• Wednesday, February 28, 2024
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BusinessDay

Nigeria records N28.7 billion fall in revenue

Nigeria recorded a 4.6 per cent fall in revenue to N601.6 billion ($3.7 billion) in August, a situation the Accountant General of Nigeria, Jonah Otunla,  attributed to oil outages on Wednesday.

Africa’s largest economy recorded N630.3 billion as revenue in July.

“Decline in revenue … was attributed to the force majeure declared by Shell and a series of shutdown of trunklines and pipelines at various terminals,” Otunla said.

Revenue to be distributed to the three tiers of government – federal, state and local – was N611.71 billion in August, down from N654.6 billion  in July.