The Federal Government’s expenditure in the first six months of 2022 exceeded revenue by N6.23tn.
The Federal Government recorded N3.2tn and N2.74tn fiscal deficit in the first and second quarters of 2022.
It however exceeded the Federal Government’s fiscal deficit budget of N1.6tn for the period under review.
A breakdown revealed that recurrent expenditure, capital expenditure, and transfers accounted for 81.0 percent, 13.3 percent, and 5.7 percent of total expenditure, respectively.
It noted that the fiscal operations of the Federal Government in the second quarter of 2022 remained aligned with the extant fiscal frameworks, which sought to achieve macroeconomic stability, improve revenue generation, and create fiscal space to boost infrastructural development, among other objectives.