The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has contradicted President Bola Tinubu’s claim that Nigeria met its 2025 revenue target ahead of schedule, revealing that the Federal Government has realised only ₦10.7 trillion out of the projected ₦ 40.8 trillion for the year.
Naijaonpoint reports that President Tinubu had earlier declared that his administration had achieved its revenue projections for 2025 by August, insisting that the country was no longer borrowing to fund its budget.
The President made the assertion in September while addressing stakeholders of the Buhari Organisation during a visit to the Presidential Villa, Abuja.
Tinubu said the administration’s aggressive non-oil revenue drive had yielded sufficient income to meet the year’s revenue target, thereby reducing Nigeria’s dependence on borrowing.
“Today I can stand here before you to brag: Nigeria is not borrowing. We have met our revenue target for the year and we met it in August,” the President said.
However, Edun disclosed on Tuesday that the Federal Government was grappling with a wide revenue shortfall in the 2025 fiscal year.
The minister made this known 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 session followed the transmission of the MTEF and FSP to the House by President Tinubu last Wednesday for legislative consideration and approval.
According to Edun, the Federal Government had projected ₦40.8tn in revenue to fund the ₦54.9tn 2025 “budget of restoration,” which was aimed at stabilising the economy, securing peace and rebuilding prosperity.
He said actual revenue performance had fallen far below expectations.
“The current trajectory indicates that federal revenues for the full year will likely end at around ₦10.7 trillion, compared with the ₦40.8 trillion that was projected,” Edun said.
The minister attributed the revenue shortfall largely to weak oil and gas earnings, particularly lower-than-expected collections from Petroleum Profit Tax and Company Income Tax paid by oil and gas companies.
He also pointed to underperformance across several non-oil revenue components, which further strained government finances.
FG Borrowed ₦14.1 Trillion To Cover Gap
Edun further disclosed that the Federal Government borrowed about ₦14.1tn during the year to bridge the funding gap caused by the revenue shortfall.
Naijaonpoint reports that the revelation has raised fresh concerns over the sustainability of Nigeria’s public finances, amid earlier assurances that the government would reduce reliance on borrowing to fund its budget.