The Nigerian government withdrew $1 billion from the Excess Crude Account (ECA) to fund security amid depleting oil revenue, an official said on Wednesday.
Nigeria’s Minister of Finance, Budget, and National Planning, Zainab Ahmed, made this revelation while briefing State House Correspondents at the end of the cabinet meeting presided over by President Muhammadu Buhari on Wednesday.
Mrs. Ahmed’s intervention comes amid concerns raised by the reduction in the balance of the ECA.
Reports said Tuesday that the balance in the account fell significantly from $35.7 million it was as of June 2022 to $376,655.09 as of July 25, 2022.
Reuters said the nation’s accountant general released the figures late on Tuesday but did not give a reason for the steep drop.
On Wednesday, Mrs. Ahmed said the volatility in the global oil market accounted for the drop in the ECA balance.
“On the issue of the excess crude account, in the past four years, because of volatility in the oil market, we have not had accrual to the excess crude account,” she said.
“So, what we have had has been gradually used up for different purposes and it is always used in consultation with the National Economic Council that is the governors because this is a federation account.
“The last approval that was given by the council was the withdrawal of $1 billion to enhance security. We have been utilizing that and the last tranch of that has been finally released because deployment to security agencies is based on the contracts that are executed and it’s been used strictly for that security purpose. So, the utilization of the account is with the full knowledge of the Governors.”
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
WATCH THE CRITICAL ANALYSIS AND KNOW THE RESPONSIBLE PARTIES TO BLAME FOR NIGERIA'S ECONOMIC CHALLENGES, WHILE CITIZENS ENDURE SEVERE HARDSHIPS.Watch this episode of ISSUES IN THE NEWS on 9News Nigeria featuring Peter Obi's Special Adviser, Dr Katch Ononuju, 9News Nigeria Publisher, Obinna Ejianya and Tinubu Support Group Leader, McHezekiah Eherechi
The economic crisis and hardship in Nigeria are parts of the discussion.
Watch, leave your comments, and share to create more awareness on this issue.
#9NewsNigeria #Nigeria #issuesInTheNews #politics #tinubu THE ROTTEN FISH: CAN OF WORMS OPENED ...
DON'T FORGET TO SUBSCRIBE AND LEAVE YOUR COMMENTS FOR SUBSEQUENT UPDATES
#9newsnigeria #economia #economy #nigeria #government @9newsng
www.9newsng.com