In an in-depth analysis of data from the Central Bank of Nigeria (CBN), it has been revealed that the Federal Government of Nigeria has incurred a staggering deficit spending of N36.8 trillion over an eight-year period under President Mohammadu Buhari’s administration from 2015 to 2022. The analysis conducted by Vanguard indicates that 77% of this deficit spending occurred in the last four years, specifically from 2019 to 2022.
During the eight-year period, the total revenue amounted to N32.05 trillion, while the total expenditure reached N68.8 trillion, resulting in a deficit spending of N36.8 trillion. In the initial four years (2015-2018), the government recorded N13.9 trillion in revenue but spent N24.3 trillion, leading to a deficit spending of N10.4 trillion.
However, in the subsequent four years (2019-2022), deficit spending surged by 60%. Revenue rose by 31% to N18.2 trillion, and expenditure increased by 83% to N44.5 trillion. Consequently, deficit spending escalated to N26.4 trillion, marking a significant 60% increase compared to the previous four years.
