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
Arsenal Equal Chelsea’s London Derby Feat After 5-1 Win Vs Palace
Webby - December 21, 2024Arsenal equaled Chelsea’s London derby achievement following their 5-1 win against Crystal Palace in Saturday’s Premier League game at Selhurst…
Haaland Backs Guardiola To Turn Man City’s Poor Form Around
Webby - December 21, 2024Erling Haaland had said he and his Manchester City teammates are still backing manager Pep Guardiola to turn the team’s…
PSG To Reignite Interest In Osimhen
Webby - December 21, 2024Paris Saint-Germain have contacted Napoli to discuss signing Victor Osimhen in January, according to reports in France.It is reported that…