Business

Nigeria to share $1.8 billion of natural gas revenues to cover debt

 Nigeria will share out $1.8 billion of liquefied natural gas revenues between federal, state and local governments to cover a growing backlog of debt, the finance ministry said late on Monday.

Nigeria's Finance Minister Ngozi Okonjo-Iweala listens to remarks during a discussion on "Falling Commodity Prices and the Myth of Peak Oil" at the IMF and World Bank's 2015 Annual Spring Meetings, in Washington April 19, 2015.   REUTERS/Mike Theiler
Nigeria’s Finance Minister Ngozi Okonjo-Iweala listens to remarks during a discussion on “Falling Commodity Prices and the Myth of Peak Oil” at the IMF and World Bank’s 2015 Annual Spring Meetings, in Washington April 19, 2015. REUTERS/Mike Theiler

A state governor said last month that the states owed a collective 658 billion naira ($3.3 billion) and have been unable to cover salaries.

 

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