NIGERIA

Oil revenue lifts state income

Nigeria received gross revenues of 595.7 billion naira (R33.7bn) in March, higher than the 571.7 billion naira received the previous month, due to the payment of oil and gas sale arrears, accountant-general Jonah Otunla said on Saturday. He said 123.3 billion naira had been removed from the country’s oil savings, leaving a balance of $7bn (R62.6bn) in the excess crude account. Otunla said 731.1 billion naira would be distributed to Nigeria’s three tiers of government: federal, state and local. – Reuters

EGYPT

Parties back $4.8bn loan bid

Egypt’s bid to secure a $4.8 billion (R42.9bn) loan from the International Monetary Fund (IMF) is winning guarded support from some of President Mohamed Mursi’s liberal opponents, which could make it easier to secure the deal. An IMF mission visiting Cairo for was meeting ruling and opposition parties to broaden support for a long-delayed deal, a diplomatic source said on Friday. Mursi’s administration hopes to conclude an agreement this week. – Reuters

SOMALIA

IMF recognises government

The International Monetary Fund (IMF) recognised the government of Somalia on Friday, ending a 22-year break in relations that could lead to technical and policy support to the country. “The IMF today [Friday] recognised the federal government of Somalia, headed by President Hassan Sheikh Mohamud,” the IMF said. “The decision is consistent with international support and recognition of the government.” – Sapa-AFP