The Excess Crude Account saving has skyrocketed to $8.03billion in August as the Federal Government’s efforts at stabilising the economy through fiscal and monetary measures begin to yield fruits.

This figure represented over $1 billion in excess of the level of savings in the account last June.

Also, the three tiers of government shared N570.61 billion from gross revenue of N564.89 billion earned in the month under review from various revenue sources.

The excess in the amount shared over the gross revenue was met through the N26.21 billion used to augment the shortfall in accrued revenues to the Federation Account during the month.

A major feature of the income-expenditure profiles of the federation account, during the period under review, was a sharp shortfall in crude oil exports earnings which dropped from N825.39 billion in the previous month by about N260.51 billion in August.

The decrease in revenues was linked to decline in crude oil production, occasioned by a dip in Production Sharing Contract (PSC) and Modified Carry Arrangement (MCA) as well as a declaration of force majeure at Bonny Terminal and shutdown of Belema Gas Plant and Trans Nigeria Pipeline.

Accountant-General of the Federation, Jonah Otunla, briefing the media at the end of the month’s Federation Accounts Allocation Committee (FAAC) meeting in Abuja, said the buildup in the ECA was the result of fiscal retrenchment measures adopted by government at all levels to boost savings.

A further decomposition of the revenue accruals on sectorial basis showed that both the minerals and non-mineral sectors suffered serious decline with the Mineral revenue ebbing by about N194.63 billion to N451.85 billion from the N646.47 billion earned in July. Similarly, the non-minerals revenue component also recorded a shortfall of about N65.89 billion, dipping to N113.04 billion in August from N178.92 billion in the preceding month.

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