Follow my blog with Bloglovin

Instant Pounded Yam Production Business: Startup Requirement

Discover how to Start Poundo Yam Production. The demand for Poundo Yam in Nigeria and outside the country is very high. More »

How To Start Small Scale Poultry Farm in Nigeria (Feasibility studies)

The business of rearing of chicken and producing eggs for sale has created an opportunity for some young graduates, retired civil servants and others to earn regular income and also provide employment for countless number of Nigerians. More »

Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish is a major cooking ingredient rich in protein,most house wife and restaurants in Nigeria uses it to enrich and enhance the taste of soups and food More »

How to Start a Profitable Cement Block Molding Industry in Nigeria

.Are you thinking of starting a profitable business of your own in Nigeria? If yes then I will want you to consider setting up a cement block molding industry in the country. More »

Make millions of Naira through cashew export from Nigeria

Take Advantage of this opportunity to start exporting cashew nuts from Nigeria. More »

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Do you know you can make 100percent profits when you invest just N80, 000 in exporting Bitter kola from Nigeria to Europe, America and Asia countries? More »

How to start a small scale Livestock feeds production business in Nigeria

Livestock feeds production is a very profitable business, the demand for animal feeds in Nigeria is high due to the fact that, livestock farmers can’t do with out feeding their animals except they want to go out of business. More »

Start a profitable laundry and dry cleaning business in Nigeria

Laundry and dry cleaning service is a very lucrative business opportunity you can start today in Nigeria without having cause for regrets. More »

Make Money Collecting and Supplying Scrap PET Plastic Bottles in Nigeria

Here comes a great opportunity for as many people interested in making money from the supply of Scrap PET plastic bottle to exporters in Lagos Nigeria. More »

How To Start Pure water business In Nigeria

Sachet and bottled water production is one profitable business opportunity in Nigeria that has high return on investment if well managed. More »

How to export Ginger from Nigeria and make huge profit

The ginger root is used in Nigeria mostly to produce herbal medicines and in homes to spice up food. More »

Make Billions in The Nigeria Oil and Gas Business

Discover how Oil and gas moguls like Chief Mike Adenuga,Mrs.Folorunsho Alakija, Sanni Bello,Aliko Dangote,Chief Femi Otedola, made their endless wealth. More »

Dried Hibiscus Flower (Zobo Leaves) Export in Nigeria

Smart Nigerians have started earning huge foreign exchange in Dollars/Euros from the export of dried red Hibiscus Flowers (Zobo Leaves) to Europe, America and the Asian market. More »


FG Refuses Governors’ Demand To Share $1bn Excess Crude Fund

Business News (Finance) –Dr. Yerima Ngama, Minister of State for Finance,said in Abuja, at the monthly Federation Accounts Allocation Committee (FAAC) meeting, that the government would not release the $1 billion Excess Crude-oil Account (ECA) funds, at least for now. Government, under President Goodluck Jonathan, rebuffed state governors who are demanding additional $1 billion from the Excess Crude-oil Account (ECA), a week after the three tiers of government shared about N567.70 billion from the same account.
However, he made a detour when he stated that the Federal administration ‘accessed’ one billion dollars from the account in December to offset the fuel subsidy claims of oil marketers. This was sequel to legislative approval of N161 billion supplementary budgets for fuel subsidy payments.

“We withdrew the amount (one billion dollars) to pay subsidy to oil marketers but not on the account of 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,” said Ngama. The deputy finance minister noted that the President Jonathan administration met its’ “target of having to save 10 billion dollars in the ECA for the year 2012.”
He included the $1billion withdrawal for the fuel subsidy claims payments. He maintained that with over 42 billion-dollar foreign reserves, Nigeria has enough to pay for three months’ imports. “The finances of this country are in solid state and this is credit to the exemplary leadership style of President Goodluck Jonathan’s administration,” said Ngama.
A breakdown of the allocation to the various tiers of government showed 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. Ngama said Value Added Tax (VAT) distributed for the period under review stood at N57.53 billion, compared with N62.7 billion in November. Oil producing ‘communities’ was also credited with receiving a total of N49.7 billion, representing about 13 per cent oil derivation fund.-TheSun

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>