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Nigeria’s revenue not looking up yet -Minister
Apparently restating the obvious, the Finance Minister, Mrs Kemi Adeosun, on Thursday acknowledged that Nigeria’s revenue profile was not looking bright yet.
She said that government revenues fell in March to $1.50 billion, down from $1.73 billion in February, due to low oil prices.
“The federation accounts receipts are among the lowest in recent memories. We are looking at N299bn this month and that is because of the very low oil pricing,” Finance Minister Kemi Adeosun told reporters.
She, however, noted that the Excess Crude Account stood at $2.3 billion, up slightly from $2.26 billion.
Read Also : Buhari did not sign currency swap deal with China – Minister
Meanwhile, the Accountant-General of the Federation (AGF) reported also on Thursday that the federal government has collected more than N2.7 trn in a bank account set up to gather together all state receipts under a drive to improve fiscal transparency.
“The Treasury Single Account (TSA) has helped government to have a firm and full control of its resources, blocking leakages, helping it to reduce the cost of borrowing and to monitor spending,” Accountant-General Ahmed Idris said in a statement issued by his office. Previously, ministries and agencies operated more than 10,000 bank accounts with commercial lenders, officials said.
In February, Finance Minister Kemi Adeosun said the account contained N2.2trn.
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