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Why Nnamdi Kanu’s Biafra Project Must Be Stopped - By Joe Igbokwe

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyxmEjrFusSgN8HTkQUUR3ZVGAu88p1b3B5NKmW8ezq5l2vcteXMFx5_sFfI2zlU2VFsPIErDofWxrg9kUzLrILoHCIXfq9b6vPJni3B_LF-1V4ebxwWhkLM7zATBaNq2886xa5PjMTBvI/s1600/joe_igbokwe.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiyxmEjrFusSgN8HTkQUUR3ZVGAu88p1b3B5NKmW8ezq5l2vcteXMFx5_sFfI2zlU2VFsPIErDofWxrg9kUzLrILoHCIXfq9b6vPJni3B_LF-1V4ebxwWhkLM7zATBaNq2886xa5PjMTBvI/s1600/joe_igbokwe.jpg" /></a></div>
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<b>Ever since former President Goodluck Jonathan lost the presidential election on March 28, 2015 which some of us knew he would never win based on the facts that we all knew and the statistics available, a majority of the Igbo have been unhappy and angry. They have been cursing and abusing the President and the All Progressives Congress leaders wishing that President Buhari never existed and the APC never formed. Many of them have been so frustrated after the election that they are now looking for a way to get back to the APC-controlled Federal Government.</b></div>
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Now, one Nnamdi Kanu who has been dreaming about the State of Biafra has provided a space for them to vent their anger. Some of them have joined him to begin to wish for the State of Biafra. Suddenly, the so-called Radio Biafra has created a momentum for them. On Facebook, I have watched with keen interest what these guys dish out on a daily basis in the name of fighting for Biafra. They tell blatant lies, create havoc, make terrible noise, they abuse other Nigerians, and they preach unimaginable propaganda and hate that at once put Igboland in potential danger. I have been waiting for the South-East governors to speak up but they have maintained a deafening silence that suggests complicity. I have also waited for our elders to caution this young man but nothing has happened. With the so-called Radio Biafra, Kanu has unleashed an unimaginable trailer-load of lies and potentially dangerous propaganda that have put the Igbo nation in danger. It is now 45 years after the Nigeria-Biafra Civil War and I think that Igbo must rise up to stop this man who apparently never saw the 1967-1970 Civil War and who may not know the implications of what he is doing. He has never consulted anybody to seek his opinion. He has been speaking to the gullible and not too educated people in Igboland, and very soon these uneducated people will take a dangerous decision that may decimate and destroy Igboland. Soon, our people will start complaining that they were not consulted. To be fore-warned is to be fore-armed.</div>
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Last week, I saw a photo of a group of people that gave the impression that they are getting a military training somewhere in Igboland. Later, I saw another photograph on Facebook with some youths bearing guns and Kanu standing with them. I may not know where these pictures came from and what they are planning to do but this is the time to speak out and I urge anybody who is anybody who understands where we are coming from to stand up now to be counted. Woe betides a nation whose leaders are children. If we elders do not talk about this evil, posterity will never forgive us. Let us speak out and if these children do not hear us, then it should be on record that we spoke. About a month ago, the barrage of lies and uncontrolled propaganda Radio Biafra dished out everyday drew the attention of the National Broadcasting Commission which asked Nigerians to stop listening to the pirate radio station.</div>
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Now, here are compelling reasons why the Igbo must remain in Nigeria in their own interest:</div>
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The Igbo fought a civil war of self-determination between 1967 and 1970 and lost about one million people. This should be taken as a huge price for the unity of this country. Having made this monumental supreme price, I think the Igbo should work for the unity of this country based on social justice, equity and fair play.</div>
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Nigeria has three major ethnic groups: Hausa/Fulani, Yoruba and Igbo. The Hausa/Fulani Empire has Hausa people stretching all through the Sahel to the Sudan. They are mostly Muslims and they have contact with the Arab world. The Yoruba nation has Togo, Benin Republic, Sierra Leone and even up to Brazil and Cuba to run to where their kinsmen are. The Igbo nation has no outlet anywhere in the world where the language is spoken. Therefore, they must see Nigeria as where they belong and work for its survival.</div>
