Bloomberg News

Nigeria’s Second-Quarter Revenue Rose 41%, Central Bank Says

October 24, 2011

(Updates with non-oil revenue in third paragraph.)

Oct. 24 (Bloomberg) -- Nigerian government revenue rose 41 percent in the second quarter to 2.43 trillion naira ($15.5 billion) from a year earlier, the central bank said.

Income from oil, representing 78 percent of total revenue, climbed 47 percent year-on-year to 1.89 trillion naira and exceeded the 2011 budget estimate by half, the Abuja-based Central Bank of Nigeria said in its second-quarter review of the economy, dated Oct. 14 and published today on its website.

Total revenue collected during the quarter was 35.5 percent more than was expected in 2011 budget calculations, according to the report. Non-oil revenue increased by 25 percent to 540.85 billion naira compared with the same period last year, representing 22 percent of total.

Nigeria is Africa’s top oil producer and the fifth-biggest source of U.S. crude imports. Africa’s most populous nation, with more than 150 million people, depends on oil for about 80 percent of government revenue and 95 percent of foreign-exchange income.

“The rise in oil receipts relative to the proportionate budget estimate was attributed, largely, to the increase in crude oil price in the international oil market,” the central bank said in the report.

The West African nation produced more oil in the second quarter, at an average of 2.19 million barrels a day, from 2.09 million barrels a day average in the first quarter. Oil output was boosted by the reopening, after maintenance shutdown, of Royal Dutch Shell Plc’s deep-offshore Bonga field, which accounts for about 10 percent of the country’s output, the central bank said.

--Editors: Dulue Mbachu, Karl Maier.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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