The Budget Office of the Federation has said that Nigeria did not meet oil revenue targets in the first half of year 2025, representing 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 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).”

The budget office noted that 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.

“This was 51.53 percent below the quarterly budget projection but N1.37 trillion (38.13 percent) higher than the N3.59 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. (Vanguard)