Those lyrics are correct....I remember looking them up when the song was originally a hit because I couldn't understand a word the Bee Gees were singing.
The original story and screenplay for the film
Saturday Night Fever were inspired by a 1976 article entitled "Tribal Rites of the New Saturday Night", which appeared in
New York magazine (erroneously referred to as the
New York Times in the song).
The Bee Gees took their name from the initials B.G., which not only stood for Brothers Gibb, but also for Bill Goode and Bill Gates, two Australian promoters that helped them early in their careers.