News
FG Records N3.05trn Fiscal Deficit In Eight Months
The Federal Government recorded a fiscal deficit of N3.05trillion in its operations between January and August this year; figures obtained from the Central Bank of Nigeria (CBN) have shown.
The 2019 budget signed by President Muhammadu Buhari had capital expenditure of N2.09trillion, recurrent expenditure of N4.05trillion, statutory transfers of N502billion, and special intervention of N500billion.
The budget also had debt service of N2.25trillion. Out of this figure, N1.7trillion was approved for domestic debts, while the sum of N433billion was provided for foreign debts.
Similarly, the sum of N110billion was approved for sinking fund to retire maturing debt obligations.
To fund the budget, the Federal Government had planned to generate the sum of N7trillion as revenue.
This is made up of N3.69trillion from oil sources, while N3.31trillion is projected as revenue from non-oil sources.
Details of the fiscal operations of the Federal Government as contained in the CBN economic report for August this year showed that the government had not been able to generate adequate revenue to meet its expenditure.
For example, the Federal Government’s retained revenue was put at N343.4billion in January while its expenditure was N868.3billion.
This resulted in a deficit of N524.9billion.
For the month of February, March and April, the Federal Government’s retained revenue was put at N318.1billion, N392.2billion and N386.2billion while expenditure was put at N1.09trillion, N532.3billion and N1trillion, respectively.
This resulted in fiscal deficits of N780.1billion, N140.1billion and N618.9billion, respectively.
For the months of May, June and July, the Federal Government based on the CBN data recorded revenue of N279.7billion, N310.6billion and N381.8billion while expenditure was put at N499.5billion, N814.5billion and N490.9billion, respectively.
The fiscal deficit during the period was put at N219.8billion, N503.9billion and N109.1billion, respectively.
In the month of August, the government’s revenue was estimated at N308.1billion while the total expenditure incurred during the period was N464.3billion.
This resulted in a deficit of N156.2billion during the period.
The report read in part, “At N464.31billion, the estimated total expenditure of the Federal Government was below the monthly budget estimate of N865.31billion by 46.3 per cent.
“It was also below the N490.87billion recorded in the preceding month by 5.4 per cent.
“A breakdown showed that recurrent and capital expenditure constituted 75.5 per cent and 18.6 per cent of the total expenditure, respectively, while transfers constituted 5.9 per cent in the review period.
“Of the recurrent expenditure, non-debt obligation was 69.3 per cent, while debt service payments accounted for 30.7 per cent of the total.
“Consequently, the fiscal operations of the Federal Government resulted in a deficit of N156.18billion, compared with the monthly budget deficit of N159.87billion.”
The Senior Economist, World Bank, Yue Man Lee, said the implications of having low revenue was that the amount Nigeria could spend on human development would be restricted.
Lee while speaking during the unveiling of a report by the BudgIT on state governments’ sustainability in Abuja said over the years, the fiscal capacity of government at all levels to generate the needed revenue to finance their operations had reduced.
She said, “The broader fiscal challenge that Nigeria faces is low revenue that constrains the budget envelop.
“This, when put in plain terms, is how much revenue that is available to spend on public service and investments in human capital.
“Nigeria is spending, and government spending as a percentage to Gross Domestic Product (GDP) is way lower than other countries at similar income per capital level. And the reason behind this is because of the exceptionally low revenue that Nigeria collects.”
Lee said with the country having revenue to Gross Domestic Product ratio of about eight per cent, there was a need to come up with measures to boost revenue.
She said the low level of government spending on capital projects contributed to low level of development outcomes.
Also, the Lead Director, Centre for Social Justice, Eze Onyekpere, said there might be a central challenge in the realisation of the revenue and funding needed to implement the 2019 budget.
This, according to him, is against the background of the revelation by the Minister of Finance, Zainab Ahmed, that only 55 per cent of the 2018 revenue projection was realised.
He said the revenue underperformance followed the trajectory in previous years where the Federal Government consistently failed to realise its budgeted revenue.
The Rivers State chapter of the All Progressives Congress Christian Leaders Forum has expressed strong confidence in the capacity of All Progressives Congress (All Progressives Congress) candidates in the state to deliver effective governance if elected into office in the coming elections.
The State Coordinator of the forum, Archbishop Lucky Aroh, made this known during a breakfast and thanksgiving meeting held in Port Harcourt, where leaders gathered to pray for the stability of the party and the safety of its candidates ahead of the 2027 general elections.According to him, the meeting was convened to seek divine intervention for peace, unity, and security among APC candidates across Rivers State.
“Today we are praying for APC stability in Rivers State and the security of our candidates that have been elected to contest the 2027 elections. It is a breakfast meeting,” Aroh said.
He further expressed optimism that the party’s candidates would not disappoint the people if entrusted with leadership responsibilities.
