Nigeria's External reserves drop to $57.2bn in Nov

No Comments » November 30th, 2008 posted by // Categories: Nigeriawatch



 

 

 

http://www.cenbank.org/Intops/Reserve.asp?MoveDate=11/30/2008%204:56:49%20PM

 

The Movement in Nigeria’s Reserves

 

Date Gross Liquid Blocked %
11/27/2008  57,254,973,699  55,671,636,741  1,583,336,958 

2.77%

11/26/2008  57,264,462,781  55,679,794,246  1,584,668,535 

2.77%

11/25/2008  57,239,336,543  55,655,533,043  1,583,803,500 

2.77%

11/24/2008  57,763,534,841  56,183,628,855  1,579,905,986 

2.74%

11/21/2008  57,673,809,121  56,096,321,377  1,577,487,744 

2.74%

11/20/2008  58,100,903,446  56,524,474,785  1,576,428,662 

2.72%

11/19/2008  58,906,457,494  57,326,616,064  1,579,841,430 

2.69%

11/18/2008  59,303,460,101  57,714,765,873  1,588,694,228 

2.68%

11/17/2008  59,508,903,982  57,920,263,643  1,588,640,338 

2.67%

11/14/2008  59,622,456,251  58,025,732,170  1,596,724,081 

2.68%

11/13/2008 

59,647,962,643  58,054,637,544  1,593,325,099 

2.68%

11/12/2008  60,200,839,145  58,610,155,287  1,590,683,858 

2.65%

11/11/2008  59,556,837,424  57,953,182,204  1,603,655,220 

2.70%

11/10/2008  59,691,245,509  58,083,448,428  1,607,797,082 

2.70%

11/7/2008  59,664,946,668  58,056,782,709  1,608,163,959 

2.70%

11/6/2008  59,696,074,287  58,087,910,328  1,608,163,959 

2.70%

11/5/2008 

59,895,408,331 

58,291,315,480  1,604,092,852 

2.68%

11/4/2008  58,330,969,041  56,730,543,892  1,600,425,149 

2.75%

11/3/2008  58,526,227,551  56,919,832,381  1,606,395,170 

2.75%

10/31/2008  58,534,147,073  56,926,219,231  1,607,927,842 

2.75%

10/30/2008  58,383,015,576  56,767,043,199  1,615,972,377 

2.77%

10/29/2008  58,426,401,372  56,816,913,693  1,609,487,679 

2.76%

10/28/2008  58,690,263,342 

57,086,897,572 

1,603,365,770 

2.74%

10/27/2008  59,146,179,502  57,545,849,112  1,600,330,390 

2.71%

10/24/2008  59,391,086,640  57,784,906,514  1,606,180,125 

2.71%

10/23/2008  59,873,034,963  58,856,731,983  1,016,302,980 

1.70%

10/22/2008  60,402,520,174  58,583,158,910  1,819,361,264 

3.02%

10/21/2008  60,713,228,352  59,084,319,680  1,628,908,672 

2.69%

10/20/2008  61,351,501,853  59,712,506,846 

1,638,995,007 

2.68%

10/17/2008  61,482,829,802  59,835,830,445  1,646,999,358 

2.68%

10/16/2008  62,060,109,201  60,406,245,557  1,653,863,644 

2.67%

 

http://www.vanguardngr.com/content/view/23055/42/

 

External reserves drop to $57.2bn in Nov E-mail
Written by Gabriel Omoh, Business Editor   

Monday, 01 December 2008

 

 WITH the continous slide of crude oil prices  coupled with unrelenting sharing of excess crude oil revenue by the three tiers of government, the nation’s external reserves have continued to dwindle steadily.

The trend in the drop in the foreign reserves is most noticeable from the 20th of every month when the Federation Allocation Account Committee meets to share the proceeds from the federation account.

Last month, for instance, reserves which was put at N62 billion on the 16th dropped to $59.8 billion on the 23rd after the Committee’s meeting.

The reserves remained on an average of $58 billion in the month of November until the 21st, again, when it dropped to $57.254 billion after the committee met to share money from the federation account.

The drop in the reserves comes mainly from the sharing of the excess crude oil revenue which were supposedly saved for the rainy day.

In the month of September, for instance, the sum of N31.4 billion was taken from the excess crude account to augment the budgetary shortfall for the month. The shortfall was due basically to the shut-ins and vandalisation of pipelines which had adverse effect on the volume of production.

The essence of augmentation is to enable the three tiers of government continue with their projects despite price fluctuations or reduction in the volume of production.

The amount of money that is allocated to each state is standardised. The highest recipients in the second disbursement for augmentation during the meeting of the Federation Account in September 2008 are Rivers State N1.8bn, Akwa Ibom N1.3bn, Delta N932m, Bayelsa N853m and Ondo N551m. Other recipients are Lagos N477m, Kano N635m, Katsina N473m and Oyo N456m.

The amount saved from oil windfall in the country’s excess crude revenue account has been depleted and what is left will not tide the country over any financial down turn should oil price fall below the budget benchmark of $62 per barrel.

The CBN Governor, Professor Chukwuma Soludo, had said the current financial and economic crisis portended some financial challenges for Nigeria as the prices of oil are on the downward trend.

According to him, much of the savings in the excess crude account have been disbursed and what is left based on what the three tiers of government in the country agreed on will not be enough to make any significant impact on the budget if the prices of oil falls below the budget benchmark.

The CBN Governor had disclosed that the federation account committee agreed that N1trillion be set as the base for the savings and 80 per cent of whatever is earned as excess revenue in any particular month that is above the one trillion mark should be shared while 20 per cent is saved.

He said of what was saved, it was agreed that the sum of $5.6 billion was to be spent on power, stressing that with the drop in the production level which resulted in the drop of crude export due to the activities of militants in the Niger Delta, part of the savings have been used to supplement the revenue allocation to the three tiers of government in months when available revenue falls short of the budget provision.

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