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Excess Crude Account Now At $2.207billion - Politics - Nairaland

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Excess Crude Account Now At $2.207billion by 175(m): 10:04am On Aug 21, 2015
The National Economic Council (NEC) has been
told by the Permanent Secretary, Ministry of
Finance, that the Excess Crude Account (ECA)
now stands at $2.207 billion as at August 2015.
The latest figure presented before NEC shows
that there has been N200,000,000 (two hundred
million naira) increase since the new government
came into power in May 29.
It would be recalled that the former Minister of
Finance, Ngozi Okonjo-Iweala noted that the ECA
stood at $2.07 billion as at May 2015.
At the sitting on Thursday, NEC also stated that
11 out of the 22 states which met the criteria for
the issuance of Federal Government Bond as part
of their loan recovery efforts were cleared to
access the bond.
This was the highpoint of the review of the
economic activities in the country by the NEC
which was presided over by Vice President Yemi
Osinbajo at the State House.
Governors Willie Obiano (Anambra), Abdulfatah
Ahmed (Kwara), Ibikunle Amosun (Ogun) and
Abubakar Badaru (Jigawa) briefed State House
correspondents on the outcome of the meeting.
“As at Aug. 14, 2015 out of the 22 states that
have applied FGN bonds have been issued in
respect of the loan of 11 states.
“The bonds were issued to 14 banks after
submitting the reconciled figures and other
required documents for the restructuring.”
According to them, the DMO is reviewing
additional submissions by states which will form
the second phase of the programme.
.
.
http://www.pmnewsnigeria.com/2015/08/21/excess-crude-account-now-at-2-207billion/
.
.
lalasticlala, Ishielu, Ishilove

Re: Excess Crude Account Now At $2.207billion by BeeBeeOoh(m): 10:05am On Aug 21, 2015
That's good..
Re: Excess Crude Account Now At $2.207billion by Jorussia(m): 10:06am On Aug 21, 2015
.
Re: Excess Crude Account Now At $2.207billion by Nobody: 10:07am On Aug 21, 2015
Wipes my *nyash*
Ephiisiii change!
Re: Excess Crude Account Now At $2.207billion by wirinet(m): 10:16am On Aug 21, 2015
Where did the excess money come from? I thought the excess crude account is money that is in excess of the budgeted crude benchmark for the year, which this year is put at about $65. So has crude prices gone beyond $65 within the last 3 months?
Re: Excess Crude Account Now At $2.207billion by yemmynoni: 10:22am On Aug 21, 2015
I knw some people will not be happy with this news, anyway more good news to come
Re: Excess Crude Account Now At $2.207billion by feelamong(m): 10:25am On Aug 21, 2015
wirinet:
Where did the excess money come from? I thought the excess crude account is money that is in excess of the budgeted crude benchmark for the year, which this year is put at about $65. So has crude prices gone beyond $65 within the last 3 months?

You be olodo!

How much is the budget for crude oil sales again?

go and read the budget before commenting...
Re: Excess Crude Account Now At $2.207billion by Demdem(m): 10:26am On Aug 21, 2015
wirinet:
Where did the excess money come from? I thought the excess crude account is money that is in excess of the budgeted crude benchmark for the year, which this year is put at about $65. So has crude prices gone beyond $65 within the last 3 months?

Probably from the banks or so.
The good news about this is that our finances are currently in the hands of good people under the able leadership of General Buhari unlike when Jonah-daft was in charge. There is so much transparency now.

2 Likes

Re: Excess Crude Account Now At $2.207billion by phantom(m): 10:38am On Aug 21, 2015
feelamong:


You be olodo!

How much is the budget for crude oil sales again?

go and read the budget before commenting...
he asked a Very reasonable question in my opinion.
Please educate us since you appear to be informed.thanks
Re: Excess Crude Account Now At $2.207billion by Nobody: 11:06am On Aug 21, 2015
feelamong:


You be olodo!

How much is the budget for crude oil sales again?

go and read the budget before commenting...
Pls, share with us if you have an idea since Google is not working today grin
Re: Excess Crude Account Now At $2.207billion by 175(m): 1:58pm On Aug 21, 2015
Since this thread no fit reach NL Headquaters, I fear NairaLand be dat ooo!
Re: Excess Crude Account Now At $2.207billion by RockMaxi: 2:31pm On Aug 21, 2015
175:
The National Economic Council (NEC) has been
told by the Permanent Secretary, Ministry of
Finance, that the Excess Crude Account (ECA)
now stands at $2.207 billion as at August 2015.
The latest figure presented before NEC shows
that there has been N200,000,000 (two hundred
million naira) increase since the new government
came into power in May 29.
It would be recalled that the former Minister of
Finance, Ngozi Okonjo-Iweala noted that the ECA
stood at $2.07 billion as at May 2015.
What kind off error is @bolded? Doing your dollar and naira analysis with the same conversion. Tham PM journalist must have been a copy and paste journalist. angry

Re: Excess Crude Account Now At $2.207billion by abduljabbar4(m): 3:06pm On Aug 21, 2015
Bad news for the tanoids.
Re: Excess Crude Account Now At $2.207billion by 175(m): 3:23pm On Aug 21, 2015
RockMaxi:

What kind off error is @bolded? Doing your dollar and naira analysis with the same conversion. Tham PM journalist must have been a copy and paste journalist. angry


nice observation!
Re: Excess Crude Account Now At $2.207billion by DelGardo: 4:29pm On Aug 21, 2015
wirinet:
Where did the excess money come from? I thought the excess crude account is money that is in excess of the budgeted crude benchmark for the year, which this year is put at about $65. So has crude prices gone beyond $65 within the last 3 months?

This is a valid question.
Is it possible that the last administration operated another account which might have been discovered by PMB and funds in it moved to the legal one?
Re: Excess Crude Account Now At $2.207billion by Sall(m): 9:43pm On Aug 21, 2015
And were did the money came from chiii . The fear of buhari can do wonder.
Re: Excess Crude Account Now At $2.207billion by IsraeliAIRFORCE: 10:47pm On Aug 21, 2015
The excess is a product of (price * quantity) sold minus (price * quantity) approved in the budget. Sometimes conversion rate is applicable but since ECA is in $, no conversion is needed.

A typical example is shown below:

Sales
Current Crude Price = $50
Quantity Sold = 2.615 Billion barrels
Amount accrued to Government = $50 * 2.615b barrels = $130.75 Billions

Budget
Estimated Crude Price = $65
Estimated Quantity = 2.0 Billion barrels
Estimated Income to Government = $65 * 2 = $130.5 Billions


Sales - Budget = Excess
$130.75b - $130.5b = $2.5million

Therefore $2.5 million goes to ECA by virtue of excess quantity sold against price

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