Nigeria's revenues rise in June

ABUJA: Nigeria's gross revenues rose to 653.35 billion naira ($1.7 billion) in June from 517.8 billion naira in May due to higher crude and tax receipts, accountant general Ahmed Idris said, as oil prices recovered from April's crash. The coronavirus outbreak early this year prompted a sharp fall in oil prices, Nigeria's main export, slashing government revenues, weakening its currency and creating a large financing gap for the country.

The global benchmark Brent has since recovered to about $43 a barrel from a 21-year low below $16 in April.

OPEC member Nigeria relies on crude oil sales for two-thirds of government revenue.