ABUJA Oct 10 Nigeria managed to raise only 55
percent of its six-month revenue target in the first six months
of 2016, its budget minister said on Monday.
"We have not been able to meet overheads (such as travel
allowances) but have concentrated on capital expenditure," Udoma
Udo Udoma told a business conference in the capital Abuja.
Nigeria's 2016 budget has a volume of 6.06 trillion naira
($30.6 billion) but the government has struggled to fund it as
oil production has fallen below the target of 2.2 million
barrels a day due militant attacks in the Niger Delta.
He also said Nigeria hope to get a loan "soon" from the
World Bank, part of efforts to raise as much as $5 billion to
fund a deficit of 2.2 trillion naira.
Nigeria can expect a loan worth $1 billion to support its
budget from the African Development Bank, its president said
Udoma also said Nigeria had not paid around $6 billion in so
called cash calls, money budgeted to fund joint ventures with
foreign oil and gas firms.
(Reporting by Chijioke Ohuocha; Writing by Ulf Laessing Editing
by Jeremy Gaunt.)