In the previous eight years, Nigeria’s surplus crude account has decreased by 89%, from $4. 1 billion in November 2014 to $472,513 in the same time of 2022.
However, experts say that due to a lack of inflows, fluctuations in the oil market, and the country’s income shortage, the account has been emptied during the past eight years. Nevertheless, since the beginning of 2022, when the Russia-Ukraine war began, the ECA has been declining despite increasing oil prices.
The Federation Account Allocation Committee, or FAAC, distributed N736. 782 billion to the three tiers of government as the allocation for the month of October 2022 during its meeting in the meanwhile.
According to a statement from the Ministry of Finance, Budget, and National Planning, this figure includes gross statutory revenue, value added tax, exchange gain and augmentation from non-oil revenue, the Federal Government received N293. 955bn, while the 36 states got N239.512 bn.