Daily Trust (Abuja)

30 January 2013

Nigeria: States Get N157 Billion Excess Crude Funds

President Goodluck Jonathan has approved the release of $1 billion (about N157bn) to the 36 states of the federation and the Federal Capital Territory (FCT) from the Excess Crude Account (ECA).

Briefing State House correspondents after a meeting of the National Economic Council (NEC) yesterday, Chairman of the Nigeria Governor's Forum, Rivers State Governor Rotimi Amaechi, said the ECA has a balance of $9.2 billion after $1 billion was spent on fuel subsidy.

Also speaking after the meeting, Abia State Governor Theodore Orji said the council considered and adopted report of the ad-hoc committee on the States Buy-in to the activities of NAPTIP which recommended ways to fight human trafficking.

Also briefing the council, President of the Manufacturers Association of Nigeria (MAN), Chief Kola Jamodu, decried the effect of multiple taxation on the manufacturing sector.

Jamodu said the association made request for reduction in stamp duty, VAT, harmonization of taxes between all levels of government and outlawing of unorthodox means of collecting taxes as well as automation of the entire tax administration system.

Council considered the request and set up a panel to look into the matter. The Committee is chaired by Gombe State Governor Ibrahim Dankwanbo. Other members are Governors of Kogi, Rivers, Zamfara, Ogun, Imo, Abia and Lagos.

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