Nigeria’s distributable revenues to the three tiers of government rose in May to 305 billion naira ($1.07 billion), up from 281.5 billion in April, boosted by higher oil prices and tax revenues, the finance minister said on Wednesday.
Nigeria, an OPEC member with Africa’s biggest economy which relies on crude sales for about 70 percent of national income, has been hit hard by the fall in global crude prices since mid-2014.
Militants have carried out a series of attacks on oil and gas facilities in the southern Niger Delta energy hub in the last few months, pushing crude production to 30-year lows. But the output disruption has helped to push up global crude prices.
“Companies Income Tax recorded marginal increase, even as the time for companies to file their returns is yet to fall due,” Finance Minister Kemi Adeosun said in a statement.
“There is exchange gain of 2.546 billion naira, which is proposed for distribution. The total revenue distributable for the current month, including VAT is 305.128 billion naira,” she said.