Nigeria earned N12.3 trillion as excess crude oil money in 4 years – Okonjo-Iweala

The federal government spent about $10.85 billion (about N2.14 trillion) from the foreign excess crude revenue account savings on fuel subsidy payments to petroleum products marketers between 2011 and 2014, Mrs. Okonjo-Iweala, said.

Okonjo Iweala Exposes What States Got From Excess Crude Account

Keeping to her promise to disclose what the states got from the Excess Crude Account, the Minister of Finance Ngozi Okonjo-Iweala-Iweala Sunday said the 36 states of the federation, received a total of N2.92 trillion from the account between 2011and 2014.

A statement from the Federal Ministry of Finance released Sunday night said the it had become necessary to make the figures public following recent accusations by the Rivers state governor on behalf of state governors.

The statement from the federal ministry of Finance noted that the “figures show that they (states) received N966.6 billion in 2011, N816.3billion 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 got the highest with (N265billion), Rivers (N230.4 billion), Delta (N216.7 billion), Bayelsa (N176.3 billion), Kano (N106.5 billion) and Lagos (N82.9 billion) respectively got these 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 statement added that “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 the statement explained “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.”

The ministry noted that Subsidy and SURE-P payments are also made from the Excess Crude Account while the Federal Government’s share from the ECA during the period was N3.29 trillion.

The statement from the federal ministry of Finance noted that the “figures show that they (states) received N966.6 billion in 2011, N816.3billion in 2012, N859.4 billion in 2013 and N282.8 in 2014. Total = N2,925 trillion

The ministry noted that Subsidy and SURE-P payments are also made from the Excess Crude Account while the Federal Government’s share from the ECA during the period was N3.29 trillion .

wirinet:
This is the koko of the whole article;


The question is what did the Okonjo Iweala do with the N3.29 trillion that was shared to the FG, and why did Okonjo Iweala not save the FG share of the Excess Crude Accounts, Why was she so obsessed with sharing the Governor's share? Afterall her own share is more than the Governor's share.

The federal government spent about $10.85 billion (about N2.14 trillion) from the foreign excess crude revenue account savings on fuel subsidy payments to petroleum products marketers between 2011 and 2014, Mrs. Okonjo-Iweala, said.

The Excess Crude Account is one of the two accounts (dollar and Naira) where the Nigerian government saves revenue earnings from the difference between budgeted benchmark crude oil price and the actual price at the international market in a given year.

A breakdown of the expenditure for fuel subsidy payments showed$1.818 billion was spent in 2011;$2.63 billion for 2012; $3.26 billion for 2013 and $3.14 billion for 2014. The subsidy expenditure for 2015 is not yet available.

The records released by the government showed that in 2011 about $3 billion was disbursed for distribution to the three tiers of government; $8.76 billion as augmentation for the shortfall in the year’s budgetary allocations; $1.82 billion transferred to domestic excess crude account for subsidy payment, while $901,627 accrued as interest on Sovereign Wealth Fund (SWF).

In 2012, about $2.5 billion was disbursed for distribution to the three tiers of government, while $3.37 billion was released for augmentation; $82.57 million for the National Integrated Power Programme (NIPP) power projects;$2.63 billion transferred to domestic excess crude account for fuel subsidy payments and $918.7 million for the Subsidy Re-Investment and Empowerment Programme (SURE-P).Similarly, in 2013, about $3 billion was disbursed for the three tiers of government; $4.02 billion for budget augmentation; $94.22 million for NIPP projects; $3.26 billion for fuel subsidy payment and $2.53 billion forSURE-P funds.

Besides, in 2014, $54.9 million was released for NIPP projects; $3.14 billion for subsidy payments; $459.52million for SURE-P and another $1.84 billion for SURE-P as well as $455.40 million was released as special distribution to the three tiers of government, in addition to $8,275 as loss on early breaking o investment.

Since the beginning of 2015, only$93.6 million was released as special distribution to the three tiers of government, with the balance of the excess crude account currently at $2.08 billion.

blueto:
Stop feigning ignorance by repeating the same questions that have already been answered. The FG share was spent on financing fuel subsidy and sure-p http://www.premiumtimesng.com/business/183667-nigeria-earned-n12-3-trillion-as-excess-crude-oil-money-in-4-years-okonjo-iweala.html

wirinet:


Stop lying or pretending you cannot read English. Re-read what you posted and comprehend what it says. No where in the report did it insinuate that subsidy payments were from the FG's share of the revenue allocations. The money for subsidy, sure-P, IPP projects, Extra budgetary allocations and the excess crude account/Sovereign wealth fund were deducted at source, before the money was distributed to the 3 tiers of government.

And people like you have the audacity to call Lai Mohammed a liar.

The federal government spent about $10.85 billion (about N2.14 trillion) from the foreign excess crude revenue account savings on fuel subsidy payments to petroleum products marketers between 2011 and 2014, Mrs. Okonjo-Iweala, said.

wirinet:
This is the koko of the whole article;


The question is what did the Okonjo Iweala do with the N3.29 trillion that was shared to the FG, and why did Okonjo Iweala not save the FG share of the Excess Crude Accounts, Why was she so obsessed with sharing the Governor's share? Afterall her own share is more than the Governor's share.

oduastates:
The federal government's share of the money was $12 billion.
That is 12 with a B out of $22 billion.
Why Jonathan not save that?

blueto:
Questions have been raised concerning how and why the administration of ex-president Goodluck Jonathan failed to copiously save for the rainy day, and in my fugacious quest to ascertain the genuine reason for such, I descried a news article that indicated how Okonjo Iweala the ex-minister of finance disclosed how FG's share of the funds that was sourced from the Excess Crude Account was spent and further provided an explicit detail of the funds that were disbursed to the state Governors at that time, after they pressured the quondam Goodluck Jonathan's administration into sharing the savings in the Excess Crude Account.

