The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, opened up on Tuesday that the Federal Government recorded a significant revenue shortfall in the 2025 fiscal year.
He noted that while the Federal Government projected N40.8tn revenue for this year, it ended up making only N10.7tn.
Edun made the disclosure 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 and Fiscal Strategy Paper.
He recalled that the Federal Government had projected a revenue target of N40.8tn in 2025 to fund the N54.9tn “budget of restoration,” designed to stabilise the economy, secure peace and lay the foundation for long-term prosperity.
However, the minister said current fiscal performance shows that total revenue for the year is likely to end at about N10.7tn.
According to him, the sharp shortfall is largely attributable to weak oil and gas earnings, particularly Petroleum Profit Tax and Company Income Tax from oil and gas companies, alongside persistent underperformance across several revenue subheads.
“The current trajectory indicates that federal revenues for the full year will likely end at around N10.7tn compared to the N40.8tn projection,” Edun told lawmakers.