News
Just in: Tinubu’s govt exceeds borrowing target as new debt jumps to N12.62tn
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2026/07/images-57.jpeg&description=Just in: Tinubu’s govt exceeds borrowing target as new debt jumps to N12.62tn', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2026/07/images-57.jpeg&description=Just in: Tinubu’s govt exceeds borrowing target as new debt jumps to N12.62tn', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The Federal Government exceeded its 2024 borrowing limit by N4.79 trillion after a wider-than-projected budget deficit forced it to raise significantly more financing than originally planned, according to the Budget Office of the Federation.
According to the latest Fourth Quarter and Consolidated Budget Implementation Report for 2024, the Federal Government’s new borrowings rose to N12.62 trillion, exceeding the budgeted N7.83 trillion by N4.79 trillion, or 61.2 percent.
The higher borrowing requirement followed a substantial revenue shortfall, which pushed the fiscal deficit to N13.51tn, well above the approved deficit of N9.18tn.
The report showed that aggregate federal government revenue stood at N20.98 trillion, compared with the budget estimate of N25.88 trillion, representing a shortfall of N4.90 trillion.
Total expenditure, however, amounted to N34.49tn, only N561.29bn below the approved estimate of N35.06tn, indicating that the wider fiscal gap was driven primarily by weaker revenue rather than higher spending.
The report read, “The revenue and expenditure outturn of the federal government resulted in a fiscal deficit of N13.51 trillion in the 2024 fiscal year. This was N4.34 tn (47.33 percent) above the projected budget deficit estimate for the year.”
It added that the deficit also exceeded the N10.55tn recorded in 2023, showing the increasing pressure on the country’s public finances.
An analysis of the government’s financing profile showed that domestic borrowing remained exactly on target at N6.06tn, but higher foreign borrowing and budget support significantly increased overall borrowings.
Foreign borrowing rose from the budgeted N1.77tn to N3.37tn, representing an increase of N1.60tn above target.
Also, the federal government received N3.19 trillion in budget support, despite making no provision for such financing in the 2024 budget. The source of the budget support, which was classified as new borrowing, was not disclosed.
Together, domestic borrowing, foreign borrowing, and budget support brought total new borrowings to N12.62 trillion, exceeding the approved borrowing program by N4.79 trillion.
An analysis of the Budget Office report showed that new borrowings financed about 36 percent of the Federal Government’s 2024 budget, highlighting the country’s continued dependence on debt to fund public expenditure.
Separate from the new borrowings, the report showed that multilateral and bilateral project-tied loans amounted to N1.98tn, compared with the budget estimate of N1.05tn, representing a positive variance of N929.45bn.
The report also showed that expected privatization proceeds of N298.49 billion did not materialize, as no revenue was realized from that source during the fiscal year.
According to the report, the fiscal deficit “was financed through multilateral/bilateral project-tied loans of N1.98 trillion, domestic borrowing of N6.06 trillion, foreign borrowing of N3.37 trillion, and budget support of N3.19 trillion in the period under review.”
The report attributed the wider financing gap largely to revenue underperformance.
It stated that total federal government revenue stood at N20.98 trillion, representing an increase of N8.50 trillion, or 68.11 percent, over the N12.48 trillion generated in 2023. However, revenue remained N4.89 trillion, or 18.92 percent, below the annual budget target.
It stated, “Total revenue inflow of the federal government stood at N20.98 trillion at the end of December 2024. This represents an N8.50 tn (68.11 percent) increase when compared to N12.48 tn that was reported at the end of 2023, but N4.89 tn (18.92 percent) lower than the 2024 annual budget estimate.”
Oil revenue remained the biggest source of weakness. Gross oil revenue amounted to N15.07tn, falling N4.93tn below the budget estimate of N19.99tn.
The report explained that international crude oil prices averaged $74.65 per barrel during the fourth quarter, below the budget benchmark of $77.96 per barrel. Average daily crude oil production also stood at 1.54 million barrels per day, well below the budget assumption of 1.78 million barrels per day.
