Nigeria currently earns only 35 per cent of what it used to earn from oil, the Accountant General of the Federation (AFG), Alhaji Ahmed Idris, said yesterday. He regretted that although the Nation depends largely on oil as its major revenue earning resource, the country is now confronted with lower oil price at the International Market.
He said: “Nigeria is being inundated with lack of revenue, with lack of resources, in the present state of our history arising from our mono-nature economy, depending largely on oil as a main source of revenue. “And we all know that the price of oil at the international market has gone down and that Nigeria is only earning about 35% of what it hitherto earned from that source of revenue.”
The AGF spoke at Abuja while receiving members of the Association of Financial Professional Women who paid him a visit to congratulate him on his appointment into the Membership Panel of the International Public Sector Accounting Standards Board Consultative Advisory Group (IPSASB CAG).