Government Revenue and Expenditure in 1965

Authors

Research Department, Central Bank of Nigeria, Abuja

Publisher

Central Bank of Nigeria

Keywords

Government revenue, Government expenditure, Capital expenditure, Capital formation

Abstract

This article examined government revenue and expenditure in Nigeria for the year 1965. It first identified the role of the budget in Nigeria which include enhancement of economic growth, particularly since the National Development Plan came into force in 1962. The article noted that the fiscal policy of the federal government in 1965 was geared to the attainment of the two objectives of raising more revenue, and of reducing pressures on the balance of payments. Towards this end, federal government aggregate revenue in 1965 amounted to £160.5 million, £22.7 million or 16.4 per cent higher than in 1964. However, federal government recurrent expenditure in 1965 amounted to £144.6 million, £11.2 million and £26.0 million higher than in 1964 and 1963, respectively. Furthermore, total capital expenditure during 1965 stood at £39.7 million. This was £1.9 million higher than in 1964. Capital Expenditure Total capital expenditure during 1965 stood at £39.7 million. Capital formation in the public sector which has been increasing in recent years. Gross fixed capital formation at the end of 1965 stood at £25.6 million, £1.2 million and £3.2 million higher than in 1964 and 1963, respectively. The aggregate current and capital expenditures of £184.3 million was higher by £13.3 million or 7.6 per of total expenditure over current revenue resulting in a deficit of £23.8 million.

Author Bio

The authors are staff of Research Department, Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review (EFR)

Issue

1

Volume

4

Recommended Citation

Research Department (1966). Government revenue and expenditure in 1965. Economic and Financial Review. 4(1), 13-17.