Nigeria’s distributable revenue unchanged at 420bn naira in October

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ABUJA, NOVEMBER 24, 2016 – Nigeria’s revenues shared between its three tiers of government in October stood at 420 billion naira ($1.38 billion), the finance minister said on Thursday, the same sum that was distributed in September.

Nigeria, Africa’s biggest economy and an OPEC member which relies on crude sales for two-thirds 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, which Finance Minister Kemi Adeosun said had caused a number of oil companies to declare force majeure.

“Shut-in and shut-down of pipelines for repairs and maintenance due to attacks on delivery pipelines also contributed to the low revenue,” said Adeosun.

“The total revenue distributable… including VAT – 69.62 billion naira – is 420 billion naira,” she said.

The impact of the attacks was also cited in September as the reason behind the revenue figure, which was 17 percent lower than August.

 

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