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FG Withdraws N1.9trn From ECA To August Revenue Shortfall

R-L: Mrs. C.N. Nwokocha, Deputy Director Maritime Labour Department NIMASA, Mr. Peter Mgbemena representing the DG/CEO of NIMASA, Mr. Anthony Ogadi, Coordinator Eastern Zone of NIMASA and Mr. Charles Wame, MD Charkin Maritime & Offshore Training Centre at the celebration of the Day of the Seafarer organised by NIMASA in Calabar recently.
The Federal Government withdrew a total sum of N1.99trillion from the Excess Crude Account within the 2013 fiscal year, documents obtained from the Budget Office of the Federation (BOF) have revealed.
The BOF in its 2013 consolidated budget implementation report jointly signed by the Minister of Finance, Dr. Ngozi Okonjo-Iweala and the Director-General, BOF, Dr. Bright Okogu said the amount was used to settle various obligations of the Federal Government owing to its inability to meet revenue targets.
The withdrawals for 2013 are marginally lower than the N2.07trillion taken in the 2012 period by N800million or 3.86 per cent.
It said while N1.99trillion was the total outflows from the ECA, the government was able to ensure that within the 2013 period, the sum of N855.41million was transferred into the account.
However, the total inflow for 2013 was lower than the N2.30trillion received in 2012 by N1.29trillion or 56.19 per cent.
The report, a copy of which was obtained exclusively by our correspondent said, “The ECA was set up to serve as a stabilization and savings account. Inflows into the ECA in the fourth quarter of 2013 amounted to N156.03billion.
“The inflow into this account in the fourth quarter was lower than the N181.34billion and N474.8billion recorded in the third quarter of 2013 and fourth quarter of 2012 by N25.31billion and N318.77billion respectively.
“Similarly, the total inflow for 2013 was lower than the N2.30trillion received in 2012 by N1.297trillion (or 56.19 per cent).
“A total of N510.98billion was withdrawn from the account in the fourth quarter of 2013 to bring the cumulative drawdown from the account as at 31st December 2013 to N1.99trillion.
“The report said of the N1.99trillion withdrawn in 2013 from the ECA, the sum of N1.08trillion was used to augment statutory revenue to the three tiers of government, while N505billion was used to settle payment of petroleum product subsidy.
It added that the balance of N405.6billion was transferred into the special intervention fund.
Giving a breakdown of how the N1.08trillion revenue was augmented among the three tiers of government, the report said the sum of N485.02billion was withdrawn in the first quarter of 2013.
For the second, third and fourth quarters, the report put the augmentation made to the three tiers of government at N434.82billion, N12.02billion and N154.75billion in that order, respectively.
On how the payment for petroleum subsidy was made, it stated that N50billion was paid to oil marketers in the first quarter while second, third and fourth quarters had N110billion, N110billion and N235billion, respectively.
For transfers into the special intervention fund, the report said the sum of N71.1billion was moved into the account in the first quarter while N106.65billion, N106.65billion and N121.23billion were paid into the account in the second, third and fourth quarters in that order.
The nation experienced huge revenue shortfall within the 2013 fiscal year which saw the ECA experiencing massive withdrawals by the government in order to augment the depletion in revenue.
For instance, crude oil sales which accounts for about 90 per cent of government revenue recorded a decline of N1.43trillion of 33.69 per cent from N4.24trillion in 2012 to N2.81trillion in 2013.
Similarly, findings revealed that gas sales of N255.12billion and rent of N180million fell below their corresponding annual projections of N359.58billion and N880million by N104.46billion (29.05 per cent) and N0.70billion (or 79.67 per cent).
The drop in crude oil revenue, according to the BOF was due to massive crude oil theft, illegal bunkering pipeline vandalism which persisted during the period under review.
Similarly, the non oil revenue receipts recorded huge decline of N637.93billion (or 22.37 per cent) to N2.21trillion as at December 31, 2013, below the annual projected estimate of N2.85trillion.
For instance, Value Added Tax of N795.60billion, Company Income Tax of N985.52billion and Customs and Excise Duties of N432.64billion all fell short by N149.68billion (or 15.83 per cent), N6.52billion (or 0.66 per cent) and N360.31billion (or 45.44 per cent) when compared with their annual projections of N945.28billion, N992.04billion and N792.95billion.
News
US Embassy, Lagos Consulate Close Today For President’s Day
The United States Embassy in Abuja and the Consulate General in Lagos will be closed today, in observance of Presidents’ Day.
The mission made this known in a notice shared on its official X page, yesterday.
“The U.S. Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, February 16, 2026, in observance of Presidents’ Day,” the post read.
According to the embassy, Presidents’ Day was originally established to honour the birthday of the former US President, George Washington, but has evolved into a day to celebrate all U.S. presidents and their leadership in shaping the country’s history.
The embassy noted that the holiday also recognises the influence of U.S. presidents on global affairs.
In a related message, the mission highlighted that Washington created the first “Badge of Military Merit,” which later became the Purple Heart. The medal still bears Washington’s image today.
Presidents’ Day is observed on the third Monday of February annually in the United States as a federal holiday.
