[OCTOBER DATA] Government Revenue Rises To N473.83bn

Nigeria’s distributable revenues to the three tiers of government rose in October to 473.83 billion naira, up 21.5 percent from September, boosted by higher non-oil earnings, the finance minister said.

“Non-oil revenue recorded a significant improvement in the month,” Finance Minister Kemi Adeosun said.

However, she added intermittent “shut-down and shut-in” for repairs and maintenance at different terminals “continued to impact on crude oil and gas revenue negatively”.

Adeosun also said in a statement that the rainy day fund, the Excess Crude Account, remained unchanged at $2.26 billion.

Nigeria, Africa’s top oil producer and biggest economy, relies on crude sales for about 70 percent of its government revenues.

Source – Reuters