Nigeria’s Federal Government borrowed more than it originally planned in the first nine months of 2025 but implemented less than one-fifth of its capital projects, according to the latest Budget Office report.
The report revealed that the government borrowed N11.89 trillion between January and September 2025, exceeding its projected borrowing target of N10.34 trillion by N1.54 trillion.
Despite the increased borrowing, only N3.10 trillion was spent on capital projects out of the N17.58 trillion budgeted for the period.
This means the government implemented just 17.66 per cent of its capital budget, leaving over N14.48 trillion worth of planned projects unexecuted.
Data from the report also showed that domestic borrowing reached N7.08 trillion, while multilateral and bilateral loans climbed to N4.81 trillion, far above initial projections.
Analysts have raised concerns over the gap between borrowing and project execution, noting that the government borrowed almost four times more than it spent on capital projects during the period.
The report further disclosed that capital spending linked to multilateral and bilateral project-tied loans recorded zero expenditure, despite significant funds being secured under that category.
According to the Budget Office, factors such as cash release procedures, resource constraints and shifting government priorities contributed to the poor implementation of capital projects.
The figures have sparked fresh questions about how borrowed funds are being utilised as Nigeria continues to grapple with rising debt obligations and infrastructure deficits.
Source: Budget Office of the Federation / THISDAY Newspaper
