Nigeria denies fiscal collapse; 76% of 2025 capital budget spent despite revenue shortfall and rising debt costs.

Nigeria’s federal government denies claims of fiscal collapse, explaining that capital projects continue despite low cash releases to agencies, with 76% of the 2025 capital budget spent. A major revenue shortfall—oil and gas income fell to just N7 trillion, 19% of projections—has strained finances, but spending remains active through domestic funds and project-specific loans from international partners. Debt service costs rose due to currency depreciation and higher interest rates, not mismanagement. The government says reforms are stabilizing the economy and prioritizing long-term sustainability.