The Federal Government recorded a fiscal deficit of N409.39 billion in August , even as its total federally collected revenue rose by 2.7 per cent to N 767 .55 billion, according to the Central Bank of Nigeria (CBN) report.
There was a deficit in the federally collected revenue generated in August, which was below the budget benchmark of N 846.84 billion by 9.4 per cent.
The CBN said in its latest economic report that the increase in revenue was attributable to improved receipts from oil revenue sources.
Also, oil revenue increased substantially in August due to improved collection from Petroleum Profit Tax and royalties which rose by 103.9 per cent, compared with receipts in July.
The CBN said the revenue profile of the Federal Government revealed subsisting revenue challenges arising from subdued economic activities.