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.

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