FG Exceeded 2024 Borrowing Target by ₦4.79tn Amid Revenue Shortfall. The Federal Government exceeded its 2024 borrowing target by ₦4.79 trillion after a larger-than-expected budget deficit compelled it to secure significantly more financing than initially planned, the Budget Office of the Federation has disclosed.
According to the Fourth Quarter and Consolidated Budget Implementation Report for 2024, the government’s total new borrowings rose to ₦12.62 trillion, surpassing the budgeted ₦7.83 trillion by ₦4.79 trillion, representing an increase of 61.2 per cent.The report attributed the higher borrowing requirement to a substantial shortfall in government revenue, which widened the fiscal deficit beyond projections.It showed that the fiscal deficit increased to ₦13.51 trillion, significantly above the approved deficit of ₦9.18 trillion, reflecting the gap between government revenue and expenditure during the fiscal year.The Budget Office noted that the larger deficit necessitated additional borrowing to finance government operations and meet budgetary obligations.The development highlights the fiscal challenges faced by the Federal Government in 2024, as revenue underperformance continued to place pressure on public finances and increase the country’s reliance on debt financing.
Joseph Akwagiobe is a media contributor from Cross River State, Nigeria, currently based in Abuja. He is a graduate of Microbiology and has earned several professional certifications across diverse fields, reflecting his commitment to continuous learning, professional growth, and excellence.