Nigeria Revenue Climbs 32% in June on Oil Taxes
Nigerian government revenue increased 32 percent to 763.6 billion naira ($92.7 billion) in June from the previous month, boosted by company and oil taxes. The government distributed 569.4 billion naira to federal, state and local administrations last month, Accountant-General of the Federation Jonah Otunla said in a statement handed to reporters in Abuja, yesterday.
Nigeria earns 80 percent of its revenue from crude exports. The price of oil jumped 10 percent in New York since June 1, reaching as high as $92.30 a barrel today.
Government revenue from oil increased 11 percent to 529.9 billion naira in June from the previous month, Otunla said.
The Federation Account Allocation Committee transferred 207.9 billion naira into Nigeria’s excess-crude account, which the government uses to save windfalls when international oil prices exceeds its budgeted price of $72 a barrel. That brought the total in the excess-crude account to $6.9 billion, Yerima Ngama, minister of state for finance, told reporters in Abuja yesterday.