FG’s deficit spending rises 28% to N8.44 trn in H1’24

Oct. 9, 2024 - Vanguard

CBN•Represents 92% of annual deficit target•Deficit increase defies 35% rise in revenueBy Elizabeth AdegbesanThe Federal Government’s, FG’s , deficit spending rose by 28 percent year-on-year (YoY) to N8.44 trillion in the first half of the year (H1’24) from N6.

59 trillion in H1’24. The deficit recorded in H1’24 represents 92 per cent of the proposed annual deficit spending of N9.

18 trillion deficit as contained in the 2024 budget. Furthermore, the increased deficit spending is in spite 35 per cent YoY increase in FG’s revenue in H1’24.

Further analysis showed that expenditure grew by 30.6 percent YoY to N12.

15 trillion in H1’24 from N9.3 trillion in H1’23.

The FG’s proposed 2024 budget of Renewed Hope stood at N27.5 trillion with a deficit of N9.

18 trillion...