The Federal Government has lamented that COVID-19 has attacked all sources of Nigeria’s revenues.
Answering questions from State House correspondents after Wednesday’s Federal Executive Council (FEC) meeting, Minister of Information and Culture, Alhaji Lai Mohammed, said the disease had adversely affected global economy with $1 trillion lost in aviation industry alone.
According to him, with the lockdown of Lagos, Ogun and Abuja for several weeks and crude oil being sold at $18 per barrel, Nigeria’s losses are monumental.
“We are not just Nigerians; we are all witnessing what is going on in the world today. When the budget was passed in December last year, we all celebrated that the budget was passed for the first time in a good time to allow us to plan. We were very hopeful that this year, we will be able to achieve a lot,” he said.
“I remember that the benchmark for crude oil was $57 but from nowhere today we have COVID-19, which has brought every economy in the world to its knees. Nigeria cannot be an exception.
“As a matter of fact, we are praying that the crude will go to $30 per barrel. All sources of revenue have been attacked by COVID-19. When we lock our borders how will goods come in? How will customs make money for the country?
“Abuja, Lagos and Ogun have been on lockdown for more than four weeks. It was only yesterday that we were easing the lockdown. How will they make money to pay taxes? So, if we say there is no money it is not because we are seeking lame excuses.
“So, please look at this in context, if you budgeted for $57 a barrel and we sold at $18 a barrel two weeks ago; this is why the minister of finance at the last council meeting, informed all of us that they will slash every ministry’s budget by 20 per cent capital and 16 per cent overhead.
“So, where will the money come from? So, when we complain there is no money, it is genuine.
“If you know what is being spent on COVID-19 alone and what it is costing the whole world, you will be able to appreciate this better.”