FG Borrowed N12.62tn in 2024, Overshooting Target by N4.79tn
The Federal Government borrowed N12.62tn in 2024, exceeding its N7.83tn borrowing plan by N4.79tn, according to the Budget Office’s consolidated implementation report. A revenue shortfall widened the fiscal deficit to N13.51tn, above the approved N9.18tn deficit. Federal revenue reached N20.98tn, nearly N4.9tn below target, while expenditure was N34.49tn, close to the approved N35.06tn. Oil revenue underperformed because crude production and prices fell below budget assumptions, although non-oil revenue exceeded expectations. Domestic borrowing met its N6.06tn target, but foreign borrowing rose to N3.37tn and the government received N3.19tn in unbudgeted support classified as new borrowing. Debt expenditure also reached N12.36tn, while total public debt rose to N144.67tn and 61.22 per cent of GDP by December 2024. Economists say borrowing should be judged by how productively the funds are used. They urged stronger revenue collection, higher oil output, fiscal discipline and investment in projects that can generate measurable returns.
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