Overview

The Fourth Quarter and Consolidated Budget Implementation Report (BIR) for 2024 is produced by the Budget Office of the Federation (BOF) in compliance with the Fiscal Responsibility Act, 2007. It provides a comprehensive review of Nigeria’s macroeconomic and fiscal performance in Q4 2024. The economy recorded a real GDP growth of 3.84%, driven primarily by the services and non-oil sectors. Inflation remained elevated at 34.80%, while external reserves rose to $40.19 billion. Revenue shortfalls persisted, especially in oil receipts, while non-oil revenues exceeded expectations. Total FG revenue stood at ₦20.98 trillion, and expenditure reached ₦34.49 trillion, resulting in a fiscal deficit of ₦13.51 trillion, financed wholly by multi-lateral/bilateral project-tied loan, domestic/foreign borrowing and budget support. Despite fiscal pressures, the government prioritized capital investment, releasing ₦5.81 trillion, with an 81.91% utilization rate by MDAs. The debt-to-GDP ratio reached 61.22%, highlighting the ongoing imperative to strengthen domestic revenue mobilization. The report covers macroeconomic overview, external sector, and fiscal performance, detailing GDP growth by sector, inflation trends, monetary policy, trade, exchange rates, reserves, revenue and expenditure components, deficit financing, and capital releases. Key macroeconomic indicators: real GDP growth (3.84%, annual 3.40%); inflation (34.80%); food inflation (39.84%); core inflation (29.28%); MPR (27.5%); exchange rate (₦1,553.73/USD); foreign reserves ($40.19 billion); total revenue (₦20.98 trillion); total expenditure (₦34.49 trillion); fiscal deficit (₦13.51 trillion); capital releases (₦5.81 trillion, 81.91% utilization); debt-to-GDP (61.22%). The document is a provisional report due to the extended capital budget implementation period to December 2025.

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