The Federal Government recorded N397 billion deficit in May due to slowdown in economic activities, which occasioned 48 per cent shortfall in federally collected revenue for the month.
The Central Bank of Nigeria, CBN, disclosed this in its economic report for May released weekend. The report, among other things, revealed that federally collected revenue for the month was 48 per cent lower than the budgeted estimate for the month and 13.4 per cent lower than what was recorded in the previous month.
This, the apex bank said was due to slowdown in economic activities, which occasioned 21.5 per cent and 2.4 per cent decline in oil revenue and non-oil revenue respectively during the month. (Vanguard)
