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N629bn excess crude revenue:
Council of States okays sharing formula
LERE OJEDOKUN, Abuja
NATIONAL
Council of State (NCS) has approved a sharing formula for the N629 billion
excess crude revenue as well as the conferment of national honours on 190
individuals.
Giving details on the excess crude
revenue, Gov. Olagunsoye Oyinlola of Osun State explained that 50 per cent of
the N629 billion was agreed to be saved in order to take care of whatever
fluctuations that may arise in the federal budget whenever there was a dip in
oil price at the international market.
The council, he added, agreed to the
sharing of N318.5 billion with the Federal Government taking N146 billion,
states N74 billion, local governments N57 billion and derivation N41 billion.
Governor Oyinlola also said that it was
resolved that the distribution of the excess revenue for this year would begin
next January and the money released on a monthly basis.
"The spending of the excess revenue that
comes from the sale of crude oil will not be spent until the following year.
That is to say, whatever is earned in 2004, the commencement of spending will be
2005," he stressed.
The council further resolved that the
revenue should not be released en-bloc so that it would not be spent the same
way recurrent expenditures were spent and also to avoid triggering off
inflation.
Another resolution was that the revenue
should be deployed to specific key sectors of the economy such as defence,
security, road maintenance, power and agriculture.
On his part, Gov. Ali Modu Sherif of Borno
State, who was at the meeting, said council also approved the recommendation of
62 convicts for presidential pardon under the prerogative of mercy.
For the national honours, 190 Nigerians
and foreigners would be conferred with this year’s national honours in various
categories.
Grand Commander of the Federal Republic (GCFR),
one, Commander of the Federal Republic (CFR), five, Commander of the Order of
Niger (CON), 23 and Officer of the Federal Republic (OFR), 49.
For the Order of the Niger (OON) category,
there are 55, Member of the Federal Republic (MFR), 44, and Member of the Niger
(MON), 13. The names of the would-be honourees were, however, not disclosed.
On the 14-day ultimatum given by the
Nigeria Labour Congress (NLC) on the recent fuel price hike, the council
revealed that the impending strike was not part of the agenda.
It, however, noted that the matter was
being handled at the appropriate level just as the state governors informed
reporters that the issue of external debt management did not feature at the
meeting.
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