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BUDGET DEFICIT
The Federal Government has reaffirmed its commitment to leveraging innovative financing mechanisms to address the projected N14 trillion budget deficit for the 2025 fiscal year.
The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, has defended the Federal Government's recent loan requests, clarifying that borrowing is an integral part of the Appropriation Act approved by the National Assembly.
The federal government has projected a N4.60 trillion decline in the budget deficit for the 2024 fiscal year.
The MPC urged the CBN to increase its lending to the government as it believes it will help reflate the economy from its recession.
VAT revenue grew by 29.3% compared to N1.18 trillion recorded in 2019 as professional services sector tops with N162.3 billion remittance
Nigeria has a total public debt (External and Domestic) of N32.22 trillion ($84.57 billion) as of September 2020.
We are increasingly worried about the government’s ballooning deficits and unsustainable debt service costs.