Excess Crude Account falls by 89% to 473,000 dollar
Written by Adewale Adeyemi on November 24, 2022
Nigeria’s excess crude account has declined by 89 per cent in the last eight years, moving from four point one billion dollars( $4.1bn ), in November 2014 to four hundred and seventy two million, five hundred and thirteen dollars ($472,513) in november November2022
According to the Ministry of Finance, Budget and National Planning, the excess crude account’s balance as at the 23rd of November, 2022, stood at four hundred and seventy two million, five hundred and thirteen point sixty four dollars ($472,513.64), which is the Federal Government’s fiscal account that was created to save revenues—in excess of the budgetary benchmark price—that were generated from oil sales, in which to increase the excess crude account, the oil price must rise above the budgeted price.
Meanwhile, Federation Account Allocation Committee, FAAC, at its meeting, shared a total seven hundred and thirty six point eight billion naira( N736.782bn) to the three tiers of government as the allocation for the month of October, 2022.
The Ministry, stated amount, inclusive of gross statutory revenue, value added tax, exchange gain and augmentation from non-oil revenue, the Federal Government receiving two hundred and ninety-three point nine billion naira (N293.955bn), while the 36 states gets two hundred and thirty-nine point five billion naira ( N239.512 bn).