By Milcah Tanimu
The federal government of Nigeria still requires borrowing to fund its budget, despite exceeding revenue targets, says Atiku Bagudu, Minister of Budget and Economic Planning. Speaking at an interactive session in Abuja on the 2025-2027 Medium-Term Expenditure Framework (MTEF), Bagudu explained that the N35.5 trillion 2024 budget includes a N9.7 trillion deficit requiring external financing.
While agencies like the Nigeria Customs Service (NCS) and Nigerian National Petroleum Company Limited (NNPCL) exceeded revenue expectations, Bagudu emphasized the importance of borrowing to support development goals and assist vulnerable groups.
Wale Edun, Minister of Finance, highlighted economic progress under new policies like market-based fuel pricing, which signal positivity to investors. However, concerns about transparency in revenue reporting persist, particularly with the Nigerian Immigration Service (NIS).
