LAGOS Feb 21 Nigeria's distributable government
revenues rose in January by 16 percent to 465.19 billion naira
($1.5 billion) as it brought in more oil royalties, the
accountant general's office said in a statement 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 rose from $47.30 to $49.57 per barrel
during January, while the total crude export volume rose 1.49
million barrels, the statement said.
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.
Militants have carried out attacks on oil and gas facilities
in the southern Niger Delta energy hub for a year, cutting oil
production - which stood at 2.1 million barrels per day at the
start of 2016 - by as much as a third, though output has since
The frequency of attacks has slowed in recent months with
talks between the government and Delta community leaders to
address the grievances of militants, who want the oil hub to
receive a greater share of the country's energy wealth.
Repairs on damaged facilities are underway, but force
majeure stoppages remain in place at the Forcados, Qua Iboe and
Brass oil terminals.
"Federation revenues increased despite the force majeure and
the shut-down of pipelines for repairs and maintenance due to
leakages and sabotage," said the statement.
($1 = 304.2000 naira)
(Reporting by Ulf Laessing; Writing by Paul Carsten; Editing by
Ruth Pitchford and Hugh Lawson)