The Federal Government recorded a loss of N1.15 trillion in the 2016 fiscal year.
This is according to officials responsible for the poor performance of the 2016 budget.
This was disclosed at a roundtable organised by the National Assembly in Abuja on Thursday.
Officials who represented the Federal Government at the conference said while the total revenue target was N1.506tn, only N398bn had so far been generated with a shortfall of about N1.15tn.
The government however said it had achieved 55 per cent performance on its N870bn capital expenditure.
Chairman of the Senate Committee on Appropriations, Senator Danjuma Goje, had asked the Federal Government officials how much had been released, cash backed, percentage of releases and percentage of cash backs out of the total budget.
Goje, in his opening remarks, said that the session was for “the people implementing the Federal Government budget.”
The Minister of Finance (Kemi Adeosun) and other officials of the ministry; Minister of Budget (Senator Udo Udoma); Minister of State for Budget (Zainab Ahmed); Director General, Budget Office (Ben Akabueze); the Accountant General of the Federation (Ahmed Idris); Director General, Debt Management Office (Abraham Nwankwo); and the Governor of Central Bank of Nigeria (Godwin Emefiele) spoke on behalf of the Federal Government.
