Posted by By ISAAC ANUMIHE, Abuja on
In a report by the Central Bank of Nigeria (CBN), entitled, Summary of Excess Crude/PPT/Royalty Receipts from January to February 2008", the report said that the current excess revenue account was an increase of $3.355 billion or 27.1 per cent over the balance of $12.401 billion in the account as at December 2007.
Nigeria 's excess crude account as at last February 29 had hit $15.756 billion.
In a report by the Central Bank of Nigeria (CBN), entitled, Summary of Excess Crude/PPT/Royalty Receipts from January to February 2008", the report said that the current excess revenue account was an increase of $3.355 billion or 27.1 per cent over the balance of $12.401 billion in the account as at December 2007.
According to the report, excess crude accounted for $9.401 billion of the total $15.756 billion, as at February, noting that the account was made up of Excess Crude (current account) of $1.021 billion and Excess Crude (invested funds) of $8.380 billion.
Excess PPT and royalty accounted for the balance of $6.354 billion in the excess revenue account, which is also made up of the current account of $938.97 million and invested funds of $5.415 billion.
Furthermore, CBN revealed that a number of lodgments were made into the excess crude account, excess PPT account and excess royalty account in December, in the following order: $841.18 million, $537.22 million and $102.37 million, while $890.54 million, $605.17 million, and $267.02 million were paid in January 2008.
Equally, the report stated that $38.041 million and $15.069 million were received as interest on excess crude and excess PPT/Royalty, respectively, in January 2008 just as in February 2008, the sums of $2.558 million and $37.186 million were received as interest on excess crude and excess PPT/royalty, respectively.
However, the Federal Government and the 36 state governors had on October 25, 2007, agreed to save N1 trillion from the excess crude in a National Reserve Fund for four years.
The agreement is subject to review by a Committee of the National Economic Council (NEC), as might be constituted every four years.