Nigeria govt further depletes excess crude account to $249m

March 1, 2019
135 Views

The Nigerian government has further depleted the balance in the Excess Crude Account (ECA) to $249 million between January and February this year in an apparent last minute scamper for funds to fund its election activities.

The balance in the ECA dropped significantly from $2.45 billion at the end of November 2018 to just $631 million at the end of December, a period of one month.

A communiqué issued at the end of the Federation Accounts Allocation Committee (FAAC) meeting for February indicated that the new balance in the ECA is $249m, signalling further depletion.

Ahmed Idris, Accountant General of the Federation, who represented the Zainab Ahmed, minister of finance at the meeting however did not explain for what purpose the withdrawal was made.

Meanwhile, FAAC disbursed to the three tiers of government a total of N610.368 billion federal revenue generated in the month of January 2019, but shared in February 2019.

Ahmed said approval is being awaited from the minister of finance for additional N50 billion from the Foreign Exchange Equalization Account, which will be distributed accordingly.

You may be interested

El-Rufai replies OBIdients over proposed two-million-man march in Kaduna
News
2 views
News
2 views

El-Rufai replies OBIdients over proposed two-million-man march in Kaduna

Webby - August 15, 2022

Spread the loveNasir El-Rufai, the governor of Kaduna State, has made fun of Peter Obi’s Labour Party (LP) followers for…

Court dissolves marriage for lack of food
News
1 views
News
1 views

Court dissolves marriage for lack of food

Webby - August 15, 2022

Spread the loveA Grade I Area Court in Kubwa, Abuja, has dissolved a four-year-old marriage between one Rabi Mohammed and…

BBNaija: Amaka Confronts Phyna Over Kiss With Groovy (Video)
News
3 views
News
3 views

BBNaija: Amaka Confronts Phyna Over Kiss With Groovy (Video)

Webby - August 15, 2022

Amaka, Groovy and Phyna BBNaija Level Up housemate, Amaka has spoken to Phyna following their rift over Groovy.Recall that during…

Leave a Comment

Your email address will not be published.