Nigerian Government Revenue fall 2% in February on low oil prices

Revenues accruing to the country fell 2 percent to 401.5 billion naira in February, from 410 billion naira in January, on lower oil, gas and other revenues, Accountant General of the federation, Jonah Otunla, revealed on Thursday.

Nigeria’s excess crude oil savings account remains unchanged at $2.06 bn, 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.

The federal government will distribute N522 bn 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, he added (Read more).