(Reuters) – Nigeria has distributed 411.6 billion naira from federal accounts to its three tiers of government for September, down five percent on the previous month, the accountant general said on Tuesday.
“The total revenue distributable for the month including VAT is 411.572 billion naira,” Account General Ibrahim Dankwambo told reporters after a meeting of the Federation Account Allocation Committee (FAAC) responsible for the disbursals.
The monthly distributions have a major impact on liquidity in sub-Saharan Africa’s second-biggest economy and can trigger shifts in bond yields and interbank rates.
Dankwambo said Nigeria’s gross revenues in the month, which come largely from oil exports, fell to 472.6 billion naira from 501.5 billion in August, due partly to some oil infrastructure being shut down for repairs and delays to some export cargoes.