$31.5bn oil revenue in 2025: Nigerians ask—where did the money go?

Nigeria generated $31.54 billion from crude oil exports in 2025, according to the Central Bank of Nigeria (CBN), marking a 14.41% decline from the $36.85 billion recorded in 2024.

Despite higher crude production of 530.41 million barrels, the country fell short of its budgeted target of 766.5 million barrels, with operational inefficiencies and outages limiting revenue optimization.

While overall oil and gas exports rose to $48.17 billion, driven by gas and refined petroleum products, crude oil continued to dominate earnings.

The CBN linked the decline in crude oil receipts to a moderation in the current account surplus, which fell to $14.04 billion in 2025 from $19.03 billion in 2024.

Rising non-oil imports and higher outflows in services and primary income accounts offset gains from export growth. Non-oil imports jumped 13.6% to $29.24 billion, while net outflows in services and primary income increased to $14.58 billion and $9.09 billion, respectively.

These outflows reflect payments for transport, travel, insurance, dividends, and interest to foreign investors.

Experts are questioning how the oil revenues have translated into tangible benefits for Nigerians. Dr. Chika Obi, an economist, said, “The revenue figures are substantial, yet ordinary citizens see little impact in infrastructure, power, or social services. The disconnect between earnings and public benefit remains alarming.”

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Energy analyst Mr. Tunde Adebayo added, “The rise in refined petroleum exports, largely due to the Dangote Refinery, shows progress in value addition. But the reliance on crude oil and poor production efficiency suggest that Nigeria is not fully capitalizing on its oil wealth for national development.”

Despite improved external reserves of $45.75 billion, the balance of payments surplus shrank to $4.23 billion from $6.83 billion, underscoring structural vulnerabilities in the economy.

Analysts argue that unless the government channels oil revenue into diversifying the economy and addressing domestic infrastructure and social needs, Nigerians may continue to see little benefit from the country’s hydrocarbon wealth.

In summary, while 2025 saw modest gains in gas and refined petroleum exports, the decline in crude oil earnings, rising imports, and persistent operational challenges raise pressing questions about transparency, accountability, and the effective use of Nigeria’s oil wealth.