Nigeria's Distributable Revenues Fell in August

Nigeria's distributable revenues to the three tiers of government fell in August to 442.606 billion naira, down 69.193 billion naira from July, the finance ministry said on Tuesday.

"A drastic drop in crude oil export, shut down and shut-in of production for maintenance at different times and terminals during the month of July were the major issues that negatively impacted crude oil revenue," Anastasia Nwoabia-Daniel, the permanent secretary, said.

She added that the country's rainy day fund, the Excess Crude Account, totalled $2.257 billion as of Sept. 21.

Africa's biggest oil producer depends on crude sales for the bulk of its government revenues and its public funds have been hit by the more than halving of global crude prices since mid-2014. That has left many states unable to pay public salaries in time or fund infrastructure projects and other state services.

In June, the federal government had to step in with a three-pronged bailout for some cash-strapped states that included the restructuring of their debt to commercial banks.