According to investigations, the revenue shortage was caused by a continuous drop in oil prices and low income from non-oil sources.
The Nigerian government has recorded a N1.31 trillion deficit in revenue in the first three months of 2015, according to reports.
According to investigations conducted by Punch, the revenue shortage was caused by a continuous drop in oil prices and low income from non-oil sources.
Nigeria reportedly generated a total sum of N1.13tn from mineral and non-mineral revenue sources between January and March.
Out of the expected revenue of N815bn in January, only N416.09bn was raised, representing a decline of N398.91bn or 48.9 per cent.
In February, N401.46bn was generated while March recorded the lowest revenue with just N315.04bn accruing to the Federation Account.
Minister of Finance, Ngozi Okonjo-Iweala, had said on Tuesday, May 5, 2015, that the Federal Government had been forced to borrow to manage the economy on a monthly basis due to a reduction in internally generated revenue.