Nigeria in H1 2025 Fails to Meet Oil Revenue Target…..Says Budget Office

• NUPRC: Nigeria’s oil output dropped to 1.58mbpd in September due to PENGASSAN’s strike

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, N1.20 trillion (35.82 percent) above the actual gross oil revenue of N3.35 trillion generated in the corresponding period of 2024,” the report reads.

“The gross non-oil revenue of N4.71 trillion received in the first quarter of 2025 signified a decrease of N1.34 trillion (22.18 percent) below the quarterly estimate of N6.05 trillion.

“The net distributable revenue for the three tiers of government after cost deductions stood at N8.06 trillion in the first quarter of 2025, representing a shortfall of N8.79 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 N5.25 trillion (51.37 percent) oil revenue and N4.97 trillion (48.63 percent) other revenues. The amount received was N4.95 trillion,” the report further reads.

“This was 51.53 percent below the quarterly budget projection but N1.37 trillion (38.13 percent) high- er than the N3.59 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 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 N4.46 trillion received in the quarter under review signified an increase of N404.26 billion (6.68 percent) above the quarterly estimate of N6.05 trillion.”

However, 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).