The balance in the Excess Crude Account has remained stagnant at about $474m in the last two years despite the remittance of N907bn to the Federal Account Allocation Committee by the Nigerian National Petroleum Company Limited.
According to a communiqué issued at the end of the FAAC meeting for July 2023, NNPCL said the balance in the excess crude account was $473,754 as of June 2023, the same amount in the purse as of December 15, 2022, while it paid N907.054bn into the FAAC purse.
In a separate statement released by the NNPCL Chief Financial Officer, Umar Ajiya, the firm said it also remitted N123bn(N81bn as monthly interim dividend and N42bn as 40 per cent Production Sharing Contract on profit oil) in addition to compliance on payment of royalties and taxes.
Ajiya did not disclose how much it paid in taxes and royalties.