By Ajibola Olaide, JKNewsMedia Reporter
FRESH BORROWINGS by the Federal Government of Nigeria rose to N11.89 trillion in the first nine months of 2025, while spending on capital projects stood at N3.10 trillion during the same period, according to the 2025 Third Quarter Budget Implementation Report (BIR) released by the Budget Office of the Federation.
JKNewsMedia.com reports that the BIR showed that total borrowing exceeded the government’s three-quarter projection of N10.34 trillion by N1.54 trillion, representing an increase of 14.91 percent.
BIR also said that capital expenditure performance remained weak.
It notes that out of the N17.58 trillion budgeted for capital projects during the period, only N3.10 trillion was utilised, representing 17.66 per cent implementation and leaving a shortfall of N14.48 trillion.
The BIR report aalso showed that domestic borrowing accounted for N7.08 trillion, while multilateral and bilateral project tied loans stood at N4.81 trillion, exceeding the N2.52 trillion budgeted for the period.
Despite the borrowing level, the report revealed that capital expenditure tied to multilateral and bilateral loans recorded zero utilisation, although N2.52 trillion had been budgeted under the category.
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