This tab lists amount of cash generated from the main revenue sources of government (oil, taxes, customs). All data is sourced from the Office of the Accountant General. Select the revenue source of interest, take a note of the numbers, and comment! What should government do with the money?


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Summary 2008 2009 2010 2011 2012
2008 2009 2010 2011 2012
Oil Non Oil Total Oil Non Oil Total Oil Non Oil Total Oil Non Oil Total Oil Non Oil Total
=N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion =N= billion
Gross Revenue 6,395.16 694.99 7,090.15 3,417.93 908.23 4,326.16 5,753.13 980.16 6,733.29 9,218.67 1,144.58 10,363.25 7,751.30 1,321.73 9,073.03
Transfer to ECA -2,502.96 0 -2,502.96 -604.16 0 -604.16 -1,081.16 0 -1,081.16 -3,209.18 0 -3,209.18 -2,077.27 0 -2,077.27
JVC -590.90 0 -590.90 -854.17 0 -854.17 -947.32 0 -947.32 -1,050.41 0 -1,050.41 -1,140.41 0 -1,140.41
Subsidy 0 0.00 -81.65 -81.65 -402.42 -402.42 -844.95 -844.95 -180.00 0 -180.00
Net for FAAC 3,301.30 694.99 3,996.29 1,877.95 908.23 2,786.18 3,322.23 980.16 4,302.39 4,114.13 1,144.58 5,258.71 4,353.62 1,321.73 5,675.35


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Nosa Joel, 39
Edo

What are the full meaning of these abbreviations
ECA
JVC
FAAC

2014-Mar-25 19:25
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2
Transparent Nigeria, 57
FCT

ECA = excess crude account. It is supposed to be a savings account filled with excess oil revenues that can be tapped to stabilize gov't spending and the economy during economic shocks. It is a source of controversy because some would like to tap the money immediately to fund whatever projects/initiatives they have in mind. While others argue that it is important for the government to save for a rainy day.

JVC = joint venture companies, commonly referring to joint ventures between the Nigerian government and multinational companies in the petroleum sector.

FAAC = Federal Accounts Allocation Committee, the body responsible for allocating and disbursing funds (primarily oil revenue) to the federal government, states, and LGAs

2014-Mar-29 12:17
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