By Abigail David

The Federal Government exceeded its 2024 borrowing target by N4.79 trillion, raising total new debt to N12.62 trillion as lower-than-expected revenue widened the fiscal deficit, according to the Budget Office of the Federation.

The Fourth Quarter and Consolidated Budget Implementation Report for 2024 showed that borrowing surpassed the approved N7.83 trillion target by 61.2 percent. The fiscal deficit also rose to N13.51 trillion, above the budgeted N9.18 trillion, mainly due to revenue falling short of projections.

Although government expenditure reached N34.49 trillion, only slightly below the approved N35.06 trillion, total revenue stood at N20.98 trillion, about N4.89 trillion below target despite improving by 68.1 percent compared to 2023.

The report showed domestic borrowing met its target at N6.06 trillion, while foreign borrowing increased to N3.37 trillion, exceeding the budget by N1.60 trillion. The government also received N3.19 trillion in budget support that was not included in the original budget, contributing to the higher borrowing level.

Oil revenue remained below expectations as crude production and global oil prices underperformed budget assumptions. However, non-oil revenue exceeded projections, driven by stronger collections from Company Income Tax, Value Added Tax, Customs revenue and the Electronic Money Transfer Levy.

The report also indicated that Nigeria’s total public debt rose to N144.67 trillion by the end of 2024, with the debt-to-GDP ratio reaching 61.22 percent, above both the country’s 40 percent benchmark and the 56 percent threshold often used for comparable economies.

Economic analysts said the growing debt profile highlights the need for stronger revenue generation and prudent use of borrowed funds. While some experts warned that rising borrowing could increase debt servicing costs and inflationary pressures, others argued that debt remains sustainable if invested in productive infrastructure and projects that stimulate economic growth.

By Abigail David

President Bola Tinubu says Nigeria’s economy is making “serious foundational progress” despite the challenges associated with the economic reforms introduced by his administration.

The President made the remarks while receiving a delegation from Deloitte Africa, led by its Chief Executive Officer for Africa, Ruwayda Redfearn, at the State House in Abuja, according to a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Tinubu acknowledged that the reforms had been difficult but said they were beginning to strengthen the country’s fiscal and revenue systems and lay the foundation for long-term economic growth.

“Yes, reforms are difficult, but they are working well. For the economy, Nigeria is making serious foundational progress,” the President said.

He also encouraged Deloitte to expand its investment in Nigeria by supporting youth development through training and employment opportunities.

Redfearn reaffirmed Deloitte Africa’s commitment to supporting the Federal Government’s reform agenda, stating that the firm’s local and global teams were ready to provide expertise to advance Nigeria’s economic transformation.

Also speaking, Deloitte West Africa Chief Executive Officer Yomi Olugbenro said the reforms had created a solid foundation but stressed the need to ensure their benefits reached ordinary Nigerians. He said the firm was prepared to leverage its global experience to support the country’s development.

The meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms Taiwo Oyedele, and the Executive Chairman of the Nigeria Revenue Service, Zacch Adedeji.

By Abigail David

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says it is repositioning itself beyond oil and gas production to become a platform that connects investment, technology, policy and talent to support sustainable energy development across Nigeria and Africa.

Group Chief Executive Officer Bayo Ojulari stated this while reflecting on the company’s participation at the 2026 Nigeria Oil and Gas (NOG) Energy Week, according to a statement issued on Monday.

Ojulari said NNPC Ltd.’s transformation is driven by a broader vision of creating long-term value through strategic partnerships and investment across the energy value chain.

“We no longer view NNPC Limited as merely an energy producer, but as an ecosystem builder, connecting capital, technology, policy, talent and markets to create lasting value for Nigeria and Africa,” he said.

He added that the company’s new direction would strengthen collaboration within the energy industry and contribute to Africa’s energy growth.

The 2026 NOG Energy Week brought together policymakers, regulators, investors, energy companies and technology providers to discuss investment opportunities, energy security, gas development and the future of Africa’s energy sector.

Since its transition into a commercially oriented company under the Petroleum Industry Act, NNPC Ltd. has continued to pursue operational efficiency and strategic partnerships as part of its long-term growth strategy.