The budget office of the federation says Nigeria did not meet oil revenue targets in the first and second quarters (Q1 and Q2) of 2025.
The office, in its Q1 2025 budget implementation report,
said gross oil revenue stood at N4.55 trillion in the reviewed quarter.
The government agency said the figure represents a shortfall
of N8.21 trillion (64.35 percent) 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 percent).”
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.”
OIL REVENUE TARGET FELL BY 62 PERCENT IN Q2 2025
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 percent).
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