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Okonjo-Iweala reveals how FG, states shared N6.2tn ECA funds

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Minister of Finance, and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala has made good her promise to release details of the account of how N6.21tn was shared from the Excess Crude Account (ECA) by the federal and state governments between 2011 and 2014.

This followed demand by the Nigeria Governors’ Forum that she should explain how she had managed the over $20bn in the ECA between June 2013 and April 2015.

In the document issued on Sunday by her Special Adviser on Communications, Mr. Paul Nwabuikwu, the minister said she needed to make public the details “to clarify issues thrown up by recent claims made by Governor Rotimi Amaechi of Rivers State on behalf of some governors.”

Analyses of the allocation as revealed by the document showed that in addition to their constitutionally approved receipts from the Federation Account, the Federal Government received the sum of N3.29tn, while the 36 states got a total of N2.92tn from the ECA within the four-year period

A further breakdown of the ECA disbursement showed that the 36 states received N966.6bn in 2011; N816.3bn in 2012; N859.4bn in 2013 and N282.8bn in 2014.

The document attributed the low figure shared in 2014 to a steep decline in revenues due to the impact of the crash in global oil prices, which began in the middle of that year.

Akwa Ibom, with N265bn, got the highest allocation; while Rivers and Delta states followed with N230.4bn and N216.7bn, respectively.

Other states with highest allocations, according to the document, are Bayelsa, N176.3bn; Kano, N106.5bn; and Lagos, N82.9bn.

On the other hand, Kwara (N52.8bn), Enugu (N51.6bn), Gombe (N47.7bn), Nasarawa (N46.9bn), Ekiti (N46.8bn) and Ebonyi (N44.3bn) received the least amounts.

The summary of the inflows and outflows from the account indicated that the opening balance was $4.56bn in 2011 and reached a peak the following year at $8.7bn before declining to $2.3bn in 2013.

The document put the balance as of May 2015 at $2.07bn, noting that “the fluctuation in the ECA reflects the sharing of the proceeds usually requested by state governors as well as the practice of augmentation.”

It said the augmentation involved additional sharing from the ECA by both tiers of government when available funds were not adequate to meet revenue projections.

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0 Comments

  1. Sexymama

    May 25, 2015 at 6:44 am

    This country is no more a country…what to call it is even unknown to me and I just know at this rate, things are likely going to get worse before it gets better. Sadly thats not anytime soon.

  2. Jedimaster

    May 25, 2015 at 7:20 am

    So some greedy neanderthals gather round a table and share all this money. Some iota of sense would have dictated that some of the money should be used to build or renovate infrastructure. Ah but then again that would mean they had some iota of sense. The corrupt linger and linger like diseases. Let’s see if at some point we get our act together and start taking our country seriously.

  3. Emmanuel Akpoguma

    May 25, 2015 at 7:31 pm

    Madam you over try to have given details of the ECA to the forum cos they are hiding under an unconstitutional body leave them to go to court or go lobby NA members they want to be good govs at your expense to cover yesterday secret

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