A report by accountability firm, BudgIT, has shown that the federal government spent three times its revenue in 2023, resulting in a deficit of N13.50 trillion.
The firm, in its analysis of the 2023 fiscal accounts from the Office of the Accountant-General of the Federation, revealed that the government’s revenue last year was N5.99 trillion, while it spent N19.50 trillion, thus exceeding its income by 225 per cent.
Further details of the report showed that the revenue came from various sources, including N3.80 trillion from the Federation Account Allocation Committee (FAAC), N1.98 trillion from the federal government’s independent revenue, and N202.54 billion from other sources.
The report said the deficit was indicative of the federal government’s continuous drift from fiscal responsibility, as it borrows more than it earns, entrenching a cycle of debt and financial instability.
