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FG overshoots borrowing limit as new debt reaches N12.62tn

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FG overshoots borrowing limit as new debt reaches N12.62tn

29 Jul, 2026

The Federal Government exceeded its 2024 borrowing target by N4.79tn after a wider-than-projected budget deficit forced it to raise significantly more financing than originally planned, the Budget Office of the Federation has disclosed. According to the latest Fourth Quarter and Consolidated Budget Implementation Report for 2024, the Federal Government’s new borrowings rose to N12.62tn, exceeding the budgeted N7.83tn by N4.79tn, or 61.2 per cent..........................….......READ MORE