CBN, FG Records N930bn Fiscal Deficits In Two Months

According to the Central Bank of Nigeria, the Federal Government recorded N930.8bn fiscal deficit in January and February 2023.

The CBN in its monthly economic report for February 2023 stated that, “The estimated overall fiscal deficit of the FGN expanded in February, due to a drop in the retained revenue.

“At N513.05bn, the provisional fiscal deficit of the FGN rose by 22.8 per cent relative to the preceding month. However, it was 16.2 per cent below the budget benchmark.”

According to the report, the fiscal deficit was N417.75bn in January.

The report noted that accretion into the federation account decreased by 32.3 per cent in February relative to the preceding month, on account of the 60.2 per cent fall in oil revenue.

It also stated that, “At N1.04tn, federation receipts were below the level in January by 32.3 per cent.

“The decline, relative to January was attributed to a fall in collections from petroleum profit tax and royalties. Oil revenue, at N308.07bn, was 60.2 per cent below receipts in the preceding month.

“The outcome was driven, largely, by the 60.5 per cent decrease in collections from petroleum profit tax and royalties.”