The Federal Government exceeded its 2024 borrowing target by ₦4.79 trillion after a wider-than-projected budget deficit compelled it to secure significantly more financing than initially planned.
The disclosure was made by the Budget Office of the Federation, which attributed the increase in borrowing to the need to cover the larger fiscal gap recorded during the year.
According to the Budget Office, the government raised substantially more funds than originally budgeted as it sought to finance public expenditure and meet its fiscal obligations.
The latest figures underscore the mounting pressure on public finances and highlight the government's reliance on additional borrowing to bridge the budget deficit while sustaining key programmes and operations.
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