Funding gap for FG’s budget widens as revenues under-perform by N2.9trn – CBN

The gross revenue of the Federal Government has significantly improved by 35.8% to N6.0 trillion for the first eight months of the year, from N4.4 trillion the previous year. However, when compared with budget expectation of N8.9 trillion, this represents a shortfall of 31.2%.

This was contained in the Central Bank of Nigeria’s (CBN) recently released monthly economic report for August- the only one so far in 2018.

The Federal Government plans to spend N9.1tn in 2018; 41.1% higher than the actual expenditure in 2017. Even more optimistic is the projected revenue of N7.3tn – 2.7 times the actual revenues for 2017 – which brings projected fiscal deficit to N2.0tn.

The report provides provisional data on government’s fiscal performance – up till August 2018 – which allows analysts to assess the progress made towards fiscal targets.

Source: Daily Trust

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