Oil and gas drives up Nigerian revenue
ABUJA – 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, Biztellers 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 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.