• Tue. Mar 21st, 2023

    Nigeria’s excess crude oil revenue account accumulates to $60.9m in June


    The Federal Government on Friday said the balance in the excess crude oil revenue account rose to about $60,850,975.92 as at June 16, 2021.
    The Minister of State for Budget and National Planning, Clem Agba, disclosed this while giving the 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
    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.
    The Council also received a presentation from the Minister of Humanitarian Affairs, Disaster Management & Social Development, Sadiya Umar Farouq, on the establishment of the Sexual Assault Referral Centres (SARCs) to address the problem of sexual and gender-based violence.
    Farouq said the Centres which would operate as One-Stop-Shops would help to limit the physical and mental health consequences of rape and sexual assault, by providing free, accessible, multi-agency, forensically secured service for survivors.
    The Minister said “sexual assault can have a devastating impact on every aspect of the survivor’s lives, which can make them vulnerable to further episodes of sexual abuse or violence. “There can be long-term physical and psychological impacts and this includes post-traumatic stress disorder, depression, anxiety, inability to sleep, etc. People who have experienced sexual assault have three main care needs: medical care; psychosocial care and assistance; and support from the criminal justice system,” the Minister told the meeting.

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