Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

FG declines $1bn request by governors

16 January 2013, 09:08

Abuja - The Federal Government has declined the request by the 36 state governors to disburse one billion dollars from the Excess Crude Account (ECA) in December.

The Minister of State for Finance, Dr Yerima Ngama, made this known on Tuesday in Abuja at the monthly Federation Accounts Allocation Committee (FAAC) meeting.

He, however, said the Federal Government ``accessed’’ one billion dollars from the account in December to offset the fuel subsidy claims to oil marketers.

He said the withdrawal followed the approval of a Supplementary Budget of N161 billion for fuel subsidy payments by the National Assembly.

``We withdrew the amount (one billion dollars) to pay subsidy to oil marketers but not on the account for distribution to governors based on their request.

``Because of the withdrawal, we had a dip in the excess crude account, but yet we have credited the account (in December) with N91.70 billion and that will bring the total to 9.20 billion dollars.

``This shows that we have really met our target of having to save 10 billion dollars in the ECA for the year 2012.

``Because if not for the Supplementary Budget, we could have ended up with over 10 billion dollars.’’

The minister told newsmen that with over 42 billion-dollar foreign reserves, the country had more than enough to pay for three months' import.

``The finances of this country are in solid state and this is credit to the exemplary leadership style of President Goodluck Jonathan's administration.’’

The News Agency of Nigeria recalls that in December, the 36 state governors, under the aegis of the Nigeria Governors' Forum, had requested for one billion dollars to ``fund ongoing projects’’.

Sokoto State Deputy Gov. Mukhtar Shagari, who presented the request on behalf for the governors, said the fund would ``help state governments meet up with their financial responsibilities as the year is coming to an end.’’

Earlier, the minister announced that the FAAC meeting distributed N567.70 billion to the three tiers of government from the Federation account for the month of December 2012.

A breakdown of the figures showed that the Federal Government received N217.42 billion (52.68 per cent), state governments N110.28 billion (26.72 per cent) and the local governments got N85.02 billion.

According to the minister, the Value Added Tax (VAT) distributed for the month was N57.53 billion, compared with N62.7 billion in November.

Also, a total of N49.7 billion representing 13 per cent oil derivation was shared among the oil producing states for December.

NAN

NEXT ON NEWS24 NIGERIAX

Read News24’s Comments Policy

Comment on this story
0 comments
Comments have been closed for this article.

Read more from our Users

Submitted by
Angela Gold
Blast of Nollywood Actor Chidi Oh...

Chidi Ohazurike is the C.E.O of Goldvalley Production, many have come to realize that he's nothing but fake, a News24 reader laments. Read more...

Submitted by
Yunus Adamu Ibrahim
North south identity is the unity...

Unity means we can honor our differences and celebrate our commonalities, writes Binta Ayamu. Read more...

Submitted by
John Idoko875
ICPC nabs looting ADSU bursar

The Bursar that looted and impoverished Adamawa State University (ADSU), Mubi, Mr. Kumthy Ezra Anjili, has been nabbed by crack detectives from the Independent Corrupt Practices and other related Offences Commission (ICPC), confirms a News24 reader. Read more...

Nigeria, our Father land

The current situation in Nigeria requires us to pacify Nigerians and ourselves, writes Adedamola Odukoya. Read more...

Positioning yourself to get disti...

Be wise "get wisdom and in all your endeavours, get understanding", writes a News24 reader. Read more...

Submitted by
Nasir Sani
The role of a social medical work...

Medical social workers play a great role in patient care. While the doctor and nurse focus on the medical aspect of patient care, the medical social worker focuses on the psychosocial aspect of patient care, writes Nasir Kukuri. Read more...