while revenue only amounted to N5.99 trillion, resulting in a deficit of N13.50 trillion.

The report highlights that the revenue sources included N3.80 trillion from the Federation Account Allocation Committee, N1.98 trillion from the Federal Government’s independent revenue, and N202.54 billion from other sources.

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Despite official claims of prudent fiscal management, the government’s spending patterns reveal a significant divergence from fiscal responsibility.

Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, criticized the government’s financial practices, stating, “The government needs to do more to reduce the cost of governance.”