News
Guterres Backs Nigeria’s Bid For UN Security Council Seat …Hails Tinubu’s Reforms, Regional Security Role
United Nations Secretary-General, António Guterres, has charged Nigeria with spearheading Africa’s quest for a restructured global order, describing the country as uniquely positioned to lead the continent toward superpower status.
Guterres, who backed Nigeria’s bid for the world body’s security council seat, also praised the economic reforms of the President Bola Tinubu-led administration as well as Nigeria’s leadership in stabilising the Sahel and ECOWAS regions, despite facing its own security challenges.
The UN scribe made the remarks last Friday night during a high-level bilateral meeting with Vice President Kashim Shettima on the sidelines of the 39th African Union (AU) Summit in Addis Ababa, Ethiopia.
Speaking during the meeting, Guterres said Nigeria’s large population, sustained democratic governance, vast natural and human resources, and longstanding commitment to multilateralism placed it in a unique position to lead Africa in the evolving global order.
“Given Nigeria’s demographic strength, democratic continuity and deep resource base, the country stands a real chance of leading Africa to becoming the next superpower in the evolving global architecture,” he said.
The UN Secretary-General and the vice president discussed key developments in Nigeria and the country’s expanding leadership role in promoting regional stability across West Africa and the Sahel.
Guterres commended the remarkable and outstanding reforms of the administration of President Tinubu, noting that Nigeria’s bold economic restructuring and security commitments have strengthened its continental standing.
The meeting focused on strengthening Nigeria–UN collaboration to advance global economic growth, peace and security, sustainable development, and a coordinated humanitarian response across Africa.
In his remarks, Shettima thanked the UN Secretary-General for his leadership in advancing global peace, noting that Africa has benefited immensely from his tenure, even as the United Nations undergoes internal restructuring.
“We remain committed to multilateralism and to deepening our partnerships with the United Nations and other global institutions,” the vice president said.
Shettima also reiterated Nigeria’s longstanding call for comprehensive reform of the United Nations system to reflect evolving global realities.
He emphasised that Africa must have stronger representation in global decision-making structures and declared that Nigeria deserves a permanent seat on the United Nations Security Council.
Both leaders pledged to deepen cooperation, with Guterres reaffirming the UN’s support for Nigeria’s reform agenda and its growing leadership role in advancing peace, security, and development across Africa.
News
Four To Face Death Penalty Over DPO Angbashim’s Murder
A Rivers State High Court sitting in Port Harcourt has convicted and sentenced four persons to death by hanging over the gruesome killing of the former Divisional Police Officer of Ahoada East Police Division, SP Bako Angbashim.
The presiding Judge, Justice Sika Aprioku, in a landmark judgment, last Thursday, found the quartet guilty of conspiracy, murder, membership of a secret cult group and robbery, saying the prosecution proved its case beyond reasonable doubt.
Those sentenced to death by hanging are Robinson Sonabari, identified as a native doctor; Bright Okparawo; Precious Amaeze, popularly known as Selina; and Loveday Jack, also known as Ragged Excess. The court ordered that they be hanged by the neck until they are confirmed dead.
Justice Aprioku also convicted the sixth defendant, Samuel Nwadinma, and sentenced him to three years imprisonment for conspiracy.
The third accused person was, however, discharged and acquitted of the four-count charge.
In the same vein, the court discharged Famous Okechukwu, Samuel Uchendu, Oyekachi Ikonwa, Godbless Nnamdi and Marshall Daniel, who were earlier found guilty of membership of a secret cult group, on the grounds that they had already served the maximum terms prescribed by law in the correctional facility.
The court held that among those convicted was the native doctor who allegedly prepared the charm used in the killing of the late DPO.
Speaking with newsmen shortly after the judgment, the lead prosecution counsel from the Rivers State Ministry of Justice, Chigozie Amadi, alongside a representative of the police legal team, Celestine Dickson, commended the judiciary for ensuring that justice was served.
Dickson, who represented the Nigeria Police Force in the joint prosecution, expressed concern that officers saddled with the responsibility of protecting lives and property had increasingly become targets of criminal elements.
He, however, expressed optimism that the judgment would serve as a strong deterrent to would-be offenders.
Also reacting, the elder brother of the late DPO, Akasco Angbashim, who travelled from Nasarawa State to witness the judgment, said the verdict had healed a long-standing wound inflicted on the family since the brutal murder of their brother.
He commended the judiciary, the Rivers State Government and the police for their commitment to justice, stressing that the judgment sends a clear message that no individual has the right to unlawfully take another person’s life.
The four convicts were among 72 persons initially arraigned before the State High Court by a joint prosecution team comprising the Department of Public Prosecutions and the Rivers State Police Command over the murder.
During the trial, 61 accused persons, including the Eze Ekpeye Logbo, Eze Kelvin Anugwo, and a former Ahoada East Council Chairman, Cassidy Ikegbidi, were discharged and acquitted for lack of evidence, leaving 13 defendants to face judgment.
SP Angbashim was gruesomely murdered on September 8, 2023, during a police operation in Odemude community, Ahoada East Local Government Area.
His killing sparked tension in the area, prompting a joint security operation that led to the death of the suspected cult leader, David Okparanwo, popularly known as 2Baba.
By: King Onunwor
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