Thread by @BudgITng

99% of FG's Total Revenue in Q1 was spent on servicing debts!
Unsustainable!!!

Revenue fell drastically as FG realized just N950bn- less than 50% of the expected N1.96tn

Total expenditure: N2.37tn
Capital expenditure: N139bn

What was Nigeria's Budget Performance in Q1 2020?

FG earned N464bn in oil revenue which is about 70% of the expected prorated figure of N659bn in Q1

Non-oil revenue, including CIT & VAT stood at N269bn

In the light of new economic realities, will FG still be able to meet its revenue target of N2.64tn for the full year 2020?

Other revenue earned in Q1 include; Independent revenue (N51bn), Domestic recoveries (N59bn), Stamp duty (N115bn) and special accounts (N166bn) among others

N2.37tn was spent in Q12020, from the N9.71tn appropriated for total expenditure in 2020.

N2.09tn was spent on recurrent expenditure including debt servicing (N943bn) . This is more than the prorated figure of N1.81tn for Q1

Only N139bn was released for capital expenditure.

The Non-Debt recurrent expenditure include Personnel costs (729bn), Pensions (N90bn), Overhead (N79bn), Presidential Amnesty (N10bn), Special Intervention Programme (N88bn)

The cost of debt servicing is becoming worrisome

As at March 2020, FG spent N943bn on debt servicing, which represents 99% of the total revenue of N950bn earned in Q1

This is unsustainabale!!