The Federal Government will this year record a budget deficit of N579billion. The amount exceeds the limit of 3 per cent of Gross Domestic Product (GDP) usually observed as a rule of fiscal prudence in government budgets.
Minister of Finance, Mrs. Nenadi Usman, who made this known to newsmen yesterday at a ministerial briefing on 2007 budget presentation in Abuja also said that the Federation Account recorded a shortfall of N570billion last year due to the loss of 60,000 barrel of oil per day in the Niger Delta.
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