LAGOS. Apr 3 Nigeria's military government has said it will put excess money earned because of the recent rise in world oil prices into debt payment and developing the country's oil-producing areas, reports AFP.

Nigeria, the world's seventh largest oil producer, depends on oil sales for more than 90 per cent of its export earnings and was badly hit by a fall in oil Erices last year, estimated to ave cost five billion dollars in revenue.

Setting the 1999 budget last year. Finance Minister Tsmaila Usman agreed to work on a projected price of nine dollars a barrel for the year.

But since then, world oil prices have risen sharply, nearing the 14 dollar mark after OPEC members agreed a cut in

production this week.

In a document sent to the International Monetary Fund (IMF) this month, and published Wednesday in the newspaper, the finance minister promised that the excess money earned would be put to good use.

"Since the preparation of the 1999 budget, world oil prices have improved somewhat... the government will deposit the excess proceeds in a special federation reserve account at the central bank of Nigeria." he said.

"After, the exact amount of the excess proceeds is established in each quarter, a portion of which will be allocated to external debt service ... and the remainder will be distributed to federal, state and local governments.