By Merciful Omoba
Federal Government Ministries, Departments, and Agencies (MDAs), received a total of N5.81 trillion for capital projects in 2024, with 81.9% of the amount utilised, according to the latest Budget Implementation Report by the Budget Office of the Federation.
The report said the high utilisation rate reflects improved project execution despite fiscal pressures and revenue shortfalls.
It also showed that government revenue rose by 68.1% to N20.98 trillion in 2024, up from N12.48 trillion in 2023, but still 18.9% below the N25.87 trillion target in the Appropriation Act.
Oil revenue underperformed at N15.07 trillion, while non-oil revenue exceeded projections at N16.09 trillion, driven by gains in company income tax, VAT, customs duties, and electronic money transfer levies.
The government recorded total expenditure of N27.47 trillion, debt service of N11.03 trillion, and a fiscal deficit of N9.18 trillion financed through domestic borrowing.
The Budget Office noted that ongoing reforms, particularly in the non-oil and solid minerals sectors, boosted revenue performance and underscored efforts to diversify Nigeria’s income base.
