The Central Bank has released its monthly economic report for the month of January 2015. According to the apex bank, the Federal Government spent a total of N367 billion as total estimated expenditure for the period under review.
According to the CBN, total estimated expenditure for January 2015 was lower than the level in the preceding month by 0.9 per cent, but was above the level in the corresponding period of 2014 by 0.2 per cent. A breakdown of total expenditure showed that recurrent expenditure accounted for 82.4 per cent, while capital expenditure and transfer components accounted for the balance of 13.0 and 4.6 per cent, respectively.
Non-debt-obligations accounted for 72.6 per cent of the total recurrent expenditure, while debt service payments accounted for the balance of 27.4 per cent.The government therefore incurred an estimated deficit of N100.87 billion for the month of January.
At N266.20 billion, the estimated Federal Government retained revenue for January 2015 was higher than the receipts in the preceding month and the corresponding period of 2014 by 0.5 and 2.7 per cent, respectively. Of the total amount, the Federation Account accounted for 82.8 per cent, while FGN Independent Revenue, VAT Pool Accounts, Excess Crude Account and others accounted for 8.1, 4.0, 2.7 and 2.4 per cent, respectively.