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Nigeria provided a big space for the Igbo to spread their tentacles, explore, excel and blossom. The South-East is too small for this highly mobile and dynamic people to thrive.</div>
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The world pays attention to Nigeria today because of our size and population. If Nigeria splits into smaller countries, the world will pack their bag and baggage and leave. Population and size make a nation a destination.</div>
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Ndigbo control between 60 and 70 per cent of all the imports in Nigeria and other Nigerians, Yoruba, Hausa/Fulani, Ijaw, Efik, Birom, Tiv, Idoma etc provide a huge market for Igbo mobile and big-time traders.</div>
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Monumental inter-marriages between the Igbo and Yoruba and other ethnic groups have thrived for close to 70 years now that we cannot just dismiss all these with a wave of the hand.</div>
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Ndigbo own huge and massive investments in property in Lagos and Abuja, and other state capitals in Nigeria. Now, are you going to wish all this away?</div>
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Other Nigerian cities have provided safe havens for the Igbo as places to run to cool off whenever self-inflicted crises arise or other problems. When kidnapping became a way of life in the South-East, our people moved to other parts of Nigeria to settle. Now, where will the Igbo go when confronted with these problems in Biafra?</div>
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How can the Igbo thrive without their Lagos and Abuja or Port Harcourt? What happens to all their connections and relationships in these places?</div>
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We have been so intermarried, interwoven, intertwined, inter-related that the idea of separation may not be encouraged. I do not want to lose my friends from the other parts of Nigeria for anything.</div>
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I can go on but there is no need to continue to do so. We must be strong enough to stop this world’s old problems of looking down on people who are different from us. This is the problem of Nigeria. Nigeria’s diversity is a big plus for all of us to excel. United we stand, divided we fall. I confess that the Igbo have not played better politics in Nigeria since 1970 and that has been our bane. Anytime Nigeria wants to change a bad leadership in the country, the Igbo as a bloc will resist it. It happened in 1993 and we lost everything. In 2015, the Igbo were at it again but forces of history prevailed. The Igbo can do better than this.</div>
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However, I want Nigerian leaders to show leadership by carrying all Nigerians along in distributing power and resources. If there is no justice, there will be no peace. If there is no peace, there will be no progress. Let justice prevail.</div>
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Let us be fair to all concerned. If the truth must prevail and it must prevail, Nigeria has not been fair to Igbo since the end of the civil war. They tell us that there is no victor and no vanquished but in actions and deeds, the victors are still celebrating and enjoying the spoils of the war while the defeated are still languishing in abject neglect. For instance, of all the six zones in Nigeria, only the South-East zone has five states. We have found solace in all these because we have found out that those who are still oppressing the Igbo in Nigeria are not better. We also take solace in the findings of the Fathers of the Second Vatican Council that all acts of indignity against human persons, against human society debase the perpetrators more than the victims. It is not that the offended cannot forgive but have the offenders repented? This injustice must stop now for the sake of unity of this country. I wrote <i>Igbos: 25 Years After Biafra</i> in 1995 thinking that the book will prick the conscience of other Nigerians but they have not paid any attention. It has been business as usual. Now, President Buhari must address this injustice. Case rested!</div>
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<b><a href="http://www.punchng.com/opinion/why-nnamdi-kanus-biafra-project-must-be-stopped/">The Punch</a></b></div>
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Why Nnamdi Kanu’s Biafra Project Must Be Stopped - By Joe Igbokwe

