Business
FG further depletes excess crude account to $249m
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.
-
Latest1 week agoLagos NURTW organising secretary Toba Ajiboye dies after gunmen attack
-
Business5 days agoCBN targets $12bn annual Diaspora inflows to boost FX liquidity
-
Business5 days agoSEC launches nationwide campaign to help investors recover unclaimed dividends
-
Business4 days agoNigerian AI researcher champions ethical artificial intelligence at COPA AI 2026 summit in Wales
-
Latest1 week agoOyo APC berates Makinde over call for UN probe into Oriire school rescue
-
Business6 days agoCBN launches real-time FX tracker for BDCs, tightens oversight of FX market
-
Latest7 days agoKwankwaso calls for renewed North–South-East Political alliance ahead of 2027
-
Business5 days agoFood prices now biggest threat to inflation, beyond CBN’s reach – Analysts