Nigeria’s distributable revenue fell 17 pct to 420 bln Naira in September

Nigeria’s revenues shared between its three tiers of government fell 17 percent in September to 420 billion naira ($1.38 billion) due to the cost of repair work after militant attacks on oil infrastructure, the finance ministry, Kemi Adeosun said on Thursday.

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Nigeria, which relies on crude sales for about 70 percent of its gross domestic product, has been hit hard by the drop in global crude prices since mid-2014. It fell into recession for the first time in 25 years in the second quarter.

Militants have carried out a series of attacks on oil facilities in the southern Niger Delta energy hub – the source of most of the OPEC member’s oil – in the last few months, reducing output by a third to about 700,000 barrels a day.

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“Force majeure was declared at Bonny terminal and there was a subsisting force majeure at Forcados terminal,” finance ministry permanent secretary, Mahmoud Isa Dutse, said.

“The total revenue distributable…. including VAT (64.27 billion naira) is 420 billion naira,” he said.




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