Federal Government Exposes Over N36trn Deficit in Buhari Regime

By Sola Omoniyi, Lagos

In preparation to hand over the mantle of power to the next Administration, the Federal Government has incurred a deficit of N36.8 trillion in eight years under the regime of President Muhammadu Buhari.

According to the report, 77 per cent of the deficit spending happened between 2019 – 2022.

The total revenue for the past eight years of President Buhari stood at N32. 05 trillion, and the total expenditure during the same period stood at N68. 8 trillion, which indicates a deficit of N36. 8 trillion.

Between 2015-2019, the government recorded N1.39 trillion as revenue, and spend N24. 3 trillion, which accumulates in a deficit of N10. 4 trillion.

With the statistics, the deficit spending skyrocketed from 60 per cent between the year 2019-2015.

It was revealed that over 22 per cent of the 8years deficit spending was incurred in 2022.

It was reported that the Federal Government revenue grew by 14.7 per cent to N5. 05 trillion from N4. 4 trillion in 2021.

In the Macro Poverty Outlook for Nigeria, the World Bank affirmed that the fiscal position deteriorated in 2022 when the cost of petrol subsidy increased from 0.7 per cent to 2.3 per cent of GDP.

The development has kept the public debt stock at over 38 per cent of GDP.