Tag: Budget Office

FG’s debt hits ₦12.62tr, exceeds 2024 borrowing target by ₦4.79tr

Aminu Imam
FG's new debt

The Federal Government exceeded its 2024 borrowing target by ₦4.79 trillion, raising ₦12.62 trillion in fresh debt against the budgeted ₦7.83 trillion, according to the ‘Budget Office’s Fourth Quarter and Consolidated Budget Implementation Report’. The report attributed the increased borrowing to a revenue shortfall that widened the fiscal deficit to ₦13.51 trillion, far above the approved ₦9.18 trillion. Government revenue stood at ₦20.98 trillion, missing the ₦25.88 trillion target by ₦4.90 trillion, while expenditure remained largely on track at ₦34.49 trillion, just ₦561.29 billion below budget. Domestic borrowing met its…

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Nigeria’s dire fiscal state to worsen without subsidy removal – Budget Office

Aminu Imam

President Muhammadu Buhari’s administration has said it must cut petrol subsidies and boost revenue collection in order to avoid a sharp deterioration in government finances next year, according to the Budget Office. According to a Bloomberg report, if the President does not heed, Nigeria’s budget deficit could rise to N12.4 trillion, or $29 billion next year — almost three times its total revenue, or 5.5% of gross domestic product, reports. The bleak prognosis associated with the insistence to continue paying fuel subsidies is the highlight of a medium-term expenditure framework…

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High Cost of Governance: ‘Restructure Nigeria into six regions’ – Budget Office urges President Buhari

Aminu Imam

The Budget Office of the Federation has said restructuring Nigeria into six regions is pivotal to reducing the high cost of governance. It noted that the number of ministers also needs to be pruned and the number of political office holders and their aides reduced, lamenting that the huge recurrent expenditure had constrained the provision of good roads, steady power supply, health care services, quality education and quality shelter, etc. This, it said, had contributed to observable underperformance of the economy, slow growth and current infrastructural challenges. These recommendations were…

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