Oil revenue crash pushes FG’s deficit to N513bn in February

Home Business Oil revenue crash pushes FG’s deficit to N513bn in February

Oil revenue crash pushes FG’s deficit to N513bn in February

The Federal Government's fiscal operations in the early part of this year have led to a significant increase in deficit spending, with a rise of 22.8% in February 2023.

This rise is primarily attributed to a substantial drop in oil revenue during the period. The Central Bank of Nigeria (CBN) released its Monthly Economic Report (MER) for February 2023, stating that the deficit for the month amounted to N513.05 billion, resulting in a total deficit of N931 billion for the first two months of 2023. Furthermore, the deficit is reported to be 16% below the budget benchmark, and non-oil revenue has also experienced a decline.

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