TNN.ng: NNPC

NNPC Replaces MDs of Subsidiaries, Trims Management Staff

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<b>ABUJA, NIGERIA - President Muhammadu Buhari on Tuesday evening fired the managing directors of the subsidiaries of the Nigerian National Petroleum Corporation (NNPC) and retired 38 top management staff of the firm, trimming down their number from 122 to 83.</b></div>
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The President also approved four new directorates for the national oil corporation and appointed four directors to man them.</div>
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Buhari further allowed the firm to recruit 12 private sector players into its management cadre to help it jump-start a new business outlook to enhance its operational environment as a profit-driven business and wean the firm from its present civil service orientation.</div>
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The four new directorates are Exploration and Production, Finance and Services, Refining and Technology, and Commercial and Investment.</div>
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As the restructuring at the corporation went on, <b><a href="http://www.punchng.com/news/buhari-fires-mds-of-nnpc-subsidiaries/">The PUNCH</a></b> correspondent observed that a good number of staff members of the oil firm stayed back on Tuesday evening, even after closing for the day’s job.</div>
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Many of them were spotted discussing in hushed tones, while a few visibly tensed workers made it clear that there was fear of job losses in the air at the NNPC, going by the downsizing of the executive positions from eight to four and the trimming of top management staff from 122 to 83.</div>
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<i>Saturday PUNCH </i>had reported exclusively that the approval of directorates and managers to occupy the positions were delayed by the President.</div>
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This, however, was confirmed by the corporation's Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement on Tuesday in Abuja.</div>
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The corporation, in the statement, said: "The management of the NNPC has appointed four new Group Executive Directors to man the four new Directorates that have been approved by the Presidency."</div>
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The new Group Managing Director, Dr. Emmanuel Kachikwu, disclosed that the new appointments were in line with the Federal Government's aspiration to transform the corporation into a lean, efficient, business-focused, transparent and accountable national oil company in keeping with international best practices.</div>
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The appointments which were approved by President Muhammadu Buhari include Dr. Maikanti Baru, Group Executive Director, Exploration and Production; Mr. Isiaka Abdulrazaq, Group Executive Director, Finance and Services; Mr. Dennis Nnamdi Ajulu, Group Executive Director, Refining and Technology and Dr. Babatunde Victor Adeniran, Group Executive Director, Commercial and Investment.</div>
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The statement noted that a new company secretary/legal adviser and managing directors were also appointed for the firm’s strategic business units.</div>
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It said they include Chidi Momah, Group General Manager, Company Secretary and Legal Adviser; Mrs. Esther Nnamdi Ogbue, Managing Director, Pipelines and Products Marketing Company; Mr. Chinedu Ezeribe, Managing Director, Warri Refining and Petrochemicals Company; Mr. Babatunde Bakare, Managing Director, Nigerian Gas Company; Mr. Inuwa Ibrahim Waya, Managing Director, Hyson; Mr. Abubakar Mai-Bornu, Managing Director, Nigerian Petroleum Development Company; and Mr. Ladipo Fagbola, Managing Director, NNPC Retail.</div>
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Others are Mr. Rowland Ewubare, Managing Director, Integrated Data Services Limited; Mr. Modupe Bammeke, Managing Director, NNPC Properties; Mr. Abdulkadir Saidu, Managing Director, Duke Oil; and Mr. Dafe Sejebor, Group General Manager, Nigerian Petroleum Investment Management Services.</div>
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The statement added that "the corporation also retired 38 top management staff reducing the number from 122 to 83. Also in line with the aspiration to reposition the corporation, 12 personnel have been recruited from the private sector into the top management cadre to jump-start a new business outlook to enhance the operational environment as a profit-driven business as against the current civil service orientation.”</div>
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The restructuring at the NNPC started last week Tuesday after Buhari fired the former GMD, Dr. Joseph Dawha, and replaced him with Kachikwu.</div>
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A day later, the President sacked the firm’s eight group executive directors but announced no replacement, although our correspondent reported that the eight departments were trimmed to four.</div>
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The restructuring continued on Friday as Kachikwu redeployed the Group General Manager, Crude Oil and Marketing Division, Mr. Gbenga Komolafe, and replaced him with Mr. Musa Usman, who was to serve in acting capacity.</div>
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About two weeks ago, President Buhari declared a strong stance to fix Nigeria's oil sector, rid the industry of rot and probe monies stolen by operators in the sector.</div>
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The President had in late June dissolved the NNPC board.</div>
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The Federal Government, through the NNPC, regulates and participates in the country's petroleum industry.</div>
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An Act to dissolve the former Nigerian National Oil Corporation and to establish the NNPC was promulgated in 1977.</div>
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The NNPC was established on April 1, 1977, as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel.</div>
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NNPC Replaces MDs of Subsidiaries, Trims Management Staff

ABUJA, NIGERIA - President Muhammadu Buhari on Tuesday evening fired the managing directors of the subsidiaries of the Nigerian Nationa...

