Photo- Crude oil pipelines

The federal government of Nigeria has withdrawn about $1.68 billion from the Excess Crude Account (ECA) in the last one month, leaving a balance of $631 million as at today the 20th of December, 2018.

The federal government repealed at yesterday’s Federation Accounts Allocation Committe (FAAC) meeting, saying it depleted the account to off-set the last tranche of the Paris Club obligations to states.

According to the Permanent Secretary of the Federal Ministry of Finance, Dr. Mahmoud Isa Dutse, who presided over the meeting, the federal government took the action to meet the growing demands of states.

He said, “the balance in the ECA is $631 million. The final payment for Paris club refund to states was made and the figure was deducted and that’s what accounts for the difference.

“A decision was taken to make this refund and part of that decision is that the refund should be funded from the ECA. Federal Executive Council (FEC) and the president approved the money.”

A total of N812.762 billion was distributed as Federal Allocation for the month of November 2018 between the Federal, States and Local Government Councils.

It came from the Gross statutory revenue of N649.629 billion. This sum is lower than the N682.161 billion received in the previous month by N32.533 billion.as well as N92. 079 billion from Value Added Tax

Similarly Forex Equalisation of N70.000 billion and An Exchange Gain of N1.055 billion.contributed to the over all revenue for last month.

From the Gross statutory revenue, Federal Government received N280.913 billion representing 52.68%; States received N142.483 billion representing 26.72%; Local Government Councils received N109.848 billion representing 20.60%; while the Oil Producing States received N47.882 billion also representing 13% derivation revenue; Mahmoud concluded.

https://insiderpostonline./2018/12/20/excess-crude-account-drastically-drops-to-631m-as-elections-approach/

hahahaha baba is looting silly

No be same excess crude account APC pple dey use make mouth say GEJ squander and Buhari they save.

No be same excess crude account APC pple dey use make mouth say Buhari they save.

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OreMI22:


Please, tell me what Buhari is doing with our excess Crude Account if not to finance his ill fated election?

Tomorrow, the same Buhari will be pointing fingers at others calling them looters.

Buhari is a shameless SCAMMER!

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Even after reading the money was used to offset the balance of paris debt deduction being owed to state you still carry on with your unscrupulous lies oya take for your troubles.

The state governors are bleeding this country.

Nigeria is ALSO buying arms and ammo by cash for NAF and NA. Thats another reason why ECA will go down temporarily.

FarahAideed:
hahahaha baba is looting silly

Shatap!!!!!!

ojmaroni247:
[s]No be same excess crude account APC pple dey use make mouth say GEJ squander and Buhari they save[/s].

That one is foreign reserve.....you are just disgracing your family online

Scam of a governemnt

"The federal government of Nigeria has withdrawn about $1.68 billion from the Excess Crude Account (ECA) in the last one month, leaving a balance of $631 million as at today the 20th of December, 2018..."

For what intent? Paris debts that have been embezzled by the state governors? The rigging mechanism still being perfected.

The dumb illiterate and lifeless dullard is looting the country dry to fund his re-election campaign. The buffoon wants to destroy the commonwealth of the citizen in order to fund his personal ambition.

Opposition should step up and protest against this. That Godforsaken terrorist should be called to order before he sinks the country with his greed.

it's finished.

Why are we underplaying the 2 powerful women Aisha Buhari complained about? Why is no one talking about this?