…exceeding budget target
The federal government, in the first nine months of 2025, spent a total of N12.52 trillion on debt servicing, exceeding the N10.74 trillion budgeted for in the 2025 budget. This is according to the 2025 third-quarter budget implementation report, as published by the budget office of the federation.
BusinessDay’s analysis of the report showed that a total of N6.23 trillion was used to service domestic debt in the period (January to September), higher than N5.39 trillion in the budget, while N6.30 trillion was used to service foreign debt. Also, higher than the N5.06 trillion stated in the budget.
The report also indicated that 67.2 percent of the Federal Government’s retained revenue of N18.63 trillion was spent on debt service in the first nine months of 2025.
The government’s gross revenue declined by 39 percent to N18.6 trillion in the period, leaving a gaping N12 trillion shortfall when
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