Nigeria’s debt burden keeps rising as Q4 2024 figures show recurrent debt overshooting projections by over ₦1.6 trillion.
Nigeria’s recurrent debt rose sharply in the fourth quarter of 2024, exceeding government projections by ₦1.63 trillion, according to the Budget Office of the Federation (BOF).
The BOF Q4 2024 Budget Implementation Report shows recurrent debt hitting ₦3.69 trillion, a 78.6% increase above the projected ₦2.07 trillion. The surge was mainly driven by higher interest payments and external debt servicing.
Domestic debt servicing cost the government ₦1.32 trillion, slightly above projections, while external debt payments reached ₦2.12 trillion, over 200% higher than the expected ₦686.9 billion. The report attributes the jump to exchange rate depreciation and maturing multilateral loans.
Meanwhile, ₦4.79 trillion was budgeted for MDA personnel costs, fully released as planned, while overhead spending fell 13.9% short at ₦671.15 billion.
Analysts say the overshoot exposes Nigeria’s weak fiscal space, as debt servicing now outpaces revenue growth, threatening funds for infrastructure and social programs.
Source: Budget Office of the Federation, Q4 2024 Report.
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