The Digest:
Finance Minister Wale Edun has revealed the federal government fell drastically short of its 2025 revenue target, collecting only N10.7 trillion against a N40.8 trillion projection. This disclosure challenges the President's earlier statement that Nigeria had met its annual target ahead of schedule and would cease borrowing.
Key Points:
- President Tinubu claimed in September that revenue targets were met by August.
- Minister Edun disclosed the shortfall during a House of Representatives committee session.
- The government had projected N40.8 trillion to fund a N54.9 trillion "budget of restoration."
- Actual revenue is now expected to close at approximately N10.7 trillion.
- Weak oil and gas revenues were cited as the primary cause of the underperformance.
- Non-oil revenue streams also failed to meet expectations.
- To bridge the gap, the government borrowed about N14.1 trillion within the year.
Sources: Daily Trust, Vanguard, Punch
