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...
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