According to data received from the Central Bank of Nigeria, the Federal Government posted a budget deficit between January 2022 and November 2022 of N7.34 trillion.
This information was provided by the CBN in a statement that Mike Obadan, a member of the Monetary Policy Committee, presented at the most recent MPC meeting in January.
Commenting on the government’s financial operations, he said:
“These have continued to elicit serious concerns considering the growing yearly fiscal deficits and their implications for public debt accumulation (N44.06tn as of September 2022 and excluding nearly N23.0tn Ways and Means Advances) and inflation in view of the Ways and Means Advances financing.
“From January to November 2022, the Federal Government incurred a fiscal deficit of N7.34tn. The projected Federal Government fiscal deficit for 2023 is N11.34tn and it is to be partially financed through deficit financing. This is where the challenge lies for inflation control.â€