Nigeria’s Excess Crude Account depleted by 73% in 3 weeks

Controversy trailed Wednesday’s revelation by the Federation Accounts Allocation Committee (FAAC) that the excess crude revenue account savings has been depleted to only $631 million within three weeks.

Barely three weeks ago, Minister of Finance, Zainab Ahmed, disclosed at the end of the committee’s meeting in Kaduna on November 25, 2018, that the balance in the account stood at about $2.319 billion. It was not clear how about $1.688 billion, almost 73 per cent, left the account in a space of three weeks.

Withdrawal from the account is subject to the approval of the three tiers of government and the Executive Council of the Federation (FEC). It was not clear when the decision to draw from the account was taken and for what purpose.

But, at the end of the FAAC meeting for December in Abuja on Wednesday, Permanent Secretary, Federal Ministry of Finance, Mahmoud Isah-Dutse, said the money was withdrawn to settle the last tranche of the Paris Club loan refund to states.

Source: Premium Times

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