The Federal Government earned N557.9 billion ($1.77 billion) in gross revenues in February, up from N538.9 billion ($1.71 billion) the previous month, due to higher crude exports and prices, Accountant General Ahmed Idris said on Wednesday.
Nigeria is recovering from its worst recession in 25 years after the economy’s main driver, oil, saw a three-year plunge before prices began to recover in the past year or so.
The country is Africa’s largest oil producer and crude sales account for two-thirds of government revenue. The funds are shared among the country’s 36 states.
Idris said Nigeria shared revenues generated in February from crude and other sources including taxes totalling N647.4 billion to its three arms of government.
On Tuesday, the Minister of Finance, Kemi Adeosun, called an emergency meeting for next week with the Group Managing Director of Nigerian National Petroleum Corporation, Maikanti Baru, over revenue payments.
The government has borrowed from domestic and international markets to plug budget gaps and fund infrastructure. It issued a $2.5 billion eurobond last month and plans further borrowing as soon as its delayed 2018 budget is approved by the National Assembly.