Ever since former President Goodluck Jonathan lost the presidential election on March 28, 2015 which some of us knew he would never win based on the facts that we all knew and the statistics availabl…

16 Jul 2015

TNN.ng Wishes You Eid Mubarak

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<b><i>Alhamdulillah</i>...All praise to Allah for counting us worthy of seeing the end of this year's Holy Month of Ramadan.</b></div>
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<i><b>The Nigeria Newsroom </b></i>wishes all our Muslim brothers and sisters as well as all our fans on <b><a href="http://www.facebook.com/TheBluebloodGroup">Facebook</a></b>, <b><a href="https://twitter.com/TNN_ng">Twitter</a></b>, <b><a href="https://plus.google.com/u/0/109876989019615433095/posts">Google+</a></b>, <b><a href="http://pinterest.com/olaolatunji">Pinterest</a></b>, <b><a href="http://vimeo.com/tnnng">Vimeo</a></b>, <b><a href="http://www.youtube.com/channel/UCleHNE8XqDW7FwwegkZnIQQ">YouTube</a></b> and <b><a href="https://tumblr.com/naddy86">Tumblr</a></b> a very happy <i><b>Eid Mubarak</b></i>.</div>
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TNN.ng Wishes You Eid Mubarak

Alhamdulillah...All praise to Allah for counting us worthy of seeing the end of this year's Holy Month of Ramadan. The Nigeria Newsroom wishes all our Muslim brothers and sisters as well as all our f…

16 Jul 2015

Director-General of NIMASA Gets The Boot

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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAO9z9_8E_BMC_-xz1ADPS3yaOIm5nKxy9TKbt_ETPjEySMELk2no4rtDaLPOLRgkKP64GFXjivFOdhc9Fnr1KskSYcDVTnhA5yzJ1Z9mQ6BhVnELNJGqvzCx1ZnLhCLFrsDn7J_rtSngm/s1600/NIMASA+DG.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAO9z9_8E_BMC_-xz1ADPS3yaOIm5nKxy9TKbt_ETPjEySMELk2no4rtDaLPOLRgkKP64GFXjivFOdhc9Fnr1KskSYcDVTnhA5yzJ1Z9mQ6BhVnELNJGqvzCx1ZnLhCLFrsDn7J_rtSngm/s1600/NIMASA+DG.jpg" /></a></div>
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<b>ABUJA, NIGERIA - President Muhammadu Buhari has terminated the appointment of Patrick Ziakede Akpobolokemi as Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA).</b></div>
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A statement by Femi Adesina, the special adviser to the President on media and publicity, the termination of Mr. Akpobolokemi’s appointment takes immediate effect.</div>
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"He is to hand over the management of NIMASA and all government property in his possession to the most senior officer in the agency who will remain in charge until a new Director-General is appointed," the statement said.</div>
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Director-General of NIMASA Gets The Boot

ABUJA, NIGERIA - President Muhammadu Buhari has terminated the appointment of Patrick Ziakede Akpobolokemi as Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA). A st…

16 Jul 2015

Buhari Dissolves Boards of Federal Parastatals, Agencies and Institutions

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<b>ABUJA, NIGERIA - President Muhammadu Buhari has approved the dissolution of the Governing Boards of Federal Parastatals, Agencies and Institutions with effect from Thursday, July 16, 2015.</b></div>
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The dissolution was announced Thursday evening via a statement by Femi Adesina, the Special Adviser to the President on Media and Publicity.</div>
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The statement added: </div>
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Until the boards are reconstituted, chief executive officers of the affected parastatals, agencies and institutions are to refer all matters requiring the attention of their boards to the President, through the Permanent Secretaries of their supervising ministries. </div>
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While the dissolution does not affect Federal Executive Bodies listed in the 1999 Constitution of the Federal Republic of Nigeria, it covers administrative or technical committees and other similar organs established by the now dissolved boards.</div>
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Buhari Dissolves Boards of Federal Parastatals, Agencies and Institutions

ABUJA, NIGERIA - President Muhammadu Buhari has approved the dissolution of the Governing Boards of Federal Parastatals, Agencies and Institutions with effect from Thursday, July 16, 2015. The dissol…

