The Budget Office of the Federation reported that Federal Ministries, Departments, and Agencies (MDAs) received N5.81tn for capital projects in 2024, with 81.91% utilized, reflecting strong budget performance despite fiscal challenges. The Federal Government’s total revenue reached N20.98tn, a 68.1% increase from N12.48tn in 2023, but fell 18.9% short of the N25.87tn target.
Non-oil revenue outperformed at N16.09tn, surpassing the N10.81tn projection by 48.9%, driven by corporate tax, VAT, customs duties, and electronic money transfer levies. Oil revenue, however, underperformed at N15.07tn, 24.7% below the N19.99tn target, though up 80.8% from 2023. Oil and gas contributed only 17% to Q4 revenue, signaling diversification efforts. Solid minerals revenue rose 303.6% to N4.6bn.
Total expenditure was N27.47tn, with non-debt recurrent spending at N8.53tn, debt service at N11.03tn, and a fiscal deficit of N9.18tn, financed through domestic borrowing. The debt-to-GDP ratio reached 61.22%. Q4 revenue was N6.42tn, slightly below the N6.46tn target but significantly higher than N3.87tn in Q4 2023. Government-owned enterprises’ revenue fell 14.3% short, and no receipts were recorded from NLNG dividends, oil price royalty, or windfall taxes.
