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• Deficit already N3 trillion at end of May • Debt service ratio hits 97% The possibility of the Federal Government resorting to further borrowings or ‘ways and means’ (government facility from the Central Bank of Nigeria) to cushion the effect of revenue shortfall is imminent due to the rising fiscal deficit, despite a rise in oil prices. As observed in the 2021 performance up to May, the 2022-2024 Medium Term Expenditure Framework Fiscal Strategy document (MTEF/FSP) showed that inflation, subsidy payments, and weaker-than-expected economic performance continue to threaten government’s ambitious revenue growth targets. Specifically, government’s revenue from January to May 2021 was N1.8 trillion, a 33.3 per cent shortfall of the budgeted amount, compared to an expenditure profile of N4.86 trillion, representing 92.7 per cent of the prorated budget. This has pushed the deficit to N3 trillion already at the end of May, over half of the N5.6 trillion projected for the

Nigeria generalZainab ahmedAdeola adenikinjuSegun ajibolaUniversity of ibadanLagos chamberNational assemblyCentral bankNational planningFederation accounts allocation committeeWorld bankPetroleum industry billProfessor of economics at babcock universityMrs zainabFederal governmentMedium term expenditure framework fiscal strategy