Nigeria didn’t meet oil revenue target in H1 2025, says Budget office

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.”

However, TheCable calculations indicated that the non-oil revenue of N4.46 trillion is a decrease of N1.59 trillion from the quarterly estimate of N6.06 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).
(The Cable)