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Nigeria’s ECA now stands at $473.754m

crude oil

Nigeria’s ECA now stands at $473.754m

By Admin

May 19, 2023

The Federal Government says the balance in the Excess Crude Account (ECA) now stands at 473.754 million dollars.

According to a statement issued by Bawa Mokwa, the Director, Press and Public Relations, Office of the Accountant of the Federation (OAGF), this is contained in a communiqué issued at the end of the FAAC meeting for May 2023.

The communiqué said that from the total distributable revenue of N655.932 billion; the Federal Government received N248.809 billion, the State Governments received N218.307 billion and the Local Government Councils received N160.600 billion.

“A total sum of N28.216 billion was shared to the relevant states as 13 per cent derivation revenue.

“Gross statutory revenue of N497.463 billion was received for the month of April.

“This was lower than the sum of N638.673 billion received in the previous month by N141.210 billion,” it said.

It said that from the N364.654 billion distributable statutory revenue, the Federal Government received N180.659 billion, the State Governments received N91.632 billion, and the LGCs received N70.647 billion.

“The sum of N21.716 billion was shared to the relevant states as 13 per cent derivation revenue.

“For the month of April 2023, the gross revenue available from VAT was N217.743 billion.

“This was lower than the N218.786 billion available in the month of March 2023 by N1.043 billion,” it said.

It stated further that the Federal Government received N30.414 billion, the state governments received N101.381 billion, and the LGCs received N70.967 billion from the N202.762 billion distributable VAT revenue.

“The N14.516 billion EMTL was shared as follows: the Federal Government received N2.177 billion, the State Governments received N7.258 billion and the LGCs received N5.081 billion.

“The total revenue of N50.000 billion from Forex Equalization was shared thus:

“The Federal Government received N22.916 billion, the state governments received N11.623 billion, the Local Government Councils received N8.961 billion and the sum of N6.500 billion was shared to the relevant states as 13 percent mineral revenue.

“From the N24 billion Non-mineral revenue, the Federal Government received N12.643 billion, the State Governments received N6.413 billion, and the LGCs received N4.944 billion.