Nigeria’s fiscal deficit increased marginally by 0.1% to N824.79 billion in April 2024, up from N823.91 billion in March, according to the Central Bank of Nigeria’s (CBN) Monthly Economic Report.
This figure represents a 7.92% rise above the budgeted N764.19 billion for the period.
The CBN attributed the deficit expansion primarily to a 0.55% month-on-month decline in retained revenue, which fell to N419.91 billion due to lower receipts from exchange gains.
The report also highlighted a slight decrease in government expenditure, which dropped by 0.16% to N1.246 trillion in April from N1.244 trillion in March, driven mainly by reduced capital spending.
The Federal Government’s overall spending was significantly lower than projected, with recurrent expenditures making up 84.5% of the total, capital spending at 6.3%, and transfer payments at 9.2%.
This spending shortfall contributed to the broader fiscal deficit.
Additionally, consumer credit outstanding saw a substantial decrease, dropping by 53.83% to N3.8 trillion by the end of April
The decline was largely due to a 60.79% fall in personal loans, which decreased to N2.95 trillion.
Conversely, retail loans increased by 18.81% to N856.77 billion, though overall consumer lending was impacted by reduced loan demand amid high-interest rates.