The Federal Government recorded an overall fiscal deficit of N824.79 billion in April 2024 compared to N823.91 billion in the preceding month, the Central Bank of Nigeria (CBN) has said.
The apex bank, which disclosed this in its monthly economic report for April 2024, released on Wednesday, stated that “Provisional data showed that primary and overall deficits rose to N260.98 billion and N824.79 billion, respectively, from N249.43 billion and N823.91 billion, in the preceding month.
The expanded deficit reflected the sharper decline in retained revenue.” According to the report, while the FG’s retained revenue stood at N419.91 billion in April, the government recorded aggregate expenditure of N1.24 trillion. The report said: “FGN retained revenue dipped in the review period, due to lower receipt from exchange gain.
Provisional data indicated that, at N419.91 billion, FGN retained revenue fell relative to the level in March 2024 and the monthly benchmark by 0.55 and 74.29 per cent, respectively.
“The provisional data showed that aggregate expenditure of the FGN declined, due to reduced capital spending. At N1,244.71 billion, provisional data indicated that expenditure was 0.12 per cent below the level in the preceding month, and 48.10 per cent short of the projected spending of N2,398.12 billion.
The decline was attributed, largely, to reduction in capital outlay in the review period. Further analysis showed that recurrent, and capital accounted for 84.5, and 6.30 per cent, respectively, while transfer payments constituted 9.2 per cent.”
On Nigeria’s trade performance during the review period, the report said that country’s trade surplus narrowed on account of higher import bills relative to the preceding month.
“Provisional data suggested that trade surplus fell to $2.03 billion, from $2.08 billion in March 2024. Total export receipts rose to $4.92 billion, from $4.89 billion in the preceding month, driven by higher crude oil production and prices.
Merchandise import grew to $2.89 billion, from $2.81 billion in March, due to higher import of both oil and non-oil products.
“An analysis of the total export indicated that crude oil and gas receipts constituted 89.73 per cent, with non-oil export accounting for the balance. In terms of contribution to import, non-oil import had an overriding share of 61.23 per cent, while oil constituted the balance,” the report said.