FG Exceeds 2024 Borrowing Target by N4.79tn Amid Revenue Shortfall

The Federal Government exceeded its 2024 borrowing target by N4.79tn after raising N12.62tn against a budgeted N7.83tn to finance a wider fiscal deficit caused by lower-than-expected revenue. According to the Budget Office, the government’s revenue fell short of projections by N4.90tn, pushing the fiscal deficit to N13.51tn, well above the approved N9.18tn.