Middle East Economic Survey

VOL. XLVII

No 34

23-August-2004

NIGERIA

BUDGETS AND REVENUES

Nigerias Oil Fund Nets $2.5Bn

Nigerias new oil stabilization fund the Petroleum Equalization Fund (PEF) has netted an excess in the countrys oil revenues of Naira327bn ($2.5bn at the current exchange rate of $1 = N131.25) since its creation earlier this year (MEES, 29 March 2004), according to the countrys minister of finance, Ngozi Okonjo-Iweala. The fund was created to collect crude oil revenues in excess...