Nigeria’s oil output underwhelms ambitious 2025 budget

Nigeria’s low oil production could affect major projections in the 2025 budget, putting the nation’s revenue target at risk. President Bola Tinubu is proposing a N47.9 trillion 2025 budget with at least 60 percent going to recurrent expenditure (N14.2 trillion) and debt services (N15.3 trillion), even as government spending continues to outpace revenue. The federal government dreams of raising N19.60 trillion or 56 percent of its revenues from the oil sector and N15.22 trillion or 43 percent of total revenues from non-oil sources. Read