Ahmned I. Shekarau
24 June 2005
Nigeria Gets N215.34bn in Three Months
NEIC Forecasts 5.8% GDP Growth
Following the continuous rise in price of oil in the international market, Nigeria netted US $1.621billion (about N215.34bilion) into its excess crude account between January and March this year.
The national economic intelligence committee (NEIC) which disclosed this in its first quarter report presented to the president on Wednesday in Abuja also forecast a 5.8 per cent growth in gross domestic product (GDP) in the economy within the 32005 financial year.
Also, in the report which covered virtually all aspects of the nation's economy, NEIC lamented that the exchange rate of the Nigerian currency-the naira-did not appreciate within the period reviewed "inspite of the huge build-up in foreign reserves", which has peaked US$23bilion.
In a six-page summary of the comprehensive report issued Wednesday as a press statement, the economic intelligence committee said Nigeria sold its crude oil at an average rate of US $48.01 per barrel within the 90 days in the first quarter of the year. This rate is US $18.01 higher than the 2005 budget benchmark export price of US $30 per barrel.
And this translates to a total accrual of US $1.621 billion which is equivalent to N215.34 billion at the prevailing official exchange rate of N132.85 to one dollar.
However, the committee said that total accruals into the Excess Crude Revenue Account of the federation between January-March this year was US $3.178billion (about N422.197billion), consisting of revenue from excess crude, petroleum tax (PPT) and royalties, out of which US $857.17million was monetised.
As for the total balance credited to the nation's crude revenue account by the end of March this year, NEIC disclosed that the three tiers of government are US $8.264bilion (about N1.097trillion) rich, including the US $3.289billion in short term investment.
Other areas reviewed by NEIC within the first quarter of the year include remittances and application of revenue collected, implication of concession to revenue, expenditure profile, external debt, domestic crude allocation and price movements of major consumer items, among others.
On the external debt profile, the committee led by the professor Ibrahim Ayagi said the country has paid N48.43 billion of its debts, just as it forgo a total of N6.277 billion revenue on goods with the cost freight and insurance (CFI) on which the federal government granted tax waivers.
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