States Plan Downward Review Of Political Appointees’ Perks
• Economic Expert Harps On Revenue Leakage Blockage
THE crude oil price slump globally has continued to take its toll on Nigeria’s revenue, leading to loss of over $62.8 million revenue between November and December last year.
And the development has led to a further dip in part of the country’s fiscal buffers – the Excess Crude Account (ECA) slid further down from its $3.1 billion level last month to $2.49billion.
The dip followed another withdrawal from the account by the joint Federal and States Federation Accounts Allocation Committee (FAAC) Friday to buoy the low revenue generation for the month of December which was distributed Friday. The value of the deduction from the account in Naira value was N15.631 billion which boosted the amount distributed yesterday to N580.378 billion.
Minister of State Finance, Ambassador Bashir Yuguda who is also the FAAC Chairman, told journalists at the end of the FAAC meeting that following the withdrawal, what is left in the ECA is now $2.49 billion. He added that the imagined effect of the consequence of the crude oil price fall has really begun to take effect on Nigeria.