The debt of the federal government stood at N31.01 trillion at end-June 2020, with the bulk of it from domestic components making up 57.6 percent.
This was disclosed by the Central Bank of Nigeria, CBN, Wednesday in its monthly economic report.
It stated that the country’s retained revenue stood at N284.76 billion in November 2020, with a 36.3 percent decline when compared to its 2019 figures in the corresponding period.
The report added that the fiscal deficit grew by N208.14 billion to N620.49 billion reported in the month of October 2020.
The gross federally collected revenue shrunk by 16.6 percent and 19.7 percent in November 2020 to amount to N706.47 billion.
READ ALSO: Investors Shed N426 Billion In Continuous Losing Streak
It stated, “At N706.47bn, provisional gross federally collected revenue in November 2020 contracted by 16.6 per cent and 19.7 per cent, compared with the budget benchmark and the receipt in November 2019.
“It, however, increased by 7.2 per cent, relative to the preceding month. The increase was attributed to upticks in both oil and non-oil revenue components.
“Federal Government retained revenue stood at N284.76bn in November 2020, indicating a significant drop of 36.3 per cent, relative to its level in the corresponding period of 2019.
“Driven by the rise in personnel and overhead costs, provisional aggregate expenditure rose to N905.26bn from N738.71bn in the preceding period.
“Consequently, estimated fiscal deficit in November expanded to N620.49bn, relative to N421.35bn recorded in October 2020.
“Total FGN debt outstanding at end-June 2020 was N31.01tn; with domestic and external components accounting for 57.6 per cent and 42.4 per cent of the total debt stock respectively.”
In November 2020, the country saw a rise in oil revenue which was attributed to a spike in receipts from domestic crude/gas sales.
While in the non-oil revenue sector, there was a growth of 5.9 percent in the month of November, higher than what was reported in the month prior, but below the benchmark.
