Government net lending/borrowing in Nigeria

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -4.4% 2027: -2.9% 2028: -2.3% 2029: -2.2% 2030: -2.1% 2031: -1.9%

-1.4 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	-1.4
Jan 1998	-3.5
Jan 1997	1.1
Jan 1996	3.4
Jan 1995	2.5
Jan 1994	-3.0
Jan 1993	-6.1
Jan 1992	0.9
Jan 1991	-1.2
Jan 1990	-0.5

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

Nigeria's government budget balance is the shortfall recorded when public spending exceeds revenue over the fiscal year; when revenue exceeds spending there is a surplus. Published by the Ministry of Finance, it is usually expressed as a percentage of GDP.

How it's calculated

It is the difference between federal government revenue and spending over the period, scaled against GDP to obtain the ratio. The figures are annual and heavily dependent on oil revenue and on debt-service costs.

Market implications

The deficit sets Nigeria's borrowing needs and the path of public debt. The high share of revenue absorbed by interest payments is a particular concern; it is a key gauge for the IMF, bond investors, the naira and the rating agencies.

Limitations

It is a low-frequency figure subject to revision. Its heavy reliance on oil revenue and fuel subsidies makes it highly volatile; it is worth distinguishing the headline balance from the primary balance, which excludes debt interest.