Ministry of Finance Report Showed The Excess Crude Account Dropped From $2.319bn To $631m Between November 25 - December 19

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The ministry of finance Permanent Secretary, Mahmoud Dutse, yesterday disclosed that the balance in the ECA has dropped to $631m.

Meanwhile, the FAAC committee meeting that held on November 25, disclosed the balance in the ECA was put at $2.319bn. 
However, at the resumed meeting on Wednesday at the headquarters of the ministry of finance, Dutse, who briefed journalists shortly after the meeting, said withdrawals were made by the Federal Government from the ECA to settle the last tranche of the Paris Club Refund.
He said, “The balance in the ECA is $631m. The final payment for the Paris Club Refund to states was made and the figure was deducted and that’s what accounts for the difference.”

When reminded that it was wrong for such deductions to be made for such purpose, he said, “A decision was taken to make this refund and part of that decision is that the refund should be funded from the ECA. Federal Executive Council, the President approved the money.” 

The Accountant-General of the Federation, Alhaji Ahmed Idris, when accosted on his way out of the meeting to clarify the withdrawal, said that due process was followed before the withdrawal was made.
“You can go and find out from the National Assembly if we got approval for it but due process was followed before the fund was released.”
Meanwhile, on what was left of the account, the committee allocated a total amount of N812.76bn to the three tiers of government. The Federal Government got N326.75bn, the 36 states are to share N203.2bn, while the 774 Local Government Councils are to share the sum of N153.52bn.

In addition, the sum of N57.07bn was allocated to the oil producing states based on the 13 per cent derivation principle.

Dutse said, the gross statutory revenue for the month of November was put at N649.62bn. Investigation showed it to be N32.53bn lower than the N682.16bn received in the previous month of October.

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