Excess Crude Account Rises to $9.2bn as FG, States, LGs Share N567.7bn in December

16 Jan 2013

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 Minister of State for Finance, Alhaji Yerima Ngama

By James Emejo

The Excess Crude Account (ECA) created to provide succour in rainy days including shoring up monthly revenue shortfalls currently stood at about $9.242 billion.

The value of the ECA was made public Tuesday even as the Federation Account Allocation Committee (FAAC) shared total distributable revenue amounting to N567.708 billion to the three tiers of government for the month of December.

Gross revenue for the month increased by N11.600 billion to N581.059 billion compared to N569.459 billion received for the previous month.

Minister of State for Finance, Alhaji Yerima Ngama, told journalists after the monthly meeting of the committee last night that the value of the ECA put the country on a solid financial position to cope with any unforeseen shock.

He added that the committee had been able to meet its 2012 target of saving at least $10 billion in the ECA by the end of last year.

The minister said however that the growth in revenue had been helped by higher export sales volume in November although crude oil production and lifting had also encountered several disruptions following increased bunkering activities and ongoing maintenance work.

However, distributable statutory revenue for the month under review stood at N467.007 billion.
The minister said the sum of N22.345 billion was transferred into the Excess Oil Revenue Account and no augmentation was effected as collections for the month exceeded the budget.

Also shared was the constant N7.617 billion refund by the Nigerian National Petroleum Corporation (NNPC) as well as N35.459 billion proposed for distribution under the Subsidy-Re-investment Programme (SURE-P).

A rundown of the net statutory distribution among the tiers of government showed the Federal Government received  N217.425 billion while the states shared N110.281 billion.

The local government councils shared N85.022 billion while N49.705 billion went to oil and gas producing states as derivation fund.

For the Value Added  Tax (VAT) distribution,  the Federal Government got N8.285 billion while the states shared N27.617 billion-and N19.332 billion was shared among the local governments. 

Ngama added that beginning from next month, payments would be made based on the 2013 budget if signed into law before the FAAC convenes otherwise, the 2012 basement would be sustained.

Tags: News, Nigeria, Featured, Crude Account, FG, States, LGs

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