Tag extra budgetary spending of n149 5bn in 2016
According to the 2016 Budget Implementation Report of the Federal Government of Nigeria, the total budget for 2016 was N6.06 trillion. However, the report also revealed that there were extra-budgetary spending of N149.5 billion in 2016.
The breakdown of the extra-budgetary spending is as follows:
- Overdraft: N43.4 billion
- Ways and Means: N56.1 billion
- Supplementary Budget: N20.5 billion
- Other Extra-Budgetary Spending: N29.5 billion
The total extra-budgetary spending of N149.5 billion was above the initial budget of N6.06 trillion, which means that the government spent more than the approved budget in 2016.
It's worth noting that the extra-budgetary spending was mainly due to the government's inability to meet its revenue projections, which led to a shortfall in the budget. The government had to resort to borrowing and other forms of extra-budgetary spending to finance its activities.
Here is the breakdown of the 2016 budget and extra-budgetary spending:
2016 Budget:
- Total Budget: N6.06 trillion
- Recurrent Expenditure: N3.45 trillion (56.7% of total budget)
- Capital Expenditure: N2.61 trillion (43.3% of total budget)
Extra-Budgetary Spending:
- Overdraft: N43.4 billion
- Ways and Means: N56.1 billion
- Supplementary Budget: N20.5 billion
- Other Extra-Budgetary Spending: N29.5 billion
- Total Extra-Budgetary Spending: N149.5 billion
Source: 2016 Budget Implementation Report of the Federal Government of Nigeria.