FG Fell Short of 2025 Revenue Target, Finance Minister Tells Lawmakers

The Telescope

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that the Federal Government failed to meet its 2025 revenue target, directly contradicting earlier claims by President Bola Ahmed Tinubu that the goal had been achieved ahead of schedule.

Edun made the disclosure on Tuesday during an interactive session with the House of Representatives Committees on Finance and National Planning, convened to deliberate on the 2026–2028 Medium Term Expenditure Framework and Fiscal Strategy Paper. The documents were recently forwarded to the National Assembly for legislative consideration.

According to the minister, the government had projected revenues of ₦40.8 trillion for the 2025 fiscal year to fund the ₦54.9 trillion “budget of restoration,” which was framed around economic stabilisation, improved security, and long-term growth. However, he said actual revenue performance fell far below expectations.

Edun revealed that total federal revenues for the year are now projected to close at about ₦10.7 trillion, representing a significant shortfall from the original target. He attributed the gap primarily to weak oil and gas receipts, especially lower collections from Petroleum Profit Tax and Company Income Tax from the sector.

He added that several non-oil revenue streams also underperformed, further straining public finances.

The finance minister also confirmed that the Federal Government resorted to borrowing to cover part of the gap, disclosing that about ₦14.1 trillion was borrowed during the year to support budget implementation.

The disclosure contrasts sharply with President Tinubu’s earlier public assertion that Nigeria had met its 2025 revenue target by August and had significantly reduced its reliance on borrowing. At the time, the president credited the achievement to improved non-oil revenue mobilisation and fiscal reforms.

Edun’s remarks have renewed debate over the credibility of Nigeria’s revenue projections and raised fresh concerns about fiscal sustainability as the government prepares its medium-term spending and borrowing plans