Nigeria misses Q1 revenue target by 45% as oil output, remittance inflows lag

•MPC wants revenue reforms accelerated
 

Despite collecting about N5.08 trillion in revenue for the first quarter (Q1), the federal government missed its prorated target of N9.22 trillion by 44.93 per cent as higher global crude prices failed to compensate for lower oil production and weak remittance performance.
The shortfall which was disclosed in the Federal Government’s Q1 2026 Budget Implementation Report, underscores a persistent weakness in Nigeria’s public finances that even when oil markets move in the country’s favour, the benefits are not fully converted into budgeted revenue. Crude oil had averaged $83 per barrel during the quarter under review, 27.99 per cent above t...