The Federal Government, on Monday, revealed that its revenue projection in the 2016 budget fell by a whopping N1.064 trillion in the first half of the year.
The shortfall, which is about 55.2% of its projection, was blamed on the falling prices of crude oil in the international market and the renewed militancy in the Niger Delta.
This was disclosed by the Minister of National Planning Sen. Udoma Udo Udoma, at the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy consultations in Abuja.
He said: “Overall, the total revenue inflow was short of the budget by N 1, 064.91 billion (or 55.2%) as at June 2016.
“The shortfall was augmented by domestic borrowing amounting to N 600 billion (about 33% of approved borrowing of N 1, 818.87 billion).
“The 2016 budget performance is reflective of the low revenue out turns attributable to the global and domestic developments earlier highlighted.
“Oil revenues fell significantly in the second quarter compared to the first quarter as a result of increased oil pipeline vandalism and production shut-ins.
“Non – oil revenues also declined compared with forecasts in the budget due to slow- down in economic activities and the acute shortage of foreign exchange,” Sen. Udoma said.
According to Senator Udoma, his team was working hard to ensure an early presentation of the 2017 budget to the National Assembly.
By Timothy Enietan-Matthews
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...
INVESTIGATION… LIVES ON THE LINE (II): Alex Ogbu was telling a story but became the story
This four-part series investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020....
SPECIAL REPORT… TELECOMS BLACKOUT: Nigeria’s latest tactic against banditry grounds businesses, forcing residents beyond borders
The fight against notorious bandits raining terror and kidnapping students in Northwest Nigeria took a new dimension in September as...