This was revealed in the Fourth Quarter and Consolidated Budget Implementation Report for 2024 released by the Budget Office of the Federation, according to PUNCH. This was ₦4.34tn (47.33 per cent) above the projected budget deficit estimate for the year,” the Budget Office stated. The Budget Office attributed the shortfall to lower crude oil prices and production levels. While expenditure remained largely within budget, debt servicing consumed a significantly larger share of public spending. The report showed that total debt expenditure reached N12.36 trillion, exceeding the budgeted N8.27 trillion by 52.71 per cent.