" />
Published On: Tue, Jan 23rd, 2018

Adeosun: Excess Crude Account balance of $2.3b intact

Minister of Finance, Mrs Kemi Adeosun said that the balance in the Excess Crude Account (ECA) still remains $2.31 billion.

She gave the figure against the backdrop of some legal challenges by some states to the plan by the Federal Government to spend $1billion out of the money to battle security challenges.

Adeosun spoke today after the Federation Account Allocation Committee (FAAC) shared N655.17 billion to the three tiers of government as revenue for January.

The money was distributed under four sub-heads.

“The total statutory revenue for the month is N540.44 billion.

“It was made up as follows: NNPC contributed N104.3 billion, DPR, N77.61 billion, FIRS collection from the oil sector is N88.37 billion and N116.9 billion from the non-oil sector.

“We also generated N51.98 billion from the Nigerian Customs Service. There was also a refund of some excess bank charges to the tune of N1.93 billion.

“There was a deduction of seven per cent cost of collection to the customs, four per cent to the FIRS and another four per cent to DPR.

“There was also a provision for FIRS tax refund of N2 billion and another refund by Customs to the tune of N8 billion.

“So the distributable revenue for the month is 655.17 billion, which includes VAT of N83.96 billion and N30.76 billion from the Forex Equalisation Account,” she said.

Adeosun said that oil revenue continued to be impacted negatively due to the continued sabotage of oil pipelines in the Nigeri-Delta region and the declaration of Force Majeure at Bonny Terminal.

“The decrease in crude oil exports sales by 0.59 million barrels resulted in decreased revenue from export sales of $11.65 million.

“However, the average price of crude oil increased from $52.07 to $56.83 per barrel during the period under review.

“There were also marginal increases in revenues from Petroleum Profit Tax and VAT, while Import Duty and Oil Royalty recorded decreases,” she said.

To this end, Adeosun said that Federal Government received N252.5 billion, states, N150.1 billion and the local government, N98.7 billion.

She also said that N47.7 billion was also shared among the oil producing states, representing 13 per cent of the oil revenue generated in the month of December and shared in January.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Most Shared

Recent posts

  • U.S. stocks drop as Trump cancels North Korea meeting

    U.S. stocks dropped on Thursday after President Donald Trump cancelled a planned summit with North Korean leader Kim Jong Un, while a slide in oil prices and bank stocks also weighed as investors grappled with fresh U.S. protectionist plans. Trump said he cancelled a June 12 summit “based on the tremendous anger and open hostility” […]

  • Buhari will receive 2018 Budget on Friday, says Saraki

    Senate President Bukola Saraki has promised that the 2018 Appropriation Bill will be presented to President Muhammadu Buhari on Friday. Dr Saraki said this on Thursday when he led members of the National Assembly to the State House to break the day’s fast with President Buhari. According to the Senate President, the delay in presenting […]

  • Zenith Bank shares depreciates by 95k

    Zenith Bank plc shares on Thursday at the Nigerian Stock Exchange (NSE) depreciated by 95k to close at N27, The News Agency of Nigeria (NAN) reports. Flour Mills trailed with a loss of N1.40 to close at N31, while Cement Company of Northern Nigeria declined by N1.20 to close at N24 per share. Dangote Sugar […]

  • Peace Corps bill dead finally

    The controversial Nigerian Peace Corps bill has finally been jettisoned as an attempt by the House of Representatives to override President Muhammadu Buhari failed on Thursday. The House of Representatives which boasted it would override the veto of the Buhari could not achieve its aim. The bill seeks to turn the Peace Corps, currently a […]

  • NNPC sets 30% retail market by 2020

    The Nigerian National Petroleum Corporation, NNPC, has directed its downstream subsidiary, NNPC Retail Limited, to ensure it grow its market share of petroleum products distribution in the country to 30 per cent by 2020 It also plans to expand its presence to other neighbouring states in the West African sub-region. In a statement in Abuja, […]

