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Nairaland Forum / Nairaland / General / Politics / Excess Crude Account Now At $2.207billion (1285 Views)
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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
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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: 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: 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: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:Pls, share with us if you have an idea since Google is not working today |
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: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. |
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: nice observation! |
Re: Excess Crude Account Now At $2.207billion by DelGardo: 4:29pm On Aug 21, 2015 |
wirinet: 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 1 Like |
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