Excess Crude Account hits $9.6b

The Federation Account Allocation Committee (FAAC) has paid N161.59 billion into the Excess Crude Account (ECA), bringing the new balance to $9.66 billion.

The Accountant-General of the Federation, Jonah Otunla, stated this yesterday at the end of the Technical Sub-meeting of the FAAC on November returns.

I think we have fared very well in the Excess Crude Account. We targeted $10 billion at the end of the year. I am happy to tell you that we have $9.66 billion in the account. On percentage basis, that is about 97 per cent of our aspiration for the year, he said.

On the recent demand by the 36 Governors for the withdrawal of $1 billion from the oil savings account, he said the federal and state governments would be guided by the principle of consensus to resolve the matter.

He explained that the country’s mineral and non-mineral revenue dropped to N569.46 billion in November compared with N640.76 billion realised the previous month.

A breakdown of the figures showed that N483.2 billion was generated as revenue from mineral resources, while N86.2 billion was derived from the non-mineral sector.

He attributed the drop to several disruptions in crude oil production and lifting in the Niger Delta.

He noted that during the period a Force Majeure was declared by Exxon Mobil.

Otunla said leakage and fire outbreaks at Trans Niger, crude oil theft and maintenance work at oil terminals at Qua Iboe, Brass and Forcados also affected crude oil production. 

SOURCE: The Nation