These are actual outturns as later published by the Central Bank, not the figures announced in the budget speech.
• Total federally collected revenue: ₦4.54bn • Gross oil revenue: ₦3.72bn (82%) • Federal Government total expenditure: ₦2.74bn • Recurrent: ₦1.52bn · Capital: ₦1.22bn • Overall balance: +₦1.8bn
Why revenue and spending do not match simply: 'federally collected revenue' is everything that entered the Federation Account before it was shared with the states and councils, while 'expenditure' is only the Federal Government's own spending. From 1970 to 1985 recurrent spending excludes statutory transfers to the states; from 1992 to 1997 it includes extra-budgetary spending. Naira figures are nominal — the currency lost most of its value after 1986, so later years look larger than they were in real terms.
The first oil shock: revenue nearly trebled in a single year and the federation recorded its largest surplus of the decade. The Udoji salary award followed at the end of the year.