Browsing: Financing

The Nigerian economy has been hit by dwindling crude oil prices, leading to a shortage of foreign exchange, a shrinking economy and spiraling inflation, which have all impacted on the standard of living and impeded the ability of several state governments to pay the salaries of their workers.

The statement added that while the said report claimed that NNPC owed the sum of N3.2 trillion to the Federation Account in 2014, from domestic crude sale, the Commission’s records revealed that the corporation owed the Federation Account the sum of N1.99 trillion only in 2014 from domestic crude sales.