Nigeria’s 2025 Budget Changed by N6.67 Trillion - The Government’s Own Reports Don’t Explain Why

The numbers come directly from the Budget Office of the Federation. We compared its 2025 First, Second and Third Quarter Budget Implementation Reports and found that the same 2025 Amended Budget is reported at two materially different totals. The Second Quarter report states N54.99 trillion, with Table 3.9 totaling N54,990.17 billion. Three months later, the Third Quarter report gives N48.32 trillion, with its table totaling N48,316.24 billion. That is a difference of N6.67 trillion.

We went line by line to find where the difference comes from. Recurrent non debt expenditure, debt service and statutory transfers remain unchanged. The major change is capital expenditure. The Second Quarter report lists N18,532.16 billion under “Capital Expenditure (MDAs and Others)”. The Third Quarter report instead lists N5,717.40 billion for MDA capital expenditure and N6,140.84 billion for Capital Supplementation and Others. Together, those equal N11,858.24 billion almost exactly N6.67 trillion less than the earlier capital figure. The report does not explain this change.

The actual expenditure figures were also rewritten. Earlier reports recorded N426.55 billion more MDA capital expenditure during the first half than the Third Quarter report now shows. At the same time, project tied loan expenditure appears where the Second Quarter report had recorded zero: N758.98 billion in Q1 and N1,309.24 billion in Q2. The combined effect changes reported first half expenditure from N16.63 trillion to N18.27 trillion, while first half revenue remains unchanged. The reported first-half deficit therefore moves from N5.70 trillion to N7.34 trillion.

Then there is an arithmetic problem inside the later report itself. Its Q2 financing figures privatisation proceeds of N7.76bn, project tied loans of N1,309.24bn, foreign borrowing of zero and domestic borrowing of N2,805bn add to N4,122.00 billion. The printed subtotal is N4,418.43 billion. That is a N296.43 billion difference. The nine month financing subtotal carries the same discrepancy.

None of this proves that money was stolen or misappropriated. A legitimate accounting reclassification could explain some or all of the changes. But if that is the explanation, the public record should show it.

Why does the same amended 2025 budget appear as N54.99tn in one official report and N48.32tn in the next? Why were previously reported expenditure figures rewritten? And why does one financing subtotal not add up to its own components?

We checked the documents. We re added the figures. The discrepancies are in the government's own reports.

The numbers changed. The explanation is missing.

VERO RECORD

Truth has a paper trail.

^{Sources: Budget Office of the Federation, 2025 Q1, Q2 and Q3 Budget Implementation Reports. Calculations by VERO RECORD.}