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Nigeria excess crude oil account hits $9.242bn

Nigeria's Minister of State for Finance, Yerima Ngama, has announced that
the country’s saving in excess crude account (ECA) is now stood at
about $9.242 billion.

The minister made this known at the meeting of Federation Account
Allocation Committee (FAAC) in Abuja.

According to the minister of state, the saving in excess crude
account can stabilise the country for the next three months in case
of emergency.

Meanwhile the three tiers of government have shared a total
revenue of N567.708 billion for the month of December.

Out of the amount, Federal Government received N217.425 billion,
the states shared N110.281 billion and local government councils
shared N85.022 billion while N49.705 billion went to oil and gas
producing states as derivation fund.

Yerima attributed the growth in revenue to the higher export sales
volume in November.

He also expressed concern that crude oil production and lifting had
also encountered several disruptions following increased bunkering
activities and ongoing maintenance work.


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