The Federal Government disbursed N5.81 trillion to Ministries, Departments, and Agencies (MDAs) for capital projects in 2024, according to the Budget Office of the Federation.
The Budget Implementation Report showed that 81.91% of the funds were utilised, indicating improved execution across infrastructure sectors despite fiscal constraints.
The report highlighted that the utilisation rate reflects the government’s commitment to infrastructure delivery amid revenue shortfalls and economic pressures.
Total revenue inflow for 2024 stood at N20.98 trillion, a 68.1% increase from N12.48 trillion in 2023. However, it fell short of the N25.87 trillion target set in the Appropriation Act by 18.9%.
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Oil revenue underperformed at N15.07 trillion, while non-oil revenue exceeded expectations, reaching N16.09 trillion—48.9% above the projected N10.81 trillion. Key contributors included VAT, Company Income Tax, customs duties, and electronic transfer levies.
The report noted that oil and gas earnings made up only 17% of total revenue in Q4 2024, underscoring efforts to diversify income sources. Solid minerals revenue rose to N4.6 billion, marking a 303.6% quarterly increase.
Expenditure for the year reached N27.47 trillion, with debt service accounting for N11.03 trillion and non-debt recurrent spending at N8.53 trillion. The fiscal deficit stood at N9.18 trillion, financed through domestic borrowing.
Unutilised capital funds are legally required to be returned to the treasury. The Budget Office emphasised that improved non-oil revenue performance was key to sustaining budget execution.
Government-owned enterprises and federation levies underperformed, with GOEs retaining N612.96 billion—14.3% below projections. No receipts were recorded from NLNG dividends, oil royalties, or windfall taxes.
