Federal And States Government Shared N6.21tn From Excess Crude Account In 4 Years – Okonjo-Iweala

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Keeping to her promise to disclose what the states got from
the Excess Crude Account, the Minister of Finance Ngozi
Okonjo-Iweala-Iweala Sunday said the 36 states of the
federation, received a total of N2.92 trillion from the
account between 2011 and 2014.

A statement from the Federal Ministry of Finance released
Sunday night said the it had become necessary to make the
figures public following recent accusations by the Rivers
state governor on behalf of state governors.

The statement from the federal ministry of Finance noted
that the “figures show that they (states) received N966.6
billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013
and N282.8 in 2014.

The low figure for 2014 reflects the steep decline in revenues
due to the impact of the crash in global oil prices which
began in the middle of the year.

Akwa Ibom got the highest with (N265 billion), Rivers
(N230.4 billion), Delta (N216.7 billion), Bayelsa (N176.3
billion), Kano (N106.5 billion) and Lagos (N82.9 billion)
respectively got these amounts from the ECA.
Kwara (N52.8 billion), Enugu (N51.6 billion), Gombe (N47.7
billion), Nassarawa (N46.9 billion), Ekiti (N46.8 billion) and
Ebonyi (N44.3 billion) received the least amounts in that

The statement added that “the summary of the inflows and
outflows from the Account shows that the opening balance
was $4.56 billion in 2011 and reached a peak the following
year at $8.7 billion before declining to $2.3 billion in 2013.

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The balance as at May 2015 is $2.07 billion.”

The fluctuation in the ECA the statement explained “reflects
the sharing of the proceeds usually requested by state
governors as well as the practice of Augmentation which
involves additional sharing from the ECA when available
funds are not adequate to meet revenue projections.”

The ministry noted that Subsidy and SURE-P payments are
also made from the Excess Crude Account while the Federal
Government’s share from the ECA during the period was
N3.29 trillion.

Culled from TheNation