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
S/N DESCRIPTION BUDGET GROSS INFLOW TRANSFER TO ECA NET INFLOW DIFF. B/W BUDGET AND NET INFLOW
=N= Billion =N= Billion =N= Billion =N= Billion =N= Billion
1 NNPC
2 CRUDE OIL 3,693.02 3,126.93 345.96 2,780.97 -912.05
3 GAS SALES 340.49 343.15 - 343.15 2.65
4 GROSS OIL & GAS 4,033.51 3,470.07 345.96 3,124.12 -909.39
5 TOTAL JVC 1,141.51 1,140.41 - 1,140.41 1.10
6 TOTAL -SUBSIDY 888.10 180.00 - 180.00 708.10
7 TOTAL DEDUCTION 2,029.61 1,320.41 - 1,320.41 709.20
8 NET NNPC REVENUE 2,003.91 2,149.67 345.96 1,803.71 -200.19
9 DPR - - -
10 ROYALTIES ON OIL 715.87 1,063.03 354.73 708.31 -7.56
11 ROYALTIES ON GAS 15.25 11.11 0.88 10.23 -5.02
12 RENT 0.78 0.43 - 0.43 -0.35
13 GAS FLARED PENALTY 3.20 3.73 - 3.73 0.53
14 MISCELLANEOUS, PIPELINE FEES, ETC 2.48 1.39 - 1.39 -1.09
15 TOTAL FOR DPR 737.58 1,079.70 355.61 724.10 -13.49
16 FIRS - - - -
17 PPT 1,793.72 3,201.53 1,375.71 1,825.82 32.10
18 GAS TAX @ CITA RATE 71.70 - - - -71.70
19 SUB-TOTAL -FOR OIL TAXES 1,865.42 3,201.53 1,375.71 1,825.82 -39.60
20 CORPORATE TAXES 807.54 635.86 - 635.86 -171.69
21 OTHER TAXES -STAMP DUTIES 17.69 210.73 - 210.73 193.04
22 CAPITAL GAINS TAX 2.95 - - - -2.95
23 SUB -TOTAL -FOR NON OIL 828.18 846.59 - 846.59 18.40
24 LESS: TAX REFUND 5.00 - - - 5.00
25 NET TOTAL 823.18 846.59 - 846.59 23.40
26 TOTAL FOR FIRS 2,688.60 4,048.11 1,375.71 2,672.40 -16.20
27 NCS - - -
28 IMPORT 540.52 404.17 - 404.17 -136.36
29 EXCISE 54.05 39.44 - 39.44 -14.61
30 FEES 6.01 31.54 - 31.54 25.53
31 TOTAL FOR NCS 600.58 475.15 - 475.15 -125.43
32 TRANSFER TO EXCHANGE GAIN - - 27.46 27.46
TRANSFER FROM DOMESTIC - - 9.36 9.36
33 AVAILABLE FOR DISTRIBUTION 6,030.67 7,752.63 2,077.27 5,657.25 -373.42
34 TRANSFER TO SURE-P 426.59 35.55 - 177.75 -248.84
35 AMOUNT DISTRIBUTED 5,604.08 7,717.08 2,077.27 5,479.51 -124.57
36 SURE-P DISTRIBUTED 426.59 177.75 - 213.29 -213.29
37 AUGMENTATION / EXCESS REVENUE - - 361.59 361.59
38 GROSS AMOUNT DISTRIBUTED 6,030.67 7,894.82 2,077.27 6,054.39 -23.72
39 TOTAL: OIL AND NON-OIL
40 OIL & GAS 4,606.90 6,430.89 2,077.27 4,353.62 -253.28
41 NON OIL 1,423.76 1,321.73 - 1,321.73 -102.03
42 TOTAL 6,030.67 7,752.63 2,077.27 5,675.36 -355.31
43 SUMMARY BY ORGANISATION - - - -
44 NNPC 2,003.90 2,149.67 345.96 1,803.71 -200.19
45 DPR 737.58 1,079.70 355.61 724.10 -13.49
46 FIRS 2,688.60 4,048.11 1,375.71 2,672.40 -16.20
47 NCS 600.58 475.15 - 475.15 -125.43
48 TOTAL 6,030.67 7,752.63 2,077.27 5,675.36 -355.31


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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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