Overview

The 2024 Third Quarter Budget Implementation Report (BIR) for Nigeria provides a detailed analysis of fiscal performance against the 2024 'Budget of Renewed Hope'. Key macroeconomic indicators include real GDP growth of 3.46%, headline inflation of 32.70%, and average oil production of 1.47 mbpd (below the 1.78 mbpd benchmark). Aggregate revenue for January–September 2024 was ₦14.55 trillion (74.96% of prorated target), with non-oil revenue outperforming projections, while aggregate expenditure reached ₦20.89 trillion against a prorated ₦24.09 trillion. Capital releases to MDAs totalled ₦4.25 trillion with a 71.74% utilisation rate. Debt service was ₦8.93 trillion, exceeding projections by 48.03%. The fiscal deficit of ₦7.05 trillion was financed through domestic borrowing. The report is published in compliance with the Fiscal Responsibility Act, 2007, to promote transparency and public financial management.

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