Nigeria draws from Excess Crude Account to augment oil revenue shortfall

Posted by News Express | 17 January 2015 | 3,259 times

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The Nigerian Government has withdrawn an additional N15.6 billion from the Excess Crude Account to augment shortfall in oil revenue generated in November 2014.

Figures released by the Federation Accounts Allocation Committee (FAAC) showed a drop in crude oil revenue from $87 million in October to $77 million in November.

The shortfall was triggered by the drop in crude oil price, resulting in the withdrawal from the Excess Crude Account.

Briefing reporters on Friday on the outcome of the FAAC meeting in Abuja, the Minister of State for Finance, Mr. Bashir Yuguda, said that N580 billion was shared between the Federal, State and Local Governments for the month of December 2014.

Mr. Yuguda said that the shared amount comprised statutory revenue of N474 billion, and N6.3 billion refunded by the Nigerian National Petroleum Corporation (NNPC).

Other components of the money, according to him, were Value Added Tax (VAT) of N73.5 billion, and an additional N15.6 billion from the Excess Crude Account which was released to augment shortfall in revenue generated during the period.

Giving the breakdown of revenue among the three tiers of government, Yuguda said that the Federal Government received N220 billion, states got N111 billion, while local governments got a total of N86 billion.

•Excerpted from a Channels TV. Photo shows Minister of State for Finance, Bashir Yuguda.

Source: News Express

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