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Excess crude account hits $8.4bn •FG, states, LGs share N566.5bn
Written by Gbola Subair, Abuja Monday, 15 October 2012
The Federal Government, states and the 774 local government areas in Nigeria shared a total of N566.5 billion for the month of September, as the accruals to the Excess Crude Account (ECA) rose to $8.4 billion.
The shared fund came from Statutory, Value Added, SURE-P and refunds from the Nigeria National Petroleum Corporation (NNPC).
Minister of State for Finance, Yerima Lawan Ngamam, while briefing newsmen at the end of the meeting of the Federation Accounts Allocation Committee (FAAC) in Abuja, said the gross revenue of N594.7 billion received for the month was higher than the N564.884 billion received in the previous month by N29.6 billion due to a rise in crude oil production and an increase in the price of crude oil in the international market.
“Income from oil rose by N52.4 billion to N504.2 billion in September, from the previous month. The distributable statutory revenue for the month is N453.9 billion and due to the shortfall, there was augmentation of N13.008 billion, VAT was N56.3 billion. In addition, the sum of N35.5 billion is also proposed for distribution under the SURE-P programme. Also distributable is the N7.6 billion refunded by the NNPC,” the minister said.
He said the policy of the government was to raise the ECA to a certain level of not less than $10 billion, and to ensure that at any time the government has enough revenue to take care of the allocations for at least two months.
In the same vein, the ECA has risen to $8.4 billion, up from the $8.03 billion accrued as at the end of August, as the committee transferred N1.24 billion to the account.
The Federal Government, through an agreement with other tiers of government, set a $10 billion target for the ECA by the end of the year as part of steps being taken to achieve a stronger financial system stability and create a strong buffer for the economy in the face of the increasing volatility of the international oil market.
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- ‘ Cases of rape rise to 84% in Nigeria’
- Dana air crash update: 23 aircrash victims’ families yet to receive compensation
- Mimiko inaugurates new Mother & Child hospital today
- N4.56b pension scam: Female accused hospitalised,trial stalled
- Construction workers hail FG’s decision on Lagos-Ibadan expressway
- Senate adjourns plenary for 1 week, dissolves to Appropriation committee.
- Blackout looms as Egbin power plant breaks down
- FMBN, NEXIM, BOA, IB lose N47bn in 6 months - CBN
- FirstBank wins Nigerian Bank of the Year award
- PDP tackles ACN over Tukur’s comments
- Electricity workers threaten strike over Wamakko
- ‘NDIC prosecuted 55 directors, staff of micro finance banks in 2011’
- Judgment in Oni’s appeal stalled, re-fixed for Jan 8
- Slain banker: Deceased had only 3 wounds -Accused’s father
- Appointments: S/West not marginalised —FCC
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