July 01, 2015 12 :00 PM /Federal Ministry of Finance
The Federal Ministry of Finance is publishing this information in fulfillment of the pledge by the coordinating Minister for the economy and Minister of finance, DrNgoziOkonjo – Iweala to make public details of the Excess Crude Account to clarify issues thrown up by recent claims made by Governor RotimiAmaechi of Rivers State on behalf of some governors.
- In addition to their constitutionally approved receipts from the federation Acoount, the 36 received a total of #2.92 trillion from the Excess crude Account (ECA) between 2011 and 2014.
- The figures show that they received #966.6 billion in 2011 #816.3 billion in 2012, #859.4 billion in 2013 and #282.8 in 2014. The Low figure for 2014 reflects the sleep decline in revenues due to the impact of the crash in global oil prices which began in the middle of the year.
- AkwaIbom (265 billion), Rivers (#230.4 billion), Delta (216.7 billion), Bayelsa (176.3 billion), Kano (106.5 billion) and Lagos (82.9 billion) respectively get the highest amounts from the ECA.
- Kwara (52.8 billion), Enugu (51.6 billion), Gombe (47.7 billion) Nassarawa (46.9 billion), Ekiti (46.8 billion) and Ebonyi (44.3 billion) received the least amounts in that order.
- The summary of the inflows and the outflows from the Account shows that the opening balance was $4.56 billion in 2011 reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The balance as at May 2015 is $2.7 billion.
- The fluctuation in the ECA reflects the sharing of the proceeds usually requested by state governors as well as the practice of Augmentation which Involves additional sharing from the ECA when available funds are not adequate to meet revenue projections.
- Subsidy and SURE–P payments are also from the Excess Crude Account.
Fg’s share from the ECA during the period was #3.29 trillion.