16 Jul 2015

INVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8 Years | Premium Times

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<b>ABUJA, NIGERIA - At least ₦11.55 trillion or $84.52 billion expected revenue into the coffers of the nation’s Excess Crude Account for the eight-year period from 2007 to 2014 are unaccounted for, according to findings by <i>PREMIUM TIMES </i>based on now available data from multiple government agencies not made public until now.</b></div>
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<div style="text-align: justify;">
The ECA accounting has remained perhaps one of the most opaque public fund mechanisms in the country, puzzling even state governors who repeatedly challenged former Finance Minister Ngozi Okonjo-Iweala for lack of transparency and accountability regarding the organization of the fund.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
After a recent National Economic Council meeting in Abuja, a committee of state governors angrily lashed at Mrs. Okonjo-Iweala, accusing her office, as supervisors of the fund, of arbitrariness and probably illegality in the management of a fund meant for the three tiers of government but which the ministry of finance apparently ran as a sole federal government fund.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<i>PREMIUM TIMES </i>arrived at its computation based on differentials between expected accruals and actual withdrawals from the ECA honey pot.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Based on their reporting, the Nigerian National Petroleum Corporation [NNPC] and the Central Bank of Nigeria [CBN] claim that for the eight years in review, no fewer than ₦23.79 trillion was deposited into the ECA fund.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In its own accounting, the Federal Accounts Allocation Committee [FAAC] reported that for the same period, ₦10.58 trillion was withdrawn from the fund.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Although nowhere in the FAAC reporting was the ₦1.3 trillion ad-hoc domestic infrastructural investment and capital-intensive spending on the National Integrated Power Projects [NIPP] indicated, PREMIUM TIMES accommodated it in its analysis to arrive at the ₦11.55 trillion unaccounted ECA revenue.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Our estimate can even be said to be conservative given that we did not compute  what could have accrued to the ECA from crude allocated to the NNPC for domestic refining, but which almost always ended up being sold abroad because of the bad shape of Nigeria’s four refineries.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It is instructive to note that for the first 41 months from January 2007 to May 2010, there was no single public record of transfers into the ECA by FAAC.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
After the questionable 41-month silence on ECA reporting, the FAAC curiously resumed reporting in June 2010 till the end of the review period during which ₦7.16 trillion accrued to the national coffers.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It remains unknown if this unaccounted funds were stolen or mismanaged and if federal law enforcement authorities are currently reviewing the process.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The spokesperson for the Economic and Financial Crimes Commission [EFCC], Wilson Uwujaren, said he had no information about any ongoing investigation regarding the ECA.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
But concerned by what appeared a lack of accountability in the management of the account, the National Economic Council [NEC] on June 29 raised a four-man committee to examine accruals into and withdrawals from the Federation Account and the Excess Crude Account from 2012 to May 2015.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Members of the committee are Governors Adams Oshiomhole of Edo State, Emmanuel Udom of Akwa Ibom, Ibrahim Dankwabo of Gombe and Nasir El-Rufai of Kaduna.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The panel’s report is still being awaited.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Repeated suggestions by the new Muhammadu Buhari’s administration that public funds were poorly and corruptly managed in the recent past appear to necessitate a deliberate, serious and careful look into the management of public funds by past administrations.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>History of ECA</b></div>
<div style="text-align: justify;">
The ECA was created by the administration of President Olusegun Obasanjo in 2004 to act as a stabilization fund, closing budget deficits caused by oil price volatility.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The fund was designed to enable savings for the rainy day.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Since its birth however, the ECA has been bedeviled by controversy. One major challenge is the legal status of the body and the constitutional place of the Ministry of Finance in operating both the FAAC and the ECA. Another problem is the zero transparency exhibited by various agencies and officials of government charged with managing the funds over the years.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In recent years, the Ministry of Finance has refused to make public the detailed withdrawals from and accruals to the ECA, making it difficult to track budget spending and periodic status of the nation’s treasury.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The overarching constitutional provision demands a legislative buy-in and approval before any huge withdrawals are made from the FAAC. Likewise, the excess crude account and its administration recognize the three tiers of government as owners and decision makers regarding withdrawals from the account. The third means of checking the activities on ECA is the oversight performed by the National Economic Council (NEC).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
All these have been consistently abused by the leadership of the Federal Ministry of Finance thus strapping Nigeria into penury, incessant contingency loans from International communities, and ultimately crippling the dividends that would have accrued to this stabilization mechanism.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In her bid to fend off criticism, Mrs. Okonjo-Iweala made effort to give annual summaries of accruals and withdrawals from the Excess crude account for a period of 2011 to May 2015.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
However, no clear highlights of monthly accruals and monthly disbursement of the funds to various quarters were provided to Nigerians.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Greater concerns about ECA</b></div>
<div style="text-align: justify;">
The discrepancies in reporting by the different agencies have been the most frustrating challenge on the ECA.  Going by the NNPC report of actual oil production and monthly oil price within the period under review (2007- 2014), <b>Nigeria is expected to have an inflow of ₦23.79 trillion ($166.87 billion)</b>.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In the same manner, the monthly FAAC reports by the Office of the Accountant General reported a total of ₦10.582 trillion ($73.93 billion) as withdrawals from the Excess crude account (ECA).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
