The Federal Government said it has recorded a budget deficit of N7. 052 trillion in the eleven months ending November 2021, representing 33 per cent increase when compared with the N5.32 trillion recorded in the corresponding period of 2020.
The deficit recorded represents 9.2 per cent above the N6.449 trillion
aggregate deficit in the 2021 budget.
Minister of Finance, Budget and National Planning, Zainab Ahmed,
disclosed this yesterday at the Public Presentation of 2022 budget, in
Abuja, saying as at the end of November, deficit spending had risen to
N7.052 trillion, instead of the prorata figure of N 5.911 trillion.
According to Ahmed, the 2021 budget implementation report was
provisional, capturing only the first 11 months, an indication that the
deficit figure could be higher when the budget implementation report for
the full year is concluded.
She disclosed that as at November 2021, the federal government
aggregate revenue was N5.51 trillion (74% of target), which justified the
deficit spending, as according to her, it would not have been possible for
the economy to exit the recent recession without such a strategy.