Nigeria's revenues fell to N429.127bn in February


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Nigeria’s distributable government revenues fell to N429.127 billion in February from N465.19 billion in January due to lower oil prices and attempts to sabotage its oil pipelines, a government statement said on Tuesday.

Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils.

Average oil prices fell to $44.74 from $49.57 per barrel in February, the statement said.

“Production diminished during the period due largely to leakages in the pipelines arising from sabotage,” it added.

OPEC member Nigeria, which last year entered its first recession in a quarter of a century, relies on crude oil sales for two-thirds of its government revenue but has been hit hard by the fall in global crude prices since mid-2014.

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