News, Politics

JUST IN: $1.68 Billion Blown Away On ‘Nothing’, As President Buhari ‘Empties’ The Excess Crude Account, In Just 21 Days

The Permanent Secretary of the Ministry of Finance, Mahmoud Isa-Dutse, has disclosed that the balance of the Excess Crude Account, ECA, declined by $1.68 billion, between November 25 and December 19, under President Muhammadu Buhari’s watchful eyes.

He made this known while briefing Journalists on the outcome of the Federal Account Allocation Committee, FAAC, meeting.

The Permanent Secretary said that $2.246 billion was withdrawn, between October and December, and shared to States, as part of the Paris Club refund.

“The deductions was for the final payment of the Paris Club refund. The final payments to States have been made, and the figure was deducted from the Excess Crude Account”, he said, adding that the balance of the ECA is now $631 million.

“A decision was taken to make these refunds, and part of that decision is for the refund to be funded from the Excess Crude Account.

“All the required approvals were obtained from the President and Federal Executive Council.”

According to Isa-Dutse, mineral revenue declined by N100.8 billion, from N522.6 billion recorded in October, to N421.8 billion in November.

Also, the non-mineral revenue increased by N68.2 billion, from N159.4 billion to N227.7 billion, while Value Added Tax, VAT, reduced from N100.9 billion in October, to N88.3 billion in November.

“The gross statutory revenue of N649.6 billion received for the month, was lower than the N682.1 billion received in the previous month, by N32.5 billion”, he said.

“The revenue from the Companies Income Tax (CIT) increased significantly. However, revenue from Foreign Oil and Gas, Domestic Oil and Gas, Royalties, Petroleum Profit Tax, Import and Excise duties, and Value Added Tax, decreased.”

According to the Permanent Secretary, all three tiers of government shared N812.76 billion as revenue for the month of November.

Isa-Dutse stated further that in summary, that the Federal Government received N280.9 billion, States N142.48 billion, and N109.84 billion was received by the Local Governments.

According to him, N47.8 billion representing 13 percent of the mineral revenue, was shared to oil-producing States.


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