May 19, 2024
FG Records N1.3 Trillion Revenue Shortfall
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FG Records N1.3 Trillion Revenue Shortfall

The Federal government’s 2023 budget recorded a N1.255 trillion shortfall in its projected revenue generation between January and July, this year.

The 2024-2026 Medium Term Economic Framework (M-TEF) prepared by the government indicates that of the N11.045 trillion projected for the year, the actual collection was N5.187 trillion, instead of the prorata N6.442 trillion, therefore leaving a shortfall of N1.255 trillion.

On the expenditure, the administration spent much less than it projected, as it spent only N8.6 trillion as at the end of July, out of the N21. 83 trillion budgeted for the year.

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Despite the current sluggish growth, the government projects a Gross Domestic Product growth rate of 3.76 percent next year, and expects it to rise to 4.22 and 4.78 in 2025 and 2026, respectively.

From a.current N700/$1 exchange rate, the government has projected a N665.61/$1 and N669.79/$1 in 2025 and 2026 respectively, in optimism of a stronger Naira in the coming years.

Inflation currently at 26.72 percent had been projected at 17.16 percent this year.

    • 7 months ago

    […] READ ALSO: FG Records N1.3 Trillion Revenue Shortfall […]

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