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Nigeria’s September Revenue Rises 5.3% to 594.7 Billion Naira

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Oct. 12 (Bloomberg) -- Nigeria’s revenue increased 5.3 percent to 594.7 billion naira ($3.78 billion) in September compared to the previous month, Finance Minister Yerima Ngama said.

The increase was due to higher oil prices and increased production, according to a statement given to reporters today in Abuja, the capital of Africa’s largest oil producing country.

Income from oil production rose 11.6% to 504.2 billion naira in September compared to the previous month, Ngama told reporters.

About 124.1 billion naira was transfered into the excess crude account, bringing the balance to 1.32 trillion naira, Ngama said. The government said in June it wants to accumulate about 1.57 trillion naira in the account.

Nigeria distributed 566.5 billion naira to its federal, state and local governments in September.

To contact the reporter on this story: Maram Mazen in Abuja at mmazen@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net