Nigeria sees Excess Crude Account appreciate to $2.09b

Nigeria’s Excess Crude Account has continued to appreciate and according to government the fund is currently standing at over 2.09 billion dollars as at October 16.

According Bauchi State Governor, Mohammed Abubakar, who briefed State House correspondents after the National Economic Council, NEC, meeting on Thursday at the Presidential Villa, Abuja, the Minister of Finance, Zainab Ahmed, gave the update on the Federation Account Allocation Committee (FAAC), Excess Crude Account, Stablisation Fund Account and Natural Resources Development Account.

He said that there was also an update on the ad hoc committee set up by NEC to address the problem of crude oil theft and its prevention and control. Abubakar said that the committee used to be headed by the then Governor of Delta State, Dr Emmanuel Uduaghan, but NEC had approved the nomination of Edo State Governor, Godwin Obaseki, to head the committee.

Source: Oriental News

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