In the first four months of this year, Nigeria’s aggregate expenditure stood at N4.72 trillion with only 16.4% spent on capital expenditure.
This is 18% short of the projected N5.77 trillion expenditure within the period, according to the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategic Paper (MTEF and FSP) released by the Budget Office.
Investogist had reported that from January through April, Nigeria’s total revenue stood at N1.63 trillion. This is 50.9% short of the projected N3.32 trillion revenue within the period despite the rising oil price.
Breakdown of the total expenditure showed that N1.94 trillion was for debt service, N1.26 trillion was for personnel costs including pensions.
Just N773.63 billion was spent on capital expenditure. This represents only 42.45% of the budgeted N1.82 trillion within the period.
The report also showed that no money was spent on multi-lateral/bilateral projects tied to loans within this period against a projected expenditure of N385.27 billion.
Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, on Thursday warned that urgent action is needed to address the nation’s revenue challenge and expenditure efficiency at both the national and sub-national levels.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