However, other reports indicate that the Federal and state governments agreed and made withdrawals of <b>$8.425billion (₦1.308 trillion)</b> as fund to implement National Integrated Power Project (NIPP) within the same period.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Cumulatively, total withdrawals of <b>₦11.89 trillion ($82.17 billion)</b> was accounted for as withdrawals from ECA as FAAC distributions, funds for Sure P and NIPP.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Following these figures, the net expected balance in the ECA as at December 2014 should be <b>₦11.9 trillion ($84.52 billion)</b>.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>However, the Ministry of Finance declared in May 2015 that the actual balance in the ECA as at December 2014 was $2,060,554,241 (₦344.85billion). If this figure is anything to go by, a difference of $82.46 billion (₦11.56 trillion) can be regarded as unaccounted amount expected to be in the Excess Crude Account.</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>FULL DETAILS OF UNREPORTED ₦11.56 TRILLION EXCESS CRUDE ACCRUALS</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Annual Oil Production: Budgeted versus Actual Export</b></div>
<div style="text-align: justify;">
The annual benchmark values in barrels for crude oil production as indicated by appropriation laws during the period were 900million [2007], 882million [2008], 824.4million [2009] and 846 million [2010].</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The benchmark estimate for the remaining years were: 828million barrels [2011], 892.8million [2012], 910.8million [2013] and 856.8million [2014].</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
However, the actual annual crude oil export as reported in the Nigerian National Petroleum Corporation (NNPC) monthly reports were 792million [2007], 724.5million [2008], 769million [2009] and 864.7million [2010].</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The annual export for the remaining years were: 822million [2011], 830.8million [2012], 762milion [2013] and 796.7million [2014].</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
This is shown in the table below:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 565px;">
 <tbody>
<tr>
  <td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Year</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Benchmark
  Oil Production (bbl)</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Actual
  Oil Production (bbl)</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2007<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">900,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">791,826,519<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2008<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">882,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">724,479,796<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2009<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">824,400,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">769,195,205<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2010<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">846,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">864,702,101<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2011<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">828,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">822,082,224<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2012<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">892,800,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">830,772,048<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2013<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">910,800,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">762,045,201<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2014<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">856,800,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">796,654,109<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Total</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.75in;" width="264"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">6,940,800,000</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 166.5pt;" width="222"><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">6,361,757,203</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
 </tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Table 1: Annual Oil Production from 2007 to 2014</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Annual Oil Price: Budgeted versus Actual</b></div>
<div style="text-align: justify;">
However, although the actual amounts of crude oil production were lesser than the benchmark value (except for 2010), the actual prices of crude oil were higher than the fiscalised (benchmarked) crude oil price making.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The benchmark prices set by the Federal government from 2007 to 2014 were $40, $53.83, $45, $67, $75, $72, $79 and $77.50 respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Likewise, going by the data on monthly crude oil price by the Central Bank of Nigeria, the annual average price of oil were $74.48, $101.14, $63.9, and $80.92 for 2007 to 2010 while for 2011 to 2014, the average annual crude oil price stood at $113.76, $113.47, $110.99 and $100.35 respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-yfti-tbllook: 1184; width: 541px;">
 <tbody>
<tr>
  <td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Year</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Benchmark
  Oil Price</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Actual
  Oil Price(Annual Average)</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2007<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$40.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$74.48<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2008<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$53.83<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$101.14<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2009<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$45.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$63.90<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2010<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$67.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$80.92<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2011<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$75.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$113.76<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2012<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$72.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$113.47<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2013<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$79.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$110.99<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2014<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$77.50<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$100.35<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 59.4pt;" width="79"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Year</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 2.0in;" width="192"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Benchmark
  Oil Price</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 202.5pt;" width="270"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Actual
  Oil Price(Annual Average)</span></strong></div>
</td></tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<b><br /></b></div>
<div style="text-align: justify;">
<b>Table 2: Annual Oil Price from 2007 to 2014</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Annual Oil Revenue and Expected Accruals to ECA (in USD)</b></div>
<div style="text-align: justify;">
Going by the annual market prices, the benchmark (budgeted) prices and the annual oil production (Tables 1 & 2 above) the actual oil revenues were <b>$59.24 billion [2007],  $72.62 billion [2008], $49.79 billion [2009], and $70.08 billion [2010].</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Also the actual oil revenue for 2011 to 2014 stood at <b>$93.42 billion, $94.17 billion, $84.57 billion and  $80.03 billion</b> respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
