A Review of the Nigerian Energy Industry

Excess Crude Account now $2.1bn

ngozi-okonjo-iweala-300x330
Dr Ngozi Okonjo Iweala, Minister of Finance

14 February 2014, Abuja – It emerged Thursday that the Excess Crude Account (ECA) which was created to provide succour in rainy days current stood at only about $2.1 billion.

The depletion of the ECA from about $11 billion in December 2012 had been seriously disputed by analysts who see the withdrawals as unwarranted.

Also  Thursday, the Federation Account Allocation Committee (FAAC) shared a total statutory revenue of N629.128 billion to the three tiers of government for January.

But regardless of the serious disruptions in production and lifting operations occasioned by maintenance, multiple leaks, pipeline vandalism and theft in the period under review, gross revenue during the month increased to N540.870 billion compared to N479.950 billion recorded in the previous month.

 

– This Day

In this article

Join the Conversation