The Budget Office of the Federation has disclosed that Nigeria failed to meet its oil revenue targets in the first half of 2025, covering the first and second quarters of the year.

In its first quarter 2025 budget implementation report, the office stated that gross oil revenue stood at N4.55 trillion during the period under review.

According to the agency, the amount recorded represented a shortfall of N8.21 trillion, equivalent to 64.35 percent, when compared with the N12.76 trillion prorated projected quarterly gross oil revenue contained 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 further noted that N10.22 trillion was allocated to funding the Federal Government budget in the first quarter of 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.”

In its second quarter budget implementation report, the office said gross oil revenue stood at N4.77 trillion in the second quarter of 2025.

According to the report, the figure was “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.”

The Budget Office added that the second-quarter oil revenue performance was N1.59 trillion, or 33.33 percent, higher than the actual gross oil revenue of N3.18 trillion generated in the corresponding period of 2024.