Don't Miss


Home   >   Business   >   Industries   >   Economy   >   Oil Revenue Climbs 22% In July On Improved Security

Oil Revenue Climbs 22% In July On Improved Security

By on August 17, 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.

 

Source: Bloomberg