The Federal Government has disclosed that the balance in the excess crude oil revenue account rose to about $60,850,975.92 as at June 16, 2021.
Minister of State for Budget and National Planning, Clem Agba made the disclosure on Thursday while giving updates on the government finances to the National Economic Council presided by the Vice President Yemi Osinbajo.
Excess crude oil revenue is the difference between the benchmark crude oil price approved in the annual budget and the prevailing crude oil price at the international market.
Where the prevailing crude oil price at the international market is higher than the approved benchmark crude oil price, the difference is swept into a special account maintained by the government at the Central Bank of Nigeria dedicated for the savings of the excess crude oil revenue.
Also, Agba briefed the meeting also attended by the governors of the 36 States of the Federation and the Minister of the Federal Capital Territory that the balance in the Stabilization Account as at June 16, 2021 stands at about N24.8billion (N24,802,716,416.22).
Stabilisation Account is a special account maintained by the Nigeria Sovereign Investment Authority (NSIA) on behalf of the Federal Government from where finances could be drawn in times of serious economic dislocation to support and stabilize the economy.
Besides, Agba said the balance in the Development of the Natural Resources Account was N28.22billion (N28,215,689,963.31) as at June 16, 2021.
Meanwhile, other highlights of the Council meeting included the receipt of a report from the Federal Ministry of Petroleum Resources and the Nigerian National Petroleum Corporation (NNPC) on the issue of the terminated “Strategic Alliance Agreements” with solution options in the oil and gas industry.
To afford members the opportunity to properly review and consider the presentation from the Group Managing Director of the Nigerian NNPC, Mele Kyari, it was resolved that further deliberations on this matter be stood down till another meeting of the Council.
