FG’s deficit spending jumps 144% to N609bn

FG’s deficit spending jumps 144% to N60

The deficit spending of the Federal Government rose sharply by 144 per cent, YoY, to N650 billion in the first two months of 2020 from N250 billion in the corresponding period of 2019.

 

Disclosing this in its monthly economic reports for January and February 2020 released yesterday, the Central Bank of Nigeria (CBN) also said Nigeria’s oil revenue rose by 17 percent, year-on-year, YoY, to N1.1 trillion within the period as against the N896.8 billion recorded in the corresponding period of 2019.

 

The oil revenue was however 34 per cent lower than the N2.5 trillion Budget 2020 estimate for the two months.

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