If
all the stories of both the federal and state governments unable to pay
its workers are not enough to convince you that Nigeria is in a tight
corner, then this should convince you.
The federal government said on Tuesday through its minister of
finance, Dr. Ngozi Okonjo-Iweala, that within the past four months, it
has borrowed the sum of N473bn to finance the 2015 budget.
Okonjo-Iweala said at a media briefing on the 2015 budget passed last
week by the National Assembly that the drop in oil revenue which began
in 2014 and lasted up to the first quarter of this year, had impacted
negatively on the gross federally collectible revenue.
She said the country experienced a 50 per cent cut in revenue owing
to the slump in oil prices, coupled with low revenue receipts from
non-oil sources as most companies had yet to file in their tax returns
within the first quarter of this year which forced the government to cut
the sum of N473bn out of the N882bn provided for borrowing in the 2015
budget.
Read more: thescoopng
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