Nigeria’s excess crude account drops to $5.27bn

Ngozi Okonjo-Iweala world bank20 May 2013, Abuja – The amount of funds in Nigeria’s Excess Crude Account, ECA, has dropped to $5.27billion, Minister of State for Finance, Mr. Yerima Ngama, has said.

Ngama made the disclosure at the monthly Federal Accounts Allocation Committee, FAAC, meeting in Abuja.

He state that resulting from the mneeting, the National Economic Council, NEC, approved total sum of $2 billion for distribution to the three tiers of government out of which, only $1 billion was distributed.

All togeter, N721.505 billion was shared by the Federal, States and the Local Governments for the month of April.

But, a breakdown of that figure shows that the Federal government got N108.235 billion representing 15 percent, while the states got N360.750 billion representing 50 percent. The local government councils clinched N252.52675 billion, representing 35 percent of the total sum.

Last week, the World Bank had warned Nigeria on the need to shore-up its ECA to guard against external shocks.

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