What states got from ECA within last four years, by Okonjo-Iweala
IN fulfillment of a pledge made last week, the Coordinating Minister of Finance and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has released details of what each state of the federation received from the Excess Crude Account (ECA) in the past four years.
And as the nation’s fuel crisis continues unabated, amidst an all-time drop in public power supply, the Lagos Chamber of Commerce and Industry (LCCI) yesterday accused the outgoing administration of abandoning governance, thereby causing an imminent shut down of the economy.
According to the chamber, the public power supply has practically collapsed, with a power generation of slightly above 1000 mw, while the option of alternative power generation is fizzling out with the acute shortage of petroleum products.
In a statement by LCCI’s President, Remi Bello and made available to The Guardian, the chamber said: “Most economic and social activities have been paralyzed with an imminent shut down of the entire economy. Yet there is no evidence of active engagement with stakeholders in the petroleum industry to bring an end to the crisis. The government needs to demonstrate accountability to the people.
A statement from the Minister yesterday said: “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.
The figures show that they 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.
Akwa Ibom (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.
Kwara (N52.8 billion), Enugu (N51.6 billion), Gombe (N47.7 billion), Nasarawa (N46.9 billion), Ekiti (N46.8 billion) and Ebonyi (N44.3 billion) received the least amounts in that order.
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.