Revenue receipts of the federal government in 2025 were characterized by shortfalls, leading to a fiscal deficit of N328 billion in the Third Quarter (Q3) of the year.

The 2025 Q3 Budget Implementation Report released by the Budget Office of the Federation (BoF) indicated that there was no truth in claims that the Administration of President Bola Tinubu achieved its annual revenue target by August, of 2025.

According to the report, “Revenue shortfalls persisted in both oil and non-oil receipts. Total FG revenue stood at ₦7.70 trillion and expenditure reached ₦8.03 trillion, resulting in a fiscal deficit of ₦328.57 billion, financed through privatization proceeds and domestic borrowing.”

The Aggregate FGN Revenue of N7.7 trillion in the quarter under review (July – September 2025) represented 75.16% of the prorated target, the report said.

The BoF put Aggregate Expenditure (including Government Owned Enterprises (GOEs and Project-tied Loans) at ₦8.03 trillion, about 58.4 percent of the prorated ₦13.75 trillion.

It reported a below-target performance of the oil sector as a key factor for the shortfall in revenue.

According to the report, “The price of crude oil in the international market averaged $68.50 per barrel in the third quarter of 2025, which is $5.50 per barrel (7.43 percent) and $6.50 per barrel (8.67 percent) lower than $74,00 per barrel in the second quarter and the $75.00 per barrel benchmark price for 2025 budget.

“The nation in the third quarter of 2025 recorded an average daily oil production of 1.64 million barrels, lower than the second quarter of 2025 production volume of 1.68 mbpd and the production benchmark of 2.12mbpd

“Gross Oil Revenue stood at ₦4.87 trillion in the third quarter, representing a shortfall of ₦7.88 trillion (61.80 percent) from the ₦12.76 trillion prorated quarterly gross oil revenue in the 2025 Budget.”

However, the gross non-oil revenue of ₦6.52 trillion received in the quarter under review signified a marginal increase of ₦468.58 billion (7.74 percent) above the quarterly estimate of ₦6.05 trillion.

The report showed, “The net distributable revenue for the three tiers of government after cost deductions stood at ₦10.29 trillion in the third quarter of 2025, representing a shortfall of ₦6.57 trillion (38.98 percent).”

The Q3 report highlighted the challenge posed by high debt servicing obligations of the federal government, as debt servicing took N3.41 trillion, way higher than non-debt recurrent expenditure of N2.66 trillion.

It said, “A total of ₦2.66 trillion was spent on non-debt recurrent expenditure in the third quarter of 2025. This represents a decrease of ₦739.01 billion (21.75 percent) from the quarterly estimate of ₦3.40 trillion

“Total Debt Service in the third quarter of 2025 stood at ₦3.41 trillion, indicating a decrease of ₦171.90 billion (4.80 percent) below the ₦3.58 trillion projected for the quarter.

“The sum of ₦1.80 trillion was projected for domestic debt servicing during the period under review. The amount used for domestic debt servicing was however ₦111.07 billion or 6.18 percent above the projection for the quarter.

“External debt service was ₦1.69 trillion in the quarter, ₦211.72 billion or 12.55 percent below the prorate projected figure for the period.”

The report’s upticks included Aggregate GDP at basic price which rose to ₦113.59 trillion in nominal terms in the quarter under review when compared Year-on-Year with the third quarter of 2024, which recorded an aggregate GDP of ₦96.16 trillion.

Telecommunications subscribers across Nigeria have regained access to emergency airtime lending services as major operators, Airtel and Glo, quietly restored the platforms following the suspension of the controversial Digital, Electronic, Online or Non-Traditional Consumer Lending, DEON, Regulations 2025 by the Federal Competition and Consumer Protection Commission, FCCPC.

The development comes amid mounting legal pressure on the Commission after a Federal High Court sitting in Lagos ordered a halt to the enforcement of the regulations pending the determination of a suit challenging its powers over telecom-based airtime advances.

Confirming the restoration of the services, Chairman of the Wireless Application Service Providers Association of Nigeria, WASPAN, Ayo Stuffman, disclosed on Monday that the platforms had resumed operations on both networks.

“As we speak, the services in question are already active on Airtel and Glo,” he said.

The return of the services has brought relief to millions of subscribers who depend on emergency airtime credit for daily communication and small-scale business operations.

