Techeconomy.ng gathered that the data covered periods from 2016 to 2020 while the budget office noted that more than N7.97tn was borrowed from foreign and domestic sources to fund these deficits.
The budget deficit is where the government spends more than it receives. Budget deficits are paid for by credit, or existing funds and savings.
It also explained that the governments might be able to use funds from previously generated surpluses, or, they will have to borrow the money from the public.
The budget office noted that the federal government generated a revenue of N3.42tn to fund the budget in 2020.
According to it, the total government spending for the year was N10.02tn, 0.43 per cent above the N9.97tn budgeted.
Hence, the budget deficit for the year was N6.59tn (14.17 per cent of the 2020 GDP), and this was partly-financed through domestic borrowing of N2.06tn.
In 2019, the Federal Government generated a total of N4.12tn to fund the budget. For the year, total expenditure was N8.29tn, a decrease of N618.14bn (6.93 per cent) from the annual projection.
Budget deficit stood at N4.18tn (2.9 per cent of 2019’s GDP), and was partly-financed through domestic borrowing of N912.82bn.
In 2018, a total of N3.48tn, excluding other funding sources, was generated in revenue to fund the year’s budget.
For the year, total spending was N7.51tn, a decrease of N1.61tn from the budget. This meant a budget deficit of N3.65tn (2.85 per cent of the 2018 GDP), which was financed to the tune of N2.50tn through foreign borrowing of N1.17tn and domestic borrowing of N1.34tn.
According to the budget office, the implementation of the 2017 budget was affected by poor revenue outturn as oil production and exports remained below the budget estimates while the performance of the economy continued to impact negatively on non-oil revenue.
The office said a total of N2.38tn revenue, excluding other funding sources, was generated to fund the budget in 2017.
It added that actual expenditure in 2017 was N6.46tn, a N977.57bn decrease from the annual projection.
This left a budget deficit of N3.81tn, which was financed to the tune of N2.50tn, comprising of N1.17tn and N1.34tn of external and domestic borrowings respectively.
In 2016, the federal government generated a revenue of N2.95tn to fund the budget. For the year, total government spending was N5.36tn, an expenditure shortfall of N700bn of the budget estimate of N6.06tn for the period.
Budget deficit was N2.41tn (2.37 per cent of GDP) or 45 per cent of total expenditure.
For the period under review, N7.76tn was released for the implementation of capital projects and programmes of MDAs for the years under review.
In descending order, N1.95tn was released in 2020, N1.17tn was released in 2019, N1.86tn was released in 2018, N1.56tn was released in 2017, and N1.22tn was released in 2016.