To $472,513, the Excess Crude Account decreases by 89%.
In the last eight years, Nigeria’s excess crude account has decreased by 89%, from $4.1 billion in November 2014 to $472,513 in the same time in 2022.
The ECA’s balance as of November 23, 2022, was $472,513.64, according to a statement from the Ministry of Finance, Budget, and National Planning that was seen by The PUNCH on Wednesday.
According to the financial and business dictionary Investopedia, the ECA is the fiscal account of the Federal Government that was established to conserve funds from oil sales that were generated in excess of the budgetary benchmark price.
N70 billion in additional funding was also divided among the three levels of government. State governments received N18.704 billion, the federal government N36.876 billion, and local government councils N14.420 billion.
Additionally, N30 billion in non-oil revenue was allocated. Local government councils received N6.180 billion, the Federal Government N15.804 billion, and the States N8.016 billion.
The communiqué also revealed that the three levels of government split N5.775 billion in exchange gains. State governments earned N1.373 billion, states received N2.707 billion, and local government councils received N1.058 billion. States that produce oil, however, received N637 million.
Additionally, while VAT and corporate income tax both saw big increases, taxes on oil and gas royalties, petroleum profits, and import duties all experienced significant cuts. The excise charge did, however, slightly rise.
The communiqué states that the total income distributable for the month of October was made up of N736.782 billion in statutory revenue, N213.283 billion in VAT, N5.775 billion in exchange gain, and N100 billion in augmentation from non-oil revenue.