SHORT TAKES

N462.4 bn

Nigeria’s distributable government revenues rose to N462.4 billion ($1.43 billion) in May from N415.7 billion in April due to higher proceeds from corporate taxes, a government statement said last week.

The revenues were boosted by “significant increases in revenues from companies income tax,” said the statement issued by the accountant general.

$500 m

Etisalat Nigeria had already repaid $500 million of $1.2 billion in loans owed to banks before it defaulted in February due to a currency devaluation, a senior executive told Reuters on Thursday.

Ibrahim Dikko, vice president for regulatory affairs, said the company currently owed lenders around $575 million and talks with lenders were ongoing.

The total amount of debt outstanding were $227 million and 113 billion naira ($359 million), he told Reuters in a phone interview.

16.19%

Nigeria sold a five, 10- and 20-year debt at a flat rate of 16.19 percent at an auction on Wednesday to curtail borrowing cost as inflation declines.

The Debt Management Office (DMO) raised a total of N99.26 billion, less than the N140 billion it wanted to raise, as it did not want to pay more for the notes.