Ahmed Idris insists on $1b withdrawal from excess crude account

Ahmed Idris has maintained the instruction by the 36 states governors for withdrawal of $1 billion from the excess crude revenue account for the fight against Boko Haram still stands despite opposition form Governor Fayose of Ekiti state.

Idris who is the AGF (Accountant General of the Federation) said this on Saturday at the special Federal Accounts Allocation Committee meeting for December where members resolved to share a total of N609.96 billion for the month, Leadership reports.

Idris stated that the gross statutory revenue stood at N549.5 billion, adding that there was a decrease of about $69.49 million due to a reduction in crude oil production for the month by about 1.75 million barrels.

The AGF said average crude oil price increased from $48.66 per barrel to $52.07, adding that the increase made up for the shortfall with the country earning extra $3.41 from every barrel of oil exported for the month.

Idris reported that some issues negatively impacted crude oil production during the month include facility maintenance, sabotage and force majeure declared at the Bonny export terminal by Shell.

On non-oil revenue, he noted a significant increase in earnings from import duty, company income tax, CIT, and Royalty.

The balance in the Petroleum Profit Tax, PPT account stood at about $133 million, while Value Added Tax, VAT revenue was about N77.209 billion, from N80.42 billion, after deduction of cost of collection by the relevant agencies.

Meanwhile, the federal government on Saturday, confirmed the release of the final tranche of the Paris Club refund to 27 state governments.

Punch reports that the director, home finance, federal ministry of finance Siyanbola Olubunmi made this known confirmation while speaking at the end of the federation account Allocation Committee meeting held at the headquarters of the ministry of finance.

Olubunmi said about ten other states will soon be paid by the ministry, saying that their payments is being delayed by some processes.

The director who did not provide the amount that was paid said as soon as the processes are completed, the fund would be released to the states.