IN addition to their constitutionally approved receipts from the federation account, the 36 states received a total of N2.92 trillion from the Excess Crude Account (ECA), between 2011 and 2014.
FG’s share from the ECA during the period was N3.29 trillion.
According to the ECA document released yesterday to the journalists by the Federal Ministry of Finance, the 36 states of the federation received N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 in 2014. The low figure for 2014 reflects the steep decline in revenues due to the impact of the crash in global oil prices, which began in the middle of the year.
State by state analysis of the receipt show that Akwa Ibom received N265 billion, Rivers; N230.4 billion, Delta; N216.7 billion, Bayelsa; N176.3 billion, Kano; N106.5 billion and Lagos; N82.9 billion respectively, got the highest amounts from the ECA.
Also, Kwara got N52.8 billion, Enugu; N51.6 billion, Gombe; N47.7 billion, Nassarawa; N46.9 billion, Ekiti; N46.8 billion and Ebonyi; N44.3 billion, received the least amounts in that order.
Oyo, N74,272,610,675.57; Osun, N61,441,711,451.32; Kogi, N61,993,446,143.35 and Ondo, N81,729,474,508.74.
The summary of the inflows and outflows from the account shows that the opening balance was $4.56 billion in 2011 and reached a peak the following year at $8.7 billion before declining to $2.3 billion in 2013. The balance as at May 2015 is $2.07 billion.
The ministry stated that the fluctuation in the ECA reflects the sharing of the proceeds usually requested by state governors, as well as the practice of augmentation, which involves additional sharing from the ECA when available funds are not adequate to meet revenue projections.
-Tribune
