Nigeria has distributed 403.5 billion Naira from federal accounts to the three tiers of government for October, down two percent on the previous month.

Minister of state for finance, Yabawa Wabi, said $387.2 million had been transferred to the country's excess crude account, into which it saves windfall oil savings above a benchmark price.

The account, which stood at around $20 billion at the start of the current presidential term in 2007, now contains $1.16 billion, Wabi said.

The monthly distributions from federal accounts have a major impact on liquidity in Nigeria's economy and can trigger shifts in bond yields and interbank rates.

Wabi said Nigeria's gross revenues, which come largely from oil exports, fell to 451.7 billion naira in October from 472.6 billion in September.