FG deficit spending rises 6% to N1.46trn in 1st quarter

A map of Nigeria Oil revenue rises 8% to N1.5trn By Babajide Komolafe The fiscal spending of the Federal Government (FG) rose by six percent, year-on-year (YoY) to N1.46 trillion in the first quarter of the year (Q1’2020) from N1.13 trillion in the corresponding period of last year. The increase in deficit spending was in spite eight percent, YoY,  increase in oil revenue and 5.1 percent (YoY) increase in Federally Collected revenue during the period. The Central Bank of Nigeria (CBN) disclosed this in its Quarterly Economic Report for Q1’2020 released yesterday.