Nigeria’s Minister of Finance, Kemi Adeosun, said that the country has recorded an increase in oil revenue in October, despite a continued fall in the price of crude oil, reported the Daily Post.
Adeosun shared the statutory allocation for the month at the convergence of the Federation Accounts Allocation Committee in Abuja.
She further said that the country lost about $1.3m as a result of drop in average crude oil price from $47.315 in August to $46.96 in September and added that a significant rise in non-oil revenue compensated for the losses.
Nigeria’s President, Muhammadu Buhari, urged the international community at a Commonwealth leaders’ meeting in Malta on Saturday to do more in support of his administration’s efforts to curb corruption in country’s oil and gas industry.
“Now that we have the political will to stop impunity, we need the cooperation and assistance of the international community.”
“We must all work together to compel multinational oil companies, international financial institutions and international shipping lines to stop aiding and abetting corruption in the oil sector in Nigeria,’’ he said.
The leaders of Australia, Canada, Singapore, Malta, Sri Lanka, Botswana and Trinidad and Tobago attended the group meeting chaired by British Prime Minister David Cameron. He said that the Commonwealth and international community must do more to fight corruption and promote good governance.
“We care passionately about this issue of fighting corruption.”
“In my view, this issue needs to have a much higher billing on the international agenda.”