The Federal Government spent only N3.10tn on capital projects in the first nine months of 2025 despite accessing N11.89tn from various debt financing sources during the period, highlighting the wide gap between borrowing and infrastructure spending.
Latest data from the Budget Office of the Federation’s Third Quarter 2025 Budget Implementation Report showed that total debt financing inflows stood at N11.89tn as of September 2025, comprising N7.08tn in domestic borrowing and N4.81tn in multilateral and bilateral project-tied loans.
However, actual capital expenditure amounted to N3.10tn over the same period, representing just 26.07 per cent of total financing receipts.
The figure was also significantly below the prorated capital expenditure target of N17.58tn for the first three quarters of the year, with actual spending falling short by N14.48tn, or 82.3 per cent.
A breakdown of the spending showed that capital expenditure by Ministries, Departments, and Agencies amounted to N1.21tn, while Government-Owned Enterprises spent N615.68bn. Grants and donor-funded projects accounted for N1.08tn.
