.NigeriaGov's Oil Revenue Projection Fell By 51% In 2019 | Sahara Reporters The reduced amount, which the three organs eventually had to share, was down to 'lower than projected oil production, high production cost... NNPCgroup READ MORE:
The Nigerian government's projected earnings from oil, which it intended to use for the implementation of its 2019 spending plan, was 51 per cent wide off the mark.
After adding earnings from other sources, such as revenues generated by government agencies other than the NNPC, borrowings from the Central bank, deductions from special accounts like the Excess Crude Account, among others, the federal government said it had N4.54tn to run its activities for 2019. The National Health Act of 2015 makes it mandatory for the federal government to pay 1 per cent of the money that accrues to the consolidated revenue account in a given year into the basic health care fund. The MTEF/FSP said the sum that came into the revenue account in 2019 was N51.22bn. The health care fund received just N10bn of that amount.
Despite being unable to pay the dues it budgeted for its retirees and the exact amount constitutionally owed to the basic health care fund for 2019, the federal government spent more than the president said it would on recurrent expenditure.
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