Nigeria raises only 55% of six-month revenue target as oil sales slump

The Minister of National Planning, Udoma Udo Udoma has revealed that Nigeria managed to raise only 55 percent of its six-month revenue target in the first six months of 2016.oilUdoma Udoma told a business conference in Abuja on Monday that the Federal Government “has not been able to meet overheads (such as travel allowances) but have concentrated on capital expenditure”. Nigeria’s 2016 budget has a volume of 6.06 trillion Naira ($30.6 billion) but the government has struggled to fund it as oil production has fallen below the target of 2.2 million barrels a day due militant attacks in the Niger Delta.He also said Nigeria hope to get a loan “soon” from the World Bank, part of efforts to raise as much as $5 billion to fund a deficit of 2.2 trillion naira. Nigeria can expect a loan worth $1 billion to support its budget from the African Development Bank, its president said last week. 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. (Reuters).

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