Nigeria’s Dwindling Revenue: A Serious Cause for Alarm

Nigeria dwindling economy

From N909bn FAAC allocation in June 2014, to N302bn of June 2016; Nigeria’s dwindling revenue is troubling.

Speaking at the opening session of a two-day national workshop in Abuja, on Alternative Sources of Revenue Generation for Sustainable Development in States and Local Councils in Nigeria, Vice-President Yemi Osinbajo narrated the backward trend of revenue generation by the Federation Account Allocation Committee (FAAC).

Osinbajo explained that a minimum amount of N700bn is needed monthly by FAAC, to enable the three tiers of the government to meet up with their obligations, and currently the government was generating only about N300bn.

With the declining demand for Nigeria’s oil, this workshop must come up with a long lasting solution in order to clear the uncertainty hovering over the economic state of Nigeria.

 



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