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Nigeria's oil revenue increases despite Niger-Delta unrest: official
AFP
ABUJA
Petroleumworld.com 06 27 06
Nigeria earned more revenue from oil last month despite armed militant attacks on oil installations and foreign workers which affected crude production, official figures showed Monday.
Officials said Nigeria earned 402.4 billion naira (three billion dollars, 2.4 billion euros) in May, including non-mineral revenue of 43.2 billion naira as against 34.4 billion the previous month.
"The total funds declared and recommended for distribution in May was 273.1 billion naira as against 233.6 billion naira the previous month, thus showing an increase of 39.54 billion naira or 16.9 percent," an official statement said.
"The increase in revenue generated by the NNPC (Nigerian National Petroleum Corporation) was attributed to the increase in the unit price of crude oil in the international market, though there was a drop in volume of crude oil exported due to the restive situation in the Niger Delta area."
Incessant unrest in the oil-rich Delta region has seen the kidnap and release of at least 31 oil workers since the beginning of this year, and the reduction by at least 20 percent of Nigeria's total oil output.
Nigeria, Africa's largest oil producer and the world's sixth exporter, produces around 2.6 million barrels of oil per day.
The nation derives more than 95 percent of its foreign exchange earnings from oil.
AFP 26 1750 GMT 06 06
Copyright ©2006 AFP. All Rights Reserved.
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