The minister of budget and national planning, Udoma Udo Udoma has said that the federal government has been able to achieve just 55 per cent of its revenues projection for the first half of 2016.
He made the declaration at the on-going Nigeria economic summit group event in Abuja.
According to the minister, “We have not been able to meet overheads including travel allowances, but have concentrated on capital expenditure.”
The president signed the N6.06trillion budget which was laid before senate on December 22, 2015 into law on 6, May 2016 but low oil prices as well as attacks on oil and gas facilities in the Niger Delta have put pressure on government’s ability to raise funds to finance its projected expenditure.
As against a projected crude oil output of 2.2 million barrels per day, the government has struggled to keep oil output in the neighbourhood of 900,000 – 1.5million barrels daily.
Udoma said that Nigeria hopes to get a loan soon from the World Bank, part of efforts to raise as much as $5 billion to fund a deficit of N2.2 trillion.
He also said that Nigeria had not paid around $6 billion in cash calls; money budgeted to fund joint ventures with foreign oil and gas firms operating in Nigeria