FG further depletes excess crude account to $249m

March 4, 2019
104 Views

The federal 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, signaling 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

Nigeria’s inflation rate rises to 15.63% In December 2021
News
News

Nigeria’s inflation rate rises to 15.63% In December 2021

Webby - January 17, 2022

A file photo of a woman at a market.Nigeria’s inflation rate has risen to 15.63 percent in December 2021 from…

News
2 views

No staff, visitor was forced to take Covid-19 vaccine – FCTA

Webby - January 17, 2022

By Salisu Sani-Idris The Federal Capital Territory Administration (FCTA), on Monday in Abuja clarified that no staff or visitors were…

2023: Wike’s posters surface in Abuja, northern promoters identified
News
2 views
News
2 views

2023: Wike’s posters surface in Abuja, northern promoters identified

Webby - January 17, 2022

Spread the lovePresidential campaign posters of Rivers Governor Nyesom Wike of Rivers State have been sighted in some areas of…

Leave a Comment

Your email address will not be published.