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EXCESS CRUDE ACCOUNT WITHDRAWAL: PUTTING THE RECORDS STRAIGHT

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Here is a Breakdown of what the FGN, States, Others drew from the ECA between 2011 to 2015

In the closing days of President Jonathan’s administration, Rotimi Amaechi, the then Governor of Rivers State had made certain allegations [similar to the ones made some Governors recently] that “certain illegal deductions were made from the Excess Crude Account” – I recall that I got a copy of the publication at the time, and I have therefore chosen to republish same verbatim.

When you are done going through this, you would come to see that “nothing has changed between May and June” and that these newer allegations are just being recycled for the simple purposes of mischief and blatant wickedness against the person of Dr. Ngozi Okonjo-Iweala.
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Please see below and attached details of what the states got from the ECA within the past fours years. The Federal Ministry of Finance is making this information available in fulfilment of the pledge by the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala to make public details of the Excess Crude Account to clarify issues thrown up by recent claims made by Governor Rotimi Amaechi of Rivers State on behalf of some governors.
Highlights:
  • In addition to their constitutionally approved receipts from the Federation Account, the 36 states received a total of N2.92 trillion from the Excess Crude Account (ECA) between 2011 and 2014.
  • The figures show that they received N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 in 2014. The low figure for 2014 reflects the steep decline in revenues due to the impact of the crash in global oil prices which began in the middle of the year.
  • Akwa Ibom (N265 billion), Rivers (N230.4 billion), Delta (N216.7 billion), Bayelsa (N176.3 billion), Kano (N106.5 billion) and Lagos (N82.9 billion) respectively got the highest amounts from the ECA.
  • Kwara (N52.8 billion), Enugu (N51.6 billion), Gombe (N47.7 billion), Nassarawa (N46.9 billion), Ekiti (N46.8 billion) and Ebonyi (N44.3 billion) received the least amounts in that order.
  • The summary of the inflows and outflows from the Account shows that the opening balance was $4.56 billion in 2011 and reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The balance as at May 2015 is $2.07 billion.
  • The fluctuation in the ECA reflects the sharing of the proceeds usually requested by state governors as well as the practice of Augmentation which involves additional sharing from the ECA  when available funds are not adequate to meet revenue projections.
  • Subsidy and SURE-P payments are also made from the Excess Crude Account.
  • FG’s share from  the ECA during the period was N3.29 trillion.
Excess Crude Advert 1Excess Crude Advert. 2I always say “the reason our parents invested so much in our education was to ensure we could be smart enough to take decisions for ourselves irrespective of the prevailing circumstances” – I believe President Buhari should tell his team to get about to working rather than waking every other day throwing numbers all over the place while trying to use that hide the apparent disorganization that has now become of APC’s attainment to Aso Rock in the last elections.

Also read – OFFICIAL: Ngozi Okonjo-Iweala responds to LIES on Excess Crude & Foreign Reserves Accounts [dated January 7th 2015] – this would further prove to you that “this has been a consistent pattern of reproducing the same lies over and over again – very sad, indeed.

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