Excess Crude Account steadiness of $2.3b intact: Adeosun

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    Adeosun: says steadiness in extra crude account stays $2.31b

    By Racheal Ishaya

    Minister of Finance, Mrs Kemi Adeosun mentioned that the steadiness within the Excess Crude Account (ECA) nonetheless stays  $2.31 billion.

    She gave the determine towards the backdrop of some authorized challenges by some states to the plan by the Federal Government to spend $1billion out of the cash to battle safety challenges.

    Adeosun spoke right this moment after the Federation Account Allocation Committee (FAAC) shared N655.17 billion to the three tiers of presidency as income for January.

    The cash was distributed beneath 4 sub-heads.

    “The complete statutory income for the month is N540.44 billion.

    “It was made up as follows: NNPC contributed N104.three billion, DPR, N77.61 billion, FIRS assortment from the oil sector is N88.37 billion and N116.9 billion from the non-oil sector.

    “We additionally generated N51.98 billion from the Nigerian Customs Service. There was additionally a refund of some extra financial institution fees to the tune of N1.93 billion.

    “There was a deduction of seven per cent value of assortment to the customs, 4 per cent to the FIRS and one other 4 per cent to DPR.

    “There was additionally a provision for FIRS tax refund of N2 billion and one other refund by Customs to the tune of N8 billion.

    “So the distributable revenue for the month is 655.17 billion, which includes VAT of N83.96 billion and N30.76 billion from the Forex Equalisation Account,” she mentioned.

    Adeosun mentioned that oil income continued to be impacted negatively as a result of continued sabotage of oil pipelines within the Nigeri-Delta area and the declaration of Force Majeure at Bonny Terminal.

    “The lower in crude oil exports gross sales by zero.59 million barrels resulted in decreased income from export gross sales of $11.65 million.

    “However, the typical value of crude oil elevated from $52.07 to $56.83 per barrel in the course of the interval beneath assessment.

    “There were also marginal increases in revenues from Petroleum Profit Tax and VAT, while Import Duty and Oil Royalty recorded decreases,” she mentioned.

    To this finish, Adeosun mentioned that Federal Government obtained N252.5 billion, states, N150.1 billion and the native authorities, N98.7 billion.

    She additionally mentioned that N47.7 billion was additionally shared among the many oil producing states, representing 13 per cent of the oil income generated within the month of December and shared in January.

     

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