"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.

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.