Of this year’s revised N10.8 trillion budget signed by President Muhammadu Buhari, a deficit of N5.365 trillion is being funded by domestic and foreign borrowing while direct revenue funding will cover N5.158 trillion. Contingent liabilities are sources of fiscal risk to Government and can cause substantial burden on budget if they crystallise. The share of oil revenue was N844.97 billion (representing 100 percent above the prorated sum) while non- oil tax revenue was N439.32 billion (65 percent less performance). Of the appropriated 2019 budget of N8.92 trillion, N8.29 trillion (representing 93 per cent of the budget) was spent. The spending was largely on recurrent expenditure, including N2.45 trillion for debt servicing, and N2.60 trillion for personnel cost (including pensions).

Source: The Guardian August 07, 2020 03:56 UTC