The Federal Government’ s outstanding as of March 31 stood at the N 24 . 52 tn (excluding the states and the Federal Capital Territory Administration), the Central Bank of Nigeria has said .
The apex bank also disclosed that the Federal Government recorded a revenue deficit of N561 . 71 bn in May .
It disclosed these in its ‘ Economy monthly report’ for the month of May . The report was released on Tuesday .
The report said , “ Federation account operations driven by the slump in crude oil prices in March 2020 , federally collected revenue in May 2020 declined by 31 .6 per cent and 12 . 0 per cent to N625 . 91 bn , relative to its levels in April 2020 and May 2019 respectively .
“ The receipt was 52 . 4 per cent below the monthly benchmark .
“ Retained revenue of the Federal Government in May was N276 . 99 bn , while total expenditure was N838 . 71 bn , resulting in an estimated deficit of N 561 .71 bn .