Debt servicing and personnel costs consumed more than the Federal Government’s entire revenue in the first seven months of 2025, as earnings fell sharply below target and capital spending suffered deep cuts, according to official budget documents.
An analysis of the 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), published on Wednesday by the Budget Office of the Federation, shows that between January and July the Federal Government earned ₦13.67 trillion, far below the pro rata revenue target of ₦23.85 tril
