FG’s debt now N24.52tn – CBN

The Central Bank of Nigeria (CBN) has revealed that the Federal Government’s outstanding debt as of March 31 stood at the N24.52tn.

The apex bank, in its ‘Economy monthly report’ for the month of May which was released on Tuesday also disclosed that the Federal Government recorded a revenue deficit of N561.71bn in May.

The report said, “Federation account operations driven by the slump in crude oil prices in March 2020, federally collected revenue in May 2020 declined by 31.6 percent and 12.0 percent to N625.91bn, relative to its levels in April 2020 and May 2019 respectively.

“The receipt was 52.4 percent below the monthly benchmark.

“Retained revenue of the Federal Government in May was N276.99bn, while total expenditure was N838.71bn, resulting in an estimated deficit of N561.71bn.

“Total FGN debt outstanding at end-March 2020, stood at N24.52tn, 59.3 percent of which was domestic and 40.7 percent external.”

Although a gradual easing of lockdown measures and border restrictions began in May, the report said federally collected revenue (gross) was impaired by a continued slowdown in economic activities.

Revenue from oil sources fell below the benchmark and the level in April 2020 because the price of Bonny Light crude dropped sharply from $55.66 in February to $32.01 in March; the reference price of crude oil sales for NNPC’s earnings in May 2020, it stated.

The report said the federally collected revenue in May 2020 was estimated at N625.91bn which represented respective declines of 52.4 percent and 31.6 percent, relative to the monthly benchmark estimate of N1.31tn and the April 2020 receipt of N915.28bn.

The report said the majority of the subnational governments generated minimal internal revenues, making them susceptible to fluctuations in federally collected revenue.