The Federal Government says lower crude oil production volumes negatively affects its revenues and is hindering its ability to achieve the revenue projection of the 2024 budget at N19 trillion.
The government’s position is captured in the Accelerated Stabilisation and Advancement Plan, ASAP, which was developed by the Federal Government’s Economic Management Team, EMT, Emergency Taskforce, EET, and presented by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
According to the Minister, the Federal Government’s retained revenue for January and February 2024 was approximately 60 percent of the budget, largely driven by lower crude oil production volumes, running at 74.5 percent of the budget projection. He added if current revenue shortfalls persist, the revenue for 2024 is unlikely to exceed ₦15.8 trillion.
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Oil production currently stands at 1.4 million barrels per day, compared to 1.78 million barrels per day budget assumption and OPEC Quota of 1.5 million barrels per day.
He added that the difficult economic conditions are threatening to unravel bold reforms undertaken by the President Bola Ahmed Tuinubu-led administration.
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