The Federal Government has recorded a revenue shortfall of N14.28tn under the regime of the President, Major-General Muhammadu Buhari, (retd), according to data from the Budget Office of the Federation.
The data was obtained from the budget implementation reports for 2016, 2017, 2018, 2019, 2020, 2021, and 2022 .
In 2020, the Federal Government’s projected revenue was N5.84tn, but actual revenue amounted to N4.04tn. In 2021, revenue projection was N6.64tn, actual revenue was N4.64tn. In 2022, projected revenue was N7.48tn, actual revenue amounted N6.49tn. Rising shortfall has led to an increase in the nation’s debt profile. The Federal Government has consistently relied on the Central Bank to fund its revenue shortfalls. In 2022, it borrowed N6.31tn from the CBN through Ways and Means Advances increasing its total borrowings from the CBN to N23.77tn as of October 2022.
Even though the Federal Government has been trying to increase its non-oil revenue, the World Bank expects revenue to decline as a share of GDP for 2022.
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