Despite the weak oil performance, non-oil revenue exceeded expectations. The report showed that gross non-oil revenue reached N16.09 trillion, surpassing the annual estimate of N10.81 trillion by N5.29 trillion, or 48.91 percent.
News
BREAKING: Tinubu Govt Tightens Foreign Travel Rules, Ministers, Security Chiefs Need SGF Clearance
The Federal Government has introduced stricter controls on official foreign trips by ministers, security chiefs, heads of government agencies and other political appointees, making prior clearance from the Office of the Secretary to the Government of the Federation (OSGF) mandatory.
Under the new directive, government appointees will not be permitted to embark on official foreign trips without obtaining the required approval from the OSGF, except where an exemption is provided by law or through a specific presidential directive.
The directive, issued by Secretary to the Government of the Federation, George Akume, takes immediate effect.
In a circular titled “Non-Compliance by Government Appointees with the Requirement for OSGF Approval for Official Foreign Trips and the Mandatory Inclusion of OSGF Approval in the Processing of Official Visas,” the SGF expressed concern over continued violations of existing rules governing official travels outside Nigeria.
The government said the renewed enforcement was necessary to strengthen accountability, fiscal discipline, transparency and coordination of official government engagements abroad.
The circular noted that several directives had previously been issued to regulate foreign travel by ministers, heads of ministries, departments and agencies, boards, committees and other senior public officials.
Among the directives cited were the September 18, 2023 guidelines on official travels by cabinet members, agency heads and public officials, as well as earlier circulars issued in 2012, 2015, 2017 and 2018 aimed at controlling foreign trips and reducing unnecessary government expenditure.
Despite these measures, the SGF said non-compliance had continued.
The government warned that unauthorised foreign trips could undermine efforts to ensure prudent management of public funds and effective monitoring of official engagements undertaken on behalf of Nigeria.
Foreign Affairs Ministry Gets New Role
As part of the new enforcement mechanism, the Ministry of Foreign Affairs has been directed to demand proof of valid OSGF approval before processing official travel documentation for government appointees.
The ministry is to make evidence of OSGF clearance a mandatory supporting document, where applicable, for requests involving official Notes Verbales, diplomatic facilitation and applications for official, diplomatic or service visas.
The ministry has also been instructed to formally notify foreign missions and embassies accredited to Nigeria of the new requirement.
According to the directive, applications for official, diplomatic or service visas by government appointees should, where applicable, be accompanied by duly issued OSGF travel approval.
Auditor-General to Track Compliance
The Office of the Auditor-General for the Federation has also been empowered to monitor compliance.
Government appointees who undertake official foreign trips at public expense will be required to produce evidence of the requisite OSGF approval during audit exercises.
The directive further places responsibility on accounting officers, permanent secretaries, chief executives and heads of government agencies to ensure that public funds are not released for unauthorised foreign travel.
They have been directed not to process expenditure relating to an official foreign trip until the required OSGF approval has been obtained.
The SGF said the directive was designed to reinforce due process, centralised coordination of government business and prudent management of public resources, in line with existing public service and financial regulations.
Who Is Affected?
The directive applies to ministers and ministers of state, permanent secretaries, accounting officers, heads of ministries, departments and agencies, security chiefs, political appointees and senior government officials.
Those specifically addressed include the Chief of Staff to the President, Deputy Chief of Staff to the Vice President, Nati
News
Alleged defamation: El-Rufai’s lawyers demand ₦10bn from Defence minister, Musa
Lawyers representing former Kaduna State Governor, Nasir El-Rufai, have demanded ₦10 billion in damages from Defence Minister, General Christopher Musa (retd.), over alleged defamatory statements made against their client.
The demand was contained in a letter before action dated September 7, 2026, and addressed to Musa at the Federal Ministry of Defence in Abuja.
The legal threat followed the minister’s appearance on Channels Television’s Politics Today on September 3, where he discussed insecurity in Kaduna State and made allegations involving the former governor.
According to El-Rufai’s lawyers, Musa accused the former governor of deliberately planning the killing of people in Southern Kaduna and paying bandits.
