Bloomberg News

Nigeria’s Oil Revenue Climbs 22% in July on Improved Security

August 16, 2012

Nigerian government revenue rose 8 percent to 825.4 billion naira ($5.3 billion) in July compared with 763.6 billion naira in the previous month as oil revenue climbed 22 percent, the country’s accountant-general said.

“This was due to the increased quantity of crude oil exported this month,” Accountant-General of the Federation Jonah Otunla said in a statement e-mailed yesterday.

Oil revenue rose to 646.5 billion naira in the month, while non-oil revenue dropped 23 percent to 178.9 billion naira compared with June, Otunla said.

Nigeria, Africa’s largest-oil producer, distributed 564.1 billion naira to federal, state and local governments in July, compared with 569.4 billion naira in the previous month, according to the statement.

State-owned Nigerian National Petroleum Corp. said Aug. 2 the country’s crude oil output reached an “all-time high” of 2.7 million barrels a day on Aug. 1, after security improved in the southern oil-producing Niger River delta with the disarming of thousands militants under a government amnesty granted in 2009.

Nigeria depends on oil exports for more than 80 percent of government revenue and 95 percent of export income, according to the Finance Ministry

To contact the reporter on this story: Maram Mazen in Abuja at mmazen@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net


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