Federation Account earnings get 21.5% boost

Minister of Finance, Mrs Kemi Adeosun
Minister of Finance, Mrs Kemi Adeosun

Abuja (Reuters) – Finance Minister,  Mrs Kemi Adeosun, on Monday disclosed that 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.

She said, “Non-oil revenue recorded a significant improvement in the month,” adding that, 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.

Global crude prices have fallen sharply since mid-2014, hurting the country’s public funds and leaving many states unable to pay public salaries in time or fund infrastructure projects and other state services.

(Reporting by Camillus Eboh; Writing by Alexis Akwagyiram and Chijioke Ohuocha)

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