Nigeria’s distributable government revenues increased to $1.43 billion in May from $1.29billion in April. This increase is accrued to higher profits from taxes paid by companies.

A statement from the office of the accountant general on Thursday, revealed that the revenues could have been higher but did not due to a slight drop in the average price of crude oil from $55.38 to $55.18 per barrel coupled with a decrease in oil exports by 1.023 million barrels, which reduced oil revenues by $57.12 million.

Nigeria derives its two-third of revenue from oil, however it was hit hard by the fall in global crude prices since mid-2014 and attacks on oil infrastructures in Niger Delta last year. This year the government expects oil revenues to increase as talks with community leaders in the northern oil hub to end the attacks have been fruitful.

Anita Fatunji