The Budget Office of the federation has stated that Nigeria did not meet oil revenue targets in the first and second quarters (Q1 and Q2) of 2025.
According to its Q1 2025 budget implementation report, gross oil revenue stood at N4.55 trillion in the quarter.
It further said the figure represents a shortfall of N8.21 trillion (64.35 per cent) from the N12.76 trillion “prorate projected quarterly gross oil revenue in the 2025 budget.
“It was, however, ₦1.20 trillion (35.82 percent) above the actual gross oil revenue of ₦3.35 trillion generated in the corresponding period of 2024,” the report reads.
“The gross non-oil revenue of ₦4.71 trillion received in the first quarter of 2025 signified a decrease of ₦1.34 trillion (22.18 percent) below the quarterly estimate of ₦6.05 trillion.
“The net distributable revenue for the three tiers of government after cost deductions stood at ₦8.06 trillion in the first quarter of 2025, representing a shortfall of ₦8.79 trillion (52.16 per cent).”
According to the budget office, N10.22 trillion was allocated to funding the federal government budget in Q1 2025.
“This comprises ₦5.25 trillion (51.37 percent) oil revenue and ₦4.97 trillion (48.63 percent) other revenues. The amount received was ₦4.95 trillion,” the report further reads.
“This was 51.53 percent below the quarterly budget projection but ₦1.37 trillion (38.13 percent) higher than the ₦3.59 trillion reported in the first quarter of 2024.
According to the Q2 budget implementation report, gross oil revenue stood at N4.77 trillion in the second quarter, “representing a shortfall of N7.99 trillion (62.62 percent) from the N12.76 trillion prorate projected quarterly gross oil revenue in the 2025 Budget”.
This, the office said, was N1.59 trillion (33.33 percent) above the actual gross oil revenue of N3.18 trillion generated in the same period in 2024.
On non-oil revenue, the budget office said: “The gross non-oil revenue of ₦4.46 trillion received in the quarter under review signified an increase of ₦404.26 billion (6.68 percent) above the quarterly estimate of ₦6.05 trillion.”
The report noted that the net distributable revenue for the three tiers of government amounted to N9.85 trillion in the second quarter of 2025, representing a shortfall of N7.01 trillion (41.58 per cent).
