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Home » News » FG suffers N1.064 trn revenue shortfall in 1st half 2016
FG suffers N1.064 trn revenue shortfall in 1st half 2016
The federal government revenue fell by N1.064 trillion in the first half of the year.
The Minister of National Planning Sen. Udoma Udo Udoma, revealed this at the 2017-2019 Medium Term Expenditure Framework and Fiscal Strategy consultations which commenced in Abuja, yesterday.
He said, “Overall, the total revenue inflow was short of the budget by N 1, 064.91 billion (or 55.2%) as at June 2016.
“The shortfall was augmented by domestic borrowing amounting to N 600 billion (about 33% of approved borrowing of N 1, 818.87 billion).”
The Minister blamed the negative revenue outlook on the declining oil revenue and the series of attacks on oil and gas facilities in the oil – rich Niger Delta region.
“The 2016 budget performance is reflective of the low revenue out turns attributable to the global and domestic developments earlier highlighted.
“Oil revenues fell significantly in the second quarter compared to the first quarter as a result of increased oil pipeline vandalism and production shut-ins.
“Non – oil revenues also declined compared with forecasts in the budget due to slow- down in economic activities and the acute shortage of foreign exchange,” Sen. Udoma said.
The minister revealed that his team was working assiduously to ensure an early presentation of the 2017 budget to the National Assembly.