The Federal Government borrowed ₦12.62 trillion in 2024 after falling short of its revenue target, with weak oil earnings forcing more debt despite stronger tax collections. Here’s where the money came from and why it matters.
&format=webp)
Declining crude oil prices and production bottlenecks left oil revenues ₦4.92 trillion short of budget targets.
&format=webp)
Stronger tax collections from CIT, VAT, and customs provided ₦16.09 trillion, softening the impact of falling oil earnings.
&format=webp)
Debt servicing soared to ₦12.36 trillion in 2024, consuming a massive share of the national budget and squeezing funds for public infrastructure.