Bloomberg News

Nigeria’s Revenue Rose 2% in December as Oil Exports Climbed

January 16, 2013

Revenue earned by Nigeria increased 2 percent to 581 billion naira ($3.7 billion) in December from a month earlier after oil exports rose, Accountant-General Jonah Otunla said.

The sales volume of exports rose “even as crude-oil production and lifting encountered several disruptions as a result of increased bunkering activities and ongoing maintenance” on pipelines and other facilities, he said in an e-mailed statement today from Abuja, the capital. Revenue for November was 569.5 billion naira, Otunla said. Oil export figures weren’t given.

Nigeria, Africa’s top oil producer and most populous nation with more than 160 million people, relies on crude for 80 percent of government revenue and 95 percent of foreign-currency earnings. The West African nation’s crude-oil savings account balance stands at $9.2 billion, according to Otunla’s statement.

The total revenue shared by federal, state and local governments in December was 567.7 billion naira, Otunla said.

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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