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.

Seasoned actress Kate Henshaw has opened up about her fallout with colleague Genevieve Nnaji.

Appearing on the Tea with Tay podcast, Henshaw reflected on the end of their friendship, saying it faded quickly.

Henshaw who could not identify the exact cause of the breakdown, stated they may have grown apart or that some level of mistrust existed, but she remains unsure of what happened.

“We grew apart. Maybe she had some kind of mistrust about me… I don’t know what happened. I don’t know what came over her but I’ve moved on,” Henshaw said.

The actress did not give further details on when the fallout occurred.

Both actresses are icons of Nollywood and have featured in several notable films since the late 1990s.

Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of properties recovered from Chinese and Nigerians involved in illegal mining activities in Ogun State to the Federal Government of Nigeria.

The forfeited assets include a mining site located behind the Baale’s Palace on Ileposo Street, adjacent to 59 Street, Ode-Remo, Ogun State; a Toyota 4Runner SUV with registration number AWE 261 AE; two trucks laden with substantial quantities of mica and lithium stones; and a 40-foot container containing substantial quantities of mica and lithium stones.

The judge made the order, following a motion filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, Ikoyi, through its counsel, Bilkisu Buhari, seeking an order for the custody and disposal of the properties pursuant to Section 330 of the Administration of Criminal Justice Act, 2015, and other relevant laws.

The Commission also sought an order empowering the EFCC, in collaboration with the Nigerian Geological Survey Agency and court officials, to dispose of the forfeited assets and deposit the proceeds into an interest-bearing account pending the conclusion of the criminal proceedings.

According to an affidavit deposed to by an EFCC operative, intelligence reports revealed that several individuals, including Chinese and Nigerians, were involved in the illegal mining and trade of mineral resources, particularly mica and lithium stones.

The affidavit further revealed that the syndicate mined and transported the mineral resources from various locations across Nigeria to a site in Ode-Remo Local Government Area of Ogun State, where the minerals were sorted, processed and prepared for export through Apapa Wharf and the Murtala Muhammed International Airport, Ikeja, Lagos.

It was also revealed that operatives of the Commission carried out a sting operation in the early hours of Friday, May 9, 2025, leading to the arrest of two Chinese alleged to be kingpins and six Nigerians at the mining site.

Items recovered during the operation included the Toyota SUV, three trucks loaded with substantial quantities of mica and lithium stones, as well as a 40-foot container containing 3,210 bags of the mineral resources.

According to the affidavit, the properties listed in the schedule were at risk of rapid deterioration due to the rainy season and were already losing economic value.

It was also stated in the affidavit that the principal actors involved in the illegal activities had already been arraigned before the court on charges relating to the unauthorised dealing in mineral resources.

After reviewing the affidavit evidence and submissions by the Commission, Justice Osiagor granted the application and ordered the final forfeiture and disposal of the assets.

The judge also directed that the proceeds be paid into an interest-bearing account pending the criminal trial of the defendants.