In the same manner, the corresponding budgeted oil revenue for 2007 to 2010 were <b>$36 billion, $47.48 billion, $37.1 billion, and $56.68 billion</b>. For 2011 to 2014, the same revenue stood at <b>$62.1 billion, 64.28 billion, $71.95 billion and $66.4 billion</b> respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
With the figures stated above and in Table 3 below, the total actual oil revenue for the eight-year period was $603.91 billion while the total budgeted oil price was $442 billion.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The annual excess crude proceeds (actual revenue minus budgeted revenue) are estimated to be$23.24 billion [2007], $27billion [2008], 13.96 billion [2009], and $13.39 billion [2010] respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Also the annualized excess crude proceeds for 2011 to 2014 were estimated to be $31.32 billion [2011], $29.89 billion [2012], $12.61 billion [2013], and $15.46 billion [2014] respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
By these calculations, the Federal government, from 2007 to 2014 would have realised a sum difference of $166.87 billion as excess crude net expected balance in the ECA.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
This is obtained as excess of actual revenue from crude oil ($603.91 billion) over the gross budgeted crude oil revenue ($442 billion).</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
This is shown in the table below: </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .2in; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184; width: 504px;">
 <tbody>
<tr>
  <td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Year</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Actual
  Oil Revenue (a)</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Budgeted
  Oil Revenue (b)</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Excess
  Crude Account      (c=a-b)</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2007<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$59,239,738,446<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$36,000,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$23,239,738,446<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2008<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$72,620,086,011<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$47,478,060,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$27,001,792,263<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2009<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$49,790,735,102<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$37,098,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$13,955,741,897<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2010<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$70,075,592,001<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$56,682,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$13,393,592,001<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2011<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$93,420,769,109<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$62,100,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$31,320,769,109<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2012<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$94,172,583,273<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$64,281,600,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$29,890,983,273<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2013<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$84,565,187,083<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$71,953,200,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$12,611,987,083<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2014<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$80,026,424,293<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$66,402,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$15,459,851,348<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Total</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$603,911,115,318</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$441,994,860,000</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$166,874,455,420</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
 </tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Table 3: Annual Oil Revenue and Expected Accruals to ECA (in USD)</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Annual Expected Inflow to Excess Crude Account (in U.S. Dollars and Nigeria Naira)</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The Nigerian National Petroleum Corporation  (NNPC) sells its crude in U.S. dollars, and also remits to the Central Bank of Nigeria (CBN) in dollars. This explains why revenue accrual and excess crude funds figures are usually provided in U.S. dollars.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
However, CBN deposits the funds into the Federation allocation account in Naira, leaving room for another level of computation to get the actual NNPC remittances to CBN in Naira.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The annual average exchange rate of $1 to a Naira, going by the CBN monthly data on international foreign exchange market (IFEM), for the period of 2007 to 2014 stood at <b>₦123.93 [2007], ₦117 [2008], ₦146.82 [2009], ₦148.31 [2010], ₦151.83 [2011], ₦155.43 [2012], ₦155.25 [2013] and ₦156.45 [2014]</b> respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
By computing the corresponding Naira value of the actual and budgeted revenue as given in dollars, it was revealed that a total of <b>₦23.79 trillion is the expected inflow into the ECA as at December 2014</b>.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
This is arrived at by the sum of expected inflow into the ECA from 2007 to 2014 as <b>₦2.848 trillion,₦3.129 trillion, ₦2.066 trillion, ₦1.988 trillion ₦4.755 trillion, ₦4.646 trillion, ₦1.958 trillion and ₦2.4 trillion </b>respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Table 4 below shows detail of the figures:</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .2in; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184; width: 528px;">
 <tbody>
<tr>
  <td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Year</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Exchange
  Rate</span></strong><span class="apple-converted-space"><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span></b></span><strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;"> </span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">(USD)<o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Expected
  Inflow to Excess Crude Account </span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">(USD)<o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Expected
