FG's Deficit Spending Surges To N12.1tn - CBN

Nigeria's Federal Government deficit spending has surged to a staggering N12.1 trillion in the first 10 months of 2024, marking a 28% increase from the N9.8 trillion recorded in the same period in 2023. This significant rise in deficit spending has raised concerns about the country's fiscal sustainability.

The Central Bank of Nigeria (CBN) reports that the Federal Government's revenue grew by 36% during the same period, driven by a 54.5% increase in revenue to the Federation Account. However, this revenue growth was overshadowed by the larger rise in total expenditure, particularly debt servicing.

In fact, Nigeria's debt servicing expenses reached N6.04 trillion in the first half of 2024, a 68.8% increase from the N3.58 trillion recorded in the same period in 2023. This surge in debt servicing has sparked concerns about the sustainability of the country's fiscal framework.

https://sundiatapost.com/fgs-deficit-spending-surges-to-n12-1tn-cbn/