Nigeria has $3.1 billion left in its oil savings account, down 13% from $4 billion last month, after paying out revenue allocations for the month of November, the minister of state for finance said on Tuesday.
Bashir Yuguda said Nigeria would distribute 628.8 billion Naira ($3.48 billion) of revenues for November to its three tiers of government – federal, state and local.
This was not covered by the 500 billion naira of revenue received, a figure that was down 7% on the previous month.
The shortfall was plugged with oil savings, he said.
“This was due to a drastic drop of 33% in export volume between September and October 2014 and a further drop in the crude oil price from $96.81 in September to $87.78 in October, impacting negatively on the revenue,” he said