'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 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.
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.
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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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