Timipre Sylva, the Minister of State for Petroleum Resources, has disclosed that the federal government’s earnings, from oil and non-oil sectors, have dropped by 60 per cent, putting the nation’s economy under serious pressure. The decline came amidst low oil prices and low revenue receipts from the Federal Inland Revenue Service (FIRS).
Mr Sylva made this known after a closed-door meeting with President Muhammadu Buhari at the State House, Abuja, on Monday. The minister, who spoke to State House correspondents after his routine briefing of the president, acknowledged that the current socio-economic challenges had made life more difficult for Nigerians. He appealed for more understanding as the government was determined to uplift the quality of life of the people.
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