Nigeria's FG overshoots debt limit by N4.79tn; EFCC auction row, Army officer killed

Nigeria's Federal Government has significantly overshot its 2024 borrowing target, accumulating N12.62tn in new debt against a budgeted N7.83tn. This N4.79tn excess, disclosed by the Budget Office of the Federation, stems from a wider-than-anticipated budget deficit, largely due to weak oil revenue despite a benchmark price of $77.96. Non-oil revenue, however, surpassed expectations.

The increased borrowing has pushed the total public debt to N144.67tn, raising the debt-to-GDP ratio to 61.22 percent, exceeding both Nigeria's 40 percent threshold and the international benchmark of 56 percent. The fiscal deficit also widened to N13.51tn, significantly above the approved N9.18tn.

Meanwhile, the Economic and Financial Crimes Commission (EFCC) is facing renewed criticism over its proposed auction of seized vehicles. The Nigeria Association of Auctioneers has accused the anti-graft agency of compromising transparency and due process, arguing the EFCC lacks the legal standing to act as both custodian and seller of forfeited assets. This echoes a similar dispute during Ibrahim Magu's tenure.

Security remains a pressing concern. A senior Army colonel, Abdussalam Ude, was killed during a suspected kidnap attempt at his residence in Nasarawa State. The assailants reportedly shot him multiple times after he resisted the abduction. In a separate incident, the Nigerian Navy successfully thwarted a crude oil theft attempt valued at N660 million in Akwa Ibom State, leading to the arrest of 12 suspects.

In other developments, Oyo State Governor Seyi Makinde has received two long-awaited surveillance aircraft aimed at combating insecurity. The nation's Super Falcons also experienced a surprising defeat to debutants Malawi in the 2026 WAFCON.