ABUJA: 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.
