Oil and gas drives up Nigerian revenue

Currency15 April 2013, News Wires – Nigerian government revenues rose in March from February after it received overdue payments for oil and gas..

Nigeria received gross revenues of 595.7 billion naira ($3.8 billion) in March, higher than the 571.7 billion naira in February, Reuters quoted Nigeria’s accountant general, Jonah Otunla, as saying.

Government earnings are down sharply compared with a year ago when it earned 726.8 billion naira in March 2012.

The government will distribute 731.1 billion naira to federal, state and local administrations, down from 888.4 billion naira in February, Otunla said.

The government withdrew 123.3 billion naira from the country’s oil savings to top up March revenues, leaving a balance of $7 billion in the excess crude account, Reuters reported.

The account, which provides a buffer to protect Africa’s second-biggest economy from oil price shocks, held $9 billion at the end of last year.

Crude production fell in March due to production outages at Shell’s Qua Iboe terminal and the Eni-operated Brass terminal, Otunla said.

There was also maintenance work at Okono, Brass and Amenam terminals, he added.

Oil and gas exports account for roughly 80% of government revenues and over 90% of foreign exchange earnings.

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