“Nigeria is facing the twin challenges of the COVID-19 pandemic as well as the crash of the crude oil price.”
Report shows FG spent only N372B on capital in 9 months in 2019Debt Service – N₦2.124trillion
The implication of a total revenue projection of something around or N5 trillion is that there may be a complete shut down in capital projects while the Government will still be struggling to pay salaries and other allowances as such an amount cannot support the country’s large recurrent expenditure.
Also at the same occasion, the Minister of State, Budget and National Planning, Prince Clement Agba: said: It is no longer a secret that government revenues have collapsed.” “Our projected oil revenue has declined by over 80%…We have now had to revise our budget down to $20 per barrel…We have made significant gains in trying to reduce our production costs in response to this crisis. Our estimated net oil and gas revenues are down now from N5.47 trillion to N1.12 trillion for the Federation and this is despite getting rid of the massive fuel subsidies paid by NNPC,” he further lamented.
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