The federal government’s expenditure exceeded its revenue by N1.43 trillion in the first quarter of 2023.
The Central Bank of Nigeria revealed this in its Third Quarter 2023 Economic report at the weekend.
The report showed a deficit of 9.6 percent higher than the Fourth Quarter of 2022.
It added that low oil revenue realisation, impaired fiscal performance in Q1 2023.
Consequently, the government revenue in the period under review fell by 10.7 percent, relative to Q4 2022 and was 46.1 percent below the quarterly target.
“The fiscal operations of the FGN in 2023, Q1, resulted in a deficit. At N1.43tn, the provisional fiscal deficit of the FGN was 9.6 percent higher than the level in the preceding quarter but 22.1 percent below the target”.
DAILY POST recalls that the National Bureau of Statistics (NBS) reported that the federal government generated 1.18 trillion from Value Added Tax and Company Income Tax in Q1 2023.