In eight years under President Mohammad Buhari’s administration, the federal government has incurred a deficit of N36.8 trillion.
According to a Vanguard study of data from the central bank of Nigeria, CBN, on federal government finances from 2015 to 2022, which shows that 77% of the deficit spending occurred in the last four years, from 2019 to 2022.
According to the report, total revenue for the eight years stood at N32.05 trillion, while total expenditure for the year stood at N68.8 trillion, indicating a deficit of n36.8 trillion.
In the first four years, 2015 to 2018, the government reported N13.9 trillion in revenues but spent N24.3 trillion, resulting in an N10.4 trillion deficit.
However, deficit spending has increased by 60% in the last four years, from 2019 to 2022.
