LAGOS: Nigerian government revenues fell 7 percent month-on-month to 784.9 billion naira in June from 844 billion naira in May due to oil outages, Accountant General Jonah Otunla said on Tuesday.
"Ongoing repair and maintenance work at various terminal and the force majeure declared at Forcados between March and May, 2014 were responsible for the slight decline in mineral revenue," Otunla said.
Africa's biggest oil producer relies on its energy business for 80 percent of government revenues.
Otunla said total revenue to be distributed to Nigeria's three tiers of government federal, state and local was 755.95 billion naira in June, up from 683.89 billion naira in May.
The Finance Ministry said it transferred 50.35 billion naira to Nigeria's oil savings account, the excess crude account, increasing the total to $4.05 billion, the Minister of State for Finance Bashir Yuguda said. It had $3.7 billion in the oil account at June 17.
Comments
Comments are closed.