Nigeria’s revenue slides, records 55 per cent first half 2016


Nigeria managed to raise only 55 per cent of its six-month revenue target in the first six months of 2016.
Addressing a crop of financial journalists at a news conference on Monday, Budget Minister Udoma Udo Udoma said, “We have not been able to meet overheads such as travel allowances but have concentrated on capital expenditure.
Nigeria’s 2016 budget has a volume of N6.06 trillion ($30.6 billion) but the government has struggled to fund it as oil production has fallen below the target of N2.2 million barrels a day due to militant attacks in the Niger Delta.
He also said Nigeria hopes to get a loan “soon” from the World Bank, as part of efforts to raise as much as $5 billion to fund a deficit of N2.2 trillion.
However, President Muhammadu Buhari last week said Nigeria can expect a loan worth $1 billion to support its budget from the African Development Bank.
Udoma also said Nigeria had not paid around $6 billion in so called cash calls, money budgeted to fund joint ventures with foreign oil and gas firms.