FG's 2024 Borrowing Exceeds Ceiling by N4.79tn

The Federal Government's borrowing for 2024 has exceeded the approved limit by N4.79tn, with new debt reaching N12.62tn against a budgeted N7.83tn. This increase has pushed the fiscal deficit to N13.51tn, significantly above the approved N9.18tn, primarily due to weak oil revenue.

The total public debt has now risen to N144.67tn, resulting in a debt-to-GDP ratio of 61.22%, surpassing Nigeria's 40% threshold and the 56% international benchmark. In a separate incident, Col Abdussalam Ude, a senior Army officer, was killed during a suspected kidnap attempt at his residence in Badna, New Karu Local Government Area, Nasarawa State.

The attack occurred on Monday night, with gunmen reportedly shooting him multiple times after he resisted. The FCT Police Command confirmed the incident and clarified that it occurred outside its jurisdiction, addressing concerns about misinformation causing panic among Abuja residents.