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Nigerian revenues down, Excess Crude Account up in March – Minister of Finance

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Abuja, April 21, 2016 (FxMallam) – The Federal Government of Nigeria saw its revenues fall in March to N299 Billion from N345 billion in February due in large part to low oil prices.

The Minister of Finance, Kemi Adeosun told reporters that, “The federation accounts receipts are among the lowest in recent memories. We are looking at 299 billion this month and that is because of the very low oil pricing.” She also said that the Excess Crude Account rose from $2.26 billion to $2.3 billion.

While the Federal Government has indicated plans to raise additional revenue through new taxes and better tax collection enforcement, 70% of its current revenues are derived from Crude oil sales.