Vanguard News
FG deficit rises 17% to N4.45trn in 10mths
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By Babajide Komolafe
The Federal Government (FG) recorded N4.45 trillion deficit spendingin ten months to October 2020, up by 17 percent, 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 percent, month-on-month (m/m) to N275 billion from N294 billion in September.
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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 percent, 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.