The lawyers further alleged that the minister claimed El-Rufai ordered the demolition of houses as a means of victimising political opponents.
El-Rufai’s legal team, Akpan Ubong Chambers, rejected the allegations as false, describing them as defamatory and damaging to their client’s reputation.
They argued that the statements portrayed the former governor as a murderer, criminal and sponsor of banditry.
The lawyers demanded that Musa publicly retract the allegations, apologise to El-Rufai and pay ₦10 billion in damages.
They also specifically denied the allegation that El-Rufai paid bandits, insisting that the former governor had consistently maintained that he would neither negotiate with nor financially support bandits.
On the controversial demolitions carried out during El-Rufai’s tenure, the lawyers said the exercises were conducted in accordance with the law and in pursuit of legitimate public purposes.
They also rejected claims that the former governor’s administration deliberately divided Kaduna State along ethnic or religious lines, insisting that his government pursued policies aimed at promoting unity and development.
The legal team maintained that the allegations against El-Rufai had not been established before any court of competent jurisdiction and challenged Musa to provide evidence to substantiate them.
Family Issues Separate Seven-Day Ultimatum
The latest legal demand comes amid a separate challenge issued by El-Rufai’s family over the same allegation.
In a statement issued Monday and signed by Honourable Mohammed Bello El-Rufai on behalf of the family, the claim that the former governor planned killings in Southern Kaduna was described as “grave” and unsupported by evidence.
The family acknowledged Musa’s right to express his views but insisted that such a serious allegation must be backed by credible evidence.
It gave the minister seven days to either produce evidence supporting the allegation or issue a full public retraction and apology through the same medium in which the claim was made.
The family warned that failure to comply would leave it with no option but to pursue available legal remedies.
The development has now escalated the dispute between the former governor’s camp and the Defence Minister, with El-Rufai’s lawyers seeking financial damages while his family separately presses for evidence, retraction and an apology.
News
Sad! Newborn Reportedly Dies After Mom Allegedly Refuses Breastfeeding Over Unfulfilled ‘Push Gift’
A newborn baby has reportedly died just days after birth following an alleged dispute between the child’s parents over a “push gift” promised to the mother.
According to reports circulating online, the mother allegedly refused to breastfeed or adequately feed the baby after her husband failed to buy her a car as a gift following the delivery.
The newborn was reportedly left without sufficient nourishment as the disagreement between the couple continued.
Tragically, the baby is said to have died only days after birth.
The disturbing allegation has triggered outrage online, with many questioning how a dispute over a material gift could allegedly escalate to a situation with such devastating consequences for a newborn.
However, details surrounding the reported death remain unclear, and the allegation has not been independently verified. It is also not yet clear whether authorities or medical professionals have confirmed the cause of death.
The report has nevertheless renewed concerns about the vulnerability of newborns and the critical importance of ensuring that babies receive adequate feeding and medical attention, particularly in the first days of life.
It has also sparked wider conversations about postpartum support, communication between couples and the need to prioritise a newborn’s health and safety during periods of marital disagreement.
As questions continue to surround the circumstances of the reported death, calls are growing for the facts to be established and any claims of neglect to be properly investigated.
-
News9 hours agoTunji-Ojo: No Extra Charges For Special Passport Intervention In UK
-
News22 hours agoABU Alumnus Lawal Garba Shares Success Lessons With Students
-
Politics22 hours agoJUST IN: APC drags Gov. Adeleke to court over August 15 Osun guber election result
-
News21 hours ago2027: Defend Your Votes From Polling Unit To Final Results, Obi Begs Supporters
-
News9 hours ago7 Things Parents and Students Should Know About FG’s New Learner Identification Number (LIN)
-
Entertainment9 hours agoBBN: Nomy Kicked Out Of Big Brother House, Her Participation Revoked
-
News9 hours agoMan Who Returned to Nigeria for His Wedding Beaten to Death
-
Foreign9 hours agoIraqi court affirms woman’s right to Change and register her religion from Muslim to Christian
