The data also revealed that the actual spending on debt servicing exceeded budget projections in both years. In 2024, debt servicing overshot the budget by about N4.07tn, as actual payments rose to N12.63tn compared with the N8.56tn initially approved. According to the brief, the increase in debt servicing was largely driven by macroeconomic factors rather than new borrowing. Despite the pressure from debt servicing, the government maintained relatively high capital spending during the period. In 2025, the gap widened further, as debt servicing of N14.57tn exceeded capital spending of N11.7tn by about N2.87tn.

Source: Punch March 09, 2026 11:47 UTC