Before you start reading and losing yourself in the breakdown of the economy of Nigeria, this is for those that might not appreciate the financial technical terms
What this breakdown is simply saying is that " Nigeria's revenue is lower than it's expenditure " so as a result, the economy is in a poor state.
However, according to the report, the breakdown is provisional
Check out the breakdown by The Nation
Federal Government retained revenue for the second quarter of this year stood at N677.88 billion, the Central Bank of Nigeria (CBN) Economic Report for the second quarter released yesterday said.
According to the report, the figure is above the receipts in the preceding quarter by 34.2 per cent, but lower than the quarterly budget estimate by 33 per cent.
The Federation Account accounted for 47.7 per cent of the total revenue. “Other Oil Revenue”, Federal Government Independent Revenue, Value Added Tax (VAT) and Nigeria National Petroleum Corporation (NNPC) Refund and Exchange Gain accounted for 30.0 per cent, 14.9 per cent, 4.1 per cent and 3.3 per cent.
Provisional data indicated that Federal Government expenditure for the second quarter stood at N1.76 trillion, which was above the provisional quarterly budget estimate and the level at the end of the preceding quarter by 12.8 and 58.1 per cent. This was attributed, mainly, to the rise in both recurrent and capital expenditure.
A breakdown of the expenditure showed that the recurrent component accounted for 72.6 per cent. Capital and statutory transfers constituted 19.8 per cent and 7.6 per cent.
Of the recurrent expenditure, the non-debt component represented 73.4 per cent. Debt service payments accounted for the balance of 26.6 per cent.
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2 dead, six rescued as four-storeyed building collapse in Abuja
Two persons were feared dead as a four-storeyed building collapsed at Gwarimpa Estate, Abuja, on Monday.
Six construction workers were rescued and taken to the Gwarimpa General Hospital, Life Camp, for treatment.
But the Chief Medical Director, Gwarimpa General Hospital, Dr. Adeyi Adebayo, refused access to the victims, saying they were under intensive care and should not be disturbed.
Findings indicate that the structure which was under construction, collapsed around 1am trapping the eight artisans who slept in the building.
Rescue workers from the National Emergency Management Agency, Nigeria Security and Civil Defence Corps and Julius Berger Plc, were able to rescue six workers after some hours.
It was reported that the said building was built on a flood plain