The government managed to release a total of 7.36 trillion naira on both capital and recurrent expenditure in the last fiscal year, against 9.01 trillion naira budgeted by the government for the fiscal year, the report said.
President Mohammadu Buhari had signed into law a total of 9.1 trillion naira budget approved by the National Assembly on June 20, 2018.
A breakdown of the amount showed that the sum of 2.01trillion naira was released in the first quarter, 1.63 trillion naira in the second quarter while the third and fourth quarter had releases of 1.89 trillion naiira and 1.82 trillion naira respectively.
Further analysis of the document showed that out of the 2.01trillion naira budget releases in the first quarter, 1.39 trillion naira was for recurrent expenditure, while 507.16 billion naira and 114.11 billion naira were for capital expenditure and statutory transfers respectively.
In the second quarter, of the 1.6 trillion naira released, 1.28 trillion naira was spent on recurrent expenditure, 231.93 billion naira was for capital while statutory transfers gulped the sum of 114.1 billion naira respectively.
In the third quarter, the government released 1.58 trillion naira for recurrent, capital and statutory transfers got 191.36 billion naira and 114.1 billion naira respectively.
For the fourth quarter of last year, the data showed that the sum of 1.6 trillion nairawas used to fund recurrent items, 108.15 billion naira and 114.1 billion naira were released for capital and statutory transfers respectively.
The government earned a total revenue of 884.88 billion naira in the fisrt quarter, 1.12 trillion naira in the second quarter, while it earned 1.03 trillion naira and 916.44 billion naira respectively the third and fourth quarter of 2018.
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