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Nigeria’s Excess Crude Account Down To $2.45 Billion by LocalChamp: 7:04pm On Jan 17, 2015
Nigeria’s Excess crude account down to $2.45 bn
January 17, 2015Bassey Udo

Nigeria’s Excess Crude Account, the equivalent of the Sovereign Wealth Fund, has plunged to $2.45 billion as oil prices continue to fall.
The balance in the dollar component of the excess crude oil revenue account depleted to about $2.45 billion in December 2014.

The account, which stood at about $4.11billion in October, dropped to about $3.11billion in November 2014.

Though there was a controversy of a missing $1billion from the account during the month, the Minister of Finance, Ngozi Okonjo-Iweala said the money was used for the payment of part of the outstanding debt to petroleum products marketers.

The Minister of State for Finance, Bashir Yuguda, at the end of the Federation Accounts Allocation Committee, FAAC, meeting in Abuja on Friday, said the balance in the account for December 2014 stood at about $2.45 billion.

Details of the balance of the account released at the end of the FAAC meeting showed that the transfer to the account as a result of foreign exchange gain dropped from N1.767 billion to about N665 million.

The Accountant General of the Federation, AGF, Jonah Otunla, said in a statement at the end of the meeting that the balance in the account dropped from about $3.11 billion to $2.45 billion in December.

The new balance in the account followed the withdrawal of the equivalent of N15.631 billion to augment the shortfall in allocation available for distribution to the three tiers of government for the month.

The expected revenue proposed in the 2014 approved budget for December was N688.938 billion.

But following the continued decline in global oil prices at the international market since the beginning of the year, there was a decline in oil revenue in the Federation Account and a shortfall in the monthly allocation available for distribution.

In December, about N381.58billion realized as oil revenue for the month was lower by N36.032 billion from the expected revenue of N417.612 billion proposed in the 2014 budget.

Similarly, non-oil revenue, which stood at about N107.796 billion was lower by N57.927 billion from about N185.323 billion proposed in the budget.

The minister said the withdrawal of N15.631 billion from the ECA was to augment the difference of N92.9 billion between total allocation realized for the month (N490.031billion) and about N582.935 billion proposed in the budget.
http://www.premiumtimesng.com/business/175125-nigerias-excess-crude-account-2-45-bn.html

4 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:11pm On Jan 17, 2015
noted... ***Modified FTC. get latest football transfer news at www.ireviewplace.com
Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by kestolove95(m): 7:21pm On Jan 17, 2015
Jesus!!!

8 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by CyberWolf: 7:23pm On Jan 17, 2015
Make the money do finish abeg ..make oil fall to 10dpb so that everybody should just go home.. angry sad

32 Likes 3 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by hahn(m): 7:23pm On Jan 17, 2015
That one small na. Vote GEJ and see what will happen. Na zillions go dey miss

94 Likes 6 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Udmaster(m): 7:53pm On Jan 17, 2015
Nigeria must invest in Agriculture, Tourism and Industrialization.
Imagine high number of unemployed graduate and oil price falling. Awww

14 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by olapluto(m): 7:53pm On Jan 17, 2015
GEJ has finished this nation! How much was crude when OBJ came in? How much is it now? How come OBj was able to pay debts and still save?
Yet GEJ is the best president EVER

109 Likes 9 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:53pm On Jan 17, 2015
Nigerians.....oil will not save you.

Industrial development, industrial development, industrial development ,will save you.

Oil is a curse.

As you go to the polls....vote for whoever you want...but demand from then an end to the oil dependent economic practice that has been ongoing since the 1970's..

Economists have long known about “Dutch disease,” which happens when a country becomes so dependent on exporting natural resources that its currency soars in value and, as a result, its domestic manufacturing gets crushed as cheap imports flood in and exports become too expensive. What the PISA team is revealing is a related disease: societies that get addicted to their natural resources seem to develop parents and young people who lose some of the instincts, habits and incentives for doing homework and honing skills.

[size=15pt]By, contrast, says Schleicher, “in countries with little in the way of natural resources — Finland, Singapore or Japan — education has strong outcomes and a high status, at least in part because the public at large has understood that the country must live by its knowledge and skills and that these depend on the quality of education. ... Every parent and child in these countries knows that skills will decide the life chances of the child and nothing else is going to rescue them, so they build a whole culture and education system around it.”
[/size]
Or as my Indian-American friend K. R. Sridhar, the founder of the Silicon Valley fuel-cell company Bloom Energy, likes to say, “When you don’t have resources, you become resourceful.”

