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606 billion Naira distributed to three tiers of government

By on July 16, 2011

Nigeria distributed 606 billion naira from federal accounts to its three tiers of government for June, broadly in line with the previous month, the accountant general said on Friday.

“The total revenue distributable for the month (including VAT) is 606.443 billion naira,” Accountant General Jonah Otunla said after a meeting of the Federal Accounts Allocation Committee.

Gross revenues in Africa’s top energy producer rose to 883 billion naira from 670 billion the previous month due to higher global oil prices, he said in a statement.

Nigeria’s new sovereign wealth fund, which it hopes will better enable it to save windfall oil revenues, will take off immediately after the country’s new finance minister takes office, finance ministry official Dandali Kifasi said.

He said he hoped that the process of naming new officers to run the fund would be underway by the next federal accounts committee meeting in a month’s time.

In the meantime, windfall savings would continue to be held in the country’s Excess Crude Account (ECA).

Reuters