EXCESS CRUDE ACCOUNT BALANCE DECLINES BY US$1.68 BILLION

The permanent secretary, federal ministry of finance, Mahmoud Isa-Dutse, has said that the balance of the excess crude account declined by $1.68 billion between November 25 and December 19, 2018.

Isa-Dutse made this known on Wednesday, December 19, 2018 while briefing journalists on the outcome of the Federal Account Allocation Committee (FAAC) meeting.

According to him, the $2.246 billion was withdrawn between October and December and shared to states as part of the Paris Club refund. He said that:

“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 leaving a balance of $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”.

He went further to say that mineral revenue declined by 100.8 billion naira, from 522.6 billion naira recorded in October to 421.8 billion naira in November.

While non-mineral revenue increased by 68.2 billion naira, from 159.4 billion naira to 227.7 billion naira. Value-added tax (VAT) reduced from 100.9 billion naira in October to 88.3 billion naira in November, 2018.

“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.

“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”.

Isa-Dutse further said that all three tiers of government shared 812.76 billion naira as revenue for the month of November, 2018

In summary the federal government received 280.9 billion naira; states 142.48 billion naira and 109.84 billion naira was received by the local governments.

He also said that 47.8 billion naira representing 13 percent of the mineral revenue was shared to oil-producing states.

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