The Minister of Finance, Dr Ngozi Okonjo-Iweala, on
Wednesday named oil pipeline vandalism as one of the challenges in the
achievements of revenue projections for 2014 budget.
Okonjo-Iweala, who said this during the Public Presentation
of the 2015 Federal Budget in Abuja, said the resulting shorting in oil was
also one of the key challenges.
According to her, ``we faced a quantity shock in the sense
that the oil produced averaged about 2.2 billion barrels per day in the first
three quarters of 2014''.
She said the figure fell short of the 2.28 million barrel
projected in the budget and the effect was compounded further by the more
recent fall in price.
