Thursday, 13 December 2012

FAAC: Excess Crude Accounts hits $9.6bn

The Federation Accounts Allocation Committee (FAAC) lodged N161.59 billion to the Excess Crude Account (ECA), bringing the new balance to 9.66 billion dollars.
The Accountant-General of the Federation, Mr Jonah Otunla made this known to reporters at the end of the technical sub-meeting of the FAAC for the month of November.
The accountant-general also commented on the recent demand by the 36 state governors for the withdrawal of one billion dollars from the oil savings account. He said that the federal and state governments would be guided by the “principle of consensus’’ to resolve the matter.
Earlier, Otunla had told reporters that the country’s mineral and non-mineral dropped to N569.46 billion in November compared with N640.76 billion realized the previous month. A breakdown of the figures showed that a total sum of N483.2 billion was generated as revenue from mineral resources, while N86.2 billion was derived from the non-mineral sector. He attributed the drop to several disruptions in crude oil production and lifting operation in the Niger Delta. He noted that during the period a Force Majeure was declared by Exxon Mobil. Otunla said that leakage and fire outbreaks at Trans Niger, crude oil theft and maintenance work at oil terminals at Qua Iboe, Brass and Forcadoes also affected crude oil production.

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