Communiqué by the ex-minister revealed that the funds were spent on Subsidy and Sure-P payments and a total of 2.92trn was remitted to states in four years.


http://www.premiumtimesng.com/business/183667-nigeria-earned-n12-3-trillion-as-excess-crude-oil-money-in-4-years-okonjo-iweala.html


http://thenationonlineng.net/new/what-states-got-from-excess-crude-account-okonjo-iweala/

And despite all these, Jonathan tried to make it Sovereign Wealth Fund, “so that it would not be easy for one to take from there,” and he was still able to save $2.5billion in the SWF of which was bequeathed to Buhari's administration alongside the $2.07billion in the ECA.

I believe this accentuation have provided answers on how the excess crude oil revenue account, which stood at over $20 billion at the inception of Jonathan's administration, was depleted to about $2 billion when he left office on May 29, 2015, and what his administration did with the “lion share” that it received after the court adjured FG to share the funds in the ECA.

Now the germane and rational questions should be, what did those governors(especially those plaintiffs that moved the motion and compelled FG to share the funds like Amaechi, Oshiomhole, Fashola) do with the astronomical funds that were disbursed to them?

How much is currently in our Excess Crude Account considering that oil price has been undulating between $45 to $50 per barrel and the benchmark at $38?

Whynotthetruth:


1) Buhari, Tinubu and all APC fellas has NO MORAL justification if not for the sake of myopic nature of citizenry mentality, to complain about any government not saving. Why? ... Because today, Osibanjo is mischievously celebrating how much they have saved from subsidy without apologising to Nigeria & Nigerians how they for the sake of hatred and political convenience fought and frustrated Jonathan's government from removing same subsidy which would have saved us millions of dollars. Who's fooling who in Nigeria? Can we eat our cake and have it? Has Buhari told us how and why he suddenly accepted and paid for same subsidy which he denied it's existence while Jonathan was leading? Same tactics was used to propagate boko Haram by him and APC hierarchy.

2)It should be noted that Jonathan administration paid MORE salaries than Obasanjo's administration; hence is bound to have less savings than Obj. Yes, Jonathan paid #18000 for civil servants while Obj paid 7500(over 150% difference). Jonathan paid NYSC 19800, over 200% rise from what Obj paid. It will simply metamorphose into more expenses on recurrent expenditure for Jonathan administration. Compare this and see if we had same amount of rise in our income to cushion our expenditure.

3) Jonathan had so many laudable initiatives and training programs which means INCREASED expenditure for his administration...most of which Buhari has stopped. Eg; PRESSID, YOUWIN, etc We have seen so many threads of graduating students of Nigeria sponsored by Jonathan administration returning or still there. That was money turning to extra expenditure. He ingested in education big time.

4)The innovative almajiri school education which he instituted...which seems to be rotting away now...would have forestalled future boko Haram but we can never have it. We rather treat symptoms and wait again for reoccurrence again. Great country indeed!!! Almajiri education was real money... including his twelve universities at a time.

5)Nigeria is a funny country...which weighs EVERY opinion & initiative on the altar of religion, tribe & political party. A malaise championed by no less a person than our president; Muhammad Buhari. We are heading nowhere yet. Truth is subjective in Nigeria.

Hypocrisy kills a nation...Nigeria seems not to have a soul anymore...good pm!!!

blueto:
Questions have been raised concerning how and why the administration of ex-president Goodluck Jonathan failed to copiously save for the rainy day, and in my fugacious quest to ascertain the genuine reason for such, I descried a news article that indicated how Okonjo Iweala the ex-minister of finance disclosed how FG's share of the funds that was sourced from the Excess Crude Account was spent and further provided an explicit detail of the funds that were disbursed to the state Governors at that time, after they pressured the quondam Goodluck Jonathan's administration into sharing the savings in the Excess Crude Account.

Communiqué by the ex-minister revealed that the funds were spent on Subsidy and Sure-P payments and a total of 2.92trn was remitted to states in four years.


http://www.premiumtimesng.com/business/183667-nigeria-earned-n12-3-trillion-as-excess-crude-oil-money-in-4-years-okonjo-iweala.html


http://thenationonlineng.net/new/what-states-got-from-excess-crude-account-okonjo-iweala/

And despite all these, Jonathan tried to make it Sovereign Wealth Fund, “so that it would not be easy for one to take from there,” and he was still able to save $2.5billion in the SWF of which was bequeathed to Buhari's administration alongside the $2.07billion in the ECA.

I believe this accentuation have provided answers on how the excess crude oil revenue account, which stood at over $20 billion at the inception of Jonathan's administration, was depleted to about $2 billion when he left office on May 29, 2015, and what his administration did with the “lion share” that it received after the court adjured FG to share the funds in the ECA.

Now the germane and rational questions should be, what did those governors(especially those plaintiffs that moved the motion and compelled FG to share the funds like Amaechi, Oshiomhole, Fashola) do with the astronomical funds that were disbursed to them?

How much is currently in our Excess Crude Account considering that oil price has been undulating between $45 to $50 per barrel and the benchmark at $38?