Nigeria's excess Crude Account balance reduces to $2.29 billion

Nigeria’s Excess Crude Account balance dropped to $2.29 billion on May 23 from $2.49 billion on April 25.

The Accountant General of the Federation , Ahmed Idris, made this known on Tuesday after a Federation Account Allocation Committee, FAAC, meeting held at the Ministry of Finance in Abuja.

According to Mr. Idris, the allocations from the Federation Account to the three tiers of government also declined by N52. 07 billion from the N467.8 billion shared in March to N 415.73 billion in April this year.

Similarly, a decrease of N57.47 billion was also recorded in gross statutory revenue from N331.58 billion in March to N274.1 billion in April.

Mr. Idris explained further that the Federal Government received N163.89 billion while states and the 774 local government councils received N117.59 billion and N87.77 billion, respectively.

Meanwhile, N29.83 billion was shared to the oil-producing states based on the 13 per cent derivation principle, while the revenue- generating agencies received N16.52 billion as cost of revenue collection.

According to Mr. Idris, the decrease in revenue to crude oil production setbacks was caused by sabotage and shutdown of installations, especially in the Niger Delta region.

“Despite the improvement (in prices of crude oil), production still suffered the perennial setbacks,” he said.