“They will not fail when elected into office. We are here as fathers of the land to let them know, and I must tell you the truth that these are the authentic people that will do well in Rivers State,” he added.
Speaking earlier, the National Chairman of the forum, Professor Olanrewaju Abraham, commended the Rivers State chapter for organizing the programme, noting that the national body of the forum believes strongly in the power of prayer.
He stated that political leadership provides an opportunity to influence society positively, including advancing moral and spiritual values, while expressing confidence that APC candidates at all levels would emerge victorious in the upcoming elections.
Also speaking, the Rivers State Women Leader of the APC, Hon. Darling Amadi, praised the forum for its commitment to prayers for peace, stability, and the protection of party candidates.
Represented by the Deputy Women Leader of the party in the state, she described the initiative as commendable and urged other political and support groups within the party to emulate the gesture in promoting unity and stability.
By: John Bibor, Menebe Emmanuel & Fortune Paibi
Prominent businessman and philanthropist, Elder Anthony Osagwe-Ogo, was celebrated in grand style as he marked his 70th birthday anniversary, with distinguished Nigerians, business leaders, and golf enthusiasts gathering to honour his remarkable contributions to society.
The colourful celebration took place at the Port Harcourt Golf Club, where friends, associates, and well-wishers converged to pay tribute to the revered elder statesman.
Chairman of the occasion, High Chief (Dr.) Ikenna Okafor, described the celebrant as a detribalised Nigerian whose generosity, humility, and commitment to humanity have earned him admiration across different communities and backgrounds.
According to Dr. Okafor, Pa Osagwe-Ogo’s impact on society and the development of his community remains unparalleled. He noted that members of the golfing community are proud to be associated with a father figure who consistently promotes the welfare and well-being of those around him.
He further stated that the history and growth of the Port Harcourt Golf Club cannot be told without acknowledging the significant role played by the celebrant, whose wisdom, encouragement, and leadership have helped sustain the club over the years.
“We are here to celebrate a man who has impacted humanity positively, a peace-loving individual and an epitome of hope for the younger generation. We pray to emulate his virtues. Today, we celebrate a bridge-builder, a trailblazer, and an iconic leader whose life continues to inspire many,” Dr. Okafor said.
He expressed delight at the large turnout of guests from various walks of life, describing it as a testament to the respect and affection Pa Osagwe-Ogo commands within and beyond Rivers State.
In his response, the celebrant, Pa Anthony Osagwe-Ogo, expressed profound gratitude to God for preserving his life and granting him the privilege of attaining the milestone age of 70.
He also thanked members of the Port Harcourt Golf Club, family members, friends, and associates for identifying with him during the celebration and for their unwavering support over the years.
The event featured the cutting of the birthday cake, presentation of awards to deserving members of the club, goodwill messages, and moments of celebration among guests.
The ceremony was attended by notable personalities from the business community, the golfing fraternity, and other sectors, all of whom joined in celebrating the life and legacy of the respected elder statesman.
Rivers State Governor, Sir Siminalayi Fubara, and the Permanent Secretary of the Rivers State Ministry of Information and Communications, Dr. Honour Kuru Sirawoo, have been honoured with awards of recognition in connection with the 2026 Democracy Day celebrations held in Port Harcourt.
The awards, which formed part of activities marking Nigeria’s Democracy Day on June 12, were formally presented on Tuesday at the Ministry of Information and Communications in Port Harcourt.
Presenting the awards was Hon. Abdul Hameed Oladipupo Alli, popularly known as “Mr. Nigeria,” Publisher of Asiwaju Trumpet Magazine and Achievers World International Magazine.
Governor Fubara was recognised for his efforts in sustaining peace, stability, and a conducive political atmospherJohn Bibor / Menebe Emmanuel / Fortune Paibie in Rivers State. The organisers noted that his administration has fostered harmony and strengthened civic participation across the state.
Dr. Sirawoo, on the other hand, was honoured for his exemplary administrative leadership and significant contributions to effective information management within the Ministry of Information and Communications.
Representing Dr. Sirawoo at the presentation ceremony, Dr. Christian Davies received the award on his behalf and expressed gratitude for the recognition. He described the honour as a reflection of Dr. Sirawoo’s unwavering commitment to professionalism, excellence, and dedicated public service.
Dr. Davies assured the organisers that the award would be formally conveyed to the Permanent Secretary.
The event also featured the presentation of commemorative publications highlighting major governance and civic milestones in Rivers State, including Easter celebrations, Workers’ Day activities, the Governor’s third anniversary in office, and Democracy Day programmes.
Organisers of the awards commended the Rivers State administration for what they described as sustained peace, political stability, and improved civic engagement, noting that these achievements have contributed significantly to the state’s continued development.
By: Jessica Sambol
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