June 25, 2018

Gov’t revenues fell to N370b in January

Gov’t revenues fell to N370b in January

Nigeria’s government revenues fell in January to 370.388 billion naira ($1.86 billion), down from 387.777 billion naira in December, due to a drop in oil prices, the finance minister said on Tuesday.

“There was a slight increase in production of crude in December 2015 but the resulting income was marginal due to a 10 percent drop in crude oil prices,” Finance Minister Kemi Adeosun said in a statement.

“Shut-in and shut-down of operation for repairs and maintenance continued during the period under review,” she added.

The revenue includes VAT, refunds from state oil firm NNPC and exchange gains, the statement said. It will be distributed to the federal, state and local authorities. Read more

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