The federal government posted a fiscal deficit of ₦2.66 trillion in the second quarter of the year, according to Budget Office of the Federation (BoF).
Data contained in the Second Quarter and Half-Year 2025 Budget Implementation Report (BIR) by the BoF, noted that the deficit was financed through domestic borrowing in the quarter under review.
Total federal government revenue was put at Five Point Ninety-Seven trillion Naira, while expenditure peaked at Eight Point Sixty-Three trillion Naira, resulting in a deficit.
According to the report, the federal government continued to prioritise and meet its non-discretionary expenditure requirements even as the budget execution continued to suffer setbacks due to poor but improving revenue outcomes.
In Q2, oil production averaged 1.68 mbpd, below the budget benchmark of 2.12 mbpd, with revenue implications.
Aggregate FGN Revenue stood at Five Point Twenty-Three trillion Naira or 58.45 per cent of prorated target between April-June 2025.
Oil revenue stood at ₦1.50 trillion, representing 28.50 per cent of total revenues but fell short of target by 71.50 per cent.
Non-oil revenue stood at ₦8.90 trillion, representing 85.60 per cent of total revenues, exceeding projections due to improved CIT, VAT, EMTL, and Education Tax (TETFUND).
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said despite fiscal pressures, the government prioritised capital investment, highlighted by the imperative to strengthen domestic revenue mobilisation and ensure fiscal sustainability.
www.itvradiong.com/live
www.youtube.com/itvradiong
www.facebook.com/itvradiong
www.twitter.com/itvradiong
www.instagram.com/itvradiong
www.tiktok.com/@itvradiong
