Nigeria's 2024 Borrowing Exceeds Target by ₦4.79 Trillion

In 2024, the Federal Government of Nigeria borrowed a total of ₦12.62 trillion, surpassing the approved borrowing target of ₦7.83 trillion by ₦4.79 trillion, which is an increase of approximately 61%. This borrowing was primarily driven by a fiscal deficit of ₦13.51 trillion, exceeding the approved deficit projection of ₦9.18 trillion and the ₦10.55 trillion deficit recorded in 2023.

Government revenue for the year was ₦20.98 trillion, falling short of the budget target of ₦25.88 trillion by nearly ₦4.9 trillion, while total spending reached ₦34.49 trillion, slightly below the approved estimate of ₦35.06 trillion. Domestic borrowing was within the approved limit at ₦6.06 trillion, but foreign borrowing rose to ₦3.37 trillion, exceeding the projected ₦1.77 trillion by ₦1.6 trillion.

The government also received ₦3.19 trillion in unplanned budget support. Fresh borrowing financed over one-third of the 2024 budget, indicating a continued reliance on debt for public expenditure.