Advertisement
Nigeria's distributable revenues rose in October to 473.83 bln naira: finance ministry
Nigeria's new minister of Finance, Kemi Adeosun, smiles after taking an oath of office during a swearing-in ceremony in Abuja, Nigeria, November 11, 2015. PHOTO BY REUTERS/Afolabi Sotunde
30/11/2015
ABUJA (Reuters) - Nigeria's distributable revenues to the three tiers of government rose in October to 473.83 billion naira, up 21.5 percent from September, boosted by higher non-oil earnings, the finance minister said.
"Non-oil revenue recorded a significant improvement in the month," Finance Minister Kemi Adeosun said.
However, she added intermittent "shut-down and shut-in" for repairs and maintenance at different terminals "continued to impact on crude oil and gas revenue negatively".
Adeosun also said in a statement that the rainy day fund, the Excess Crude Account, remained unchanged at $2.26 billion.
Nigeria, Africa's top oil producer and biggest economy, relies on crude sales for about 70 percent of its government revenues.
Global crude prices have fallen sharply since mid-2014, hurting the country's public funds and leaving many states unable to pay public salaries in time or fund infrastructure projects and other state services.
(Reporting by Camillus Eboh; Writing by Alexis Akwagyiram and Chijioke Ohuocha)
Add new comment