By Dipo Olowookere
The sub-Committee of Federation Accounts Allocation Committee (FAAC) of the Office of the Accountant-General of the Federation has disclosed that in the month of April 2017, the balance on the Excess Crude Account stood at $2.299 billion, while the balance in the Excess PPT Account was $67 million.
The committee made this disclosure in a communiqué issued after its meeting on Wednesday in Abuja.
But the balance on the Excess Crude Account represents a drop in the month of April 2017 compared with what it was a month earlier, $2.45 billion.
However, the committee also said there was a significant rise in Export Sales revenue by about $63.7 million during the month under review.
In the communiqué signed by the Director Information in the office of the Accountant-General of the Federation, Mrs Kenechukwu Offie, this growth was attributed to the increase in average unit price of crude oil from $52.86 to $55.38 per barrel as well as a rise in crude oil export volume by 1.07 million.
Mrs Offie said however, there was a decrease in the average price of crude oil production during the period under review.
This, she said, was largely due to a shut-in and shut-down of pipelines due to the activities of vandals, as well as for maintenance which impacted negatively on production.
Furthermore, the Force Majeure declared at the Forcadose terminal since February, 2016 was still in place, she added.