NNPC's New GMD Sacks All Group Executive Directors

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<b>ABUJA, NIGERIA - The eight Group Executive Directors (GED) of the Nigerian National Petroleum Corporation (NNPC) have been relieved of their appointment in the corporation.</b></div>
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According to <a href="http://www.vanguardngr.com/2015/08/breaking-news-kachikwu-sacks-8-nnpcs-group-executive-directors/">Vanguard</a>, a source in the NNPC said the GEDs of the corporation have been replaced with new GEDs.</div>
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The GEDs who were relieved of their duties are: Mr. Ian Udoh, Group Executive Director, Refining & Petrochemicals; Mr. Adebayo Ibirogba, Group Executive Director, Engineering and Technical; Dr David Ige, Group Executive Director, Gas& Power and Dr. Attahir Yusuf, Group Executive Director, Business Development.</div>
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Others are: Dr.Dan Efebo, Group Executive Director, Corporate Services; Mr. Bernard Otti, Group Executive Director, Finance & Accounts</div>
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NNPC's New GMD Sacks All Group Executive Directors

ABUJA, NIGERIA - The eight Group Executive Directors (GED) of the Nigerian National Petroleum Corporation (NNPC) have been relieved of ...

President Buhari Approves Ogoniland Clean Up

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<b>ABUJA, NIGERIA - President Muhammadu Buhari on Wednesday approved several actions to fast-track the implementation of the United Nations Environmental Programme Report on Ogoniland.</b></div>
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The actions approved by President Buhari, according to a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, were based on recommendations to him by the Executive Director of UNEP, the UNEP Special Representative for Ogoniland, Permanent Secretaries of the Federal Ministries of Environment and Petroleum Resources, and other stakeholders, include the amendment of the Official Gazette establishing the Hydrocarbon Pollution Restoration Project (HYPREP) to reflect a new governance framework comprising a Governing Council, a Board of Trustees and Project Management.</div>
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The statement reads: "The President further approved that the HYPREP Governing Council should be composed as follows: Ministry of Petroleum Resources (One representative), Federal Ministry of Environment (One representative), Impacted States (Rivers) - One Representative, Oil Companies and NNPC (Four representatives), Ogoniland (Two representatives), United Nations System  (One representative) and Secretariat - Headed by Project Manager."</div>
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"He also approved the composition of a Board of Trustees for the HYPREP Trust Fund as follows: Federal Government (One representative), NNPC (One representative), International Oil Companies (One representative), Ogoniland (One representative) and United Nations System (One representative)."</div>
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Following a meeting held on the directive of President Buhari, the statement said that it was also agreed that a contribution deposit of $10 million will be made by stakeholders within 30 days of the appointment of members of the Board of Trustees for the Trust Fund who will be responsible for collecting and managing funds from contributors and donors.</div>
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"A new implementation template has also been evolved at the instance of President Buhari, and the environmental clean-up of Ogoniland will commence in earnest with the President's inauguration of the HYPREP Governing Council and the Board of Trustees for the Trust Fund," it added.</div>
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<b><a href="http://thenationonlineng.net/buhari-approves-cleaning-up-of-ogoniland/">The Nation</a></b></div>
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President Buhari Approves Ogoniland Clean Up

ABUJA, NIGERIA - President Muhammadu Buhari on Wednesday approved several actions to fast-track the implementation of the United Nation...

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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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>
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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>
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<i>PREMIUM TIMES </i>arrived at its computation based on differentials between expected accruals and actual withdrawals from the ECA honey pot.</div>
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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>
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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>
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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>
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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>
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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>
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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>
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It remains unknown if this unaccounted funds were stolen or mismanaged and if federal law enforcement authorities are currently reviewing the process.</div>
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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>
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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>
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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>
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The panel’s report is still being awaited.</div>
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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>
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<b>History of ECA</b></div>
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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>
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The fund was designed to enable savings for the rainy day.</div>
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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>
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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>
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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>
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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 ...

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

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