Nigeria earned a huge $61.7 billion (about N12.3 trillion) in four years as excess crude oil money, the finance minister, Ngozi Okonjo-Iweala, said Saturday.
According to the minister, Nigeria earned about $18.14 billion in 2011; $18.16 billion in 2012; $15.19 billion in 2013; $8.01 billion in 2014, and $2.17 billion in 2015.
Of that amount, it spent about $13.57 billion in 2011; 2012 ($9.5 billion); 2013 ($12.91 billion); 2014 ($5.95 billion) and 2015 ($93.6 million).
The federal government spent about $10.85 billion (about N2.14 trillion) from the foreign excess crude revenue account savings on fuel subsidy payments to petroleum products marketers between 2011 and 2014, Mrs. Okonjo-Iweala, said.
The Excess Crude Account is one of the two accounts (dollar and Naira) where the Nigerian government saves revenue earnings from the difference between budgeted benchmark crude oil price and the actual price at the international market in a given year.
A breakdown of the expenditure for fuel subsidy payments showed $1.818 billion was spent in 2011; $2.63 billion for 2012; $3.26 billion for 2013 and $3.14 billion for 2014. The subsidy expenditure for 2015 is not yet available.
The records released by the government showed that in 2011 about $3 billion was disbursed for distribution to the three tiers of government; $8.76 billion as augmentation for the shortfall in the year’s budgetary allocations; $1.82 billion transferred to domestic excess crude account for subsidy payment, while $901,627 accrued as interest on Sovereign Wealth Fund (SWF).
In 2012, about $2.5 billion was disbursed for distribution to the three tiers of government, while $3.37 billion was released for augmentation; $82.57 million for the National Integrated Power Programme (NIPP) power projects; $2.63 billion transferred to domestic excess crude account for fuel subsidy payments and $918.7 million for the Subsidy Re-Investment and Empowerment Programme (SURE-P).
Similarly, in 2013, about $3 billion was disbursed for the three tiers of government; $4.02 billion for budget augmentation; $94.22 million for NIPP projects; $3.26 billion for fuel subsidy payment and $2.53 billion for SURE-P funds.
Besides, in 2014, $54.9 million was released for NIPP projects; $3.14 billion for subsidy payments; $459.52 million for SURE-P and another $1.84 billion for SURE-P as well as $455.40 million was released as special distribution to the three tiers of government, in addition to $8,275 as loss on early breaking o investment.
Since the beginning of 2015, only $93.6 million was released as special distribution to the three tiers of government, with the balance of the excess crude account currently at $2.08 billion.