Nigeria’s Federal Government exceeded its approved 2024 borrowing programme by 4.79 trillion naira, with new borrowing reaching 12.62 trillion naira.
According to the Budget Office of the Federation’s 2024 Fourth Quarter and Consolidated Budget Implementation Report, the government had budgeted to borrow 7.83 trillion naira.
The report says the higher borrowing requirement was driven by a revenue shortfall that pushed the fiscal deficit to 13.51 trillion naira, above the approved 9.18 trillion naira. The government also received 3.19 trillion naira in budget support, which was classified as new borrowing despite not being included in the 2024 budget. The source of the budget support was not disclosed.
The figures highlight the Federal Government’s increased reliance on borrowing to finance its fiscal gap.
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