The Federal Government said it spent N12.87 trillion against the N17.126 trillion budgeted for 2022 as at Nov. 30, 2022.
Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning, made this known at the Public Presentation and Breakdown of the Approved Federal Government 2023 Budget on Wednesday in Abuja.
Ahmed said out of the N12.87 trillion, N5.24 trillion was for debt service and N3.94 trillion was for personnel costs.
“The actual spending as of November 30 was N12.87 trillion.
“Of this amount, N5.24 trillion was for debt service; N3.94 trillion for Personnel Costs, including oensions; Statutory Transfers, Overhead and Service Wide Votes expenditures totalled N1.81 trillion; and N1.88 billion was released for capital expenditure.”
Meanwhile, the minister added that the fiscal deficit for 2022 was estimated at N8.17 trillion, inclusive of the supplementary Budget.
She also added that as at Nov. 30, 2022, the deficit was N6.37 trillion.
“The deficit was totally financed by borrowings, mostly from domestic sources.”
