If the Nigerian federal government collects ₦500 billion in total tax revenue and spends ₦650 billion in a fiscal year, the resulting fiscal position is a

A budget deficit occurs when government expenditure exceeds government revenue. Here, expenditure (₦650 billion) minus revenue (₦500 billion) gives a deficit of ₦150 billion. A surplus would occur if revenue exceeded expenditure, which is not the case here.