  • Reduction in oil production slows Nigeria’s economy

    Nigeria’s economy grew slower than expected in the first quarter, official statistics showed Monday, with an expansion in oil production offset by a sputtering non-oil sector. The economy grew by 1.9 percent year-on-year in the three months to March, compared with growth of 2.1 percent in the fourth quarter of 2017, said Nigeria’s National Bureau […]

  • Lagos set date to launch Embedded Power Supply Project

    The Lagos State Government has revealed plans to launch the Embedded Power Supply Project come July 2018. The power project is targeted at generating 3,000 megawatts of electricity for the state within the next 3-5 years. This was disclosed on Wednesday by the Commissioner for Energy, Mr. Olawale Oluwo,  in Alausa. He said the project […]

  • ‘Buhari yet to receive passed 2018 budget’

    President Muhammadu Buhari is yet to receive the 2018 budget, one week after it was passed by the National Assembly. The Minister of Budget and National Planning, Udoma Udo Udoma disclosed this at the Federal Executive Council meeting on Wednesday while responding to questions from journalists. The Minster said reports credited to him as saying […]

  • New CIBN president tasks banks on risk management, corporate governance   

    FELIX OLOYEDE Financial institutions in the country have to device strategies to address the issue of poor risk management and corporate governance practices, knowledge gaps in critical core banking functions and non-adherence, which are posing serious challenge to financial industry, said Dr. Uche Olowu, the newly sworn-in President and Chairman of council, the Chartered Institute […]

  • Catholics in nationwide protest against incessant killings

    …Lagos Govt snubs protesters FELIX OLOYEDE Catholic adherents took to the streets across the country to protest the incessant killings taking place in different parts of Nigeria. The nationwide protest coincided with the burial of two Catholic Priests and 17 parishioners, who were killed during a mass in Benue on April 24, 2018. In Lagos, […]

  • Awka Summit fallout: Ndigbo demands new constitution (Read full text)

    Full text of the speech delivered on the occasion of Igbo Summit on Restructuring held at the Ekwueme Square, Awka, Anambra State on Monday 21 May 2018. *Restructuring The Nigerian Federation: The Position of Ndi Igbo* *”Nigeria: A Ga Akpa ya Akpa!”* *EKWUEME DECLARATION 2018* 1. PREAMBLE: The Nigerian project is at crossroads. It does […]

  • Nigeria’s GDP rises 1.95%, non-oil sector accounts for 90.3%

    The oil sector’s contribution to Nigeria’s Gross Domestic Product, GDP remains below 10 per cent in Q1 figures of the nation’s GDP released by the National Bureau of Statistics in Abuja today. According to the NBS, the nation’s GDP grew by 1.95 per cent year-on-year- in real terms in the first quarter of 2018. Although […]

  • National healthcare delivery threatened as sector’s crises worsen

    . JOHESU strike is sheer blackmail – NMA  By BAYO OBAJEMU These are troubling times for the health sector beset by the panoply of problems, some of them of long-standing nature while others are offshoots of long years of neglect by the authorities. But the spectre of war drums that hovers over the sector now […]

  • Foreign CEOs take over Corporate Nigeria

    . They are trying to protect their interests – Experts  By AYOOLA OLAOLUWA Foreigners have taken over the management of most multinational companies in Nigeria, BusinessHallmark findings have revealed. A two-week survey conducted by BH in May 2018, which involved fifty top companies, show that twenty-eight of the companies are headed by expatriates, while only […]

  • UBA’s Uzoka steps out of the shadows

    By TESIM SHITTA-BEY United Bank for Africa (UBA) has had a chequered history of good times and bad times but with its blazing first quarter (Q1) 2018 results setting the tone for a new twist in the tale analysts have begun to take out calculators as they forecast the bank’s potential year-end earnings. With profit […]

  • Ikeja Hotels returns to Lagos bourse

    The Nigerian Stock Exchange (NSE) has given the management of Ikeja Hotels the approval to resume trading after reviewing the two-year suspension placed on the shares of the company on Nov. 10, 2016. According to a ‘facts behind the restructuring’ document released by Ms Tinuade Awe, NSE Executive Director Regulation, trading would commence on the […]