Nigeria’s total expenditure fell 41.57 percent below its prorated quarterly budget target to N8.03 trillion in the third quarter of 2025, according to the Federal Government’s 2025 third-quarter budget implementation report published by the Budget Office of the Federation.
The figure was, however, 4.86 percent, higher than the N7.64 trillion recorded in the third quarter of 2024. The report also showed that the Federal Government recorded a fiscal deficit to GDP ratio of 2.29 percent in the quarter, within the three percent threshold for the country and the ECOWAS convergence criteria.
The report stated that a total of N2.66 trillion was spent on non-debt recurrent expenditure in the third quarter of 2025, representing a decrease of N739.01 billion but a 31.20 percent increase from the N1.83 trillion recorded in the third quarter of 2024. Statutory transfers amounted to N360.32 billion during the review period. The report also listed multilateral and bilateral project tied loans of 3.13 trillion naira during the period under review.
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The data reflect the pressure that debt obligations continue to place on fiscal sustainability and the government’s ability to fund growth-enhancing investments. Since the third quarter of 2023, when the current administration took office, quarterly debt service has remained elevated, peaking at a record N4.86 trillion in the fourth quarter of 2025.
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