Nigeria said it only managed to raise 55% of its six-month revenue target in the first six months of this year.
The country has been struggling as oil production has fallen below its target of 2.2million barrels a day.
A spate of militant attacks in the Niger Delta have impacted production in the region.
The 2016 budget normally has a volume of $30.6billion.
Budget minister Udoma Udo Udoma said the country hopes to get a loan “soon” from the Wolrd Bank as part of efforts to raise as much as $5billion.
Udoma said Nigeria has not paid around $6billion in so called cash calls, which is money budgeted to fund joint ventures with foreign oil and gas firms.