Controversy trailed Wednesday’s revelation by the Federation Accounts Allocation Committee (FAAC) that the excess crude revenue account savings has been depleted to only $631 million within three weeks.

Barely three weeks ago, Minister of Finance, Zainab Ahmed, disclosed at the end of the committee’s meeting in Kaduna on November 25, 2018, that the balance in the account stood at about $2.319 billion.

It was not clear how about $1.688 billion, almost 73 per cent, left the account in a space of three weeks.

Excess Crude Account is a special account established to warehouse excess revenues from the prevailing crude oil price at the international market. Income generated above the approved crude oil benchmark price in the annual budget is saved in the account.
Withdrawal from the account is subject to the approval of the three tiers of government and the Executive Council of the Federation (FEC).

It was not clear when the decision to draw from the account was taken and for what purpose.
But, at the end of the FAAC meeting for December in Abuja on Wednesday, Permanent Secretary, Federal Ministry of Finance, Mahmoud Isah-Dutse, said the money was withdrawn to settle the last tranche of the Paris Club loan refund to states.

Mr Isah-Dutse, who disclosed that a total of N812.762 billion was distributed between the federal, states and local governments for November 2018, announced that the balance in the excess crude account stood at $0.631billion as at December 19, 2018.

Asked how the savings in the account was depleted from $2.319billion in late November and to $0.631billion on December 19, Mr Isah-Dutse said the decision was taken that the final payment for Paris Club loan refund to states be drawn from the account.

When his attention was drawn to the apparent illegality in drawing money from the ECA without approval, the Permanent Secretary said the approvals came from the President and the FEC.
“The decision was taken that the refund should be funded from the excess crude account, and the right approvals were obtained,” he said.

Pressed further for clarification on who exactly gave the approval, the Accountant General of the Federation, Ahmed Idris, asked PREMIUM TIMES to approach the National Assembly to confirm if they were not aware of the approval to withdraw the money from the account.

Meanwhile, a communiqué by the Technical Sub-Committee of the FAAC showed gross statutory revenue stood at about N649.629 billion, which is lower than about N682.161 billion realised in the previous month by N32.533 billion.

Details of the total distributable revenue of N812.762 billion comprised the Statutory Revenue of N649.629 billion, Gross Value Added Tax of N92.079billion, foreign exchange equalisation of N70 billion and exchange rate gain of N1.055 billion.
From the gross statutory revenue, the federal government received N280.913 billion, representing 52.68 per cent; states N142.483 billion, or 26.72 per cent; and local government councils N109.848 billion, or 20.60 per cent.

About N47.882 billion went to the oil producing states as 13 per cent derivation revenue.
The distribution of the Value Added Tax (VAT) showed the federal government got N13.259 billion, or 15 per cent; states N44.198 billion, or 50 per cent, while the local government councils got N30.938 billion, or 35 per cent.

The communique said revenue from company income tax (CIT) increased significantly during the month, while revenues from Value Added Tax (VAT), Import Duty, Petroleum Profit Tax (PPT) and Foreign Oil and Gas, Domestic Oil and Gas Royalties all decreased.

https://www.premiumtimesng.com/news/headlines/302071-nigerias-excess-crude-account-depletes-73-in-three-weeks.html

Oh yes stealing is now corruption, yet billions of naira keep disappearing and nobody accounting for them. Stealing is now corruption yet Ikoyi house billion naira case disappeared. Nobody is made to answer for it. Stealing is now corruption yet maina the pension thief was reinstated and double-promoted. Stealing is now corruption yet Babachir Lawal the multi million naira grass cutter is now the presidential coordinator of Buhari's reelection campaign.
Grand corruption has be fought to a standstill, yet Oshiomole has been running to Court asking his investigation of misappropriation to be stopped, Ganduje the bullion van babariga bribe taker has been labeled as a responsible leader hence no investigation into his bribe collection, Akpabio, Sylva and CO had all their previously seized properties returned to them just because they crossed over.
This money has also disappeared because one lifeless man must be reelected.
Thieves calling others thieves just like mad people calling normal people mad.

The same thing they blamed GEJ for not saving... Wen he even saved about 2billion dollars . Now they av less than a billion.

ok.
2019 Election War chest has just been released for APC to buy votes and rig election.

Buhari and his co travellers have been looting the country from the backdoor.
Una welldone

Money to buy up votes.

Pdp will be right to use thithis as campaign news against Apc. No mater what led to the depletion. They latched on it so much against GEJ.

While one foolish Illiteratic woman has already vowed in the name of Allam that bulhari is a saint

Lol... Lai Mohammed will still say PDP was responsible.

Election is coming, expect more deduction.

I love this administration, they are stealing with integrity

Pavarottii:
The same thing they blamed GEJ for not saving... Wen he even saved about 2billion dollars . Now they av less than a billion.

gej made over 400billions dollars from crude oil in his regime yet before he left 27states cannot pay salaries
Federal govt was borrowing to pay salaries.

Excess crude oil account doesnt belong to FG only .states and local govt have 48% while FG have 52%.

buhari has offer bailout to states goves for the 3rd from their share of excess crude oil account.

ORIENTATION101:
must you behave like a fool always whoever sent you to school deserve to get a refund for wasting scarce resources on an empty skull.

Simple reading four paragraphs will tell you the money was shared among three tiers of govt and also paid paris fund last tranches to the state

I'm not surprised. Like I said, mad people easily call others mad likewise those who act foolishly.

nnachukz:

I'm not surprised. Like I said, mad people easily call others mad likewise those who act foolishly.

get away

Wawa dan wahala

ORIENTATION101:
get away

Wawa dan wahala

Keeping quiet would have made you appear to be different from what you are portraying here.
Dance on, I'm done with you.

Buhari intend using it in his failed bid for re-election.

The looting has begun

With what the reps did to Buhari, anyone who still thinks he's winning any elections is dreaming. These are the gate keepers and decision makers who influence their various communities

No SINGLE Nigerian President has been disgraced like this. Never.

"Even if we catch Atiku with his hand in the vault if CBN we will still vote for him" ~ Wailing Wailers/IPOB miscreants.


"Even if Buhari depletes the entire reserves I will still vote for him" ~ Me.

No they're are fighting corruption with it

SCAM

Buhari voodoo economics at play.

The more you look, the less you see.


The truth is that a lot of damage has been done.

Settlement of the first tranche of oil maketers debt and others

They want to rig election with it.


What is Atiku doing to stop bubu rigging this coming election? For me that is the only thing that will stop his victory.

Donald95:
While one foolish Illiteratic woman has already vowed in the name of Allam that bulhari is a saint

Yes in the camp of evil doers

Due process was followed and that's what matters most!

The other 27 percent will vanish in 12 minutes. Thieves.

PLS SUBSCRIBE TO MY YOUTUBE CHANNEL FOR MIND BLOWING VIDEOS
https://www.youtube.com/channel/UCKEYZdhCv_78YFUmo_-pu-g?view_as=subscriber

Apparently to fund APC campaigns