Nigeria’s State Fiscal Surplus Sees Significant Boost, Rising to N7.1 Trillion in 2024
A recent report from BudgIT, a prominent civic-tech organization promoting budget transparency and accountability, has revealed a substantial increase in Nigeria’s state fiscal surplus. The surplus rose from N2.8 trillion in 2023 to an impressive N7.1 trillion in 2024.
According to a statement posted on BudgIT’s X handle, this growth is attributed, in part, to the Federal Government’s settlement of over N2 trillion in outstanding capital budget arrears from the 2024 fiscal year. This injection of funds has provided subnational governments with more room to invest in critical sectors such as infrastructure, healthcare, and education.
The organization emphasized the importance of sustaining this momentum, particularly as focus shifts to 2025 capital releases. “As the focus shifts to 2025 capital releases, this momentum must be sustained,” the statement read. To ensure accountability and transparency, BudgIT urged citizens to track government spending through online platforms like yourtracka.org and govspend.ng.
The group also stressed that public funds should directly benefit citizens, emphasizing that increased revenue must translate into tangible development across states, local governments, and communities. This call to action highlights the need for effective allocation of resources to drive meaningful impact on the lives of Nigerians.
This boost in state fiscal surplus presents a unique opportunity for Nigeria to accelerate its development trajectory. By prioritizing transparency and accountability in government spending, the country can ensure that public funds are used to drive real progress and improvement in the lives of its citizens. As Nigeria moves forward, it is crucial to sustain this momentum and ensure that the increased revenue is utilized effectively to drive growth and development across the country.
