SPECIAL REPORT: Nigeria’s four seasons of lavishness with N15.46 trillion Excess Crude Fund

https://www.premiumtimesng.com/news/headlines/312330-special-report-nigerias-four-seasons-of-lavishness-with-n15-46-trillion-excess-crude-fund.html

In the last fifteen years, the Nigerian government has spent at least $107.4 billion (the equivalent of N15.46 trillion) from the Excess Crude Account (ECA) under the administrations of Olusegun Obasanjo, Umaru Musa Yar Adua, Goodluck Jonathan and incumbent President Muhammadu Buhari.

A Premium Times Centre for Investigative Journalism (PTCIJ) report revealed that Nigeria earned $109.37 billion, approximately N15.274 trillion, as excess crude money between 2004 and 2018. According to the report, the fund reached its peak with a real inflow of $18.16 billion in 2008.

The rise in crude oil prices raised the funds in the ECA three-fold between 2005 and 2008, with the account growing from $5.9 billion in 2005 to over $17 billion in 2008. Other years of boom, in terms of direct inflows into the account, were in 2011 and 2012 with an inflow of $16.19 billion and $13.59 billion, respectively.

After a careful review of the document obtained from the Cash Management Office (CMO) of the Ministry of Finance through the FOI mechanism, PTCIJ has determined that successive administrations, since 2004, have expended an estimated $107 billion out of the $109.15 billion, approximately N15.274 trillion, on various projects/programmes from the ECA. By 2010, the account had fallen to less than $6 billion due to the steep drop in oil prices, mismanagement and budget deficits at all levels of government in Nigeria.

A review of the same data revealed that a claim by the former Minister of Finance, Kemi Adeosun, where she notes that the first payment into the ECA by the Buhari administration was in April 2017, was incorrect. The CMO document revealed that there was a $1.43 billion real inflow in 2016 that included $1.23 billion from Monthly Excess Inflow, $9.68 million from Interest and $189.55 million as Interest and Special Transfer/Refund.

Mrs Okonjo-Iweala, the Finance Minister in the Olusegun Obasanjo administration, committed a similar error when she insinuated Nigeria earned $61.7 billion in five years as excess crude oil money. She quoted the four-year earnings as $18.14 billion, $18.16 billion, $15.19 billion, $8.01 billion and $2.17 billion, consecutively, between 2011 and 2015. The CMO document revealed, however, that the five-year total earnings were actually $42.33 billion annual earnings, a difference of $19.5 billion from the figure quoted by the Finance Minister at the time.

Errors such as the ones committed by both finance ministers are misleading and have consequences on the projections made based on incorrect figures, especially since there have been no full details on the actual inflow/outflow activities on the account until recently

The federal government spent about $12.95 billion from the foreign excess crude revenue account savings on fuel subsidy payments to petroleum products marketers between 2009 and 2014. In 2009 and 2010, the subsidy payments were made to the Petroleum Product Pricing Regulatory Agency (PPPRA) who subsequently paid the marketers.

Chaiii.....NwaAmaikpe!!!!

In summary

SAI ATIKUOBI FOR BETTER LIFE FOR ALL NIGERIANS....


SAI MR job$$$$$$$$$$$$$$$...............JOIN THE PDP FESTIVAL AND ATIKULATE TO VICTORY, JOIN THE WINING TEAM.... #BetterNigeriaWith Atiku Aguero ABUBAKAR.Now to talk about foolhari's INCOMPETENCE which is a long list.
It took buhari six months to appoint his ministers. And most of them are incompetent. Not one of these ministers stood out for doing an exceptional jobs. We still don't have stable electricity across the country, we still don't have good roads across the country, we still don't have running waters across the country and security has gotten worse. In fact, some people still argue that there is no security anymore in Nigeria.

Pdp presidents should be ashamed of themselves made alot yet. Couldnt. Complete any major projects apart from lootting. Buhari with little resources completed more ,paid off retireepensions,
Issued bail out funds e.t.c wailers stay away from my mention i wont reply

Managing finance and accounting isn't child's play.

Lmao!

The over 80 million poor people in Nigeria don't really care abt such figures, how do they affect their standard of living is all that matters.

Usually when I see such figures I get quick to cast blame, burn at the stake, do these, do that. Having worked with figures, I've come to realize they only fit the narrative you want them to.


To whom much is given, much is required. However most times the people with meagre achieve more, unfortunately as it seems.


The most important thing should be, with what was given to you, what did you achieve?

so all the four matches played were LLLL

Interesting.