Earnings from oil revenue down to 35 per cent, says AGF

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, has said.

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.

“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,” he said.

The AGF spoke in Abuja weekend 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).

Idris noted that the situation that the country has found itself requires facing the reality in line with the lean resources now available for meeting financial obligations.

He implored the association and finance managers in the country to “be prudent in managing financial resources, to reduce cost as much as possible, and to be efficient in terms of delivery, in terms of spending, so that each kobo is justified, and can be accounted for and seen to have been spent for the benefits and purposes it is meant.”

On his appointment, he said, “The appointment into the board is not about me. With all sense of humility, I believe that the appointment is in recognition of Nigeria as a country that is making a lot of giant strides in public finance management reform initiative.

“So, we must appreciate the present political atmosphere that has given us the latitude to do what we are doing and to achieve what we have been able to achieve. And which makes not only at domestic front but also at international front-recognition to be conferred on our country.

“The recognition is not  just about the reforms being made, yes the reforms being made is part of it, but more importantly-the atmosphere of change, the atmosphere of better leadership, the goodwill that Nigeria is enjoying outside there, our zeal and commitment to ensure good governance, to ensure public expenditure transparency and accountability in spending and management of public resources.

“I think these are part of the issues that are making international community to recognise Nigeria is a very important member of the international community and to confer on Nigeria some of these appointments.”