The Nigerian Vanguard reports:
“For the first time in several months, the meeting of the Federation Account Allocation Committee of February 2009 did not share any revenue from the Excess Crude Account. But the statutory allocation for the month fell short of expectation as the global oil price, a major source of revenue for the country dwindled below the budget mark thus leaving no accrual to the excess crude account.”
Some tough time lie ahead. I wonder where all the excess fund go.
The vanguard report continues:
Some states lost billions of naira compared with what they received in January 2009.
The Federation Accounts Allocation Committee (FAAC) shared a total N446 billion being the statutory and VAT allocations shared to all tiers of government at its February meeting. From the total disbursement of nets after deductions, the highest recipients are from the oil producing states with Rivers receiving N13bn; Akwa Ibom N9bn; Delta N7bn and Bayelsa N5bn. The highest recipients from non-oil producing states are Lagos N9bn and Kano N6bn.
The lowest recipients with less than N3 billion allocation each are Gombe, Nasarawa, Ebonyi and Ekiti States.
It will be recalled that last year, the CBN Governor Professor Chukwuma Soludo in Washington warned Nigerians saying that the amount saved from oil windfall in the country’s excess crude revenue account has been depleted and what is left will not tide the country over any financial downturn should oil price fall below the budget bench mark of $62 per barrel.