Nigeria Facing Serious Financial Crisis, Budget Office Admits
Nigerian leader reacted to the killing of soldiers almost one week after the attack

Nigeria is facing a serious financial crisis, according to the Director-General of the Budget Office, Ben Akabueze.

Akabueze said this in Abuja on Tuesday while speaking to the Chief Executive Officers of Government-Owned Enterprises (GOEs).

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According to him,  the Federal Government’s budgeted Independent Revenue performing at 36 percent, as of September this year.

He said this was due to the inablity of the some Federal Govenment agencies to remit revenue to the nation’s treasury up to the tune of N2.81 trillion.

“Nigeria faces significant medium-term fiscal challenges, especially with respect to revenue generation,” he said.

“The FY 2017 and Jan-Sept 2018 budget performance clearly reveal that we have a serious revenue challenge.”

According to him, “Despite huge sums the Federal Government has invested (circa N40 trillion) in these agencies, what is usually remitted to the Treasury in terms of dividend or surplus at the end of each operating year is mostly insignificant.

“The record shows that few of the GOEs declare surpluses. In effect, the Nigerian tax payers/general public have not benefited much from these investments in the agencies.

“Out of the total projected sum of N847.95 billion Independent Revenues in 2018, only N302.66 billion, representing 36.8% performance, had been achieved by September this year.”