FG's revenues rise in March due to higher oil royalties

Nigeria's distributable government revenues rose to 467.81 billion naira ($1.53 billion) in March from 429 billion naira in February due to higher royalties from oil production, a government statement said on Tuesday. Voxpopulid  reports.The revenues were boosted by "a noteworthy increase in revenue from oil royalty," said the statement. However, the rise was slightly offset by low levels of crude oil production, despite prices rising from $44.74 to $52.86 per barrel in March, the statement said.

Revenues from crude exports fell by $6.4 million due to a "decrease in crude oil export volume," said the statement, adding that production fell largely due to sabotage to pipelines causing leaks and the shutdown of major terminals such as Forcados.