The Federal Government has released the performance report for the 2017 budget.
Foremost civil and tech organization (public finance) BudgIT released some quick numbers on this.
Have a look below;
QUICK NUMBERS: FG has released the performance report of 2017 Budget Oil Revenue Target: N2.12tn Actual: N1.12tn Non-oil Revenue Target: N1.41tn Actual: N956bn Independent Revenue Target: N807bn Actual: N295bn Total Revenue Target: N5.08tn Revenue: N2.65tn 52% Performance.
Expenditure Personnel Costs Target: N1.884tn Actual: N1.865tn Non-debt Recurrent Target: N2.99tn Actual: N2.756tn 92% Performance Debt Servicing Target: N1.663tn Actual: N1.82tn 109% Performance Capital Expenditure Target: N2.17tn Actual: N1.44tn 66% Performance.
Statutory Transfers (INEC, NJC, NASS etc.) Target: N434.4bn Actual: N434.4bn Foreign Borrowing Target: N1.07tn Actual: N1.17tn Domestic Borrowing Target: N1.25tn Actual: N1.34tn. FG has a deficit (N3.8tn) greater than its revenue (N2.65tn).
The report does not explain our deficit of N1.3tn was financed. Nigeria is now in a phase where it borrows more money than it generates within a fiscal year. We will bring you our detailed analysis SOON.
Responses from Nigerians.
We would keep you updated as more information and details come through on the analysis and implications of these numbers.