How Jonathan and Governors Shared N143.6 billion December 2011 Excess Crude Savings

New York times illustration

Poverty continues in Nigeria

The Economic Confidential provides a table of the distribution of N143.6 billion from Foreign Excess Crude savings account shared by federal and state governments.

Excess Crude savings is the difference between the budgeted & actual receipts of revenue. For instance, benchmark crude oil price for this year is $75 (as suggested by the lawmakers) and the actual crude oil price is $111. The difference (excess) $36 per barrel is collected as the excess crude revenue and shared monthly by the three tiers of government.

The proceeds for December, 2011 was N143.6 billion and was shared in January in addition to  the disbursement of N783 billion from the Federation.

The highest recipients of the Excess Crude Account are from the oil producing states. Akwa Ibom received N6.8 billion, Rivers N6.2 billion, Delta N5.8 billion, and Bayelsa N4.5 billion. Federal Government received N65 billion.

The lowest recipients as revealed in the table below are Gombe N1.2 billion, Nasarawa N1.1 billion, Ebonyi N1.1 billion and Ekiti N1.2 billion.

Follow the link below to see how the money was shared.Excess Crude N143.6 billion Shared in December 2011

Culled from Economic Confidential

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