Kemi Adeosun 'Federal revenues fall to lowest in recent memories,' Minister says

According to Reuters, the Minister said that the Excess Crude Account, which is the raining-day fund, stood at $2.3 billion, up slightly from $2.26 billion.

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The Minister of Finance, Kemi Adeosun, on Thursday, April 21, disclosed that government revenues fell from N345.095 billion ($1.73 billion) in February to N299 billion ($1.50 billion) in March due to low oil prices.

"The federation accounts receipts are among the lowest in recent memories. We are looking at 299 billion [naira] this month and that is because of the very low oil pricing," Adeosun told reporters.

According to Reuters, the Minister said that the Excess Crude Account, which is the raining-day fund, stood at $2.3 billion, up slightly from $2.26 billion.

In view of the global oil crisis, which has plunged the county into critical economic state, the Muhammadu Buhari-led administration has been prioritizing other areas of the economy, especially agriculture.

READ: FG to revive economy with N350bn, Adeosun says

Nigeria has been hit hard by the sharp fall in global crude prices since mid-2014 because its government relies on crude sales for about 70 percent of revenues.

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