Due to oil theft and other instability in the country, it is estimated that Nigeria revenue gap maybe as much as $12 Billion , according to the finance minsterMinister Ngozi Okonjo-Iweala. She is however seeking to meet a budget deficit target of 1.9 percent of gross domestic product this year.
The government will draw down its oil savings in the Excess Crude Account to compensate for the drop in revenue to keep the budget deficit under control, Okonjo-Iweala said in an interview yesterday in Abuja, the capital. With a 2013 budget based on a daily output of 2.53 million barrels and an oil price of $79 a barrel, Africa’s biggest oil producer expected revenue of almost $80 billion from exports. In the first half of the year, oil receipts amounted to $28.2 billion, more than $7 billion below the estimate, according to central bank figures.