The Budget Office of the Federation has reported that Nigeria failed to meet its oil revenue targets for the first half of 2025, covering the first and second quarters (Q1 and Q2). In its Q1 2025 budget implementation report, the office noted that gross oil revenue totaled N4.55 trillion during this period, marking a shortfall of N8.21 trillion (64.35 percent) compared to the N12.76 trillion projected quarterly gross oil revenue outlined in the 2025 budget.
However, this figure was N1.20 trillion (35.82 percent) higher than the actual gross oil revenue of N3.35 trillion generated in the same period of 2024.
In addition, the gross non-oil revenue recorded for the first quarter of 2025 was N4.71 trillion, indicating a decline of N1.34 trillion (22.18 percent) from the quarterly estimate of N6.05 trillion.
The net distributable revenue for all three tiers of government, after removing costs, was N8.06 trillion in the first quarter of 2025, representing a shortfall of N8.79 trillion (52.16 percent).
The budget office highlighted that N10.22 trillion was allocated to finance the Federal Government’s budget in Q1 2025, which included N5.25 trillion (51.37 percent) from oil revenue and N4.97 trillion (48.63 percent) from other sources. The total amount received was N4.95 trillion, falling short by 51.53 percent of the quarterly budget projection but exceeding by N1.37 trillion (38.13 percent) the N3.59 trillion reported in the first quarter of 2024.
According to the Q2 budget implementation report, gross oil revenue reached N4.77 trillion in the second quarter, reflecting a shortfall of N7.99 trillion (62.62 percent) from the projected N12.76 trillion in the 2025 budget. This amount was N1.59 trillion (33.33 percent) higher than the actual gross oil revenue of N3.18 trillion recorded during the same period in 2024.
Nigeria didn’t meet oil revenue target in 1st half of 2025 —Budget office.
