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The Conduct of Fiscal Policy
Fiscal Policy 1992
The thrust of the 1992 budget was to consolidate the gains of the economic restructuring programme aimed at promoting greater efficiency, productivity and increased employment.
The federal government’s revenue from all sources rose from
million in 1991 to N63, 564.8 million in 1992. The government’s total
expenditure rose by N40, 192 million or 59.5 per cent from
N67, 529.7 million in
1991 to N107, 723.3 million in 1992. The expenditure exceeded the budget
provision by N55, 687.3 million or 107.1 per cent. Overall, the Government’s
fiscal operation resulted in a deficit of N44, 158.5 million, an increase of
402.6 million or 23.5 per cent over 1991 and against the projected surplus of
N2, 100.0 million in fiscal 1992.