Excess Crude Account: FG Shares $1 billion, $7.5 billion is Balance

Mint Dollars

The Federation Accounts Allocation Committee (FAAC) deducted $1 billion from the Excess Crude Account on Wednesday and shared same with the three tiers of government.

There was $8.5 billion in the account before the deduction, leading to a balance of $7.5 billion.

The Minister of State for Finance, Yerima Ngama disclosed this to journalists at the end of the Committee’s meeting yesterday.

He also disclosed that the gross revenue collected by the government in July increased by N61.8 billion to N825 billion compared to N763 billion in the previous month.

He said, “We have distributed $1bn from the ECA. Our target is $10bn and we hope to hit that before the end of the year. There was $6.5 billion in the account and we credited the account with $2bn; and so, we are now comfortable as we can now distribute part of it.”

The minister disclosed that government revenues were on the increase due to the steady increase in the country’s production and sale of crude oil.

About $4 billion in total was shared amongst the three tiers of government in the month of July.

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One Comment

1. 

   ashinyi

   August 16, 2012 at 7:20 pm

   Yet the citizens live on less than 1dollar a day