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The Nigeria’s Government’s deficit spending increased by 28% year-on-year, reaching ₦12.1 trillion in the first ten months of 2024.
Data from the Central Bank of Nigeria’s (CBN) Monthly Economic Reports shows this marked a rise from ₦9.8 trillion during the same period in 2023.
The deficit also exceeded the 2024 budget target of ₦9.8 trillion by 31%, despite a 36% year-on-year growth in revenue over the same period.
In Q1 2024, deficit spending was ₦4.18 trillion, rising 1.9% quarter-on-quarter to ₦4.26 trillion in Q2 2024. However, Q3 2024 saw a 23% decline to ₦3.3 trillion, with October 2024 recording ₦361.89 billion.
Federation Account revenue surged by 54.5% year-on-year, reaching ₦20.214 trillion in the first ten months of 2024, up from ₦13.079 trillion in the same period in 2023.
Quarter-on-quarter, revenue grew from ₦4.973 trillion in Q1 to ₦6.388 trillion in Q2, further rising by 7.5% to ₦6.865 trillion in Q3. However, October revenue fell 7.9% month-on-month to ₦1.988 trillion.
The CBN’s October Economic Report highlighted the shortfall in federally collected revenue and the increasing gap between expenditure and revenue, stressing the need for a broader tax base and diversified revenue streams to improve fiscal stability.
