Nigeria Borrows N11.89 Trillion, Spends N3.1 Trillion

In the first nine months of 2025, the Federal Government of Nigeria recorded a fresh borrowing of N11.89 trillion, with N3.1 trillion allocated to capital expenditure, according to the third quarter budget implementation report released by the budget office. The borrowing comprised N7.08 trillion from domestic sources and N4.81 trillion from multilateral and bilateral project loans, with no foreign borrowing recorded during this period.

Despite a budget provision of N1.38 trillion for the three quarters, actual borrowing exceeded N10.34 trillion. The total capital expenditure of N3.1 trillion represents only 17.66% of the N17.58 trillion budgeted for the period, resulting in a shortfall of N14.48 trillion.

The report indicates that capital expenditure remains far below budget expectations, with zero spending recorded in the capital category for multilateral and bilateral project loans despite a budget allocation of N2.52 trillion. Peter Obi, former Labour Party presidential candidate and ex-governor of Anambra State, commented on the situation, expressing concerns about Nigeria's rising debt profile and its implications for economic growth and living standards.