FG earned 557.9bn in state revenue in February

The Federal Government of Nigeria earned 557.9 billion naira ($1.77 billion) in gross revenues in February, up from 538.9 billion naira ($1.71 billion) the previous month, due to higher crude exports and prices, Accountant General Ahmed Idris said on Wednesday.

The OPEC member is recovering from its worst recession in 25 years after the economy’s main driver, oil, saw a three-year plunge before prices began to recover in the past year or so.

Nigeria is Africa’s largest oil producer and crude sales account for two-thirds of government revenue. The funds are shared among the country’s 36 states.

The country shared revenues generated in February from crude and other sources including taxes totalling 647.4 billion naira to its three arms of government, Idris said.

On Tuesday, the finance minister called an emergency meeting for next week with the head of state-owned Nigerian National Petroleum Corporation over revenue payments.

The government has borrowed from domestic and international markets to plug budget gaps and fund infrastructure. It issued a $2.5 billion eurobond last month and plans further borrowing as soon as its delayed 2018 budget is approved by parliament. ($1 = 314.50 naira

Credit: Reuters.