Nigeria revenues fall 2% in Feb on low oil prices

by Reuters 0

Nigeria's NNPC hasn't accounted for $50 bln in oil sales – Cbank OML 42 sale causes Nigerian oil workers to shut down official business and activities at the headquarters of the corporation. PHOTO: Getty

Nigeria’s government revenues fell 2 per cent to 401.5 billion naira in February, from 410 billion naira in January, on lower oil, gas and other revenues, the accountant general said on Thursday.

Nigeria’s excess crude oil savings account remains unchanged at $2.06 billion, Jonah Otunla told reporters. Lower revenues because of the decline in oil prices and a fall in the price of natural gas, as well as lower non-oil revenues in February contributed to the decline, he said.

“The persistent shut down and shut in of trunks and pipelines at various terminals continued to impact negatively on the revenue performance,” he added.

Nigeria will distribute 522 bln naira to its three tiers of government — federal, state and local – for the month of February, including revenues, cash from vat and gains on the exchange rate, Otunla said.