The federal government revenue, which is expected to finance the 2016 budget fell short by N1.064 trillion as at June 2016, Daily Trust reports.
This was disclosed in the 2017 to 2019 Medium-Term Expenditure Framework and Fiscal Strategy presented to the public at a Stakeholders Consultative Forum held in Abuja.
The Framework presented by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, revealed that the federal government augmented the 55.2 percent shortfall in revenue as at June by domestic borrowing amounting to N600bn.
President, Muhammadu Buhari,had on May 6, 2016, signed into law the budget of N6.060trn for the year with approved borrowing of N1.819trn.
The amount borrowed to finance the budget, as at June, represented about 33 percent of the approved borrowing of N1.819trn meant to finance the total deficit of the budget.
A breakdown of the revenue shortfalls between February and June showed that the federal government’s net share of the federation account allocation dropped by N397.280bn against what was projected in the budget while the federal government’s generated internal revenue also dropped by N646.320bn from what was budgeted.
On the implementation of the budget as at June, the minister disclosed that a total of N2.123trn has been disbursed with recurrent expenditure “largely covered.”
He disclosed that N253bn has been released to Ministries, Departments and Agencies (MDAs) to invest in critical infrastructure projects as at July 18.
