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

The federal government increased its borrowing from domestic investors by 90.5% year-on-year, reaching N24.7 trillion in the first eight months of 2026. Data indicates that credit to the government grew four times faster than credit to the private sector. This surge in borrowing is attributed to larger financing requirements, a significant fiscal deficit, and rising debt service obligations.