From the article Pass the books, hold the oil.

13 Likes 2 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by dre11(m): 7:53pm On Jan 17, 2015
This is the harsh reality we have to face





Since we solely depend on oil as our source of income as a country and we didn't diversify our economy and source of income
This is what we will keep having as oil depreciate in the international market
Our successive governments have turned blind eye to this hard truth and the policy makers haven't help either.

A change in ideology and policy will help the country

10 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:54pm On Jan 17, 2015
Taniods be like "Gej Till 2019(Nigeria Go broke)"

30 Likes 2 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Airforce1(m): 7:54pm On Jan 17, 2015
must APC people play politics with everything?

Bunch of liars

7 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:55pm On Jan 17, 2015
olapluto:
GEJ has finished this nation! How much was crude when OBJ came in? How much is it now? How come OBj was able to pay debts and still save?
Yet GEJ is the best president EVER
guy na wow. Obj did nt pay any debt

2 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Agimor(m): 7:55pm On Jan 17, 2015
Diversify,the drunk master said no!face the beat.

6 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:55pm On Jan 17, 2015
Tada! This incompetent government should just leave already. We forgive you. Just leave, please.

32 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:55pm On Jan 17, 2015
vote buhari people no go gree,till Nigeria die na im una eye go open

12 Likes 3 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ichidodo(m): 7:56pm On Jan 17, 2015
APC illiterates will mistake this as Nigeria's foreign reserve...

8 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nobody: 7:56pm On Jan 17, 2015
God forbid bad thing.

4 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Izontubo(m): 7:56pm On Jan 17, 2015
Make d oil finish make we rest for this useless country...

1 Like 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Nnamsco4real: 7:56pm On Jan 17, 2015
grin Hahaha!!! GEJ till 2019 jor! Haters plunge to Hell.

2 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by olapluto(m): 7:57pm On Jan 17, 2015

7 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by KingsleyBuubba(m): 7:57pm On Jan 17, 2015
Jonathan I see ur economy....number one in Africa my ass.

8 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Wealthyone: 7:57pm On Jan 17, 2015
Jonah!!!! shocked

15 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by siegfried99(m): 7:57pm On Jan 17, 2015
Chai

1 Like

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by Sanchez01: 7:57pm On Jan 17, 2015
[size=14pt]Jonathan is a failure; I swear down, I'm not surprised at this undecided[/size]

16 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by sam4(m): 7:58pm On Jan 17, 2015
lol owo wegbe
Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by joromi: 7:58pm On Jan 17, 2015
Airforce1:
must APC people play politics with everything?

Bunch of liers

You have sha refused to use your brain... undecided

36 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by DeCritique(m): 7:58pm On Jan 17, 2015
If the economy is like this with a PHD holder, I wonder how it would fare under the nose of an illiterate APC and Fulani tribalist. Therefore, half bread they say is better than none... Equally, a bird in hand is worth more than two more in the bush so I'll rather keep my votes with GEJ!!


#GEJ till Buhari proves he went through nursery education!!

4 Likes

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ceejay80s(m): 7:58pm On Jan 17, 2015
This news no concern us, na those wey dey steal our oil money e concern.
Greedy donkeys

5 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by olamonsor2: 7:58pm On Jan 17, 2015
This is the reason we need change.

7 Likes 1 Share

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by ChinemeOkpan: 7:58pm On Jan 17, 2015
Nigerians need to vote for change

This irresponsible government is going to bankrupt and balkanize Nigeria

We need change

Sai Buhari

54 Likes 3 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by BankManager(m): 7:58pm On Jan 17, 2015
President Jonathan's administration:TAKING CORRUPTION TO THE NEXT LEVEL...

In spite of the controversies surrounding this present administration,it beats my imagination when i see some jobless youths clamouring "GEJ TILL 2019"..After complaining for 6yrs,u still wanna remix it??
We need CHANGE..**PEriod**

27 Likes 2 Shares

Re: Nigeria’s Excess Crude Account Down To $2.45 Billion by delvinmaya(m): 7:59pm On Jan 17, 2015
Advertico:
guy na wow. Obj did nt pay any debt

Bros, seems like you were in primary school when obj was president. Don't talk about what you don't know.

29 Likes 4 Shares

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