  Inflow to Excess Crude Account</span></strong><span class="apple-converted-space"><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span></b></span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">(NGN)<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2007<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$123.93<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$23,239,738,446<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2,848,134,733,464<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2008<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$117.00<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$27,001,792,263<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3,129,147,007,076<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2009<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$146.82<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$13,955,741,897<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2,065,965,765,903<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2010<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$148.31<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$13,393,592,001<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1,988,126,673,193<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2011<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$151.83<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$31,320,769,109<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">4,755,109,947,261<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2012<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$155.43<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$29,890,983,273<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">4,646,453,215,411<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2013<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$155.25<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$12,611,987,083<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1,958,074,330,008<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2014<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$156.45<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$15,459,851,348<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2,399,926,504,881<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Total</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 117.0pt;" width="156"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$166,874,455,420</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">23,790,938,177,198</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
 </tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Table 4: Annual Expected Inflow into ECA</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Net Expected Balance in ECA</b></div>
<div style="text-align: justify;">
The reports by the Office of the Accountant General (OAGF) as well as reports by the Federal and state governments agreed that withdrawals for the National Integrated Power Project (NIPP) in March 2013 revealed that the annual withdrawals from ECA (actual withdrawals) for 2007 to 2010 were <b>₦708.93 billion, ₦1.637 trillion, ₦1.546 trillion, and ₦1.325 trillion</b> respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Also, annual withdrawals for 2011 to 2014 were reported to be <b>₦1.841 trillion, ₦1.606 trillion,₦2.905 trillion, and ₦320 billion</b> respectively.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Cumulatively, total withdrawals of <b>₦11.89 trillion ($82.36 billion) </b>was accounted for as withdrawals from ECA as FAAC distributions, funds for Sure P and NIPP.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Following this figures, the net expected balance in the ECA as at December 2014 should be <b>₦11.900 trillion ($84.52 billion)</b>.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .2in; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184; width: 570px;">
 <tbody>
<tr>
  <td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Year</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> Expected inflow to ECA <strong>(a)</strong><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> Withdrawals from ECA FAAC Distribution &
  NIPP  
       <strong>(b)</strong><o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> Net Expected Balance in
  ECA        <strong>(c=a-b)</strong><o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2007<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,848,134,733,46</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">4<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">708,934,242,99</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">9<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,139,200,490,46</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">5<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2008<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">3,129,147,007,07</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">6<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,637,019,253,44</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">7<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,492,127,753,62</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">9<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2009<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,065,965,765,90</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,546,424,383,68</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">6<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">519,541,382,21</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">7<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2010<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,988,126,673,19</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,325,445,268,66</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">662,681,404,53</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">0<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2011<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">4,755,109,947,26</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,841,078,872,30</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,914,031,074,96</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">0<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2012<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">4,646,453,215,41</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,606,412,995,29</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">8<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">3,040,040,220,11</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2013<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,958,074,330,00</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">8<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,905,100,000,59</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">0<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">-</span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">947,025,670,58</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2014<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,399,926,504,88</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">319,943,121,22</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">2,079,983,383,65</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">8<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Total</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span></b><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">23,790,938,177,19</span></b><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">7<o:p></o:p></span></b></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 1.75in;" width="168"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"> </span></b><b><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span></b><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">11,890,358,138,20</span></b><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">7<o:p></o:p></span></b></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 130.5pt;" width="174"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<b><span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span></b><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">11,900,580,038,99</span></b><b><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">0<o:p></o:p></span></b></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
