The Federal Government has reported that it spent a total of ₦12.36 trillion to service debts in 2024. This figure is 52.71 per cent above the ₦8.27 trillion budgeted for the period and 35.26 per cent of the total 2024 budget of ₦35.055 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 ₦13.51 trillion in the 2024 fiscal year, which represents ₦4.34 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 multilateral/bilateral project-tied loans of N1.98 trillion, domestic borrowing of N6.06 trillion, foreign borrowing of N3.37 trillion and budget support of N3.19 trillion.
The report also shows that the country had a total public debt-to-GDP ratio of 61.22 per cent as of 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, total revenue inflow of the Federal Government stood at N20.98 trillion at the end of December 2024. This represents an N8.50 trillion (68.11 per cent) increase compared to the N12.48 trillion reported at the end of 2023, but N4.89 trillion (18.92 per cent) lower than the 2024 annual budget estimate.
On the expenditure side, the report stated that the total expenditure of the Federal Government stood at N34.49 trillion, representing a decrease of N56 billion 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 ₦8.53 trillion was spent on non-debt recurrent expenditure in the review period, representing a decrease of ₦2.74 trillion (24.29 per cent) from the budget estimate of ₦11.27 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 stated that fourth-quarter non-debt recurrent expenditure totalled 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 shows 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 2024 fiscal year. According to the report, available fiscal data revealed that only N3.27 trillion (81.91 per cent) of the total amount released and cash-backed was utilised by MDAs as of June 30, 2025.
The report noted that the Federal Government budget implementation in the quarter of 2024 was affected by the price of crude oil in the international market, which averaged $74.65 per barrel in the fourth quarter of 2024. This was $9.25 (11.02 per cent) and $5.38 (0.07 per cent) lower than $83.90 per barrel in the corresponding year and $80.03 per barrel in the third quarter of 2024.
It said the performance also reflects a decrease of $3.29 per barrel (4.22 per cent) below the $77.96 per barrel oil price benchmark for the 2024 budget.
However, it noted that the country recorded an average daily oil production of 1.54 million barrels per day (mbpd), lower than the daily average production of 1.56 mbpd recorded in the same quarter of 2023 by 0.03 mbpd but higher than the third quarter of 2024 production volume of 1.47 mbpd by 0.06mbpd.
Gross oil revenue stood at N15.07 trillion, representing a decline of N4.93 trillion (24.65 per cent) from the N19.99 trillion projected in the 2024 Budget. It was, however, N6.71 trillion (80.83 per cent) above the actual gross oil revenue of N8.35 trillion generated in the corresponding period of 2023.
Gross non-oil revenue of N16.09 trillion received in 2024 represents an increase of N5.29 trillion (48.91 per cent) above the annual estimate of N10.81 trillion.
Overall, the report says the fact that the nation’s economy grew by 3.84 per cent in the fourth quarter of
2024, shows that the Nigerian economy has continued to recover from the second recession in six years.
It added that the positive growth performance in the quarter under review was mostly due to the effect of some measures put in place to curtail the negative impact of the Russia–Ukraine war, the resurgence of COVID-19 Pandemic in some countries, rising inflation and crude oil theft in the country.
