The shortfall, attributed to the double whammy of the headwind caused by the COVID-19 pandemic and the slump in oil price due to a sharp drop in demand and price war between two powerful producers, Russia and Saudi Arabia, representing a 31 per cent of the prorated oil revenue target.

Ahmed, who briefed reporters at the end of the National Economic Council (NEC) meeting, presided over by Vice President Yemi Osinbajo in the State House yesterday, expressed concern over the effect of the revenue shortfall on the federal government's efforts at fighting poverty.

The World Bank Country Director was invited into the meeting and he spoke to the meeting in respect of their assessment of the impact of COVID-19 on the economy and also their review of the measures that the government has taken.

The Consumer Price Index (CPI), which measures inflation further increased to 12.34 per cent (year-on-year) in April compared to 12.26 per cent in the preceding month, according to NBS.

According to the CPI figures for April, which was released yesterday, the 0.08 per cent uptick in the headline index in April followed increases in all the categories that determine inflation, including the food index and core inflation.