Expenditure Archives - Gifted Analysts

A Beginner’s Guide to CBN’s Ways and Means to the Federal Government of Nigeria

By Abdulazeez KurangaPosted on January 26, 2021Posted in EconomyTagged Borrowing, cbn, Deficit, Expenditure, FGN, Fiscal Policy, Fiscal Revenue, Ways and Means2 Comments

CBN’s financing of the FGN deficits seems to be a structural one and not a one-off event. This is because historical data has shown that the CBN has been financing a huge part of the FGN deficits even when there was no economic downturn. For example, out of the total fiscal deficit of N3.64 trillion in 2018, the CBN financed 52.2%. In 2019, the total fiscal deficit was N4.23 trillion and the CBN financed 78.3% or N3.31 trillion of that amount. There was no downturn during those periods, hence it goes against economic theory for the CBN to be printing money to finance significant proportions of the FGN’s fiscal deficit.

2021-2023 MTEF: Key Implications and Market Impact

By Abdulazeez KurangaPosted on August 28, 2020Posted in EconomyTagged Budget, Consumption, Expenditure, GDP, MTEF, population, RevenueNo Comments

We recently received the 2021-2023 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) released by the budget office of the Federation. We have thus provided an update on the key highlights, their implications and market impacts.

Analysis of Nigeria’s Fiscal Revenue from January to April 2020

By Sheriffdeen AdeotiPosted on August 27, 2020Posted in EconomyTagged Brent, COVID-19, Expenditure, FG, Fiscal Operation, Fiscal Revenue, PPT, RevenueNo Comments

₦1.25 trillion was expected to be generated in January and February, however, ₦952.5 billion and ₦845.1 billion was generated respectively implying that only 76% and 68% of expected revenue were achieved.
The month (March) which ushered in the Great Lockdown, saw a steep decline in revenue by 14% to ₦729.64 billion (M-o-M) compared to ₦1.32 trillion expected to be collected showing underperformance of 45% revenue collection. Mild recovery was experienced in April’s revenue to ₦915.28bn against ₦1.32trillion expected, an improved 70% target revenue generated.

Data on Lagos State Finances (2016-2018)

By Abdulazeez KurangaPosted on April 14, 2020Posted in DataTagged Debt Service, Expenditure, Federal Allocation, Finances, Lagos State, Revenue, taxNo Comments

Between 2016 and 2018, Lagos State Government has spent N712.76 billion on recurrent expenditure while N703.36 billion was spent on capital expenditure. While N122.595 billion was obtained as Federal Allocation from 2016 to 2018, the Lagos state government was able to generate N853.95 billion as tax revenue during the same period under review. Lagos state […]

Data on Nigeria’s Budgeted and Actual Revenue and Expenses (2010-2019)

By Joshua OlorunsaiyePosted on April 14, 2020Posted in Analytics, DataTagged Actual Revenue, Budget, Deficit, Expenditure, Nigeria, Revenue2 Comments

Over the past 10 years, Nigeria have recorded surplus (actual revenue minus budgeted revenue) in revenue during three periods and those periods are 2010, 2011 and 2014. In 2010, budgeted revenue was N2.52 trillion while actual revenue was N3.09 trillion. In 2011, the government recorded revenue surplus of N237.50 billion and the revenue surplus was […]

Understanding Nigeria’s Budget Performance as Revenue Keeps Under-Performing

By Abdulazeez KurangaPosted on January 29, 2020Posted in ArticlesTagged Budget, Expenditure, Fiscal Operation, Nigeria, Performance, RevenueNo Comments

This research article aims to explain Nigeria’s budget performance by comparing it with the actual performance in each of the fiscal years. While the article gives explanations of some trends from 1981, it is specifically focused on budget performance from 2010 to 2019.

Kwara State 2020 Budget: Good Intentions, Faulty Assumptions

By Abdulazeez KurangaPosted on December 22, 2019Posted in ArticlesTagged 2020, Budget, Expenditure, Finance, Kogi, Kwara State, Lagos State, RevenueNo Comments

Total revenue as at October 2019 was N85.12 billion which shows that revenue underperformed by 34.69% when compared with N130.38 billion projected revenue for 2019. Total expenditure as at October 2019 on the other hand, was N77.37 billion which also underperformed by 40.66% when compared with the projected expenditure of N130.38 billion for 2019.

Nigeria Has Both Debt and Revenue Problem

By Abdulazeez KurangaPosted on December 10, 2019Posted in Analytics, ArticlesTagged Budget, CAPEX, cbn, Debt Profile, Debt Servicing, Expenditure, Nigeria, Public Debt, ServiceNo Comments

This research article aims to provide answers to the differences in analysts opinions on Nigeria having a debt problem or revenue problem by providing trend analysis of debt servicing in Nigeria, as well as compare debt services with capital expenditure over the period. It concluded by examining the budgeted revenue and actual revenue in 2018 to come about a conclusion on whether Nigeria has a debt problem or revenue problem.

The FG Records N3.67 Trillion Deficit in the First 9 Months of 2019; Total Revenue at 48% of Total Expenditure

By Abdulazeez KurangaPosted on November 29, 2019Posted in ArticlesTagged Deficit, Expenditure, FG, GDP, Gross, Non-Oil, Oil, Real GDP, RevenueNo Comments

This analysis provides a look into the financial operations of the government in the first 9 months of 2019, as well as ranks the revenue sources to provide knowledge of the sources that contribute more to the entire gross revenue. The analysis therefore ends by providing more data on the monthly performance of the government in terms of revenue and expenditure.

Understanding Lagos State Finances and its Preference for External Debt over Internal Debt

By Abdulazeez KurangaPosted on November 7, 2019Posted in Articles, Business & FinanceTagged Debt Profile, Deficit, Expenditure, Finances, Financial Statement, LASG, Revenue, tax, VATNo Comments

Lagos State Government recently released its financial statement and we provide an insightful analysis into the state finances and its debt profile.

Expenditure