Nigeria's Federal Government borrowed N12.62 trillion in 2024, significantly exceeding the approved ceiling of N7.83 trillion by N4.79 trillion, according to data from the Budget Office.
The overshoot has triggered fresh scrutiny of fiscal management practices in Africa's largest economy.
8 trillion Service-Wide Vote included in the Appropriation Act.
The gap between the authorized limit and actual borrowing raises questions about compliance with statutory borrowing frameworks and the transparency of debt issuance processes.
This development adds to ongoing tensions surrounding Nigeria's fiscal policy.
The debate over the 2026 federal budget has already escalated, with political parties contesting a controversial N12.8 trillion Service-Wide Vote included in the Appropriation Act.
The new borrowing figures may further complicate legislative negotiations and investor confidence in the government's fiscal discipline.