The increased borrowing requirement followed a significant revenue shortfall, pushing the fiscal imbalance to N13.51 trillion, well beyond the approved deficit of N9.18 trillion. The report read, “The revenue and expenditure outturn of the Federal Government resulted in a fiscal deficit of N13.51tn in the 2024 fiscal year. This was N4.34tn (47.33 per cent) above the projected budget deficit estimate for the year.” However, higher foreign borrowing and increased budget support drove total borrowing upward. Combined with domestic and foreign borrowing, the budget support pushed total fresh borrowings to ₦12.62 trillion, exceeding the approved borrowing plan by ₦4.79 trillion.