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Thursday 16 January 2014

Nigeria gov't revenue down 20 pct in Dec due to oil outages

 Nigeria's government revenues fell nearly 20 percent month-on-month to 480 billion naira ($3 billion) in December, from 598 billion in November, due to oil outages, Accountant General Jonah Otunla said on Thursday.
   "The month under review recorded serious disruptions in production and lifting operations due to maintenance, vandalism of pipelines and Force Majeure declared at the Bonny terminal," Otunla said.
   Africa's biggest oil producer relies on its energy business for 80 percent of government revenues.
   Total revenue to be distributed to Nigeria's three tiers of government - federal, state and local - was 581 billion naira in December, down from 676 billion in November, Otunla said.

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