Nigeria’s 2024 Borrowing Rose to N12.62tn as Revenue Fell Short

The Federal Government borrowed N12.62tn in 2024, exceeding its approved borrowing target of N7.83tn by N4.79tn, according to the Budget Office’s fourth-quarter budget implementation report. The increase followed a wider-than-expected fiscal deficit of N13.51tn, which was N4.34tn above the projected deficit of N9.18tn. Federal revenue reached N20.98tn, falling N4.90tn short of the N25.88tn target. Total spending stood at N34.49tn, only N561.29bn below the approved estimate. This indicates that the larger deficit was driven mainly by weaker revenue rather than overspending. The 2024 deficit also exceeded the N10.55tn recorded in 2023, adding pressure to Nigeria’s public finances.

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