The Federal Government (FG) is projected to fall short of its 2025 revenue target by about ₦30 trillion, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Edun disclosed this yesterday in Abuja while appearing before the House of Representatives committees on finance and national planning during an interactive session on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
He said the FG projected ₦40.8 trillion in revenue to fund the 2025 budget but current performance indicates that actual earnings may end at about ₦10.7 trillion.
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The minister attributed the anticipated shortfall largely to weak oil and gas revenues, particularly petroleum profit tax (PPT) and company income tax (CIT), as well as poor performance across other revenue streams.
“Based on the current trajectory, federal revenues for the full year are likely to end at around ₦10.7 trillion, compared to the ₦40.8 trillion projection,” Edun said.
Despite the revenue gap, Edun said the government has continued to meet critical obligations through what he described as prudent treasury management.
According to him, salaries, statutory transfers, and both domestic and foreign debt servicing have been settled through what he called the “creative handling” of available resources.
He, however, cautioned against rigid expenditure commitments tied to volatile oil revenues, stressing the need for flexibility in fiscal planning.
“We must be ambitious, but given the experience of the past two years, spending linked to these revenues must depend on the funds actually coming in,” he said.
Also speaking, Atiku Bagudu, Minister of Budget and National Planning, said the MTEF and FSP were developed following extensive consultations with government agencies and the private sector.
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Bagudu said the government is projecting oil production of 2.06 million barrels per day for the 2026 budget but will adopt a more conservative assumption of
