The Minister of
Finance Ngozi Okonjo-Iweala-
Iweala Sunday said the 36 states of
the federation, received a total of
N2.92 trillion from the account
between 2011 and 2014.
A statement from the Federal
Ministry of Finance released
Sunday night said the it had
become necessary to make the
figures public following recent
accusations by the Rivers state
governor on behalf of state
governors.
The statement from the federal
ministry of Finance noted that the
“figures show that they (states)
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 got the highest with
(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 these
amounts from the ECA.
Kwara (N52.8 billion), Enugu
(N51.6 billion), Gombe (N47.7
billion), Nassarawa (N46.9 billion),
Ekiti (N46.8 billion) and Ebonyi
(N44.3 billion) received the least
amounts in that order.
The statement added that “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.”
The fluctuation in the ECA the
statement explained “reflects 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.”
The ministry noted that Subsidy
and SURE-P payments are also
made from the Excess Crude
Account while the Federal
Government’s share from the ECA
during the period was N3.29
trillion.
