ADVERTISEMENT

Apex bank says FG overspent budget by N365.3bn in 2014

This was disclosed by the CBN Financial Stability report which was published on its website on Monday, May 4, 2015.

The Central Bank of Nigeria (CBN) has said that the Federal Government overspent the 2014 fiscal budget by N365.35 billion.

The report reads:

“The second half of 2014 also witnessed the commencement of a sustained decline in international oil prices, a development that signalled a decline in government revenue in 2015, given the traditional dominance of oil receipts in its revenue profile.”

“The Federal Government’s retained revenue for the second half of 2014,” the report noted, “increased to N1.95119 trillion, from N1.77127 trillion in the first half, but was lower than the budget estimate of N2.13404 trillion.”

ADVERTISEMENT

“Analysis of the retained revenue showed that the Federal Government’s share of the Federation Account was N1.40394 trillion (71.9 per cent); the VAT Pool Account, N55.62 billion (2.9 per cent); the Federal Government Independent Revenue was N284.14 billion (14.6 per cent); SURE-P netted N97.76 billion (5.0 per cent); while others, including excess crude and NNPC additional revenue, accounted for the balance of N109.73 billion (5.6 per cent).”

“Federal Government expenditure grew by 10.5 per cent to N2.31654 trillion, from N2.09637 trillion in the first half, compared with the budgeted expenditure of N2.61614 trillion for the second half of 2014.”

The Nigerian Senate on Tuesday, April, 28, 2015, passed a N4.493trn budget for the year, five months after it was submitted by Minister of Finance, Ngozi Okonjo-Iweala.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

BREAKING: Delta monarch declared wanted by military surrenders to police

BREAKING: Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT