The Federation Accounts Allocation Committee (FAAC) says members have agreed on the transfer of N24.5 billion to the excess crude account. Mahmoud Isa-Dutse, Permanent Secretary in the Ministry of Finance, made this known on Wednesday while addressing journalists at the end of the meeting.
With this transfer, Isa-Dutse said the ECA balance will be $1.911 billion.
He said the bulk of the revenue increases came from the non-oil sector, which rose by over N81.25 billion.
“Things have begun to improve. That is why we are beginning to save again,” he said.
“Crude oil export sales volume increased by 64 percent, compared with the 7.72 million barrels from the previous month.
“This resulted in increased revenue from federation crude oil exports sales by $226.9 million. The average crude oil price for the month grew from about $65.72 to about $66.78 per barrel.”
The permanent secretary said the performance would have been better, but there were a few shut-downs at various oil terminals undergoing repairs of leaks as well as routine maintenance.
At present, Shell Petroleum Development Company has declared a force majeure on Nembe Creek Trunk Line.
Brent crude, which is the international benchmark of crude oil, recently crossed the $80 mark. It has however dropped to $78 as at Thursday evening.