 </tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Table 5: Net Expected Balance in ECA</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Summary of Unaccounted Amount in the Excess Crude Funds</b></div>
<div style="text-align: justify;">
Ms. Okonjo-Iweala through the Ministry of Finance published summary information on transfer to excess crude account from 2011 to May 2015.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
The Minister claimed in the publication that the actual balance in the Excess Crude Account, as at December to 2014, was $2,060,554,241, which by the CBN IFEM figures, stood at ₦344.85 billion (₦344,848,470,446) as shown in Table 6 below.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
Recalling from Table 5 above, the expected net balance in the ECA as at December 2014 was ₦11.901 trillion.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
By calculating the difference between the net expected balance in the ECA <b>(₦11.901 trillion)</b> and the actual balance in ECA as at December 2014<b> (₦344.85 billion) i.e (₦11,900,580,038,990 – ₦344,848,470,446)</b>, it is clear that for the period of 2007 to 2014, a total of <b>₦11.56 trillion (₦11,555,731,568,544)</b> was unaccounted for.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: .2in; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-padding-alt: 0in 5.4pt 0in 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184; width: 576px;">
 <tbody>
<tr>
  <td style="border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">1<o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">Total Expected Inflow to Excess Crude Account<o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$166,874,455,420<o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">23,790,938,177,198<o:p></o:p></span></div>
</td>
  <td style="border-left: none; border: solid black 1.0pt; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-themecolor: text1; mso-border-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">a<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Less:</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">Withdrawals from ECA (NIPP by March 2013)<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$8,425,000,000<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Times New Roman","serif"; font-size: 10.5pt;">₦</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Georgia;">1,308,012,289,47</span><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">4<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">Withdrawals from ECA, (FAAC Distributions) to FG and States<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$73,930,904,083<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">10,582,345,848,734<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">2<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Total
  Withdrawals from ECA: as FAAC Distributions + Sure P and NIPP</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$82,355,904,083</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">11,890,358,138,208</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">b<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Net
  Expected Balance in ECA as at Dec 2014</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$84,518,551,337</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">11,900,580,038,990</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">c = a – b<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Deduct:</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<br /></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">Actual Balance in ECA as at Dec 2014<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">$2,060,554,241<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">344,848,470,446<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">d<o:p></o:p></span></div>
</td>
 </tr>
<tr>
  <td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .5pt; mso-border-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 45.0pt;" width="60"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">3<o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 85.5pt;" width="114"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">Amount
  Unaccounted for in ECA</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 103.5pt;" width="138"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">$82,457,997,097</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 139.5pt;" width="186"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<strong><span style="color: #333333; font-size: 10.5pt;">₦</span></strong><strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt; mso-bidi-font-family: Arial; mso-bidi-theme-font: minor-bidi;">11,555,731,568,544</span></strong><span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;"><o:p></o:p></span></div>
</td>
  <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-style: inherit; mso-border-alt: solid black .5pt; mso-border-bottom-themecolor: text1; mso-border-left-alt: solid black .5pt; mso-border-left-themecolor: text1; mso-border-right-themecolor: text1; mso-border-themecolor: text1; mso-border-top-alt: solid black .5pt; mso-border-top-themecolor: text1; padding: 0in 5.4pt 0in 5.4pt; width: 58.5pt;" width="78"><div class="MsoNormal" style="margin-bottom: 0.0001pt;">
<span style="color: #333333; font-family: "Georgia","serif"; font-size: 10.5pt;">e = c – d<o:p></o:p></span></div>
</td>
 </tr>
</tbody></table>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Table 6: Summary of Findings</b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Authenticity of Data and Verification of Estimated Value</b></div>
<div style="text-align: justify;">
<i>PREMIUM TIMES </i>investigation relied solely on data obtained from relevant government agencies such CBN, NNPC, OAGF, Budget Office and Ministry of Finance. Moreover, in order to further verify and validate the analyzed data, FOI request were made to CBN, Ministry of Finance, Revenue Mobilization and Federation Account (RevFAC) and the NNPC. </div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
None of the FOI request to the four agencies gave the requested details as at the time of this report.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
As much as these figures were concerned, it is believed from interrogating the available data from the Office of the Accountant General (OAGF), that no concrete coordination existed between the Ministry of Finance and the OAGF.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
As identified by the Nigeria Extractive Industry Transparency Initiative [NEITI] report, the five major ministries, departments and agencies - CBN, NNPC, RevFAC, OAGF and Ministry of Finance - consistently gave conflicting figures, thereby confusing the public the more.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b>Conclusion</b></div>
<div style="text-align: justify;">
So far, <i>PREMIUM TIMES </i>investigation has shown that <b>₦11.56trillion</b> that should have accrued to the Excess Crude Account is unaccounted for.</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
It remains to be seen whether the various agencies involved in the management of the account would open up their books and let Nigerians understand how they handled and disbursed the funds on behalf of the Nigerian people.</div>
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INVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8 Years | Premium Times

ABUJA, NIGERIA - At least ₦11.55 trillion or $84.52 billion expected revenue into the coffers of the nation’s Excess Crude Account for the eight-year period from 2007 to 2014 are unaccounted for, acc…

16 Jul 2015

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INVESTIGATION: At Least ₦11.56 Trillion Excess Crude Fund Unaccounted For In 8 Years | Premium Times

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