Industry estimates put the annual airtime lending market at over ₦400 billion.

The FCCPC had earlier moved to regulate airtime lending platforms under the DEON Regulations 2025, insisting that such services fall within the scope of digital consumer credit and therefore require oversight to protect users from alleged abuses, including data privacy violations and unfair lending practices.

The Commission claimed it had received more than 11,000 consumer complaints linked to digital lending operations.

However, the enforcement triggered resistance from stakeholders in the telecommunications ecosystem, particularly WASPAN and other operators, who argued that airtime advances are telecom value-added services and not conventional consumer loans.

The legal dispute escalated after Justice A. Allagoa of the Federal High Court, Lagos, issued an order restraining the FCCPC from enforcing the framework, while Form 49 contempt proceedings were reportedly initiated against the Commission’s Executive Vice Chairman, Tunji Bello.

As at the time of putting this story together at about noon on Tuesday, MTN was yet to comply with the court order.

At Wema Bank, we have spent the last few years reimagining what Children’s Day can look like for Nigerian children.

What started as a celebration has evolved into an intentional platform designed to build confidence, encourage leadership, promote financial literacy and create meaningful opportunities for children across different age groups.This year, we have raised the bar even higher.

At Wema Bank’s Children’s Day Special Event held on Monday, May 25, 2026, our One-Day MD/CEO, Chinmamanda Diamond Ozoakpata, used her first official act in office to unveil a series of new initiatives designed to reward, educate and empower children through our Royal Kiddies account and ALAT Xplore platform.

From year-long cash rewards and celebrations of academic excellence to financial literacy materials and STEM challenges, here are the new incentives that were announced and how to qualify:1. Birthday Cash Gift (Royal Kiddies Account Holders)Wema bank is putting real money behind milestone birthdays. Active Royal Kiddies account holders turning 5 will receive ₦5,000, while those turning 10 will receive ₦10,000 automatically, as a birthday cash gift. The initiative runs from May 2026 to May 2027.

Importantly, active account holders who already turned 5 or 10 before May 2026 this year will also receive their reward this month.To qualify: Your child must hold an active Royal Kiddies account and be turning (or have turned) age 5 or 10 within the qualifying window.2. ₦100,000 Reward for Top Common Entrance Students (Royal Kiddies Account Holders)In a move that directly ties financial reward to academic achievement, Wema Bank will reward the top 100 students in the National Common Entrance Examination (NCEE) with ₦100,000 each. This initiative commences in June 2026.To qualify:

Your child must be among the top 100 performers in the NCEE and hold a Royal Kiddies account.3. Financial Literacy Book Launch – Money Adventures (Royal Kiddies Account Holders)Wema Bank officially launched Money Adventures, a financial literacy book created for children aged 6 and above, at the Children’s Day event.

Designed to make money conversations simpler and more engaging for young readers, the book introduces children to foundational concepts around saving, money management and responsible financial habits in a fun, age-appropriate way. To qualify: To receive a copy of this book, your child must hold an active Royal Kiddies account or have their Royal Kiddies account newly activated.4. Evolve School Tour STEM Challenge (ALAT Xplore Account Holders)The Bank also unveiled the Evolve School Tour STEM Challenge. Designed for secondary school students aged 13–17, the programme will run across six schools nationwide with existing STEM programmes. Through hands-on STEM competitions and school engagements, the initiative aims to promote innovation, technology awareness, financial literacy and responsible savings culture.

There will also be monetary prizes to be won at the end of the challenge.To qualify: Your child must be an ALAT Xplore customer, aged 13–17, and attend one of the participating schools with an active STEM programme.Over the last four years, Wema Bank has consistently treated Children’s Day as more than a calendar moment. From the One-Day MD/CEO initiative to school tours, leadership experiences and child-focused financial literacy campaigns, the Bank has continued to expand how it supports children meaningfully.

Yet, this is the first time  the bank has included a Children’s Day initiative that runs for an entire year. Combine that with a six-figure academic reward, a published financial literacy resource, and a nationwide school tour, and it becomes clear: this is the most comprehensive, most impactful package of benefits Wema Bank has ever delivered to its youngest customers.

It signals a growing commitment by Wema Bank to create experiences for children that extend far beyond celebration and leave a lasting impact long after Children’s Day is over.