Nigeria's Recurrent Debt Exceeds Projections by N1.63 Trillion in Q4 2024

Nigeria's recurrent debt in Q4 2024 exceeded projections by N1.63 trillion, totaling N3.69 trillion, a 78.63% increase. The Budget Office of the Federation highlighted the significant rise in debt servicing costs, both domestically and externally.

The report also disclosed personnel and overhead expenditures, with personnel costs fully funded but overhead costs significantly lower than budgeted. The sharp increase in external debt servicing payments was attributed to exchange rate adjustments and obligations from various loan agreements.