Nigeria has $1.8 billion in Excess Crude Account - AGF reveals

Nigeria has $1.8 billion in Excess Crude Account - AGF reveals

- Ahmed Idris, the accountant-general of the federation, has said that Nigeria has $1.8 billion in its Excess Crude Account (ECA)

- Idris made this revelation on Thursday, April 26

- He further said that the current balance in the natural resources development fund account stands at N134.9 billion

Ahmed Idris, the accountant-general of the federation, has revealed that the balance in Excess Crude Account (ECA) as at Monday, April 23, is $1.8 billion.

Idris disclosed this on Thursday, April 26, at the recent National Economic Council (NEC) meeting presided over by Yemi Osinbajo, Premium Times reports.

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Idris further informed the NEC that the balance in the stabilisation account stands at N14 billion, adding that the current balance in the natural resources development fund account stands at N134.9 billion.

Giving an update on budget support loan facility, he reported to the Council that 35 states commenced in 2016 and collected N1.39 billion, after which they collected N1.11 billion.

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Idris remarked that the repayment of the facility was extended from one year to two years. He highlighted that an analysis of compliance level indicates that 52.5 percent was the highest, while 13 per cent was the lowest, with respect to the conditionalities for the budget support loan facility.

Meanwhile, NAIJ.com reported that President Muhammadu Buhari had revealed that the extra money Nigeria earns from sale of crude oil at the current price of $70 and more will be put into judicious use. The president said that the fund will be used for building of roads, rails and power projects.

Minister of industry says economy is improving; Nigerians disagree - On NAIJ.com TV

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Source: Naija.ng

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