Nigeria earned N5.5trn in 8 months

Nigeria earnedN5.5 trillion frommineral and non-mineral revenue between January and August, a data from the Federation Accounts Allocations Committee (FAAC) said on Monday.The figures obtained by the News Agency of Nigeria (NAN), in Abuja showed that the country recorded the highest revenue of N825.39 billion in July.Out of the total amount generated so far in 2012, a total of N1.5 trillion was recorded to have been lodged into the Excess Crude Account (ECA) between January and August.A portion of the revenue above the benchmark oil price are saved while the remaining revenue is distributed among the federal, state, and local governments according to a set formula.NAN reported that records from FAAC during the months under review, however, contained only information on lodgments into the Excess Crude Account and not withdrawals made from it.NAN recalled that on September 14, the Accountant-General of the Federation announced that the balance in the ECA was 8.03 billion dollars, following the lodgment of N124 billion into the account in August.Similarly, on August 15, the Minister of State for Finance, Dr Yerima Ngama, told reporters that one billion dollars was withdrawn from the account for distribution among the federal, states and local governments 'to execute some ongoing projects.'A breakdown of the country's revenue in the month of July showed that mineral revenue accounted for N646.47 billion while the non-mineral revenue amounted to N178.92 billion.In other months, FAAC recorded N666.32 for January, N766.77 in February, 726.77 in March and N626.17 for the month of April.Also, a total of N586.91billion was credited to the national treasury in May, N763.55 billion in June and N564.88 billion for the month of August.Notably, the country recorded its least revenue of N564.88billion in the month of August, compared with figures recorded in the months of May, April and January, respectively.
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