Excess Crude Account drawn down to $3.5bn

Ngozi Okonjo Iweala15 November 2013, Abuja – The Federation Account Allocation Committee (FAAC) Thursday withdrew $1 billion from the Excess Crude Account (ECA) to augment the revenue for October, leaving the ECA at about $3.598 billion.

It was gathered that President Goodluck Jonathan approved the withdrawal in order to shore up revenue shortfall.

Also, total statutory allocation amounting to about N525.2billion was shared among the tiers of government for October.

Minister of State for Finance, Alhaji Yerima Ngama, said total actual collection for the month stood at N539.553 billion, representing a shortfall of N84.215 billion when compared with the budgeted amount of N623.768 billion.

He said although total revenue collection for October exceeded that of September by N11.979 billion, it fell short of the budgeted allocation of N465.057 billion for the month under review.

Total collection for the month stood at N443.052 billion, representing a shortfall of
about N22.005 billion.

Addressing journalists in Abuja after the monthly meeting of the committee, Ngama explained that non-oil mineral revenue collection totalled N96.501 billion, which fell short of the budgeted amount N158.711 billion by N62.21billion.

He said: “The total funds available for distribution have been adjusted with transfers to excess crude. And this month we transferred N80.651 billion to excess crude. Thus leaving N458.901 billion after cost of collection to Federal Inland Revenue Service (FIRS) of N2.097 billion and cost of collection to Nigerian Customs Service of N3.085 billion.”

Meanwhile, the breakdown of the
distribution showed that the federal government received N213.825 billion while the states shared N108.455 billion. The local governments got N83.614 billion while the oil-producing states received N47.112 billion under the 13 per cent derivation principle.

Also shared were the N7.617 billion debt from the Nigerian National Petroleum Corporation (NNPC) and N35.5 billion SURE-P contribution.

– This Day

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