Excess Crude Account Archives - Voice of Liberty NG

FG announces boost in nation�s economy; Excess Crude Account hits $473.75m

June 29, 2024June 29, 2024 Aminu Imam

The Federal Government says the Nigeria�s economy has received a significant boost, with the Excess Crude Account, standing at $473.75 million and the Stabilization Account at over N28.7 billion. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this at 142nd National Economic Council (NEC) meeting, presided over by its Chairman, Vice President Kashim Shettima, in Abuja. The nation�s Natural Resources Fund has also seen a significant increase, standing at over N53.89 billion.Vice-President, Kashim Shettima attributed the economic growth to the financial prudence and transparency framework adopted…

Excess Crude Account shrinks to $376,655 from $2.1bn handed over to Buhari�s govt.

July 28, 2022July 28, 2022 Aminu Imam

Nigeria�s Excess Crude Account (ECA) has been drastically depleted under President Muhammadu Buhari�s administration, falling from over N872,844,000 ($2 billion) left by former President Goodluck Jonathan in 2015 to N156,552,884 ($376,655). This was disclosed in a communiqu� released following the Federal Account Allocation Committee (FAAC) meeting for July 2022, held in Abuja on Tuesday: however, it did not provide an explanation for the sharp decrease in the ECA funds. The ECA fell as Federal, State, and local government allocations increased by N121.624 billion in June, while FAAC shared a total…

Insecurity: “Where�s the ammunition bought with $1bn withdrawn from ECA?” – Wike to FG

May 5, 2021May 5, 2021 Aminu Imam

The Rivers State governor, Nyesom Wike, has called on the Federal Government to account for the $1 billion taken from the excess crude account (ECA) to purchase am ammunition for the military. Recall that the National Economic Council, (NEC), in 2017 approved the withdrawal of $1 billion from the ECA to fight insurgency in the North-East. Following strict criticisms from the public and civil society groups, the Presidency later released details of how the money was spent. Commenting on the declining security situation in the country, Wike said it calls…