May 29, 2026
By Emma Ujah, Abuja Bureau Chief
Nigeria’s oil revenue performance fell sharply below budget expectations in the third quarter of 2025 (Q3’25), as the gross oil revenue stood at N4.87 trillion during the quarter, representing a shortfall of N7.88 trillion, or 61.8%, below the quarterly budget projection.
This was revealed in the 2025 Q3 Budget Implementation Report released by the Budget Office of the Federation (BoF), which also showed that the federal government recorded a fiscal deficit of N328 billion in the quarter.
According to the report, “Revenue shortfalls persisted in both oil and non-oil receipts. Total FG revenue stood at N7.7 trillion and expenditure reached N8.03 trillion, resulting in a fiscal deficit of N328.57 billion, financed through privatization proceeds and domestic borrowing.
