Low oil prices and output are believed to have taken serious toll on the Nigerian federal government revenue. Hence, the country could only collect about half of its budgeted revenues in the first five months of this year.

According to Bloomberg, total earnings by the federal government from January to May were N1.48 trillion ($3.8 billion). Which was 56% of targeted revenue for the period, quoting the Finance Minister Zainab Ahmed, during a presentation to lawmakers last Thursday.

Also, earnings from crude sales accounted for about half of the total revenues with non-oil income contributing the balance.

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Source: OrientEnergyReview