The Federal Government, in 2024, spent N12.36 trillion to service debts, 52.71 per cent above the N8.27 trillion budgeted for the period and 35.26 per cent of the total 2024 budget of N35.055 trillion.
This is contained in the fourth quarter 2024 budget implementation report released by the Budget Office of the Federation. The report showed a fiscal deficit of N13.51 trillion in the 2024 fiscal year, which represented N4.34 trillion (47.33 per cent) above the projected budget deficit estimate for the year. It was also above the N10.55 trillion deficit recorded in the corresponding period of 2023.
The deficit, according to the report, was financed through multi-lateral/bilateral project-tied loans of N1.98 trillion, domestic borrowing of N6.06 trillion, foreign borrowing of N3.37 trillion and N3.19 trillion budget support.
The report also showed that the country experienced a total public debt/GDP ratio of 61.22 per cent as at the end of December 2024. This is above the country’s threshold of 40 per cent and the international threshold of 56 per cent for comparator countries.
According to the report, the total revenue inflow of the Federal Government stood at N20.98 trillion at the end of December 2024. This represented an N8.50 trillion (68.11 per cent) increase when compared to N12.48 trillion that was reported at the end of 2023, but N4.89 trillion (18.92 per cent) lower than the 2024 yearly budget estimate.
On the expenditure side, the report said total expenditure of the Federal Government stood at N34.49 trillion, representing a N56 billion decrease from the N35.05 trillion budget projection for the period. It was, however, N11.45 trillion (49.70 per cent) higher than the actual expenditure of N23.04 trillion recorded at the end of 2023.
A total of N8.53 trillion was spent on non-debt recurrent expenditure in the review period, representing a decrease of N2.74 trillion (24.29 per cent) from the budget estimate of N11.27 trillion for the period. It was, however, above the non-debt recurrent expenditure of N7.08 trillion spent at the end of 2023 by N1.45 trillion (20.48 per cent).
The report said fourth quarter non-debt recurrent expenditure amounted to N3.03 trillion, while statutory transfers amounted to N435.70 billion during the review period.
Total recurrent debt in the fourth quarter of 2024 stood at N6.72 trillion
indicating an increase of N1.84 trillion (37.72 per cent) above the N4.88 trillion projected for the quarter. It also showed that a total of N1.32 trillion was used to service FGN domestic debt during the quarter. This indicates a difference of N6.97 billion (0.53 per cent) below the budgeted quarterly estimate.
A total of N5.81 trillion was released and cash-backed to ministries, departments and agencies (MDAs) for their 2024 capital projects and programmes in the 2024 fiscal year. Available fiscal data, according to the report, revealed that only N3.27 trillion (81.91 per cent) of the total amount released and cash-backed was utilised by MDAs as of 30th June, 2025.
