By Modupe Gbadeyanka Minister of Budget and National Planning, Mr Udoma Udo Udoma, has disclosed that Nigeria\u2019s foreign reserves have dropped to $24.74 in the third quarter of 2016 from $26.51 billion it was in the second quarter of the same year. According to him, this was because Nigeria had revenue and foreign currency concentration problems. Speaking at the 57th annual conference of Nigeria Economic Society (NES) in Abuja on Tuesday, the Minister further explained that the revenue and foreign currency concentration problems were caused by the destruction of four strategic pipeline terminals, which made it impossible for the Federal Government to achieve its 2016 Budget production target of 2.2 million barrels per day. Mr Udoma, who spoke at the conference with the theme, \u201cThe developmental state and diversification of the Nigerian economy,\u201d further said Nigeria was barely able to produce about 1.1 million bpd as at August, which affected the country\u2019s revenue. \u201cLast week production level rose up to 1.7 million barrels, still a far cry from the country\u2019s target of 2.2 million barrel. \u201cWe are taking a number of immediate measures to raise revenues to strategically spend our way out of recession,\u201d he said. According to him, government was left with no choice but to diversify its economy and source for money elsewhere. \u201cWe are fast-tracking our efforts to raise foreign currency loans that we have projected in the 2016 budget, from AfDB, World Bank, Chinese Exim Bank as well as Euro Bond issue. \u201cWe are happy to note that the president of AfDB has announced that we should expect, among other facilities, a budget support of $1 billion dollars next month,\u201d the Minister said at the conference. He, however, emphasised that despite the challenges, the government was not \u201cdiscouraged at all and this is a crisis we must not waste.\u201d \u201cWe should see this crisis as an opportunity for us as a country to make those major structural changes needed to change this economy for good. \u201cWe should use this crisis to implement the reforms needed to unlock the economic potentials of the non-oil and high employment sectors,\u201d he noted.