The Federal Government has gone past its approved borrowing threshold for 2024, accumulating N12.62 trillion in fresh debt within the year.
According to available figures, the government borrowed N4.79 trillion more than the limit set in the 2024 fiscal plan. The overrun was driven largely by lower-than-expected revenue inflows, which forced authorities to seek additional financing to fund key expenditures.Officials linked the surge to persistent revenue shortfalls from oil and non-oil sources.
With government spending commitments remaining high, the gap was bridged through domestic and external borrowing to keep essential services and projects running.The development raises concerns about debt sustainability and fiscal discipline.
Analysts note that exceeding the borrowing cap could put more pressure on future budgets through higher debt servicing costs, and may limit room for capital investment.The government is expected to address the gap in subsequent appropriations and revenue strategies. Stakeholders are calling for stronger revenue mobilization and spending controls to prevent a repeat and to keep public debt on a manageable path.
