A recent report by the Central Bank of Nigeria has revealed that the country’s economy, under the leadership of President Bola Tinubu, failed to meet its revenue targets in the fourth quarter of 2024.
Despite a 5.31% increase in federally collected revenue compared to the previous quarter, the figure still fell short of the benchmark by 19.67%.
The report also highlighted that the Federal Government’s retained revenue was 10.40% higher than in the preceding quarter but remained significantly below the target, standing 48.57% short of the expected figure.
On the expenditure side, aggregate expenditure increased by 2.22% compared to Q3 2024, though it was 22.09% lower than the quarterly target.
Oil revenue saw a significant rise of 53.59%, reaching ₦2 trillion compared to Q3 2024.
However, this increase was not enough to meet the quarterly target, falling short by 62.19%. Nigeria’s reliance on loans to fund its budget has led to high debt servicing figures, with the country’s public debt stock standing at ₦142.32 trillion (51.29% of GDP) as of September 2024.
The report’s findings have raised concerns about the country’s economic performance under President Tinubu’s leadership.
