A tech-civic and social accountability organisation, BudgIT, has reported that the Federal Government spent 225 percent more than its revenue in the 2023 fiscal year.
According to BudgIT’s analysis of data from the Office of the Accountant-General, the government spent N19.50 trillion against a revenue of N5.99 trillion, resulting in a deficit of N13.50 trillion.
The revenue sources included N3.80 trillion from the Federation Account Allocation Committee, N1.98 trillion from independent revenue, and N202.54 billion from other sources.
It raised concerns that this spending pattern, which exceeds income by 225 percent, highlights a significant drift from fiscal responsibility.
