Businesses suffer as FG’s domestic borrowings surge 90% to N24.7trn

The federal government's domestic borrowing surged by 90.5 percent year-on-year to N24.7 trillion in the eight months to August 2026, compared to N12.98 trillion in the same period of 2025. Financial Vanguard findings from public finance data show that credit to the government grew more than four times faster than credit to the private sector. These developments occur amid a massive rise in government revenue reported by key agencies, including the Nigerian Revenue Service, Nigerian Customs Service, and the Nigerian National Petroleum Company Limited. Public concerns also point to savings from petrol subsidy removal and other factors.

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