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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Governors demand $3.5bln from Excess Crude Account

Posted on 18 January 2012

Governors are asking the Federal Government to remit the $3.5 billion from the Excess Crude Account (ECA) agreed upon in their previous meeting to the Federation Account for sharing among the three tiers of government.
In the minute of Monday’s Federation Account Allocation Committee (FAAC) meeting made available to reporters in Abuja, the Chairman, Commissioners Forum and member from Anambra State, Eze Echesi, “complained that there was delay in releasing the additional $2 billion and the second tranche of $500 million from the ECA to the states after the last meeting.”……………………………………….Full Article: Source


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