FG, Akwa Ibom, Rivers, Delta, Bayelsa get lion's share of Excess Crude Account

Posted by News Express | 25 May 2015 | 3,191 times

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Apart from the Federal Government, the four leading oil producing states of Akwa Ibom, Rivers, Delta and Bayelsa got the lion’s share of the Excess Crude Account (ECA) from 2011 to 2014, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has disclosed.

“FG’s share from the ECA during the period was N3.29 trillion,” Okonjo-Iweala said in a statement made available to News Express through her Special Adviser, Paul C Nwabuikwu. She revealed that Akwa Ibom got N265 billion during the said period, Rivers N230.4 billion, Delta N216.7 billion and Bayelsa N176.3 billion.

There has been controversy over what the out-going administration of Dr. Goodluck Jonathan did with the ECA but Okonjo-Iweala has always insited that the alleged depletion was against her will and on the insistence of the state governors, adding that every state received its own due share as did the Federal Government.

The figures released to News Express showed that Kano’s share for the past four years was N106.5 billion, Lagos N82.9 billion while 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 order.

“The Federal Ministry of Finance is making this information available in fulfilment of the pledge by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala to make public details of the Excess Crude Account to clarify issues thrown up by recent claims made by Governor Rotimi Amaechi of Rivers State on behalf of some governors,” Nwabuikwu said.

He disclosed that “in addition to their constitutionally approved receipts from the Federation Account, the 36 states received a total of N2.92 trillion from the Excess Crude Account (ECA) between 2011 and 2014,” adding:

“The figures show that they 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.

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

“The fluctuation in the ECA 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.

“Subsidy and SURE-P payments are also made from the Excess Crude Account.”

•Photo shows Okonjo-Iweala.

Source: News Express

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