Friday 20 May 2016

Finance Minister Reveals Balance of the Excess Crude Account...See Figure

The federal government has communicated details of the Excess Crude Account to the general public for the purpose of transparency and accountability. 

Kemi Adeosun
Finance Minister Kemi Adeosun yesterday told the National Economic Council that the balance in the Excess Crude Account stood at $2.259 billion as of April 30, 2016, DailyTrust reports.

The minister put the interest accrued on the account at $429,903.55 “for the month of April 2016 experiencing a little drop in interest”.

She also presented to the council, the Fiscal Sustainability Plan and Fiscal Framework for Sub-National Governments in Nigeria which include strategic objectives and recommended action points.

Edo State Governor, Adams Oshiomhole told the council that the ad-hoc committee on the management of the Excess Crude Account and payment into the federation account endorsed the forensic auditors firms as earlier proposed by the finance minister to audit the ECA.

Kogi State Governor Yahaya Bello said the Central Bank of Nigeria Governor told the council that 30 states had so far received bail-out funds as of May 18 2016; while 35 had applied for the Excess Crude Account-backed loans.

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