Between January and September 2024, the federal government spent ₦8.93 trillion on servicing debt, accounting for 61% of the ₦14.55 trillion revenue generated during the period, according to the budget implementation report.
A breakdown shows debt service costs at ₦2.26 trillion in Q1, ₦3.77 trillion in Q2, and ₦2.89 trillion in Q3 — all above the quarterly budgeted figure of ₦2.01 trillion. The actual expenditure also exceeded the ₦6.03 trillion initially projected for the period.
On the revenue side, the federal government recorded ₦14.55 trillion, below the ₦19.4 trillion expected. Quarterly collections were ₦3.58 trillion in Q1, ₦4.88 trillion in Q2, and ₦6.08 trillion in Q3 — each under the ₦6.46 trillion projection.
Non-oil revenue outperformed expectations, reaching ₦3.65 trillion against the ₦2.67 trillion target for the nine months. This included ₦985.07 billion in Q1, ₦1.30 trillion in Q2, and ₦1.35 trillion in Q3. The total figure also surpassed the full-year forecast of ₦3.56 trillion.
In contrast, oil revenue fell short, with only ₦4.63 trillion realised compared to ₦6.13 trillion projected for January to September, and far below the ₦8.17 trillion expected for the year. Quarterly oil revenues were ₦1.39 trillion, ₦1.32 trillion, and ₦1.92 trillion, respectively — all below the ₦2.04 trillion target per quarter.
