The Federal Government borrowed far more than it originally planned in 2024 after revenue fell short of expectations, pushing the country’s fiscal deficit higher and increasing pressure on public finances.
A new budget implementation report released by the Budget Office of the Federation showed that the government raised a total of ₦12.62 trillion in fresh borrowing during the 2024 fiscal year.
The figure exceeded the approved borrowing target of ₦7.83 trillion by ₦4.79 trillion, representing an increase of about 61 per cent.
The report indicated that the larger borrowing requirement was driven by a widening budget deficit caused mainly by weaker-than-expected revenue performance.
According to the document, the Federal Government recorded a fiscal deficit of ₦13.51 trillion in 2024.
This was significantly higher than the approved deficit projection of ₦9.18 trillion and also exceeded the ₦10.55 trillion deficit recorded in 2023.
“The revenue and expenditure outturn of the Federal Government
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