Abuja - A report released by the Central Bank of Nigeria (CBN) has revealed that the federal government has overspent its budget by N740 billion between January and September.
Total revenue for the first three quarters of 2013 stood at N7.51 trillion with the initial budget to be shared between the three tiers of government amounting to N6 trillion, Vanguard reports.
N2.811 trillion was allocated to the federal government, N2.19 trillion to state governments and N1.2 trillion to local governments.
According to the report, the federal government’s expenditure added up to N3.55 trillion, causing a deficit of N740.95 billion.
Read more at Vanguard.