Nigeria govt further depletes excess crude account to $249m

March 1, 2019
88 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

8 Days Before Adeboye’s Son’s Death, Another General Overseer Loses 53-Year-Old Son
Politics
Politics

8 Days Before Adeboye’s Son’s Death, Another General Overseer Loses 53-Year-Old Son

Webby - May 9, 2021

Another General Overseer is bereaved as Nigerian Pentecostal family mourns Pastor Dare Adeboye, son of he General Overseer of the…

Group Accuses Govt Of Carrying Out Attack On Akintoye’s Son’s House
Politics
Politics

Group Accuses Govt Of Carrying Out Attack On Akintoye’s Son’s House

Webby - May 9, 2021

Ilana Omo Oodua, which is one of the leading Yoruba self-determination groups,has claimed that the government was behind the invasion…

Nigerians In Diaspora To Begin Voting Soon — Minister
Politics
2 views
Politics
2 views

Nigerians In Diaspora To Begin Voting Soon — Minister

Webby - May 9, 2021

Minister of State for Foreign Affairs, Ambassador Zubairu Dada, has assured that Nigerians in the Diaspora would soon be able…

Leave a Comment

Your email address will not be published.