Nigerian Federal Governement May Have Cash Problem

Nigerian Federal Governement May Have Cash Problem

From Punch

There are concerns in government circles that the country’s revenue projection for the 2013 fiscal year may not be realised.

Saturday PUNCH learnt that the gross oil revenue accruing to the Federation Account had dwindled seriously in recent times.

The drop in revenue has raised fears that the Federal Government may not be able to implement the 2013 budget. Sources in government attributed the drop to massive oil theft, illegal bunkering and pipeline vandalism.

Figures obtained by this newspaper, showing the monthly allocations to the three tiers of government by the Federation Accounts Allocation Committee, revealed that the country only realised N3.893tn as gross federally collected revenue in the first six months of 2013.

Read more at Punchng.com.