The Federal Government’s (FG) deficit spending fell by 15 percent month-on-month (MoM) to N908.13 billion in November 2024 from N1.07 trillion in October 2024.
The Central Bank of Nigeria, CBN, disclosed this on Friday in its November Economic Report noting that the declined resulted from lower capital spending due to delay in capital releases.
The CBN said: “The overall fiscal balance of the FGN narrowed in November 2024.
“Provisional data showed that the overall deficit contracted by 15 per cent relative to the preceding month but was 18.72 per cent above the target.
“The contraction reflected lower capital spending due, largely, to delay in capital releases.”
The CBN also said that FG’s retained revenue rose to N820 billion while its expenditure fell to N1.7 trillion due to lower capital spending recorded during the review period.
According to the CBN, “FGN retained revenue rose during the review period owing, largely, to higher receipts from FGN’s share of VAT pool and exchange gain.”
