The Nigerian government has recorded a N1.31 trillion deficit in revenue in the first three months of 2015, according to reports.
FG records N1.3trn revenue loss in 3 months
According to investigations, the revenue shortage was caused by a continuous drop in oil prices and low income from non-oil sources.
Minister of Finance, Dr. Ngozi Okonjo-Iweala
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.
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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.
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