Govt expresses worry over decline in oil revenue, monthly allocations

The Bayelsa State Government has expressed worry over the impending economy crisis in the country as a result of the increasing shortfall in oil revenue and decline in revenue from the Federation Account arising from the global COVID-19 crisis.

The state government warned that the economy of states in the country would soon be grounded.

The Technical Adviser on Finance to the Governor, Maxwell Ebibai, raised the alarm during the state’s monthly transparency briefing in Yenagoa, which was the first under the administration of Governor Douye Diri.

The Acting Chief Press Secretary to the Governor, Daniel Alabrah, quoted Ebibai as saying that the COVID-19 challenge poses a great threat not only to the health of citizens but also to the global economy.

Ebibai, who lamented that the Nigerian economy is largely dependent on proceeds from crude oil, said the development portends grave danger for the country’s economy.

He said that according to the projections for the year 2020 based on the COVID-19 challenge if the benchmark for oil remains $30 per barrel, the Federal Government would receive about N1.5 trillion as against N3 trillion it received in 2019.