In response to the claims of Nigeria Governors Forum that about $20 billion was missing from the Excess Crude Account, the Federal Govermment has released figures of how the money was shared among the three tiers of government in the country.
The governors, mainly from Governor Rotimi Amaechi faction of the NGF, had after their meeting Abuja last week asked the Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala to account for $20 billion allegedly missing from the ECA
The Federal Ministry of Finance on Sunday released information showing that the 36 states of the federation shared a total of N2.92 trillion from the Excess Crude Account (ECA) between 2011 and 2014, while the Federal Goverment collected N3.29 trillion.
The subsisting revenue formula, which is based on the Executive Order by former President Olusegun Obasanjo in 2003, gives 52 per cent to Federal Goverment while the state’s and local government take the rest.
The state governments received the sum of N966.6 billion in 2011, N816.3 billion in 2012, N859.4 billion in 2013 and N282.8 in 2014.
According to the figures released, five states including Akwa Ibom, Rivers, Delta, Bayelsa, Kano and Lagos top the list of highest recipients from the ECA with N265 billion, N230.4 billion, N216.7 billion, N176.3 billion, N106.5 billion and N82.9 billion respectively.
On the other hand, Kwara, Enugu, Gombe, Nassarawa, Ekiti and Ebonyi States received the lowest allocations of N52.8 billion, N51.6 billion, N47.7 billion, N46.9 billion, N46.8 billion and N44.3 billion respectively from the ECA.
The summary of the inflows and outflows from the ECA showed the opening balance at $4.56 billion in 2011 and reached a peak of $8.7 billion in 2012 before declining to $2.3 billion in 2013.
The balance of the ECA as at May 2015 was put at $2.07 billion.
The ministry further argued that the fluctuation in the ECA reflected 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.
Additionally, subsidy and SURE-P payments are also made from the ECA.
The amount shared to states from the ECA is usually in addition to their constitutionally approved receipts from the Federation Account.
The low figures shared for 2014 reflected the steep decline in revenues due to the impact of the crash in global oil prices which began in the middle of the year.
Other beneficiaries of the ECA from 2011 to 2015 included Ondo state which received N81.7 billion, Kaduna-N79.9 billion, Katsina N76.1 billion, Bornu N75.2 billion, Oyo N74.2 billion, Imo N71.89 billion and Niger N71.81 billion.
Others are Bauchi N69.5 billion, Edo N67.5 billion, Benue N67.2 billion, Jigawa N66.5 billion, Kogi N61.9 billion, Osun 61.4 billion and Sokoto N61.2 billion.
Others are Anambra N59.9 billion, Adamawa N59.7 billion, Kebbi N59.4 billion, Ogun N59.1billion, Cross River N56.7 billion, Plateau N56.4 billion, Abia N56.1 billion, Yobe N55 billion, Zamfara N53.8 billion and Taraba N53.6 billion.
