The country earned N726.77 billion in oil revenues in March, down by five per cent from N766.77 billion in February due to production outages, the Accountant-General said at the weekend.
“This was due to a decrease in crude oil export for the month as a result of several operational issues and safety challenges in Bonga, Brass, Bonny and Qua Iboe terminals,” a statement by Jonah Otunla said.
Nigeria distributed N613.70 billion to the three tiers of government in March, down from N620.7 billion the previous month, Otunla said.
Reports however said Nigeria earns about $282 million (about N42 billion) from oil revenue daily as a result of the increased production of crude oil.
The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, was quoted by Economic Confidential, as saying that as a result of the success of the Federal Government Amnesty Programme for repentant Niger Delta militant youths, Nigeria now earns average revenue of over $282 million dollars per day from crude oil based on the combined daily production figure of crude and condensate which stands at 2.4million barrels.